Brixmor Property Group Inc. 10-K

Item 9A. Controls and Procedures Controls and Procedures (Brixmor Property Group Inc.) Evaluation of Disclosure Controls and Procedures BPG maintains disclosure controls and procedures (as that term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) that are designed to ensure that information required to be disclosed in its reports under the 37 Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosures. BPG’s management, with the participation of its principal executive officer and principal financial officer, has evaluated the effectiveness of the design and operation of its disclosure controls and procedures as of the end of the period covered by this report. Based on this evaluation, BPG’s principal executive officer, Brian T. Finnegan, and principal financial officer, Steven T. Gallagher, concluded that BPG’s disclosure controls and procedures were effective as of December 31, 2025. Management’s Report on Internal Control Over Financial Reporting BPG’s management is responsible for establishing and maintaining adequate internal control over financial reporting to provide reasonable assurance regarding the reliability of BPG’s financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. BPG’s internal control over financial reporting includes policies and procedures that pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of BPG’s assets; 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. 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. 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. Based on its assessment and those criteria, BPG’s management concluded that its internal control over financial reporting was effective as of December 31, 2025. Deloitte & Touche LLP, an independent registered public accounting firm, has issued a report, included herein, on the effectiveness of BPG’s internal control over financial reporting. Changes in Internal Control over Financial Reporting There have been no changes in BPG’s internal control over financial reporting (as defined in Rule 13a-15(f) and 15d-15(f) under the Exchange Act) during the three months ended December 31, 2025 that have materially affected, or that are reasonably likely to materially affect, BPG’s internal control over financial reporting. Controls and Procedures (Brixmor Operating Partnership LP) Evaluation of Disclosure Controls and Procedures The Operating Partnership maintains disclosure controls and procedures (as that term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) that are designed to ensure that information required to be disclosed in its reports under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosures. The Operating Partnership’s management, with the participation of its principal executive officer and principal financial officer, has evaluated the effectiveness of the design and operation of its disclosure controls and procedures as of the end of the period covered by this report. Based on this evaluation, the Operating Partnership’s principal executive officer, Brian T. Finnegan, and principal financial officer, Steven T. Gallagher, concluded that the Operating Partnership’s disclosure controls and procedures were effective as of December 31, 2025. 38 Management’s Report on Internal Control Over Financial Reporting The Operating Partnership’s management is responsible for establishing and maintaining adequate internal control over financial reporting to provide reasonable assurance regarding the reliability of the Operating Partnership’s financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. The Operating Partnership’s internal control over financial reporting includes policies and procedures that pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the Operating Partnership’s assets; 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 the Operating Partnership are being made only in accordance with authorizations of management and directors of the Operating Partnership; 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 the Operating Partnership’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. 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, 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, 2025. Deloitte & Touche LLP, an independent registered public accounting firm, has issued a report, included herein, on the effectiveness of the Operating Partnership’s internal control over financial reporting. Changes in Internal Control over Financial Reporting There have been no changes in the Operating Partnership’s internal control over financial reporting (as defined in Rule 13a-15(f) and 15d-15(f) under the Exchange Act) during the three months ended December 31, 2025 that have materially affected, or that are reasonably likely to materially affect, the Operating Partnership’s internal control over financial reporting. Item 9B. Other Information During the three months ended December 31, 2025, no director or officer of the Company, nor the Company itself, adopted or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement," as each term is defined in Item 408(a) of Regulation S-K. Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections Not applicable. 39 PART III Item 10. Directors, Executive Officers and Corporate Governance The information required by Item 10 will be included in the definitive proxy statement relating to the 2026 Annual Meeting of Stockholders of Brixmor Property Group Inc. to be held on April 22, 2026 and is incorporated herein by reference. Brixmor Property Group Inc. will file such definitive proxy statement with the SEC pursuant to Regulation 14A not later than 120 days after the end of the Company’s 2025 fiscal year covered by this Form 10-K. Item 11. Executive Compensation The information required by Item 11 will be included in the definitive proxy statement relating to the 2026 Annual Meeting of Stockholders of Brixmor Property Group Inc. to be held on April 22, 2026 and is incorporated herein by reference. Brixmor Property Group Inc. will file such definitive proxy statement with the SEC pursuant to Regulation 14A not later than 120 days after the end of the Company’s 2025 fiscal year covered by this Form 10-K. Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters The information required by Item 12 will be included in the definitive proxy statement relating to the 2026 Annual Meeting of Stockholders of Brixmor Property Group Inc. to be held on April 22, 2026 and is incorporated herein by reference. Brixmor Property Group Inc. will file such definitive proxy statement with the SEC pursuant to Regulation 14A not later than 120 days after the end of the Company’s 2025 fiscal year covered by this Form 10-K. Item 13. Certain Relationships and Related Transactions, and Director Independence The information required by Item 13 will be included in the definitive proxy statement relating to the 2026 Annual Meeting of Stockholders of Brixmor Property Group Inc. to be held on April 22, 2026 and is incorporated herein by reference. Brixmor Property Group Inc. will file such definitive proxy statement with the SEC pursuant to Regulation 14A not later than 120 days after the end of the Company’s 2025 fiscal year covered by this Form 10-K. Item 14. Principal Accountant Fees and Services The information required by Item 14 will be included in the definitive proxy statement relating to the 2026 Annual Meeting of Stockholders of Brixmor Property Group Inc. to be held on April 22, 2026 and is incorporated herein by reference. Brixmor Property Group Inc. will file such definitive proxy statement with the SEC pursuant to Regulation 14A not later than 120 days after the end of the Company’s 2025 fiscal year covered by this Form 10-K. 40 PART IV Item 15. Exhibit and Financial Statement Schedules (a) Documents filed as part of this report Form 10-K Page 1 CONSOLIDATED STATEMENTS Reports of Independent Registered Public Accounting Firm (PCAOB ID No. 34 ) F- 2 Brixmor Property Group Inc.: Consolidated Balance Sheets as of December 31, 2025 and 2024 F- 8 Consolidated Statements of Operations for the Years Ended December 31, 2025, 2024 and 2023 F- 9 Consolidated Statements of Comprehensive Income for the Years Ended December 31, 2025, 2024 and 2023 F- 10 Consolidated Statement of Changes in Equity for the Years Ended December 31, 2025, 2024 and 2023 F- 11 Consolidated Statements of Cash Flows for the Years Ended December 31, 2025, 2024 and 2023 F- 12 Brixmor Operating Partnership LP: Consolidated Balance Sheets as of December 31, 2025 and 2024 F- 13 Consolidated Statements of Operations for the Years Ended December 31, 2025, 2024 and 2023 F- 14 Consolidated Statements of Comprehensive Income for the Years Ended December 31, 2025, 2024 and 2023 F- 15 Consolidated Statement of Changes in Capital for the Years Ended December 31, 2025, 2024 and 2023 F- 16 Consolidated Statements of Cash Flows for the Years Ended December 31, 2025, 2024 and 2023 F- 17 Notes to Consolidated Financial Statements F- 18 2 CONSOLIDATED FINANCIAL STATEMENT SCHEDULES Schedule III – Real Estate and Accumulated Depreciation F- 42 All other schedules are omitted because they are not applicable or the required information is shown in the financial statements or notes thereto. 41 (b) Exhibits . The following documents are filed as exhibits to this report: Incorporated by Reference Exhibit Number Exhibit Description Form File No. Date of Filing Exhibit Number Filed Herewith 3.1 Articles of Incorporation of Brixmor Property Group Inc., dated as of November 4, 2013 8-K 001-36160 11/4/2013 3.1 3.2 Third Amended and Restated Bylaws of Brixmor Property Group Inc., dated as of July 24, 2024 8-K 001-36160 7/24/2024 3.1 3.3 Amended and Restated Certificate of Limited Partnership of Brixmor Operating Partnership LP 10-K 001-36160 3/12/2014 10.7 3.4 Second Amended and Restated Agreement of Limited Partnership of Brixmor Operating Partnership LP, dated as of October 28, 2019, by and among Brixmor OP GP LLC, as General Partner, BPG Subsidiary Inc., as Limited Partner, BPG Sub LLC, as Limited Partner, and the other limited partners from time to time party thereto 10-Q 001-36160 10/28/2019 3.1 4.1 Indenture, dated January 21, 2015, between Brixmor Operating Partnership LP, as issuer, and The Bank of New York Mellon, as trustee (the “2015 Indenture”) 8-K 001-36160 1/21/2015 4.1 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 4.3 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 4.4 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 4.5 Amendment No. 1 to the 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 8/15/2019 4.3 4.6 Ninth Supplemental Indenture to the 2015 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 4.7 Amendment No. 1 to the Ninth Supplemental Indenture to the 2015 Indenture, dated August 20, 2020, between Brixmor Operating Partnership LP, as issuer, and The Bank of New York Mellon, as trustee 8-K 001-36160 8/20/2020 4.3 42 Incorporated by Reference Exhibit Number Exhibit Description Form File No. Date of Filing Exhibit Number Filed Herewith 4.8 Tenth Supplemental Indenture to the 2015 Indenture, dated March 5, 2021, between Brixmor Operating Partnership LP, as issuer, and The Bank of New York Mellon, as trustee 8-K 001-36160 3/5/2021 4.2 4.9 Eleventh Supplemental Indenture to the 2015 Indenture, dated August 16, 2021, between Brixmor Operating Partnership LP, as issuer, and The Bank of New York Mellon, as trustee 8-K 001-36160 8/16/2021 4.2 4.10 Twelfth Supplemental Indenture to the 2015 Indenture, dated January 12, 2024, between Brixmor Operating Partnership LP, as issuer, and The Bank of New York Mellon, as trustee 8-K 001-36160 1/12/2024 4.2 4.11 Thirteenth Supplemental Indenture to the 2015 Indenture, dated May 28, 2024, between Brixmor Operating Partnership LP, as issuer, and The Bank of New York Mellon, as trustee 8-K 001-36160 5/28/2024 4.2 4.12 Fourteenth Supplemental Indenture, dated March 4, 2025 between Brixmor Operating Partnership LP, as issuer, and The Bank of New York Mellon, as trustee 8-K 001-36160 3/4/2025 4.2 4.13 Fifteenth Supplemental Indenture, dated September 9, 2025, between Brixmor Operating Partnership LP, as issuer, and The Bank of New York Mellon, as trustee 8-K 001-36160 9/9/2025 4.2 4.14 Indenture, dated as of March 29, 1995, between New Plan Realty Trust and The First National Bank of Boston, as Trustee (the “1995 Indenture”) S-3 33-61383 7/28/1995 4.2 4.15 First Supplemental Indenture to the 1995 Indenture, dated as of August 5, 1999, by and among New Plan Realty Trust, New Plan Excel Realty Trust, Inc. and State Street Bank and Trust Company 10-Q 001-12244 11/12/1999 10.2 4.16 Successor Supplemental Indenture to the 1995 Indenture, dated as of April 20, 2007, by and among Super IntermediateCo LLC and U.S. Bank Trust Company, National Association 10-Q 001-12244 8/9/2007 4.2 4.17 Third Supplemental Indenture to the 1995 Indenture, dated as of October 30, 2009, by and among Centro NP LLC and U.S. Bank Trust Company, National Association S-11 333-190002 8/23/2013 4.4 4.18 Supplemental Indenture to the 1995 Indenture, dated as of October 16, 2014, between Brixmor LLC and U.S. Bank Trust Company, National Association 8-K 001-36160 10/17/2014 4.1 4.19 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 43 Incorporated by Reference Exhibit Number Exhibit Description Form File No. Date of Filing Exhibit Number Filed Herewith 4.20 Successor Supplemental Indenture to the 1999 Indenture, dated as of April 20, 2007, by and among Super IntermediateCo LLC, New Plan Realty Trust, LLC and U.S. Bank Trust National Association 10-Q 001-12244 8/9/2007 4.3 4.21 Description of Registered Securities 10-K 001-36160 2/7/2022 4.22 10.1* 2022 Omnibus Incentive Plan 8-K 001-36160 4/29/2022 10.1 10.2* Form of Director and Officer Indemnification Agreement S-11 333-190002 8/23/2013 10.19 10.3* Form of Director Restricted Stock Award Agreement 10-K 001-36160 2/13/2023 10.3 10.4* Form of Brixmor Property Group Inc. Restricted Stock Unit Agreement (TRSUs, PRSUs, and OPRSUs) 10-K 001-36160 2/13/2023 10.4 10.5* Employment Agreement, dated May 11, 2016, by and between Brixmor Property Group Inc. and Mark T. Horgan 10-K 001-36160 2/13/2017 10.22 10.6* First Amendment to Employment Agreement, dated March 7, 2019, by and between Brixmor Property Group Inc. and Mark T. Horgan 8-K 001-36160 3/8/2019 10.2 10.7* Second Amendment to Employment Agreement, dated February 1, 2022, by and between Brixmor Property Group Inc. and Mark T. Horgan 8-K 001-36160 2/4/2022 10.2 10.8* Third Amendment to Employment Agreement, dated February 5, 2025, by and between Brixmor Property Group Inc. and Mark T. Horgan 8-K 001-36160 2/7/2025 10.1 10.9* Employment Agreement, dated November 1, 2011, by and between Brixmor Property Group Inc. and Steven F. Siegel S-11 333-190002 8/23/2013 10.23 10.10* First Amendment to Employment Agreement, dated February 26, 2019, by and between Brixmor Property Group Inc. and Steven F. Siegel 10-Q 001-36160 4/29/2019 10.3 10.11* Second Amendment to Employment Agreement, dated April 26, 2019, by and between Brixmor Property Group Inc. and Steven F. Siegel 10-Q 001-36160 4/29/2019 10.4 10.12* Employment Agreement, dated July 24, 2024, by and between Brixmor Property Group Inc. and Steven T. Gallagher 8-K 001-36160 7/24/2024 10.2 10.13* Second Amended and Restated Employment Agreement, dated November 21, 2025, by and between Brixmor Property Group Inc. and Brian T. Finnegan 8-K 001-36160 11/24/2025 10.1 44 Incorporated by Reference Exhibit Number Exhibit Description Form File No. Date of Filing Exhibit Number Filed Herewith 10.16 Fourth Amended and Restated Revolving Credit Agreement, dated as of April 24, 2025, 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 4/28/2025 10.1 10.17 Second Amended and Restated Term Loan Agreement, dated as of April 24, 2025, among Brixmor Operating Partnership LP, as borrower, Wells Fargo Bank, National Association, as administrative agent, and the lenders from time to time party thereto 10-Q 001-36160 4/28/2025 10.2 19.1 Policies and Procedures for Trading in Securities of Brixmor Property Group Inc. by Directors, Executive Officers, and Access Employees 10-K 001-36160 2/10/2025 19.1 21.1 Subsidiaries of the Brixmor Property Group Inc. — — — — x 21.2 Subsidiaries of the Brixmor Operating Partnership LP — — — — x 23.1 Consent of Deloitte & Touche LLP for Brixmor Property Group Inc. — — — — x 23.2 Consent of Deloitte & Touche LLP for Brixmor Operating Partnership LP — — — — x 31.1 Brixmor Property Group Inc. Certification of Chief Executive Officer pursuant to Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 — — — — x 31.2 Brixmor Property Group Inc. Certification of Chief Financial Officer pursuant to Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934 as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 — — — — x 31.3 Brixmor Operating Partnership LP Certification of Chief Executive Officer pursuant to Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 — — — — x 31.4 Brixmor Operating Partnership LP Certification of Chief Financial Officer pursuant to Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934 as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 — — — — x 32.1 Brixmor Property Group Inc. Certification of Chief Executive Officer and Chief Financial Officer Pursuant to 18 U.S.C. Section 1350 as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 — — — — x 45 Incorporated by Reference Exhibit Number Exhibit Description Form File No. Date of Filing Exhibit Number Filed Herewith 32.2 Brixmor Operating Partnership LP Certification of Chief Executive Officer and Chief Financial Officer Pursuant to 18 U.S.C. Section 1350 as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 — — — — x 97.1 Policy Relating to Recovery of Erroneously Awarded Compensation 10-K 001-36160 2/12/2024 97.1 99.1 Property List — — — — x 101.INS XBRL Instance Document — — — — x 101.SCH XBRL Taxonomy Extension Schema Document — — — — x 101.CAL XBRL Taxonomy Extension Calculation Linkbase Document — — — — x 101.DEF XBRL Taxonomy Extension Definition Linkbase Document — — — — x 101.LAB XBRL Taxonomy Extension Label Linkbase Document — — — — x 101.PRE XBRL Taxonomy Extension Presentation Linkbase Document — — — — x 104 Cover Page Interactive Data File (formatted as Inline XBRL and included in Exhibit 101) x * Indicates management contract or compensatory plan or arrangement. The agreements and other documents filed as exhibits to this report are not intended to provide factual information or other disclosure other than with respect to the terms of the agreements or other documents themselves, and you should not rely on them for that purpose. In particular, any representations and warranties made by us in these agreements or other documents were made solely within the specific context of the relevant agreement or document and may not describe the actual state of affairs as of the date they were made or at any other time. Item 16. Form 10-K Summary None. 46 SIGNATURES Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrants have duly caused this report to be signed on their behalf by the undersigned thereunto duly authorized. BRIXMOR PROPERTY GROUP INC. Date: February 9, 2026 By: /s/ Brian T. Finnegan Brian T. Finnegan Chief Executive Officer and President (Principal Executive Officer) BRIXMOR OPERATING PARTNERSHIP LP Date: February 9, 2026 By: /s/ Brian T. Finnegan Brian T. Finnegan Chief Executive Officer and President (Principal Executive Officer) Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. Date: February 9, 2026 By: /s/ Brian T. Finnegan Brian T. Finnegan Chief Executive Officer and President (Principal Executive Officer, Director, Sole Director of Sole Member of General Partner of Operating Partnership) Date: February 9, 2026 By: /s/ Steven T. Gallagher Steven T. Gallagher Chief Financial Officer (Principal Financial Officer) Date: February 9, 2026 By: /s/ Kevin Brydzinski Kevin Brydzinski Chief Accounting Officer (Principal Accounting Officer) Date: February 9, 2026 By: /s/ Sheryl M. Crosland Sheryl M. Crosland Chair of the Board of Directors Date: February 9, 2026 By: /s/ Michael Berman Michael Berman Director Date: February 9, 2026 By: /s/ Juliann Bowerman Juliann Bowerman Director Date: February 9, 2026 By: /s/ Thomas W. Dickson Thomas W. Dickson Director Date: February 9, 2026 By: /s/ Daniel B. Hurwitz Daniel B. Hurwitz Director Date: February 9, 2026 By: /s/ Sandra A. J. Lawrence Sandra A. J. Lawrence Director Date: February 9, 2026 By: /s/ William D. Rahm William D. Rahm Director Date: February 9, 2026 By: /s/ John Peter Suarez John Peter Suarez Director 47 INDEX TO CONSOLIDATED FINANCIAL STATEMENTS AND FINANCIAL STATEMENT SCHEDULES Form 10-K Page 1 CONSOLIDATED STATEMENTS Reports of Independent Registered Public Accounting Firm F- 2 Brixmor Property Group Inc.: Consolidated Balance Sheets as of December 31, 2025 and 2024 F- 8 Consolidated Statements of Operations for the Years Ended December 31, 2025, 2024 and 2023 F- 9 Consolidated Statements of Comprehensive Income for the Years Ended December 31, 2025, 2024 and 2023 F- 10 Consolidated Statements of Changes in Equity for the Years Ended December 31, 2025, 2024 and 2023 F- 11 Consolidated Statements of Cash Flows for the Years Ended December 31, 2025, 2024 and 2023 F- 12 Brixmor Operating Partnership LP: Consolidated Balance Sheets as of December 31, 2025 and 2024 F- 13 Consolidated Statements of Operations for the Years Ended December 31, 2025, 2024 and 2023 F- 14 Consolidated Statements of Comprehensive Income for the Years Ended December 31, 2025, 2024 and 2023 F- 15 Consolidated Statements of Changes in Capital for the Years Ended December 31, 2025, 2024 and 2023 F- 16 Consolidated Statements of Cash Flows for the Years Ended December 31, 2025, 2024 and 2023 F- 17 Notes to Consolidated Financial Statements F- 18 2 CONSOLIDATED FINANCIAL STATEMENT SCHEDULES Schedule III – Real Estate and Accumulated Depreciation F- 42 All other schedules are omitted because they are not applicable or the required information is shown in the financial statements or notes thereto. F-1 REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Stockholders and the Board of Directors of Brixmor Property Group Inc. REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Stockholders and the Board of Directors of Brixmor Property Group Inc. Opinion on the Financial Statements We have audited the accompanying consolidated balance sheets of Brixmor Property Group Inc. and subsidiaries (the "Company") as of December 31, 2025 and 2024, 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, 2025, 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 Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America. We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated February 9, 2026, expressed an unqualified opinion on the Company's internal control over financial reporting. Basis for Opinion These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. Critical Audit Matter 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 Notes 1 and 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, 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 F-2 real estate asset is considered impaired only if management’s estimate of aggregate future undiscounted and unleveraged property operating cash flows, considering the anticipated probability-weighted hold period, is less than the carrying value of the property. Various factors are considered in the estimation process, including the anticipated hold period, current or future reinvestment projects, and the effects of demand and competition on future operating income or property values. Changes in any estimates 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 of the asset. The Company utilizes estimates and assumptions when determining potential impairments based on the asset’s projected operating cash flows. We identified management’s estimate of anticipated hold period for the properties evaluated for impairment as a critical audit matter because of the significance of the estimate within management’s evaluation of the recoverability of real estate assets. Changes in the anticipated hold period could have a material impact on the projected operating cash flows and the amount of recorded impairment charge(s). 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 expected remaining hold period. How the Critical Audit Matter Was Addressed in the Audit Our audit procedures related to management’s estimates in determining the impairment of real estate asset values included the following, among others: • We tested the effectiveness of controls over management’s impairment analysis, including controls over the estimate of the anticipated hold period of real estate assets. • We evaluated the Company’s estimate of hold periods by: ◦ Performing a retrospective analysis to compare historical estimates for real estate assets that have subsequently been disposed. ◦ Obtaining and evaluating financial and operational evidence supporting the assumption of the anticipated hold period. /s/ Deloitte & Touche LLP Philadelphia, Pennsylvania February 9, 2026 We have served as the Company's auditor since 2015. F-3 REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Stockholders and the Board of Directors of Brixmor Property Group Inc. Opinion on Internal Control over Financial Reporting We have audited the internal control over financial reporting of Brixmor Property Group Inc. and subsidiaries (the “Company”) as of December 31, 2025, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control — Integrated Framework (2013) issued by COSO . We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated financial statements as of and for the year ended December 31, 2025, of the Company, and our report dated February 9, 2026, expressed an unqualified opinion on those financial statements. Basis for Opinion The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management’s Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion. Definition and Limitations of Internal Control over Financial Reporting A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) 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 the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. 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. /s/ Deloitte & Touche LLP Philadelphia, Pennsylvania February 9, 2026 F-4 REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Partners and the Board of Directors of Brixmor Operating Partnership LP 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, 2025 and 2024, 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, 2025, 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, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America. We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Operating Partnership's internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated February 9, 2026, expressed an unqualified opinion on the Operating Partnership's internal control over financial reporting. Basis for Opinion These financial statements are the responsibility of the Operating Partnership's management. Our responsibility is to express an opinion on the Operating Partnership’s financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Operating Partnership in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. Critical Audit Matter 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 Notes 1 and 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, that the carrying value of the Operating Partnership’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, considering the anticipated probability-weighted hold period, is less than the carrying value of the property. Various factors are considered in the estimation process, including the anticipated hold period, current or future reinvestment projects, and the effects of demand and F-5 competition on future operating income or property values. Changes in any estimates 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 of the asset. The Operating Partnership utilizes estimates and assumptions when determining potential impairments based on the asset’s projected operating cash flows. We identified management’s estimate of anticipated hold period for the properties evaluated for impairment as a critical audit matter because of the significance of the estimate within management’s evaluation of the recoverability of real estate assets. Changes in the anticipated hold period could have a material impact on the projected operating cash flows and the amount of recorded impairment charge(s). 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 expected remaining hold period. How the Critical Audit Matter Was Addressed in the Audit Our audit procedures related to management’s estimates in determining the impairment of real estate asset values included the following, among others: • We tested the effectiveness of controls over management’s impairment analysis, including controls over the estimate of the anticipated hold period of real estate assets. • We evaluated the Operating Partnership’s estimate of hold periods by: ◦ Performing a retrospective analysis to compare historical estimates for real estate assets that have subsequently been disposed. ◦ Obtaining and evaluating financial and operational evidence supporting the assumption of the anticipated hold period. /s/ Deloitte & Touche LLP Philadelphia, Pennsylvania February 9, 2026 We have served as the Operating Partnership’s auditor since 2015. F-6 REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Partners and the Board of Directors of Brixmor Operating Partnership LP Opinion on Internal Control over Financial Reporting We have audited the internal control over financial reporting of Brixmor Operating Partnership LP and subsidiaries (the “Operating Partnership”) as of December 31, 2025, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). In our opinion, the Operating Partnership maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control — Integrated Framework (2013) issued by COSO . We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated financial statements as of and for the year ended December 31, 2025, of the Operating Partnership and our report dated February 9, 2026, expressed an unqualified opinion on those financial statements. Basis for Opinion The Operating Partnership’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management’s Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Operating Partnership’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Operating Partnership in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion. Definition and Limitations of Internal Control over Financial Reporting A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) 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 the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. 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. /s/ Deloitte & Touche LLP Philadelphia, Pennsylvania February 9, 2026 F-7 BRIXMOR PROPERTY GROUP INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (in thousands, except share information) December 31, 2025 December 31, 2024 Assets Real estate Land $ 1,849,779 $ 1,834,814 Buildings and improvements 9,937,718 9,574,243 11,787,497 11,409,057 Accumulated depreciation and amortization ( 3,588,646 ) ( 3,410,179 ) Real estate, net 8,198,851 7,998,878 Cash and cash equivalents 334,422 377,616 Restricted cash 27,108 1,076 Marketable securities 21,283 20,301 Receivables, net 315,128 281,947 Deferred charges and prepaid expenses, net 169,326 167,080 Real estate assets held for sale 4,551 4,189 Other assets 62,468 57,827 Total assets $ 9,133,137 $ 8,908,914 Liabilities Debt obligations, net $ 5,494,753 $ 5,339,751 Accounts payable, accrued expenses and other liabilities 628,328 585,241 Total liabilities 6,123,081 5,924,992 Commitments and contingencies (Note 15) — — Equity Common stock, $ 0.01 par value; authorized 3,000,000,000 shares; 315,231,761 and 314,619,008 shares issued and 306,104,769 and 305,492,016 shares outstanding 3,061 3,055 Additional paid-in capital 3,437,853 3,431,043 Accumulated other comprehensive income 1,722 8,218 Distributions in excess of net income ( 432,822 ) ( 458,638 ) Total stockholders' equity 3,009,814 2,983,678 Non-controlling interests 242 244 Total equity 3,010,056 2,983,922 Total liabilities and equity $ 9,133,137 $ 8,908,914 The accompanying notes are an integral part of these consolidated financial statements. F-8 BRIXMOR PROPERTY GROUP INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data) Year Ended December 31, 2025 2024 2023 Revenues Rental income $ 1,369,465 $ 1,283,421 $ 1,243,844 Other revenues 2,132 1,633 1,192 Total revenues 1,371,597 1,285,054 1,245,036 Operating expenses Operating costs 162,285 152,825 146,473 Real estate taxes 178,231 164,291 173,517 Depreciation and amortization 414,930 381,396 362,277 Impairment of real estate assets 20,461 11,143 17,836 General and administrative 112,669 116,363 117,128 Total operating expenses 888,576 826,018 817,231 Other income (expense) Dividends and interest 7,736 20,776 666 Interest expense ( 224,689 ) ( 215,994 ) ( 190,733 ) Gain on sale of real estate assets 123,339 78,064 65,439 Gain (loss) on extinguishment of debt, net ( 296 ) 554 4,356 Other ( 2,856 ) ( 3,160 ) ( 2,446 ) Total other expense ( 96,766 ) ( 119,760 ) ( 122,718 ) Net income 386,255 339,276 305,087 Net income attributable to non-controlling interests ( 27 ) ( 2 ) — Net income attributable to Brixmor Property Group Inc. $ 386,228 $ 339,274 $ 305,087 Net income per common share: Basic $ 1.26 $ 1.12 $ 1.01 Diluted $ 1.25 $ 1.11 $ 1.01 Weighted average shares: Basic 307,181 303,130 300,977 Diluted 307,866 304,038 302,376 The accompanying notes are an integral part of these consolidated financial statements. F-9 BRIXMOR PROPERTY GROUP INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (in thousands) Year Ended December 31, 2025 2024 2023 Net income $ 386,255 $ 339,276 $ 305,087 Other comprehensive income (loss) Change in unrealized gain (loss) on interest rate swaps, net (Note 6) ( 6,658 ) 10,697 ( 12,153 ) Change in unrealized gain on marketable securities 162 221 602 Total other comprehensive income (loss) ( 6,496 ) 10,918 ( 11,551 ) Comprehensive income 379,759 350,194 293,536 Comprehensive income attributable to non-controlling interests ( 27 ) ( 2 ) — Comprehensive income attributable to Brixmor Property Group, Inc. $ 379,732 $ 350,192 $ 293,536 The accompanying notes are an integral part of these consolidated financial statements. F-10 BRIXMOR PROPERTY GROUP INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (in thousands, except per share data) Common Stock Number Amount Additional Paid-in Capital Accumulated Other Comprehensive Income (Loss) Distributions in Excess of Net Income Non-controlling Interests Total Beginning balance, January 1, 2023 299,916 $ 2,999 $ 3,299,496 $ 8,851 $ ( 446,336 ) $ — $ 2,865,010 Common stock dividends ($ 1.0525 per common share) — — — — ( 319,346 ) — ( 319,346 ) Equity based compensation expense — — 22,345 — — — 22,345 Other comprehensive loss — — — ( 11,551 ) — — ( 11,551 ) Issuance of common stock 680 7 ( 6 ) — — — 1 Repurchases of common shares in conjunction with equity award plans — — ( 11,245 ) — — — ( 11,245 ) Net income — — — — 305,087 — 305,087 Ending balance, December 31, 2023 300,596 3,006 3,310,590 ( 2,700 ) ( 460,595 ) — 2,850,301 Common stock dividends ($ 1.1050 per common share) — — — — ( 337,317 ) — ( 337,317 ) Equity based compensation expense — — 19,967 — — — 19,967 Other comprehensive income — — — 10,918 — — 10,918 Issuance of common stock 4,896 49 114,543 — — — 114,592 Contributions from non-controlling interests — — — — — 242 242 Repurchases of common shares in conjunction with equity award plans — — ( 14,057 ) — — — ( 14,057 ) Net income — — — — 339,274 2 339,276 Ending balance, December 31, 2024 305,492 3,055 3,431,043 8,218 ( 458,638 ) 244 2,983,922 Common stock dividends ($ 1.1700 per common share) — — — — ( 360,412 ) — ( 360,412 ) Equity based compensation expense — — 19,087 — — — 19,087 Other comprehensive loss — — — ( 6,496 ) — — ( 6,496 ) Issuance of common stock 613 6 ( 6 ) — — — — Non-controlling interests associated with acquisitions of real estate assets — — — — — 66 66 Distributions to non-controlling interests — — — — — ( 95 ) ( 95 ) Repurchases of common shares in conjunction with equity award plans — — ( 12,271 ) — — — ( 12,271 ) Net income — — — — 386,228 27 386,255 Ending balance, December 31, 2025 306,105 $ 3,061 $ 3,437,853 $ 1,722 $ ( 432,822 ) $ 242 $ 3,010,056 The accompanying notes are an integral part of these consolidated financial statements. F-11 BRIXMOR PROPERTY GROUP INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) Year Ended December 31, 2025 2024 2023 Operating activities: Net income $ 386,255 $ 339,276 $ 305,087 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 414,930 381,396 362,277 Accretion of debt premium and discount, net ( 2,721 ) ( 2,849 ) ( 2,944 ) Deferred financing cost amortization 7,454 7,140 6,860 Accretion of above- and below-market leases, net ( 16,878 ) ( 11,167 ) ( 12,764 ) Tenant inducement amortization and other 2,240 2,474 3,878 Impairment of real estate assets 20,461 11,143 17,836 Gain on sale of real estate assets ( 123,339 ) ( 78,064 ) ( 65,439 ) Equity based compensation 17,616 17,937 20,777 (Gain) loss on extinguishment of debt, net 296 ( 554 ) ( 4,356 ) Changes in operating assets and liabilities: Receivables, net ( 35,323 ) ( 8,042 ) ( 16,512 ) Deferred charges and prepaid expenses ( 37,197 ) ( 33,479 ) ( 40,497 ) Other assets 362 ( 551 ) ( 845 ) Accounts payable, accrued expenses and other liabilities 17,854 27 15,436 Net cash provided by operating activities 652,010 624,687 588,794 Investing activities: Improvements to and investments in real estate assets ( 320,064 ) ( 353,350 ) ( 345,157 ) Acquisitions of real estate assets ( 420,582 ) ( 293,770 ) ( 2,269 ) Proceeds from sales of real estate assets 289,157 210,134 182,255 Purchase of marketable securities ( 15,535 ) ( 30,076 ) ( 21,346 ) Proceeds from sale of marketable securities 14,792 30,041 23,437 Net cash used in investing activities ( 452,232 ) ( 437,021 ) ( 163,080 ) Financing activities: Repayment of borrowings under unsecured revolving credit facility ( 660,000 ) ( 98,500 ) ( 632,000 ) Proceeds from borrowings under unsecured revolving credit facility 660,000 80,000 525,500 Proceeds from unsecured term loans and notes 798,720 796,152 200,000 Repayment of borrowings under unsecured notes ( 632,312 ) ( 367,449 ) ( 194,254 ) Deferred financing and debt extinguishment costs ( 16,309 ) ( 7,714 ) ( 783 ) Net proceeds from issuances of common shares ( 449 ) 114,651 — Distributions to common stockholders ( 354,224 ) ( 331,203 ) ( 315,287 ) Contributions from non-controlling interests — 242 — Distributions to non-controlling interests ( 95 ) — — Repurchases of common shares in conjunction with equity award plans ( 12,271 ) ( 14,057 ) ( 11,245 ) Net cash provided by (used in) financing activities ( 216,940 ) 172,122 ( 428,069 ) Net change in cash, cash equivalents and restricted cash ( 17,162 ) 359,788 ( 2,355 ) Cash, cash equivalents and restricted cash at beginning of period 378,692 18,904 21,259 Cash, cash equivalents and restricted cash at end of period $ 361,530 $ 378,692 $ 18,904 Reconciliation to consolidated balance sheets: Cash and cash equivalents $ 334,422 $ 377,616 $ 866 Restricted cash 27,108 1,076 18,038 Cash, cash equivalents and restricted cash at end of period $ 361,530 $ 378,692 $ 18,904 Supplemental disclosure of cash flow information: Cash paid for interest, net of amount capitalized of $ 4,055 , $ 3,981 and $ 4,147 $ 219,839 $ 189,266 $ 186,957 Change in accrued capital expenditures ( 17,298 ) 3,402 6,037 State and local taxes paid 2,398 2,278 2,323 The accompanying notes are an integral part of these consolidated financial statements. F-12 BRIXMOR OPERATING PARTNERSHIP LP AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (in thousands, except unit information) December 31, 2025 December 31, 2024 Assets Real estate Land $ 1,849,779 $ 1,834,814 Buildings and improvements 9,937,718 9,574,243 11,787,497 11,409,057 Accumulated depreciation and amortization ( 3,588,646 ) ( 3,410,179 ) Real estate, net 8,198,851 7,998,878 Cash and cash equivalents 333,888 376,956 Restricted cash 27,108 1,076 Marketable securities 21,283 20,301 Receivables, net 315,128 281,947 Deferred charges and prepaid expenses, net 169,326 167,080 Real estate assets held for sale 4,551 4,189 Other assets 62,468 57,827 Total assets $ 9,132,603 $ 8,908,254 Liabilities Debt obligations, net $ 5,494,753 $ 5,339,751 Accounts payable, accrued expenses and other liabilities 628,328 585,241 Total liabilities 6,123,081 5,924,992 Commitments and contingencies (Note 15) — — Capital Partnership common units; 315,231,761 and 314,619,008 units issued and 306,104,769 and 305,492,016 units outstanding 3,007,558 2,974,800 Accumulated other comprehensive income 1,722 8,218 Total partners' capital 3,009,280 2,983,018 Non-controlling interests 242 244 Total capital 3,009,522 2,983,262 Total liabilities and capital $ 9,132,603 $ 8,908,254 The accompanying notes are an integral part of these consolidated financial statements. F-13 BRIXMOR OPERATING PARTNERSHIP LP AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per unit data) Year Ended December 31, 2025 2024 2023 Revenues Rental income $ 1,369,465 $ 1,283,421 $ 1,243,844 Other revenues 2,132 1,633 1,192 Total revenues 1,371,597 1,285,054 1,245,036 Operating expenses Operating costs 162,285 152,825 146,473 Real estate taxes 178,231 164,291 173,517 Depreciation and amortization 414,930 381,396 362,277 Impairment of real estate assets 20,461 11,143 17,836 General and administrative 112,669 116,363 117,128 Total operating expenses 888,576 826,018 817,231 Other income (expense) Dividends and interest 7,736 20,776 666 Interest expense ( 224,689 ) ( 215,994 ) ( 190,733 ) Gain on sale of real estate assets 123,339 78,064 65,439 Gain (loss) on extinguishment of debt, net ( 296 ) 554 4,356 Other ( 2,856 ) ( 3,160 ) ( 2,446 ) Total other expense ( 96,766 ) ( 119,760 ) ( 122,718 ) Net income 386,255 339,276 305,087 Net income attributable to non-controlling interests ( 27 ) ( 2 ) — Net income attributable to Brixmor Operating Partnership LP $ 386,228 $ 339,274 $ 305,087 Net income per common unit: Basic $ 1.26 $ 1.12 $ 1.01 Diluted $ 1.25 $ 1.11 $ 1.01 Weighted average units: Basic 307,181 303,130 300,977 Diluted 307,866 304,038 302,376 The accompanying notes are an integral part of these consolidated financial statements. F-14 BRIXMOR OPERATING PARTNERSHIP LP AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (in thousands) Year Ended December 31, 2025 2024 2023 Net income $ 386,255 $ 339,276 $ 305,087 Other comprehensive income (loss) Change in unrealized gain (loss) on interest rate swaps, net (Note 6) ( 6,658 ) 10,697 ( 12,153 ) Change in unrealized gain on marketable securities 162 221 602 Total other comprehensive income (loss) ( 6,496 ) 10,918 ( 11,551 ) Comprehensive income 379,759 350,194 293,536 Comprehensive income attributable to non-controlling interests ( 27 ) ( 2 ) — Comprehensive income attributable to Brixmor Operating Partnership LP $ 379,732 $ 350,192 $ 293,536 The accompanying notes are an integral part of these consolidated financial statements. F-15 BRIXMOR OPERATING PARTNERSHIP LP AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CHANGES IN CAPITAL (in thousands) Partnership Common Units Accumulated Other Comprehensive Income (Loss) Non-controlling Interests Total Beginning balance, January 1, 2023 $ 2,855,232 $ 8,851 $ — $ 2,864,083 Distributions to partners ( 318,440 ) — — ( 318,440 ) Equity based compensation expense 22,345 — — 22,345 Other comprehensive loss — ( 11,551 ) — ( 11,551 ) Issuance of OP Units 1 — — 1 Repurchases of OP Units in conjunction with equity award plans ( 11,245 ) — — ( 11,245 ) Net income 305,087 — — 305,087 Ending balance, December 31, 2023 2,852,980 ( 2,700 ) — 2,850,280 Distributions to partners ( 337,956 ) — — ( 337,956 ) Equity based compensation expense 19,967 — — 19,967 Other comprehensive income — 10,918 — 10,918 Issuance of OP Units 114,592 — — 114,592 Contributions from non-controlling interests — — 242 242 Repurchases of OP Units in conjunction with equity award plans ( 14,057 ) — — ( 14,057 ) Net income 339,274 — 2 339,276 Ending balance, December 31, 2024 2,974,800 8,218 244 2,983,262 Distributions to partners ( 360,286 ) — — ( 360,286 ) Equity based compensation expense 19,087 — — 19,087 Other comprehensive loss — ( 6,496 ) — ( 6,496 ) Non-controlling interests associated with acquisitions of real estate assets — — 66 66 Distributions to non-controlling interests — — ( 95 ) ( 95 ) Repurchases of OP Units in conjunction with equity award plans ( 12,271 ) — — ( 12,271 ) Net income 386,228 — 27 386,255 Ending balance, December 31, 2025 $ 3,007,558 $ 1,722 $ 242 $ 3,009,522 The accompanying notes are an integral part of these consolidated financial statements. F-16 BRIXMOR OPERATING PARTNERSHIP LP AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) Year Ended December 31, 2025 2024 2023 Operating activities: Net income $ 386,255 $ 339,276 $ 305,087 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 414,930 381,396 362,277 Accretion of debt premium and discount, net ( 2,721 ) ( 2,849 ) ( 2,944 ) Deferred financing cost amortization 7,454 7,140 6,860 Accretion of above- and below-market leases, net ( 16,878 ) ( 11,167 ) ( 12,764 ) Tenant inducement amortization and other 2,240 2,474 3,878 Impairment of real estate assets 20,461 11,143 17,836 Gain on sale of real estate assets ( 123,339 ) ( 78,064 ) ( 65,439 ) Equity based compensation 17,616 17,937 20,777 (Gain) loss on extinguishment of debt, net 296 ( 554 ) ( 4,356 ) Changes in operating assets and liabilities: Receivables, net ( 35,323 ) ( 8,042 ) ( 16,512 ) Deferred charges and prepaid expenses ( 37,197 ) ( 33,479 ) ( 40,497 ) Other assets 362 ( 551 ) ( 845 ) Accounts payable, accrued expenses and other liabilities 17,854 27 15,436 Net cash provided by operating activities 652,010 624,687 588,794 Investing activities: Improvements to and investments in real estate assets ( 320,064 ) ( 353,350 ) ( 345,157 ) Acquisitions of real estate assets ( 420,582 ) ( 293,770 ) ( 2,269 ) Proceeds from sales of real estate assets 289,157 210,134 182,255 Purchase of marketable securities ( 15,535 ) ( 30,076 ) ( 21,346 ) Proceeds from sale of marketable securities 14,792 30,041 23,437 Net cash used in investing activities ( 452,232 ) ( 437,021 ) ( 163,080 ) Financing activities: Repayment of borrowings under unsecured revolving credit facility ( 660,000 ) ( 98,500 ) ( 632,000 ) Proceeds from borrowings under unsecured revolving credit facility 660,000 80,000 525,500 Proceeds from unsecured term loans and notes 798,720 796,152 200,000 Repayment of borrowings under unsecured notes ( 632,312 ) ( 367,449 ) ( 194,254 ) Deferred financing and debt extinguishment costs ( 16,309 ) ( 7,714 ) ( 783 ) Net proceeds from issuances of OP Units ( 449 ) 114,651 — Contributions from non-controlling interests — 242 — Distributions to non-controlling interests ( 95 ) — — Partner distributions and repurchases of OP Units ( 366,369 ) ( 345,920 ) ( 325,605 ) Net cash provided by (used in) financing activities ( 216,814 ) 171,462 ( 427,142 ) Net change in cash, cash equivalents and restricted cash ( 17,036 ) 359,128 ( 1,428 ) Cash, cash equivalents and restricted cash at beginning of period 378,032 18,904 20,332 Cash, cash equivalents and restricted cash at end of period $ 360,996 $ 378,032 $ 18,904 Reconciliation to consolidated balance sheets: Cash and cash equivalents $ 333,888 $ 376,956 $ 866 Restricted cash 27,108 1,076 18,038 Cash, cash equivalents and restricted cash at end of period $ 360,996 $ 378,032 $ 18,904 Supplemental disclosure of cash flow information: Cash paid for interest, net of amount capitalized of $ 4,055 , $ 3,981 and $ 4,147 $ 219,839 $ 189,266 $ 186,957 Change in accrued capital expenditures ( 17,298 ) 3,402 6,037 State and local taxes paid 2,398 2,278 2,323 The accompanying notes are an integral part of these consolidated financial statements. F-17 BRIXMOR PROPERTY GROUP INC. AND BRIXMOR OPERATING PARTNERSHIP LP NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (dollars in thousands, unless otherwise stated) 1. Nature of Business and Financial Statement Presentation Description of Business Brixmor Property Group Inc. 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. The Parent Company owns 100 % of the limited liability company interests of BPG Subsidiary LLC ("BPG Sub"), which, in turn, is the sole member of Brixmor OP GP LLC (the "General Partner"), the sole general partner of the Operating Partnership. The Parent Company engages in the ownership, management, leasing, acquisition, disposition, and redevelopment of retail shopping centers through the Operating Partnership, and has no other substantial assets or liabilities other than through its investment in the Operating Partnership. 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 grocery-anchored community and neighborhood shopping centers. As of December 31, 2025, the Company’s portfolio included 348 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. The Company does not distinguish its principal business or group its operations on a geographical basis for purposes of measuring performance. Accordingly, the Company has a single reportable segment for disclosure purposes in accordance with U.S. generally accepted accounting principles ("GAAP"). Basis of Presentation The financial information included herein reflects the consolidated financial position of the Company as of December 31, 2025 and 2024 and the consolidated results of its operations and cash flows for the years ended December 31, 2025, 2024, and 2023. Principles of Consolidation and Use of Estimates The accompanying Consolidated Financial Statements include the accounts of the Parent Company, the Operating Partnership, each of their wholly owned subsidiaries and all other entities in which they have a controlling financial interest. All intercompany transactions have been eliminated. When the Company obtains an economic interest in an entity, management evaluates the entity to determine: (i) whether the entity is a variable interest entity ("VIE"), (ii) in the event the entity is a VIE, whether the Company is the primary beneficiary of the entity, and (iii) in the event the entity is not a VIE, whether the Company otherwise has a controlling financial interest. The Company consolidates: (i) entities that are VIEs for which the Company is deemed to be the primary beneficiary and (ii) entities that are not VIEs which the Company controls. If the Company has an interest in a VIE but it is not determined to be the primary beneficiary, the Company accounts for its interest under the equity method of accounting. Similarly, for those entities which are not VIEs and the Company does not have a controlling financial interest, the Company accounts for its interests under the equity method of accounting. The Company continually reconsiders its determination of whether an entity is a VIE and whether the Company qualifies as its primary beneficiary. The Company has evaluated the Operating Partnership and has determined it is not a VIE as of December 31, 2025. The Company acquires properties, from time to time, using a reverse like-kind exchange structure pursuant to Section 1031 of the Internal Revenue Code (a "reverse 1031 exchange") and, as such, the properties are in the possession of an Exchange Accommodation Titleholder ("EAT") until the reverse 1031 exchange is completed. The EAT is classified as a VIE as it is a "thinly capitalized" entity. The Company owns 100 % of the EAT, controls the activities that most significantly impact the EAT’s economic performance, and can collapse the reverse 1031 F-18 exchange structure at any time. Therefore, the Company consolidates the EAT because it is the primary beneficiary. Assets of the EAT primarily consist of leased property (real estate and intangibles). GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported amounts of revenues and expenses during a reporting period. The most significant assumptions and estimates relate to impairment of real estate, recovery of receivables, and depreciable lives. These estimates are based on historical experience and other assumptions that management believes are reasonable under the circumstances. Management evaluates its estimates on an ongoing basis and makes revisions to these estimates and related disclosures as new information becomes known. Actual results could differ from these estimates. Non-controlling Interests The Company accounts for non-controlling interests in accordance with Accounting Standards Codification ("ASC") 810, Consolidation, and ASC 480 Distinguishing Liabilities from Equity . Non-controlling interests represent the portion of equity that the Company does not own in those entities that it consolidates. The Company identifies its non-controlling interests separately within the equity section of the Consolidated Balance Sheets. The amounts of consolidated net earnings attributable to the Company and to the non-controlling interests are presented separately on the Consolidated Statements of Operations. Cash and Cash Equivalents For purposes of presentation on both the Consolidated Balance Sheets and the Consolidated Statements of Cash Flows, the Company considers instruments with an original maturity of three months or less to be cash and cash equivalents. The Company maintains its cash and cash equivalents at major financial institutions. The cash and cash equivalents balance at one or more of these financial institutions exceeds the Federal Depository Insurance Corporation ("FDIC") insurance coverage. The Company periodically assesses the credit risk associated with these financial institutions and believes that the risk of loss is minimal. Restricted Cash Restricted cash represents cash deposited in escrow accounts that generally can only be used for the payment of real estate taxes, debt service, insurance, and future capital expenditures as required by certain loan and lease agreements, as well as legally restricted tenant security deposits and funds held in escrow for pending transactions. Real Estate Real estate assets are recognized on the Company’s Consolidated Balance Sheets at historical cost, less accumulated depreciation and amortization. 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. Transaction costs incurred during the acquisition process are capitalized as a component of the asset’s value. The fair value of tangible assets is determined as if the acquired property is vacant. Fair value is determined using an exit price approach, which contemplates the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. 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 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. F-19 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, 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. The estimated useful lives are as follows: Building and building and land improvements 20 – 40 years Furniture, fixtures, and equipment 5 – 10 years Tenant improvements The shorter of the term of the related lease or useful life Costs to fund major replacements and betterments, which extend the life of the asset, are capitalized and depreciated over their respective useful lives, while costs for ordinary repairs and maintenance activities are expensed to Operating costs as incurred. In situations in which a tenant’s non-cancelable lease term has been modified, the Company evaluates the remaining useful lives of depreciable or amortizable assets in the asset group related to the lease (i.e., tenant improvements, above- and below-market lease intangibles, in-place lease value, and leasing commissions). 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, 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, is less than the carrying value of the property. 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. 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 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, 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. Capitalization of these costs begins when the activities and related expenditures commence and ceases when the project is substantially complete and ready for its intended use, at which time the project is placed in service and depreciation commences. Additionally, the Company makes estimates as to the probability of certain development and redevelopment projects being completed. If the Company determines the development or redevelopment is no longer probable of completion, the Company expenses all capitalized costs that are not recoverable. Deferred Leasing and Financing Costs Direct costs incurred in executing tenant leases and long-term financings are capitalized and amortized using the straight-line method over the term of the related lease or debt agreement, which approximates the effective interest method. For tenant leases, capitalized costs incurred include tenant improvements, tenant allowances, leasing F-20 commissions, and leasing legal fees. For long-term financings, capitalized costs incurred include bank and legal fees. The amortization of deferred leasing and financing costs is included in Depreciation and amortization and Interest expense, respectively, on the Company’s Consolidated Statements of Operations and in Operating activities on the Company’s Consolidated Statements of Cash Flows. Marketable Securities The Company classifies its marketable securities, which are comprised of debt securities, as available-for-sale. These securities are carried at fair value, which is based primarily on publicly traded market values in active markets, and is classified accordingly on the fair value hierarchy. Any unrealized loss on the Company’s financial instruments must be assessed to determine the portion, if any, that is attributable to credit loss and the portion that is due to other factors, such as changes in market interest rates. “Credit loss” refers to any portion of the carrying amount that the Company does not expect to collect over a financial instrument’s contractual life. The Company considers current market conditions and reasonable forecasts of future market conditions to estimate expected credit losses over the life of the financial instrument. Any portion of unrealized losses due to credit loss is recognized through net income and reported in equity as a component of distributions in excess of net income. The portion of unrealized losses due to other factors is recognized through other comprehensive income (loss) and reported in accumulated other comprehensive income. 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 hedge accounting 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 transaction. Revenue Recognition and Receivables The Company enters into agreements with tenants that convey the right to control the use of identified space at its shopping centers in exchange for rental revenue. These agreements meet the criteria for recognition as leases under ASC 842, Leases . Rental revenue is recognized on a straight-line basis over the terms of the related leases. The cumulative difference between rental revenue recognized on the Company’s Consolidated Statements of Operations and contractual payment terms is recognized as deferred rent and included in Receivables, net on the accompanying Consolidated Balance Sheets. The Company commences recognizing rental revenue based on the date it makes the underlying asset available for use by the tenant. 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 our properties, by the lessee and are recognized in the period the applicable expenditures are incurred and/or contractually required to be reimbursed. 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, 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 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. Gains from the sale of depreciated operating properties are generally recognized under the full accrual method, provided that various criteria relating to the terms of the sale and subsequent involvement by the Company with the applicable property are met. F-21 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 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. Leases 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. These agreements meet the criteria for recognition as leases under ASC 842. For these agreements 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 the discount rates implicit in the leases are not readily determinable, the Company uses its incremental secured borrowing rate, based on information available at the commencement date of each lease, to determine the present value of the associated lease payments. The lease terms utilized by the Company may include options to extend or terminate the lease when it is reasonably certain that it will exercise such options. The Company evaluates many factors, including current and future lease cash flows, when determining if an option to extend or terminate should be included in the non-cancelable period. 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 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, real estate taxes, and certain capital expenditures related to the maintenance of our properties, within this lease component. These amounts are included in Operating expenses on the Company’s Consolidated Statements of Operations. Stock Based Compensation 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 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. Income Taxes 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. 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, 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. F-22 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. A TRS is subject to U.S. federal, state, and local income taxes at regular corporate rates. 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, 2025 and 2024. Open tax years generally range from 2022 through 2024 but may vary by jurisdiction and issue. The Company recognizes penalties and interest accrued related to unrecognized tax benefits as income tax expense, which is included in Other on the Company’s Consolidated Statements of Operations. New Accounting Pronouncements In October 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-06 "Disclosure Improvements - Codification Amendments in Response to the SEC's Disclosure Update and Simplification Initiative." ASU 2023-06 modifies the disclosure or presentation requirements of a variety of topics in the ASC. These amendments align many disclosure requirements with those already required by the Securities Exchange Commission (the "SEC") under Regulation S-X or Regulation S-K. The ASC amendments in ASU 2023-06 become effective on the date which the SEC's removal of the related disclosure requirement from Regulation S-X or Regulation S-K becomes effective, with early adoption prohibited. If by June 30, 2027, the SEC has not removed the applicable requirement from Regulation S-X or Regulation S-K, the pending content of the related amendment in ASU 2023-06 will not become effective for any entity. The Company does not expect the adoption of the amendments in ASU 2023-06 will have a material impact on the Consolidated Financial Statements of the Company. In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740) - Improvements to Income Tax Disclosures.” ASU 2023-09 addresses investor requests for more transparency about income tax information through improvements to income tax disclosure primarily related to the rate reconciliation and income taxes paid information. The standard became effective for the Company's annual reporting on January 1, 2025. The Company determined that the adoption of ASU 2023-09 did not have a material impact on the Consolidated Financial Statements of the Company. In November 2024, the FASB issued ASU 2024-03, “Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40).” ASU 2024-03 addresses investor feedback for disclosure of disaggregated financial reporting information and more detailed information about expenses. Investors specifically requested more granular information about cost of sales and selling, general, and administrative expenses and employee compensation costs. The standard is effective for annual periods beginning after December 15, 2026 and interim periods beginning after December 15, 2027, with early adoption permitted. The Company continues to evaluate the impact of ASU 2024-03 on the Consolidated Financial Statements of the Company. Any other 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. F-23 2. Acquisition of Real Estate During the year ended December 31, 2025, the Company acquired the following assets, in separate transactions: 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 Land at Hanover Square Mechanicsville, VA Nov-25 N/A 1,568 Broomfield Town Center Broomfield, CO Dec-25 175,368 51,044 Chino Spectrum Towne Center Chino, CA Dec-25 461,246 138,104 1,045,878 $ 420,582 (1) Aggregate purchase price includes $ 2.6 million of transaction costs, offset by $ 3.1 million of closing credits. During the year ended December 31, 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 Huron Village Ann Arbor, MI Nov-24 118,482 29,503 Land at Arborland Center Ann Arbor, MI Nov-24 N/A 48 Britton Plaza Tampa, FL Nov-24 465,639 60,888 The Plaza at Buckland Hills (2) Manchester, CT Dec-24 308,192 67,681 North Ridge Shopping Center (2) Raleigh, NC Dec-24 171,372 53,788 1,330,249 $ 293,770 . (1) Aggregate purchase price includes $ 3.3 million of transaction costs, offset by $ 2.5 million of closing credits. (2) The Company acquired these properties in a single transaction. The aggregate purchase price of the assets acquired during the years ended December 31, 2025 and 2024, respectively, has been allocated as follows: Year Ended December 31, Assets 2025 2024 Land $ 64,186 $ 73,347 Buildings 289,489 178,815 Building and tenant improvements 17,218 10,474 Above-market leases (1) 468 1,001 In-place leases (2) 91,972 79,947 Total assets 463,333 343,584 Liabilities Below-market leases (3) $ 42,185 $ 49,814 Other liabilities 566 — Total liabilities 42,751 49,814 Net assets acquired $ 420,582 $ 293,770 (1) The weighted average amortization period at the time of acquisition for above-market leases related to assets acquired during the years ended December 31, 2025 and 2024 was 11.7 years and 6.5 years, respectively. (2) The weighted average amortization period at the time of acquisition for in-place leases related to assets acquired during the years ended December 31, 2025 and 2024 was 5.6 years and 6.2 years, respectively. (3) The weighted average amortization period at the time of acquisition for below-market leases related to assets acquired during the years ended December 31, 2025 and 2024 was 20.8 years and 25.5 years, respectively. F-24 3. Dispositions and Assets Held for Sale During the year ended December 31, 2025, the Company disposed of 18 shopping centers, five partial shopping centers, and one land parcel for aggregate net proceeds of $ 289.2 million, resulting in aggregate gain of $ 123.3 million and aggregate impairment of $ 18.8 million. During the year ended December 31, 2024, the Company disposed of six shopping centers, six partial shopping centers, and two land parcels for aggregate net proceeds of $ 208.2 million, resulting in aggregate gain of $ 76.2 million and aggregate impairment of $ 0.5 million. In addition, during the year ended December 31, 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 December 31, 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 December 31, 2025 December 31, 2024 Land $ 233 $ 1,280 Buildings and improvements 5,579 4,520 Accumulated depreciation and amortization ( 1,407 ) ( 1,658 ) Real estate, net 4,405 4,142 Other assets 146 47 Assets associated with real estate assets held for sale $ 4,551 $ 4,189 There were no discontinued operations for the years ended December 31, 2025, 2024, and 2023 as none of the dispositions represented a strategic shift in the Company’s business that would qualify as discontinued operations. 4. Real Estate The Company’s components of Real estate, net consisted of the following: December 31, 2025 December 31, 2024 Land $ 1,849,779 $ 1,834,814 Buildings and improvements: Buildings and tenant improvements 9,388,978 9,047,831 Lease intangibles (1) 548,740 526,412 11,787,497 11,409,057 Accumulated depreciation and amortization (2) ( 3,588,646 ) ( 3,410,179 ) Total $ 8,198,851 $ 7,998,878 (1) As of December 31, 2025 and 2024, Lease intangibles consisted of $ 508.2 million and $ 482.7 million, respectively, of in-place leases and $ 40.6 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 December 31, 2025 and 2024, Accumulated depreciation and amortization included $ 426.6 million and $ 433.0 million, respectively, of accumulated amortization related to Lease intangibles. In addition, as of December 31, 2025 and 2024, the Company had intangible liabilities relating to below-market leases of $ 389.1 million and $ 366.5 million, respectively, and accumulated accretion of $ 244.3 million and $ 246.3 million, respectively. These intangible liabilities are included in Accounts payable, accrued expenses and other liabilities on the Company’s Consolidated Balance Sheets. F-25 Below-market lease accretion income, net of above-market lease amortization for the years ended December 31, 2025, 2024, and 2023 was $ 16.9 million, $ 11.2 million, and $ 12.8 million, respectively. These amounts are included in Rental income on the Company’s Consolidated Statements of Operations. Amortization expense associated with in-place lease value for the years ended December 31, 2025, 2024, and 2023 was $ 29.5 million, $ 14.7 million, and $ 16.5 million, respectively. These amounts are included in Depreciation and amortization on the Company’s Consolidated Statements of Operations. The Company’s estimated below-market lease accretion income, net of above-market lease amortization expense, and in-place lease amortization expense for the next five years are as follows: Year ending December 31, Below-market lease accretion (income), net of above-market lease amortization expense In-place lease amortization expense 2026 $ ( 13,586 ) $ 33,081 2027 ( 11,700 ) 23,667 2028 ( 10,606 ) 16,547 2029 ( 9,494 ) 11,326 2030 ( 8,913 ) 6,906 5. Impairments 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 recognized the following impairments during the year ended December 31, 2025: Year Ended December 31, 2025 Property Name (1) Location GLA Impairment Charge Springdale (2) Mobile, AL 398,701 $ 18,782 The Shoppes at North Olmsted North Olmsted, OH 70,003 1,679 468,704 $ 20,461 (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, 2025. The Company recognized the following impairments during the year ended December 31, 2024: Year Ended December 31, 2024 Property Name (1) Location GLA Impairment Charge Southland Shopping Center - multi-tenant outparcel (2) Middleburg Heights, OH 149,891 $ 5,611 Seacoast Shopping Center (2) Seabrook, NH 89,634 5,062 Land at Springdale (3) Mobile, AL — 252 Victory Square - Bridgestone Outparcel (3) Savannah, GA 6,702 218 246,227 $ 11,143 (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, 2025. (3) The Company disposed of this property during the year ended December 31, 2024. F-26 The Company recognized the following impairments during the year ended December 31, 2023: Year Ended December 31, 2023 Property Name (1) Location GLA Impairment Charge The Quentin Collection Kildeer, IL 171,530 $ 11,705 Broadway Faire - Theater Box (2) Fresno, CA 39,983 2,102 Elk Grove Town Center (2) Elk Grove Village, IL 47,704 1,796 The Manchester Collection - Crossroads (2) Manchester, CT 14,867 1,155 Spring Mall (2) Greenfield, WI 45,920 1,078 320,004 $ 17,836 (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, 2023. The Company can provide no assurance that material impairment charges with respect to its Portfolio will not occur in future periods. See Note 3 for additional information regarding impairment charges taken in connection with the Company’s dispositions. See Note 8 for additional information regarding the fair value of operating properties that have been impaired. 6. Financial Instruments – Derivatives and Hedging 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 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 market 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. 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 year ended December 31, 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. The Company has elected to present its interest rate derivatives on its Consolidated Balance Sheets on a gross basis as interest rate swap assets and interest rate swap liabilities. 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. Detail on the terms and fair value of the Company’s interest rate derivatives designated as cash flow hedges outstanding as of December 31, 2025 is as follows: Fair Value Effective Date Maturity Date Swapped Variable Rate Fixed Rate Notional Amount Assets Liabilities 5/1/2023 7/26/2027 1 Month Secured Overnight Financing Rate ("SOFR") 3.5890 % $ 100,000 $ — $ ( 460 ) 5/1/2023 7/26/2027 1 Month SOFR 3.5950 % 75,000 — ( 352 ) 5/1/2023 7/26/2027 1 Month SOFR 3.5930 % 25,000 — ( 117 ) 7/26/2024 7/26/2027 1 Month SOFR 4.0767 % 100,000 — ( 1,208 ) 7/26/2024 7/26/2027 1 Month SOFR 4.0770 % 100,000 — ( 1,208 ) 7/26/2024 7/26/2027 1 Month SOFR 4.0767 % 50,000 — ( 604 ) 7/26/2024 7/26/2027 1 Month SOFR 4.0770 % 50,000 — ( 604 ) $ 500,000 $ — $ ( 4,553 ) F-27 Detail on the terms and fair value of the Company’s interest rate derivatives designated as cash flow hedges outstanding as of December 31, 2024 is as follows: Fair Value Effective Date Maturity Date Swapped Variable Rate Fixed Rate Notional Amount Assets Liabilities 5/1/2023 7/26/2027 1 Month SOFR 3.5890 % $ 100,000 $ 993 $ — 5/1/2023 7/26/2027 1 Month SOFR 3.5950 % 75,000 735 — 5/1/2023 7/26/2027 1 Month SOFR 3.5930 % 25,000 246 — 7/26/2024 7/26/2027 1 Month SOFR 4.0767 % 100,000 — ( 199 ) 7/26/2024 7/26/2027 1 Month SOFR 4.0770 % 100,000 — ( 199 ) 7/26/2024 7/26/2027 1 Month SOFR 4.0767 % 50,000 — ( 100 ) 7/26/2024 7/26/2027 1 Month SOFR 4.0770 % 50,000 — ( 100 ) $ 500,000 $ 1,974 $ ( 598 ) 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 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 volatility. These inputs are classified as Level 2 of the fair value hierarchy. The effective portion of changes in the fair value of derivatives designated as cash flow hedges is recognized in Other comprehensive income (loss) 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 Consolidated Statements of Comprehensive Income for the years ended December 31, 2025, 2024, and 2023 is as follows: Derivatives in Cash Flow Hedging Relationships (Interest Rate Swaps) Year Ended December 31, 2025 2024 2023 Change in unrealized gain (loss) on interest rate swaps $ ( 4,106 ) $ 20,425 $ ( 2,204 ) Accretion of interest rate swaps to interest expense ( 2,552 ) ( 9,728 ) ( 9,949 ) Change in unrealized gain (loss) on interest rate swaps, net $ ( 6,658 ) $ 10,697 $ ( 12,153 ) The Company estimates that $ 1.7 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 years ended December 31, 2025, 2024, and 2023. Non-Designated (Mark-to-Market) Hedges of Interest Rate Risk The Company does not use derivatives for trading or speculative purposes. As of December 31, 2025 and 2024, the Company did not have any non-designated hedges. Credit-risk-related Contingent Features The Company has agreements with its derivative counterparties that contain provisions whereby if the Company defaults on certain of its indebtedness and the indebtedness has been accelerated by the lender, then the Company could also be declared in default on its derivative obligations. If the Company were to be declared in default on its derivative contracts, it would be required to settle its obligations under such agreements at their termination value, including accrued interest. F-28 7. Debt Obligations As of December 31, 2025 and 2024, the Company had the following indebtedness outstanding: Carrying Value as of December 31, 2025 December 31, 2024 Stated Interest Rate (1) Scheduled Maturity Date Notes payable Unsecured notes (2) $ 5,018,453 $ 4,850,765 2.25 % – 7.97 % 2026 – 2035 Net unamortized premium 10,277 14,279 Net unamortized debt issuance costs ( 23,797 ) ( 20,718 ) Total notes payable, net $ 5,004,933 $ 4,844,326 Unsecured Credit Facility Revolving Facility $ — $ — 4.65 % 2029 Term Loan Facility (3)(4) 500,000 500,000 4.72 % 2030 Net unamortized debt issuance costs ( 10,180 ) ( 4,575 ) Total Unsecured Credit Facility and term loans $ 489,820 $ 495,425 Total debt obligations, net $ 5,494,753 $ 5,339,751 (1) Stated interest rates as of December 31, 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 December 31, 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 27, 2027. (4) Effective May 1, 2023, the Company has in place three interest rate swap agreements that convert the variable interest rate on $ 200.0 million outstanding under the Term Loan Facility to a fixed, combined interest rate of 3.59 % (plus a spread, currently 85 basis points) through July 27, 2027. 2025 Debt Transactions On April 24, 2025, the Operating Partnership amended and restated its unsecured credit facility agreements (the "Unsecured Credit Facility"). The amended and restated agreements provide for (i) revolving loan commitments of $ 1.25 billion (the "Revolving Facility"), scheduled to mature on April 30, 2029 (extending the applicable scheduled maturity date from June 30, 2026) and (ii) a continuation of the existing $ 500.0 million term loan (the "Term Loan Facility"), scheduled to mature on April 30, 2030 (extending the applicable scheduled maturity date from July 26, 2027). 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. The current interest rate applicable to the Revolving Facility was effectively lowered (for the margins based on the Operating Partnership's current credit ratings) to SOFR plus 77.5 basis points from SOFR plus 95 basis points and the current interest rate applicable to the Term Loan Facility was effectively lowered (for the margins based on the Operating Partnership's current credit ratings) to SOFR plus 85 basis points from SOFR plus 105 basis points, in each case, based on the elimination of a 10 basis point SOFR credit spread adjustment and the ability of the Company to obtain more favorable pricing in certain circumstances when the Company's leverage ratio meets defined targets. The total capacity under the Unsecured Credit Facility, as amended and restated on April 24, 2025, is $ 1.75 billion. In connection with the amended and restated Unsecured Credit Facility agreements, the Company recognized a $ 0.3 million loss on extinguishment of debt during the year ended December 31, 2025 due to the acceleration of unamortized debt issuance costs. During the year ended December 31, 2025, the Operating Partnership repaid $ 632.3 million principal amount of the outstanding 3.850 % Senior Notes due 2025 (the "2025 Notes"), representing all of the outstanding 2025 Notes. The Operating Partnership funded the 2025 Notes repayment with available cash, proceeds from the Revolving Facility, and dispositions. On March 4, 2025, the Operating Partnership issued $ 400.0 million aggregate principal amount of 5.200 % Senior Notes due 2032 (the "2032 Notes") at 99.831 % of par. The Operating Partnership intends to use the remaining net proceeds for general corporate purposes, including the repayment of indebtedness. The 2032 Notes bear interest at a rate of 5.200 % per annum, payable semi-annually on April 1 and October 1 of each year, commencing October 1, 2025. The 2032 Notes will mature on April 1, 2032. F-29 On September 9, 2025, the Operating Partnership issued $ 400.0 million aggregate principal amount of 4.850 % Senior Notes due 2033 (the "2033 Notes") at 99.849 % of par. The Operating Partnership intends to use the remaining 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. 2024 Debt Transactions The Operating Partnership had an unsecured credit facility as amended and restated on April 28, 2022, which was comprised of a $ 1.25 billion revolving loan facility (the "prior Revolving Facility") and a $ 500.0 million term loan. During the year ended December 31, 2024, the Operating Partnership repaid $ 18.5 million, net of borrowings, under the prior Revolving Facility, with proceeds from dispositions and the issuance of the 2034 Notes (defined hereafter). During the year ended December 31, 2024, the Operating Partnership repaid $ 300.4 million principal amount of the outstanding 3.650 % Senior Notes due 2024 (the "2024 Notes"), representing all of the outstanding 2024 Notes, and $ 67.7 million principal amount of the 2025 Notes. The Operating Partnership funded the 2024 Notes and 2025 Notes repayments with proceeds from the issuance of the 2034 Notes, 2035 Notes (defined hereafter), and dispositions. In connection with the repayment of the 2025 Notes, the Company recognized a $ 0.6 million gain on extinguishment of debt during the year ended December 31, 2024. On January 12, 2024, the Operating Partnership issued $ 400.0 million aggregate principal amount of 5.500 % Senior Notes due 2034 (the "2034 Notes") at 99.816 % of par. The Operating Partnership intends to use the remaining net proceeds for general corporate purposes, including the repayment of indebtedness. The 2034 Notes bear interest at a rate of 5.500 % per annum, payable semi-annually on February 15 and August 15 of each year, commencing August 15, 2024. The 2034 Notes will mature on February 15, 2034. On May 28, 2024, the Operating Partnership issued $ 400.0 million aggregate principal amount of 5.750 % Senior Notes due 2035 (the "2035 Notes") at 99.222 % of par. The Operating Partnership intends to use the remaining net proceeds for general corporate purposes, including the repayment of indebtedness. The 2035 Notes bear interest at a rate of 5.750 % per annum, payable semi-annually on February 15 and August 15 of each year, commencing August 15, 2024. The 2035 Notes will mature on February 15, 2035. 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 December 31, 2025. Debt Maturities As of December 31, 2025 and 2024, the Company had accrued interest of $ 63.6 million and $ 62.8 million outstanding, respectively. As of December 31, 2025, scheduled maturities of the Company’s outstanding debt obligations were as follows: Year ending December 31, 2026 607,542 2027 400,000 2028 357,708 2029 753,203 2030 1,300,000 Thereafter 2,100,000 Total debt maturities 5,518,453 Net unamortized premium 10,277 Net unamortized debt issuance costs ( 33,977 ) Total debt obligations, net $ 5,494,753 As of the date the financial statements were issued, the Company's scheduled debt maturities for the next 12 months were comprised of the $ 607.5 million outstanding principal balance of Senior Notes due 2026. The Company currently believes it has sufficient cash and cash equivalents and liquidity to satisfy these scheduled debt maturities. F-30 8. Fair Value Disclosures All financial instruments of the Company are reflected in the accompanying Consolidated Balance Sheets at amounts which, in management’s judgment, reasonably approximate their fair values, except those instruments listed below: December 31, 2025 December 31, 2024 Carrying Amounts Fair Value Carrying Amounts Fair Value Notes payable $ 5,004,933 $ 4,986,781 $ 4,844,326 $ 4,653,205 Unsecured Credit Facility 489,820 500,000 495,425 500,000 Total debt obligations, net $ 5,494,753 $ 5,486,781 $ 5,339,751 $ 5,153,205 As a basis for considering market participant assumptions in fair value measurements, a fair value hierarchy is included in GAAP that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs that are classified within Level 3 of the hierarchy). In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. Based on the above criteria, the Company has determined that the valuations of its debt obligations are classified within Level 3 of the fair value hierarchy. Such fair value estimates are not necessarily indicative of the amounts that would be realized upon disposition. Recurring Fair Value The Company’s marketable securities and interest rate derivatives are measured and recognized at fair value on a recurring basis. The valuations of the Company’s marketable securities are based primarily on publicly traded market values in active markets and are classified within Levels 1 and 2 of the fair value hierarchy. See Note 6 for fair value information regarding the Company’s interest rate derivatives. 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 recurring basis: Fair Value Measurements as of December 31, 2025 Balance Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Marketable securities (1) $ 21,283 $ 1,836 $ 19,447 $ — Liabilities: Interest rate derivatives $ ( 4,553 ) $ — $ ( 4,553 ) $ — Fair Value Measurements as of December 31, 2024 Balance Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Marketable securities (1) $ 20,301 $ 1,193 $ 19,108 $ — Interest rate derivatives $ 1,974 $ — $ 1,974 $ — Liabilities: Interest rate derivatives $ ( 598 ) $ — $ ( 598 ) $ — F-31 (1) As of December 31, 2025 and 2024, marketable securities included $ 0.2 million and less than $ 0.1 million of net unrealized gains, respectively. As of December 31, 2025, the contractual maturities of the Company’s marketable securities were 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. 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. 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. The table includes information related to properties that were remeasured to fair value as a result of impairment testing during the years ended December 31, 2025 and 2024, excluding the properties sold prior to December 31, 2025 or December 31, 2024, respectively: Fair Value Measurements as of December 31, 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 Assets: Properties (1)(2) $ 358 $ — $ — $ 358 $ 1,679 Fair Value Measurements as of December 31, 2024 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 Assets: Properties (3)(4)(5) $ 6,548 $ — $ — $ 6,548 $ 10,673 (1) Excludes properties disposed of prior to December 31, 2025. (2) The carrying value of The Shoppes at North Olmsted, which was remeasured to fair value based on a discounted cash flow analysis during the year ended December 31, 2025, is $ 0.4 million. The discount rate of 8.0 % which was utilized in the discounted cash flow analysis was based upon unobservable rates that the Company believes to be within a reasonable range of current market rates for the property. (3) Excludes properties disposed of prior to December 31, 2024. (4) The carrying value of Seacoast Shopping Center, which was remeasured to fair value based on an income approach valuation using the direct capitalization method during the year ended December 31, 2024, is $ 5.7 million. The capitalization rate of 8.00 % utilized in the analysis was based upon unobservable inputs that the Company believes to be within a reasonable range of current market rates for the property. (5) The carrying value of Southland Shopping Center - multi-tenant outparcel, which was remeasured to fair value based upon offers from third-party buyers during the year ended December 31, 2024, is $ 0.8 million. 9. Revenue Recognition The Company engages in the ownership, management, leasing, acquisition, disposition, and redevelopment of retail shopping centers. Revenue is primarily generated through lease agreements and classified as Rental income on the Company’s Consolidated Statements of Operations. These agreements include retail shopping center unit leases; ground leases; ancillary leases or agreements, such as agreements with tenants for cellular towers, ATMs, and short-term or seasonal retail (e.g. Halloween or Christmas-related retail); and reciprocal easement agreements. The agreements range in term from less than one year to 25 or more years, with certain agreements containing renewal options. 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 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. F-32 As of December 31, 2025, 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. 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. Year ending December 31, Operating Leases 2026 $ 1,022,160 2027 928,016 2028 804,858 2029 675,880 2030 542,024 Thereafter 1,861,918 The Company recognized $ 9.6 million, $ 9.7 million, and $ 9.3 million of Rental income based on percentage rents for the years ended December 31, 2025, 2024, and 2023, respectively. These amounts are included in Rental income on the Company’s Consolidated Statements of Operations. As of December 31, 2025 and 2024, receivables associated with the effects of recognizing rental income on a straight-line basis were $ 237.8 million and $ 208.8 million, respectively. F-33 10. Leases 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. The agreements range in term from less than one year to 50 or more years, with certain agreements containing renewal options for up to an additional 100 years. Upon lease execution, the Company recognizes an operating lease 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 December 31, 2025 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 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 ROU asset or lease liability and are presented as variable lease costs. The following tables present additional information pertaining to the Company’s operating leases: Year Ended December 31, Supplemental Statements of Operations Information 2025 2024 2023 Operating lease costs $ 6,807 $ 2,499 $ 5,645 Variable lease costs 256 394 468 Total lease costs $ 7,063 $ 2,893 $ 6,113 Year Ended December 31, Supplemental Statements of Cash Flows Information 2025 2024 2023 Operating cash outflows from operating leases $ 6,260 $ 5,778 $ 6,017 ROU assets obtained in exchange for operating lease liabilities 9,788 13,984 711 ROU assets reduction due to dispositions, held for sale, and lease modifications — ( 6,581 ) ( 144 ) Operating Lease Liabilities As of December 31, 2025 Future minimum operating lease payments: 2026 6,003 2027 5,040 2028 4,950 2029 4,914 2030 4,400 Thereafter 100,820 Total future minimum operating lease payments 126,127 Less: imputed interest ( 78,776 ) Operating lease liabilities $ 47,351 As of December 31, Supplemental Balance Sheets Information 2025 2024 Operating lease liabilities (1)(2) $ 47,351 $ 41,467 ROU assets (1)(3) 44,114 38,784 (1) As of December 31, 2025 and 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 Consolidated Balance Sheets. (3) These amounts are included in Other assets on the Company’s Consolidated Balance Sheets. As of December 31, 2025, there were no material leases that have been executed but not yet commenced. F-34 11. Equity and Capital ATM Program In October 2025, the Company renewed its 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 October 28, 2028, unless earlier terminated or extended by the Company, 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 November 1, 2025. During the year ended December 31, 2025, the Company did not issue any shares of common stock under the ATM Program. During the year ended December 31, 2024, the Company issued 4.1 million shares of common stock under the Prior ATM Program at an average price per share of $ 28.62 for total gross proceeds of $ 116.6 million, excluding commissions and fees of $ 2.0 million. During the year ended December 31, 2023, the Company did not issue any shares of common stock under the Prior ATM Program. As of December 31, 2025, $ 400.0 million of common stock remained available for issuance under the ATM Program. Share Repurchase Program In October 2025, the Company renewed its share repurchase program (the "Repurchase Program") for up to $ 400.0 million of its common stock. The Repurchase Program is scheduled to expire on October 28, 2028, unless suspended or extended by the Company's board of directors. The Repurchase Program replaced the Company’s prior share repurchase program, which was scheduled to expire on November 1, 2025. During the years ended December 31, 2025, 2024, and 2023, the Company did not repurchase any shares of common stock. As of December 31, 2025, the Repurchase Program had $ 400.0 million of available repurchase capacity. Common Stock 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 years ended December 31, 2025 and 2024, the Company withheld 0.4 million and 0.6 million shares of its common stock, respectively. Dividends and Distributions Because Brixmor Property Group Inc. is a holding company and has no material assets other than its ownership of BPG Sub, through which it owns the Operating Partnership, and no material operations other than those conducted by the Operating Partnership, distributions are funded as follows: • first, the Operating Partnership makes distributions to its partners that are holders of OP Units, including BPG Sub; • second, BPG Sub distributes to Brixmor Property Group Inc. its share of such distributions; and • third, 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, 2025, 2024, and 2023, the Company's board of directors declared common stock dividends and OP Unit distributions of $ 1.1700 per share/unit, $ 1.1050 per share/unit, and $ 1.0525 per share/unit, respectively. As of December 31, 2025 and 2024, the Company had declared but unpaid common stock dividends and OP Unit distributions of $ 98.0 million and $ 91.8 million, respectively. These amounts are included in Accounts payable, accrued expenses and other liabilities on the Company’s Consolidated Balance Sheets. Non-controlling interests 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. As of December 31, 2025 and 2024, the acquired entities have issued and outstanding $ 0.2 million of redeemable preferred equity, which the Company did not acquire and are reflected within Non-controlling interests on the Company’s Consolidated Balance Sheets. F-35 12. Stock Based Compensation 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, 2025, 2024, and 2023, 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 criteria or market-based criteria, which 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 during 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 the achievement of target level performance, was 0.6 million, 0.8 million, and 0.7 million for the years ended December 31, 2025, 2024, and 2023, 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: Year Ended December 31, Assumption 2025 2024 2023 Volatility 20.0 % - 26.0 % 23.0 % - 28.0 % 32.0 % - 52.0 % Weighted average risk-free interest rate 4.24 % - 4.24 % 4.03 % - 4.92 % 3.79 % - 5.18 % Weighted average common stock dividend yield 4.3 % - 4.5 % 4.4 % - 4.7 % 4.3 % - 4.8 % Information with respect to RSUs for the years ended December 31, 2025, 2024, and 2023 are as follows (in thousands): Restricted Shares Aggregate Intrinsic Value Outstanding, December 31, 2022 2,267 $ 52,471 Vested ( 1,162 ) ( 22,583 ) Granted 1,137 25,316 Forfeited ( 48 ) ( 1,112 ) Outstanding, December 31, 2023 2,194 54,092 Vested ( 1,424 ) ( 28,067 ) Granted 1,367 29,055 Forfeited ( 240 ) ( 5,941 ) Outstanding, December 31, 2024 1,897 49,139 Vested ( 1,067 ) ( 24,092 ) Granted 1,019 23,777 Forfeited ( 8 ) ( 208 ) Outstanding, December 31, 2025 1,841 $ 48,616 During the years ended December 31, 2025, 2024, and 2023, the Company recognized $ 19.1 million, $ 20.0 million, and $ 22.3 million of equity compensation expense, respectively, of which $ 1.5 million, $ 2.0 million, and $ 1.6 million was capitalized, respectively. These amounts are included in General and administrative expense on the Company’s Consolidated Statements of Operations. As of December 31, 2025, the Company had $ 14.0 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. F-36 13. Earnings per Share Basic earnings per share ("EPS") is calculated by dividing net income attributable to the Company’s common stockholders, including any participating securities, by the weighted average number of shares outstanding for the period. Certain restricted shares issued pursuant to the Company’s share-based compensation program are considered participating securities, as such stockholders have rights to receive non-forfeitable dividends. Fully diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into shares of common stock. 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 years ended December 31, 2025, 2024, and 2023 (dollars in thousands, except per share data): Year Ended December 31, 2025 2024 2023 Computation of Basic Earnings Per Share: Net income $ 386,255 $ 339,276 $ 305,087 Net income attributable to non-controlling interests ( 27 ) ( 2 ) — Non-forfeitable dividends on unvested restricted shares ( 675 ) ( 555 ) ( 828 ) Net income attributable to the Company’s common stockholders for basic earnings per share $ 385,553 $ 338,719 $ 304,259 Weighted average shares outstanding – basic 307,181 303,130 300,977 Basic earnings per share attributable to the Company’s common stockholders: Net income per share $ 1.26 $ 1.12 $ 1.01 Computation of Diluted Earnings Per Share: Net income attributable to the Company’s common stockholders for diluted earnings per share $ 385,553 $ 338,719 $ 304,259 Weighted average shares outstanding – basic 307,181 303,130 300,977 Effect of dilutive securities: Equity awards 685 908 1,399 Weighted average shares outstanding – diluted 307,866 304,038 302,376 Diluted earnings per share attributable to the Company’s common stockholders: Net income per share $ 1.25 $ 1.11 $ 1.01 F-37 14. Earnings per Unit Basic earnings per unit is calculated by dividing net income attributable to the Operating Partnership’s common unitholders, including any participating securities, by the weighted average number of partnership common units outstanding for the period. Certain restricted units issued pursuant to the Company’s share-based compensation program are considered participating securities, as such unitholders have rights to receive non-forfeitable dividends. Fully diluted earnings per unit reflects the potential dilution that could occur if securities or other contracts to issue common units were exercised or converted into common units. 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 years ended December 31, 2025, 2024, and 2023 (dollars in thousands, except per unit data): Year Ended December 31, 2025 2024 2023 Computation of Basic Earnings Per Unit: Net income $ 386,255 $ 339,276 $ 305,087 Net income attributable to non-controlling interests ( 27 ) ( 2 ) — Non-forfeitable dividends on unvested restricted units ( 675 ) ( 555 ) ( 828 ) Net income attributable to the Operating Partnership’s common units for basic earnings per unit $ 385,553 $ 338,719 $ 304,259 Weighted average common units outstanding – basic 307,181 303,130 300,977 Basic earnings per unit attributable to the Operating Partnership’s common units: Net income per unit $ 1.26 $ 1.12 $ 1.01 Computation of Diluted Earnings Per Unit: Net income attributable to the Operating Partnership’s common units for diluted earnings per unit $ 385,553 $ 338,719 $ 304,259 Weighted average common units outstanding – basic 307,181 303,130 300,977 Effect of dilutive securities: Equity awards 685 908 1,399 Weighted average common units outstanding – diluted 307,866 304,038 302,376 Diluted earnings per unit attributable to the Operating Partnership’s common units: Net income per unit $ 1.25 $ 1.11 $ 1.01 F-38 15. Commitments and Contingencies Legal Matters The Company is not presently involved in any material litigation arising outside the ordinary course of business. However, the Company is involved in routine litigation arising in the ordinary course of business, none of which the Company believes, individually or in the aggregate, taking into account existing reserves, will have a material impact on the Company’s financial condition, operating results, or cash flows. Insurance Captive The Company has a wholly owned captive insurance company, Brixmor Incap, LLC (“Incap”). 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 exposures, and recoup expenses through the function of the captive program. Incap is capitalized in accordance with the applicable regulatory requirements. An actuarial analysis is performed to estimate future projected claims, related deductibles, and projected expenses necessary to fund associated risk management programs. Incap establishes annual premiums based on projections derived from the past loss experience of the Company’s Portfolio. Premiums paid to Incap may be adjusted based on this estimate and may be reimbursed by the Company’s tenants pursuant to specific lease terms. Activity in the reserve for losses for the years ended December 31, 2025 and 2024 is summarized as follows: Year End December 31, 2025 2024 Balance at the beginning of the year $ 9,638 $ 9,858 Incurred related to: Current year 3,148 3,164 Prior years 550 416 Total incurred 3,698 3,580 Paid related to: Current year 70 ( 245 ) Prior years ( 3,388 ) ( 3,555 ) Total paid ( 3,318 ) ( 3,800 ) Balance at the end of the year $ 10,018 $ 9,638 Environmental Matters 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 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, 2025, 2024, and 2023, the Company did no t incur any material governmental fines resulting from environmental matters. F-39 16. Segment Reporting The Company operates and derives revenue from its Portfolio of community and neighborhood shopping centers. As of December 31, 2025, the properties in the Portfolio are located across 29 states throughout 97 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. Additionally, the Company does not distinguish its principal business or group its operations on a geographical basis for purposes of measuring performance. Accordingly, the Company has a single operating and reportable segment (the "Reporting Segment") for disclosure purposes in accordance with GAAP. The accounting policies of the Reporting Segment are the same as those described in the summary of significant accounting policies. See Note 1 for additional information about the Company's business and significant accounting policies. Net income attributable to Brixmor Property Group Inc., as presented on the Company's Consolidated Statements of Operations, is a metric utilized by the CODM to assess the Reporting Segment's performance and allocate resources. Total assets, as presented on the Company's Consolidated Balance Sheets, is used to measure the Reporting Segment's assets. The following table presents revenues and significant segment expenses for the years ended December 31, 2025, 2024, and 2023: Year Ended December 31, 2025 2024 2023 Total revenues $ 1,371,597 $ 1,285,054 $ 1,245,036 Operating costs ( 162,285 ) ( 152,825 ) ( 146,473 ) Real estate taxes ( 178,231 ) ( 164,291 ) ( 173,517 ) Depreciation and amortization ( 414,930 ) ( 381,396 ) ( 362,277 ) Impairment of real estate assets ( 20,461 ) ( 11,143 ) ( 17,836 ) General and administrative (1) ( 112,669 ) ( 116,363 ) ( 117,128 ) Interest expense ( 224,689 ) ( 215,994 ) ( 190,733 ) Other segment items (2) 127,896 96,232 68,015 Segment net income $ 386,228 $ 339,274 $ 305,087 Reconciliation of Net income attributable to Brixmor Property Group Inc. Adjustments — — — Net income attributable to Brixmor Property Group Inc. $ 386,228 $ 339,274 $ 305,087 (1) The following table presents General and administrative expense for the years ended December 31, 2025, 2024, and 2023: Year Ended December 31, 2025 2024 2023 Employee compensation, net $ ( 86,710 ) $ ( 93,606 ) $ ( 92,534 ) Other general and administrative, net ( 25,959 ) ( 22,757 ) ( 24,594 ) Total general and administrative $ ( 112,669 ) $ ( 116,363 ) $ ( 117,128 ) (2) Other segment items for the Company include Dividends and interest, Gain on sale of real estate assets, Gain (loss) on extinguishment of debt, net, Other, and Net income attributable to non-controlling interests. See the Company's Consolidated Statements of Operations for additional information on these amounts. 17. Income Taxes The Company incurred income and other taxes of $ 2.8 million, $ 2.7 million, and $ 2.6 million for the years ended December 31, 2025, 2024, and 2023. 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. F-40 18. Related-Party Transactions As of December 31, 2025 and 2024, there were no material receivables from or payables to related parties. During the years ended December 31, 2025, 2024, and 2023, the Company did no t engage in any material related-party transactions. 19. Retirement Plan The Company has a Retirement and 401(k) Savings Plan (the "Savings Plan") covering officers and employees of the Company and permits participants to defer eligible compensation up to the maximum allowable amount determined by the Internal Revenue Service. Participants in the Savings Plan may elect to contribute a portion of their earnings to the Savings Plan and the Company makes a matching contribution to the Savings Plan, up to a maximum of 4.0 % of the employee’s eligible compensation. For the years ended December 31, 2025, 2024, and 2023, the Company’s expense for the Savings Plan was $ 2.4 million, $ 2.2 million, and $ 2.0 million, respectively. These amounts are included in General and administrative on the Company’s Consolidated Statements of Operations. 20. Supplemental Financial Information No retrospective adjustments were made to the Company’s Consolidated Financial Statements for the years ended December 31, 2025, 2024, and 2023. 21. Subsequent Events In preparing the Consolidated Financial Statements, the Company has evaluated events and transactions occurring after December 31, 2025 for recognition and/or disclosure purposes. Based on this evaluation, there were no subsequent events from December 31, 2025 through the date the financial statements were issued. F-41 BRIXMOR PROPERTY GROUP INC. AND SUBSIDIARIES SCHEDULE III – REAL ESTATE AND ACCUMULATED DEPRECIATION (in thousands) 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 (4) Total Accumulated Depreciation Year Built (5) Date Acquired Northmall Centre Tucson, AZ $ 3,140 $ 18,882 $ ( 989 ) $ 2,202 $ 18,831 $ 21,033 $ ( 8,900 ) 1996 Jun-11 Bakersfield Plaza Bakersfield, CA 4,000 25,537 15,271 4,506 40,302 44,808 ( 20,986 ) 1970 Jun-11 Brea Gateway Brea, CA 23,716 68,925 1,114 23,716 70,039 93,755 ( 12,288 ) 1994 Jan-22 Carmen Plaza Camarillo, CA 5,410 19,784 9,588 5,410 29,372 34,782 ( 9,033 ) 2000 Jun-11 Plaza Rio Vista Cathedral, CA 2,465 12,687 1,786 2,465 14,473 16,938 ( 5,961 ) 2005 Oct-13 Chino Spectrum Towne Center Chino, CA 29,607 131,326 — 29,607 131,326 160,933 — 2002 Dec-25 Cudahy Plaza Cudahy, CA 4,490 13,474 22,958 4,778 36,144 40,922 ( 14,390 ) 2021 Jun-11 The Davis Collection Davis, CA 4,270 18,372 49,003 4,270 67,375 71,645 ( 7,473 ) 2025 Jun-11 Felicita Plaza Escondido, CA 4,280 12,464 1,822 4,280 14,286 18,566 ( 7,003 ) 2001 Jun-11 Felicita Town Center Escondido, CA 11,231 31,381 2,966 11,231 34,347 45,578 ( 11,339 ) 1987 Dec-16 Arbor Faire Fresno, CA 5,940 34,123 ( 9,956 ) 3,940 26,167 30,107 ( 12,432 ) 1995 Jun-11 Lompoc Center Lompoc, CA 4,670 16,321 7,264 4,670 23,585 28,255 ( 9,573 ) 1960 Jun-11 Briggsmore Plaza Modesto, CA 2,140 12,257 ( 127 ) 1,819 12,451 14,270 ( 5,441 ) 1998 Jun-11 Montebello Plaza Montebello, CA 13,360 33,743 8,438 13,360 42,181 55,541 ( 20,421 ) 1974 Jun-11 California Oaks Center Murrieta, CA 5,180 15,441 5,451 5,180 20,892 26,072 ( 9,511 ) 1990 Jun-11 Pacoima Center Pacoima, CA 7,050 15,955 2,253 7,050 18,208 25,258 ( 11,148 ) 1995 Jun-11 Metro 580 Pleasanton, CA 10,500 19,409 ( 3,478 ) 10,500 15,931 26,431 ( 6,271 ) 1996 Jun-11 Rose Pavilion Pleasanton, CA 19,618 63,140 16,272 19,618 79,412 99,030 ( 32,739 ) 2019 Jun-11 Puente Hills Town Center Rowland Heights, CA 15,670 39,997 10,197 15,670 50,194 65,864 ( 19,838 ) 2025 Jun-11 Ocean View Plaza San Clemente, CA 15,750 30,757 3,174 15,750 33,931 49,681 ( 14,024 ) 1990 Jun-11 Plaza By The Sea San Clemente, CA 9,607 5,461 6,200 9,607 11,661 21,268 ( 2,542 ) 1976 Dec-17 Village at Mira Mesa San Diego, CA 14,870 75,271 38,818 14,870 114,089 128,959 ( 45,536 ) 2023 Jun-11 San Dimas Plaza San Dimas, CA 15,101 22,299 4,603 15,101 26,902 42,003 ( 11,127 ) 1986 Jun-11 Bristol Plaza Santa Ana, CA 9,110 21,367 5,891 9,722 26,646 36,368 ( 10,124 ) 2003 Jun-11 Gateway Plaza Santa Fe Springs, CA 9,980 31,263 3,829 9,980 35,092 45,072 ( 18,296 ) 2002 Jun-11 Santa Paula Center Santa Paula, CA 3,520 18,079 1,570 3,520 19,649 23,169 ( 9,458 ) 1995 Jun-11 Vail Ranch Center Temecula, CA 3,750 22,933 11,943 3,750 34,876 38,626 ( 13,258 ) 2024 Jun-11 Country Hills Shopping Center Torrance, CA 3,630 8,716 641 3,589 9,398 12,987 ( 4,081 ) 1977 Jun-11 Upland Town Square Upland, CA 9,051 23,171 1,382 9,051 24,553 33,604 ( 8,394 ) 1994 Nov-17 Gateway Plaza - Vallejo Vallejo, CA 12,947 77,377 31,217 12,947 108,594 121,541 ( 44,885 ) 2023 Jun-11 Arvada Plaza Arvada, CO 1,160 7,378 1,517 1,160 8,895 10,055 ( 5,155 ) 1994 Jun-11 Arapahoe Crossings Aurora, CO 13,676 56,971 17,291 13,680 74,258 87,938 ( 28,547 ) 1996 Jul-13 Aurora Plaza Aurora, CO 5,824 9,309 11,776 5,824 21,085 26,909 ( 9,529 ) 1996 Jun-11 Broomfield Town Centre Broomfield, CO 11,495 46,146 — 11,495 46,146 57,641 ( 372 ) 1998 Dec-25 Villa Monaco Denver, CO 3,090 7,551 3,855 3,090 11,406 14,496 ( 5,031 ) 1978 Jun-11 Centennial Shopping Center Englewood, CO 6,755 11,721 2,555 6,755 14,276 21,031 ( 3,956 ) 2013 Apr-19 Superior Marketplace Superior, CO 7,090 37,670 6,966 6,924 44,802 51,726 ( 20,562 ) 1997 Jun-11 Westminster City Center Westminster, CO 6,040 45,099 21,045 6,040 66,144 72,184 ( 25,767 ) 2024 Jun-11 The Shoppes at Fox Run Glastonbury, CT 3,550 23,162 5,353 3,600 28,465 32,065 ( 14,029 ) 1974 Jun-11 Parkway Plaza Hamden, CT 4,100 7,844 290 4,100 8,134 12,234 ( 3,681 ) 2006 Jun-11 The Manchester Collection Manchester, CT 8,200 51,455 ( 11,248 ) 7,627 40,780 48,407 ( 17,847 ) 2001 Jun-11 The Plaza at Buckland Hills Manchester, CT 11,852 72,697 ( 2,938 ) 11,852 69,759 81,611 ( 6,425 ) 1987 Dec-24 Turnpike Plaza Newington, CT 3,920 23,880 ( 2,326 ) 3,920 21,554 25,474 ( 10,452 ) 2004 Jun-11 North Haven Crossing North Haven, CT 5,430 16,371 2,803 5,430 19,174 24,604 ( 8,158 ) 1993 Jun-11 Colonial Commons - Orange Orange, CT 4,870 15,160 ( 127 ) 4,870 15,033 19,903 ( 5,268 ) 1996 Jun-11 Stratford Square Stratford, CT 5,970 12,433 7,838 5,860 20,381 26,241 ( 9,575 ) 1984 Jun-11 Waterbury Plaza Waterbury, CT 5,420 18,062 4,558 4,793 23,247 28,040 ( 9,948 ) 2000 Jun-11 Waterford Commons Waterford, CT 5,437 46,769 5,475 5,437 52,244 57,681 ( 24,036 ) 2004 Jun-11 Center of Bonita Springs Bonita Springs, FL 10,946 38,467 9,338 10,946 47,805 58,751 ( 9,189 ) 2014 Apr-21 Coastal Way - Coastal Landing Brooksville, FL 8,840 34,027 20,102 8,840 54,129 62,969 ( 17,787 ) 2008 Jun-11 Clearwater Mall Clearwater, FL 15,300 55,060 11,917 15,300 66,977 82,277 ( 25,834 ) 1973 Jun-11 Coconut Creek Plaza Coconut Creek, FL 7,400 25,600 5,449 7,400 31,049 38,449 ( 14,591 ) 2005 Jun-11 Century Plaza Shopping Center Deerfield Beach, FL 3,050 8,688 4,324 3,050 13,012 16,062 ( 5,546 ) 2006 Jun-11 Northgate Shopping Center DeLand, FL 3,500 11,008 5,036 3,500 16,044 19,544 ( 5,569 ) 1993 Jun-11 Sun Plaza Fort Walton Beach, FL 4,480 12,658 2,578 4,480 15,236 19,716 ( 8,335 ) 2004 Jun-11 Normandy Square Jacksonville, FL 1,936 5,567 1,984 1,936 7,551 9,487 ( 4,147 ) 1996 Jun-11 Regency Park Shopping Center Jacksonville, FL 6,240 15,561 11,499 6,240 27,060 33,300 ( 11,066 ) 1985 Jun-11 Ventura Downs Kissimmee, FL 3,580 8,237 5,655 3,580 13,892 17,472 ( 5,715 ) 2018 Jun-11 Marketplace at Wycliffe Lake Worth, FL 7,930 16,228 440 7,930 16,668 24,598 ( 6,425 ) 2002 Jun-11 Venetian Isle Shopping Ctr Lighthouse Point, FL 8,270 15,030 3,900 8,270 18,930 27,200 ( 7,694 ) 1992 Jun-11 Marco Town Center Marco Island, FL 7,235 27,490 13,510 7,235 41,000 48,235 ( 12,124 ) 2023 Oct-13 Shops at Palm Lakes Miami, FL 10,896 17,596 28,421 10,896 46,017 56,913 ( 10,938 ) 2023 Jun-11 F-42 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 (4) Total Accumulated Depreciation Year Built (5) Date Acquired Freedom Square Naples, FL 4,760 15,328 12,186 4,735 27,539 32,274 ( 9,076 ) 2021 Jun-11 Granada Shoppes Naples, FL 34,061 69,551 6,996 34,061 76,547 110,608 ( 13,299 ) 2011 Dec-21 Naples Plaza Naples, FL 9,200 20,738 10,569 9,200 31,307 40,507 ( 14,485 ) 2013 Jun-11 Park Shore Plaza Naples, FL 7,245 16,555 20,588 7,245 37,143 44,388 ( 17,909 ) 2017 Jun-11 Chelsea Place New Port Richey, FL 3,303 9,879 498 3,303 10,377 13,680 ( 4,362 ) 1992 Oct-13 Colonial Marketplace Orlando, FL 4,230 20,242 1,147 4,230 21,389 25,619 ( 9,516 ) 1986 Jun-11 Conway Crossing Orlando, FL 3,208 12,496 704 3,163 13,245 16,408 ( 6,087 ) 2002 Oct-13 Hunter's Creek Plaza Orlando, FL 3,589 6,907 3,275 3,589 10,182 13,771 ( 4,451 ) 1998 Oct-13 Pointe Orlando (6) Orlando, FL 6,120 56,697 94,194 6,120 150,891 157,011 ( 40,439 ) 2026 Jun-11 Martin Downs Town Center Palm City, FL 1,660 9,945 225 1,660 10,170 11,830 ( 3,969 ) 1996 Oct-13 Martin Downs Village Center Palm City, FL 5,319 28,998 3,587 5,319 32,585 37,904 ( 12,289 ) 1987 Jun-11 23rd Street Station Panama City, FL 3,120 9,115 2,481 3,120 11,596 14,716 ( 4,214 ) 1995 Jun-11 Panama City Square Panama City, FL 5,690 15,789 7,577 5,690 23,366 29,056 ( 8,385 ) 1989 Jun-11 East Port Plaza Port St. Lucie, FL 4,099 22,498 6,300 4,099 28,798 32,897 ( 9,636 ) 2024 Oct-13 Shoppes of Victoria Square Port St. Lucie, FL 3,450 6,789 1,058 3,450 7,847 11,297 ( 3,834 ) 1990 Jun-11 Lake St. Charles Riverview, FL 2,801 6,966 435 2,801 7,401 10,202 ( 2,960 ) 1999 Oct-13 Cobblestone Village Royal Palm Beach, FL 2,700 5,473 726 2,700 6,199 8,899 ( 2,691 ) 2005 Jun-11 Beneva Village Shoppes Sarasota, FL 4,013 19,403 12,365 4,013 31,768 35,781 ( 13,274 ) 2020 Oct-13 Sarasota Village Sarasota, FL 5,190 12,728 5,112 5,190 17,840 23,030 ( 7,094 ) 1972 Jun-11 Atlantic Plaza Satellite Beach, FL 2,630 11,609 5,564 2,630 17,173 19,803 ( 7,362 ) 2008 Jun-11 Seminole Plaza Seminole, FL 3,870 8,410 13,081 3,870 21,491 25,361 ( 8,842 ) 2020 Jun-11 Cobblestone Village St. Augustine, FL 9,850 34,113 6,058 9,850 40,171 50,021 ( 17,934 ) 2003 Jun-11 Dolphin Village St. Pete Beach, FL 9,882 16,220 3,660 9,882 19,880 29,762 ( 6,801 ) 1990 Oct-13 Rutland Plaza St. Petersburg, FL 3,880 8,513 1,833 3,880 10,346 14,226 ( 4,931 ) 2002 Jun-11 Tyrone Gardens St. Petersburg, FL 5,690 10,456 10,926 5,690 21,382 27,072 ( 7,206 ) 2023 Jun-11 Downtown Publix Stuart, FL 1,770 12,909 6,017 1,770 18,926 20,696 ( 7,669 ) 2000 Jun-11 Sunrise Town Center (6) Sunrise, FL 9,166 10,338 ( 1,491 ) 7,856 10,157 18,013 ( 4,073 ) 2026 Oct-13 Britton Plaza Tampa, FL 22,706 56,428 684 22,706 57,112 79,818 ( 7,436 ) 1958 Nov-24 Carrollwood Center Tampa, FL 3,749 15,194 992 3,749 16,186 19,935 ( 7,075 ) 2002 Oct-13 Ross Plaza Tampa, FL 2,808 12,205 290 2,640 12,663 15,303 ( 4,753 ) 1996 Oct-13 Shoppes at Tarpon Tarpon Springs, FL 7,800 14,221 4,824 7,800 19,045 26,845 ( 10,955 ) 2003 Jun-11 Venice Plaza Venice, FL 3,245 14,650 3,007 3,245 17,657 20,902 ( 5,882 ) 1999 Oct-13 Venice Shopping Center Venice, FL 2,555 6,847 3,729 2,555 10,576 13,131 ( 3,828 ) 2000 Oct-13 Venice Village Venice, FL 7,157 26,773 14,130 7,157 40,903 48,060 ( 10,052 ) 2022 Nov-17 Mansell Crossing Alpharetta, GA 19,840 34,689 ( 16 ) 15,461 39,052 54,513 ( 16,095 ) 1993 Jun-11 Northeast Plaza Atlanta, GA 6,907 38,776 8,873 6,907 47,649 54,556 ( 18,546 ) 1952 Jun-11 Sweetwater Village Austell, GA 1,080 3,119 1,132 1,080 4,251 5,331 ( 2,379 ) 1985 Jun-11 Vineyards at Chateau Elan Braselton, GA 2,202 14,690 789 2,202 15,479 17,681 ( 6,252 ) 2002 Oct-13 Salem Road Station Covington, GA 670 11,517 1,241 670 12,758 13,428 ( 5,130 ) 2000 Oct-13 Keith Bridge Commons Cumming, GA 1,601 15,162 1,532 1,601 16,694 18,295 ( 6,689 ) 2002 Oct-13 Cosby Station Douglasville, GA 2,650 6,660 713 2,650 7,373 10,023 ( 3,439 ) 1994 Jun-11 Park Plaza Douglasville, GA 1,470 2,870 1,256 1,470 4,126 5,596 ( 1,947 ) 1986 Jun-11 Banks Station Fayetteville, GA 3,490 13,060 1,461 3,517 14,494 18,011 ( 7,356 ) 2006 Jun-11 Barrett Place Kennesaw, GA 6,990 14,370 3,734 6,990 18,104 25,094 ( 7,584 ) 1992 Jun-11 Shops of Huntcrest Lawrenceville, GA 2,093 18,230 1,050 2,093 19,280 21,373 ( 7,327 ) 2003 Oct-13 Mableton Walk Mableton, GA 1,660 9,467 2,656 1,645 12,138 13,783 ( 4,963 ) 1994 Jun-11 The Village at Mableton Mableton, GA 2,040 6,647 23,204 2,040 29,851 31,891 ( 7,747 ) 2023 Jun-11 Eastlake Plaza Marietta, GA 2,650 2,774 2,683 2,650 5,457 8,107 ( 2,019 ) 1982 Jun-11 New Chastain Corners Marietta, GA 3,090 8,243 3,523 3,090 11,766 14,856 ( 5,395 ) 2004 Jun-11 Pavilions at Eastlake Marietta, GA 4,770 12,874 4,002 4,770 16,876 21,646 ( 8,225 ) 1996 Jun-11 ConneXion Roswell, GA 2,627 28,074 319 2,627 28,393 31,020 ( 4,566 ) 2016 Dec-21 Holcomb Bridge Crossing Roswell, GA 1,170 5,633 5,301 1,170 10,934 12,104 ( 6,272 ) 1988 Jun-11 Kings Market Roswell, GA 9,096 33,899 6,232 9,096 40,131 49,227 ( 7,445 ) 2005 Dec-21 Victory Square Savannah, GA 6,230 15,043 2,322 5,655 17,940 23,595 ( 7,339 ) 2007 Jun-11 Stockbridge Village Stockbridge, GA 6,210 17,734 4,149 5,872 22,221 28,093 ( 11,111 ) 2008 Jun-11 Wilmington Island Wilmington Island, GA 2,630 8,108 1,287 2,630 9,395 12,025 ( 4,013 ) 1985 Oct-13 Annex of Arlington Arlington Heights, IL 4,373 19,431 10,344 4,373 29,775 34,148 ( 13,687 ) 1999 Jun-11 Ridge Plaza Arlington Heights, IL 3,720 11,128 3,772 3,720 14,900 18,620 ( 8,730 ) 2000 Jun-11 Southfield Plaza Bridgeview, IL 5,880 18,756 5,629 5,880 24,385 30,265 ( 12,352 ) 2006 Jun-11 Commons of Chicago Ridge Chicago Ridge, IL 4,310 39,714 ( 11,462 ) 2,426 30,136 32,562 ( 14,811 ) 1998 Jun-11 Rivercrest Shopping Center Crestwood, IL 11,010 41,063 13,038 11,010 54,101 65,111 ( 24,151 ) 1992 Jun-11 The Commons of Crystal Lake Crystal Lake, IL 3,660 32,993 6,886 3,660 39,879 43,539 ( 15,008 ) 1987 Jun-11 Elmhurst Crossing Elmhurst, IL 5,816 81,784 2,666 5,816 84,450 90,266 ( 12,630 ) 2005 Apr-22 The Quentin Collection Kildeer, IL 6,002 27,280 ( 9,912 ) 3,279 20,091 23,370 ( 9,894 ) 2006 Jun-11 Butterfield Square Libertyville, IL 3,430 13,370 3,898 3,430 17,268 20,698 ( 7,729 ) 1997 Jun-11 High Point Centre Lombard, IL 7,510 21,583 11,267 7,523 32,837 40,360 ( 12,172 ) 2019 Jun-11 F-43 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 (4) Total Accumulated Depreciation Year Built (5) Date Acquired Long Meadow Commons Mundelein, IL 4,700 11,597 3,757 4,700 15,354 20,054 ( 8,732 ) 1997 Jun-11 Westridge Court / Block 59 (6) Naperville, IL 11,150 75,719 64,673 10,560 140,982 151,542 ( 35,939 ) 2026 Jun-11 North Riverside Plaza North Riverside, IL 5,117 57,577 3,210 5,117 60,787 65,904 ( 10,613 ) 2007 Apr-22 Ravinia Plaza Orland Park, IL 2,069 24,288 1,215 2,069 25,503 27,572 ( 3,929 ) 1990 Feb-22 Tinley Park Plaza (6) Tinley Park, IL 12,250 22,511 36,012 12,250 58,523 70,773 ( 13,728 ) 2026 Jun-11 Meridian Village Carmel, IN 2,290 7,746 3,556 2,089 11,503 13,592 ( 5,253 ) 1990 Jun-11 Columbus Center Columbus, IN 1,480 14,740 9,136 1,480 23,876 25,356 ( 10,040 ) 1964 Jun-11 Speedway Super Center Speedway, IN 8,410 50,006 27,875 8,410 77,881 86,291 ( 32,434 ) 2022 Jun-11 Sagamore Park Centre West Lafayette, IN 2,390 11,150 2,863 2,390 14,013 16,403 ( 6,736 ) 2018 Jun-11 West Loop Shopping Center Manhattan, KS 2,800 12,622 4,355 2,800 16,977 19,777 ( 7,958 ) 2013 Jun-11 Florence Plaza - Florence Square Florence, KY 11,014 53,088 30,063 11,014 83,151 94,165 ( 38,220 ) 2014 Jun-11 Jeffersontown Commons Jeffersontown, KY 3,920 14,866 754 3,957 15,583 19,540 ( 7,011 ) 1959 Jun-11 London Marketplace London, KY 1,400 10,362 5,340 1,400 15,702 17,102 ( 5,794 ) 1994 Jun-11 Eastgate Shopping Center Louisville, KY 4,300 13,975 3,770 4,300 17,745 22,045 ( 9,818 ) 2002 Jun-11 Plainview Village Louisville, KY 2,600 10,541 3,180 2,600 13,721 16,321 ( 6,363 ) 1997 Jun-11 Stony Brook I & II Louisville, KY 3,650 17,970 3,050 3,650 21,020 24,670 ( 10,092 ) 1988 Jun-11 Acton Plaza Acton, MA 10,224 30,375 338 10,224 30,713 40,937 ( 3,772 ) 1972 Aug-24 Points West Plaza Brockton, MA 2,200 10,605 2,437 2,200 13,042 15,242 ( 5,154 ) 1960 Jun-11 Burlington Square I, II & III Burlington, MA 4,690 13,122 9,661 4,690 22,783 27,473 ( 6,492 ) 2025 Jun-11 Holyoke Shopping Center Holyoke, MA 3,110 12,097 1,634 3,110 13,731 16,841 ( 7,149 ) 2000 Jun-11 WaterTower Plaza Leominster, MA 10,400 40,312 14,806 10,342 55,176 65,518 ( 19,110 ) 2025 Jun-11 Lunenburg Crossing Lunenburg, MA 930 1,991 884 942 2,863 3,805 ( 1,431 ) 1994 Jun-11 Lynn Marketplace Lynn, MA 3,100 5,678 5,397 3,100 11,075 14,175 ( 3,908 ) 1968 Jun-11 Webster Square Marshfield, MA 5,532 27,284 1,248 5,532 28,532 34,064 ( 10,521 ) 2005 Jun-15 Berkshire Crossing Pittsfield, MA 5,210 39,558 ( 5,476 ) 2,771 36,521 39,292 ( 17,040 ) 1994 Jun-11 Westgate Plaza Westfield, MA 2,494 9,850 5,000 2,494 14,850 17,344 ( 4,758 ) 1996 Jun-11 Perkins Farm Marketplace Worcester, MA 2,150 17,060 6,762 2,150 23,822 25,972 ( 11,951 ) 1967 Jun-11 South Plaza Shopping Center California, MD 2,174 23,209 164 2,174 23,373 25,547 ( 8,737 ) 2005 Oct-13 Fox Run Prince Frederick, MD 3,560 31,431 22,183 3,396 53,778 57,174 ( 17,680 ) 2022 Jun-11 Pine Tree Shopping Center Portland, ME 2,860 19,182 3,038 2,860 22,220 25,080 ( 13,225 ) 1958 Jun-11 Arborland Center Ann Arbor, MI 20,222 90,938 2,036 14,183 99,013 113,196 ( 32,325 ) 2000 Mar-17 Huron Village Ann Arbor, MI 2,449 30,688 302 2,449 30,990 33,439 ( 2,345 ) 2003 Nov-24 Maple Village Ann Arbor, MI 3,200 19,108 31,868 3,200 50,976 54,176 ( 19,342 ) 2020 Jun-11 Grand Crossing Brighton, MI 1,780 7,540 2,613 1,780 10,153 11,933 ( 5,374 ) 2005 Jun-11 Farmington Crossroads Farmington, MI 1,620 4,542 2,384 1,620 6,926 8,546 ( 3,527 ) 1986 Jun-11 Silver Pointe Shopping Center Fenton, MI 3,840 12,631 4,947 3,840 17,578 21,418 ( 8,505 ) 1996 Jun-11 Delta Center Lansing, MI 1,580 9,616 1,305 1,518 10,983 12,501 ( 4,336 ) 1985 Jun-11 Lakes Crossing Muskegon, MI 1,440 13,571 ( 1,074 ) 1,200 12,737 13,937 ( 5,909 ) 2008 Jun-11 Redford Plaza Redford, MI 7,510 20,174 13,696 7,510 33,870 41,380 ( 15,134 ) 1992 Jun-11 Hampton Village Centre Rochester Hills, MI 5,370 48,930 24,597 5,370 73,527 78,897 ( 31,781 ) 2004 Jun-11 Southfield Plaza Southfield, MI 1,320 4,085 2,263 1,320 6,348 7,668 ( 3,288 ) 1970 Jun-11 Delco Plaza Sterling Heights, MI 2,860 7,025 579 2,860 7,604 10,464 ( 3,415 ) 1996 Jun-11 West Ridge Westland, MI 1,800 6,640 4,582 1,800 11,222 13,022 ( 4,759 ) 1989 Jun-11 Washtenaw Fountain Plaza Ypsilanti, MI 2,030 7,234 666 2,037 7,893 9,930 ( 3,907 ) 2005 Jun-11 Southport Centre I - VI Apple Valley, MN 4,960 18,527 1,162 4,602 20,047 24,649 ( 7,910 ) 1985 Jun-11 Champlin Marketplace Champlin, MN 3,985 11,375 1,405 3,985 12,780 16,765 ( 3,145 ) 2005 Jun-21 Burning Tree Plaza Duluth, MN 4,790 16,279 3,947 4,790 20,226 25,016 ( 8,913 ) 1987 Jun-11 Westwind Plaza Minnetonka, MN 2,630 12,171 3,583 2,630 15,754 18,384 ( 6,161 ) 2007 Jun-11 Richfield Hub Richfield, MN 7,960 19,907 3,230 7,619 23,478 31,097 ( 8,260 ) 1952 Jun-11 Roseville Center Roseville, MN 1,620 8,593 7,814 1,620 16,407 18,027 ( 5,625 ) 2021 Jun-11 Marketplace @ 42 Savage, MN 5,150 13,221 5,341 5,100 18,612 23,712 ( 9,307 ) 1999 Jun-11 Sun Ray Shopping Center St. Paul, MN 5,250 21,447 7,522 4,733 29,486 34,219 ( 12,312 ) 1958 Jun-11 White Bear Hills Shopping Center White Bear Lake, MN 1,790 6,182 2,227 1,790 8,409 10,199 ( 4,491 ) 1996 Jun-11 Ellisville Square Ellisville, MO 4,144 8,003 4,116 4,144 12,119 16,263 ( 6,647 ) 1989 Jun-11 Watts Mill Plaza Kansas City, MO 2,610 13,868 2,663 2,610 16,531 19,141 ( 6,648 ) 1997 Jun-11 Liberty Corners Liberty, MO 2,530 8,918 4,116 2,530 13,034 15,564 ( 6,318 ) 1987 Jun-11 Devonshire Place Cary, NC 940 4,533 4,848 940 9,381 10,321 ( 6,562 ) 1996 Jun-11 McMullen Creek Market Charlotte, NC 10,590 24,266 12,078 10,590 36,344 46,934 ( 15,848 ) 1988 Jun-11 The Commons at Chancellor Park Charlotte, NC 5,240 20,500 2,811 5,240 23,311 28,551 ( 11,041 ) 1994 Jun-11 Garner Towne Square Garner, NC 6,233 23,681 6,146 6,233 29,827 36,060 ( 9,780 ) 1997 Oct-13 Franklin Square Gastonia, NC 7,060 29,355 8,368 7,060 37,723 44,783 ( 16,352 ) 1989 Jun-11 Wendover Place Greensboro, NC 15,990 42,299 3,967 15,881 46,375 62,256 ( 21,962 ) 2000 Jun-11 University Commons Greenville, NC 5,350 26,253 6,627 5,350 32,880 38,230 ( 14,717 ) 1996 Jun-11 North Ridge Shopping Center Raleigh, NC 12,841 50,225 1,313 12,841 51,538 64,379 ( 5,086 ) 1980 Dec-24 Innes Street Market Salisbury, NC 12,180 27,462 1,112 10,548 30,206 40,754 ( 15,922 ) 2002 Jun-11 New Centre Market Wilmington, NC 5,730 15,217 5,519 5,730 20,736 26,466 ( 9,403 ) 1998 Jun-11 F-44 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 (4) Total Accumulated Depreciation Year Built (5) Date Acquired University Commons Wilmington, NC 6,910 26,611 4,804 6,910 31,415 38,325 ( 14,443 ) 2007 Jun-11 Parkway Plaza Winston-Salem, NC 6,910 17,604 4,868 6,740 22,642 29,382 ( 8,947 ) 2005 Jun-11 Stratford Commons Winston-Salem, NC 2,770 9,562 1,027 2,770 10,589 13,359 ( 3,896 ) 1995 Jun-11 Bedford Grove Bedford, NH 3,400 19,065 659 2,368 20,756 23,124 ( 6,364 ) 1989 Jun-11 Capitol Shopping Center Concord, NH 2,160 11,584 18,014 2,160 29,598 31,758 ( 6,934 ) 2001 Jun-11 Willow Springs Plaza Nashua, NH 3,490 20,288 146 3,490 20,434 23,924 ( 8,659 ) 1990 Jun-11 Tri-City Plaza Somersworth, NH 1,900 10,034 5,518 1,900 15,552 17,452 ( 8,074 ) 1990 Jun-11 Laurel Square Brick, NJ 5,400 20,998 18,444 5,400 39,442 44,842 ( 11,862 ) 2023 Jun-11 The Shoppes at Cinnaminson Cinnaminson, NJ 6,030 45,605 6,120 6,030 51,725 57,755 ( 23,773 ) 2010 Jun-11 Acme Clark Clark, NJ 2,630 8,351 140 2,630 8,491 11,121 ( 5,400 ) 2007 Jun-11 Collegetown Shopping Center Glassboro, NJ 1,560 16,336 26,235 1,560 42,571 44,131 ( 13,645 ) 2021 Jun-11 Hamilton Plaza Hamilton, NJ 1,580 8,972 19,994 1,580 28,966 30,546 ( 9,642 ) 1972 Jun-11 Bennetts Mills Plaza Jackson, NJ 3,130 17,126 606 3,130 17,732 20,862 ( 5,945 ) 2002 Jun-11 Marlton Crossing Marlton, NJ 5,950 45,874 32,163 5,950 78,037 83,987 ( 34,245 ) 2019 Jun-11 Middletown Plaza Middletown, NJ 5,060 41,800 7,344 5,060 49,144 54,204 ( 16,920 ) 2024 Jun-11 Springfield Place Morris, NJ 623 267 2,368 623 2,635 3,258 ( 725 ) 1965 Jun-11 Larchmont Centre Mount Laurel, NJ 4,421 14,985 1,321 4,421 16,306 20,727 ( 5,869 ) 1985 Jun-15 Old Bridge Gateway Old Bridge, NJ 7,200 37,756 15,656 7,200 53,412 60,612 ( 18,809 ) 2022 Jun-11 Morris Hills Shopping Center Parsippany, NJ 3,970 29,879 1,171 3,970 31,050 35,020 ( 12,065 ) 1994 Jun-11 Rio Grande Plaza Rio Grande, NJ 1,660 12,627 8,186 1,660 20,813 22,473 ( 7,523 ) 1997 Jun-11 Ocean Heights Plaza Somers Point, NJ 6,110 34,911 3,942 6,110 38,853 44,963 ( 16,184 ) 2006 Jun-11 Tinton Falls Plaza Tinton Falls, NJ 3,080 12,385 2,725 3,080 15,110 18,190 ( 6,550 ) 2006 Jun-11 Cross Keys Commons Turnersville, NJ 5,840 33,347 6,257 5,872 39,572 45,444 ( 17,393 ) 1989 Jun-11 Parkway Plaza Carle Place, NY 5,790 19,740 6,823 5,790 26,563 32,353 ( 9,540 ) 1993 Jun-11 Suffolk Plaza East Setauket, NY 5,924 12,321 9,079 5,924 21,400 27,324 ( 6,879 ) 1998 Jun-11 Three Village Shopping Center East Setauket, NY 5,310 15,849 ( 788 ) 5,310 15,061 20,371 ( 5,967 ) 1991 Jun-11 West Center East Setauket, NY 4,949 13,899 109 4,949 14,008 18,957 ( 2,233 ) 1965 Apr-24 Stewart Plaza Garden City, NY 6,040 21,970 19,653 6,040 41,623 47,663 ( 13,380 ) 2022 Jun-11 Dalewood I, II & III Shopping Center (6) Hartsdale, NY 6,900 57,804 17,036 6,900 74,840 81,740 ( 24,992 ) 2026 Jun-11 Unity Plaza Hopewell Junction, NY 2,100 14,051 201 2,100 14,252 16,352 ( 6,866 ) 2005 Jun-11 Cayuga Shopping Center Ithaca, NY 1,180 11,244 4,609 1,180 15,853 17,033 ( 5,722 ) 1969 Jun-11 Kings Park Plaza Kings Park, NY 4,790 11,367 2,492 4,790 13,859 18,649 ( 6,106 ) 1985 Jun-11 Village Square Shopping Center Larchmont, NY 1,320 5,137 1,272 1,320 6,409 7,729 ( 2,538 ) 1981 Jun-11 Falcaro's Plaza Lawrence, NY 3,410 9,678 5,667 3,410 15,345 18,755 ( 6,012 ) 1972 Jun-11 Mamaroneck Centre Mamaroneck, NY 2,198 1,999 11,840 2,198 13,839 16,037 ( 3,008 ) 2020 Jun-11 Sunshine Square Medford, NY 7,350 24,713 3,517 7,350 28,230 35,580 ( 12,835 ) 2007 Jun-11 Wallkill Plaza Middletown, NY 1,360 8,410 1,462 1,360 9,872 11,232 ( 5,049 ) 1986 Jun-11 Monroe Plaza Monroe, NY 1,840 16,111 821 1,840 16,932 18,772 ( 8,165 ) 1985 Jun-11 Rockland Plaza Nanuet, NY 11,097 60,790 16,659 11,097 77,449 88,546 ( 27,437 ) 2006 Jun-11 North Ridge Shopping Center New Rochelle, NY 4,910 9,612 3,974 4,910 13,586 18,496 ( 5,441 ) 1971 Jun-11 Nesconset Shopping Center Port Jefferson Station, NY 5,510 20,473 9,471 5,510 29,944 35,454 ( 10,710 ) 1961 Jun-11 Roanoke Plaza Riverhead, NY 5,050 15,177 5,498 5,050 20,675 25,725 ( 6,306 ) 2002 Jun-11 The Shops at Riverhead Riverhead, NY 6,331 — 36,243 3,899 38,675 42,574 ( 14,123 ) 2018 Jun-11 Rockville Centre Rockville Centre, NY 3,590 6,982 283 3,590 7,265 10,855 ( 3,086 ) 1975 Jun-11 College Plaza Selden, NY 8,270 14,267 22,140 8,270 36,407 44,677 ( 11,690 ) 2025 Jun-11 Campus Plaza Vestal, NY 1,170 16,384 1,274 1,170 17,658 18,828 ( 8,793 ) 2003 Jun-11 Parkway Plaza Vestal, NY 2,168 18,651 2,315 2,184 20,950 23,134 ( 9,832 ) 1995 Jun-11 Shoppes at Vestal Vestal, NY 1,340 14,730 1,135 1,340 15,865 17,205 ( 6,106 ) 2000 Jun-11 Town Square Vestal, NY 2,520 41,457 21,830 2,520 63,287 65,807 ( 22,347 ) 1991 Jun-11 Highridge Plaza Yonkers, NY 6,020 17,358 5,666 6,020 23,024 29,044 ( 8,176 ) 1977 Jun-11 Brunswick Town Center Brunswick, OH 2,930 18,561 6,807 2,969 25,329 28,298 ( 9,348 ) 2004 Jun-11 Brentwood Plaza Cincinnati, OH 5,090 20,513 4,372 5,090 24,885 29,975 ( 11,967 ) 2004 Jun-11 Delhi Shopping Center Cincinnati, OH 3,690 8,085 2,747 3,690 10,832 14,522 ( 5,351 ) 1973 Jun-11 Harpers Station Cincinnati, OH 3,987 27,804 ( 28,989 ) 138 2,664 2,802 ( 1,043 ) 1994 Jun-11 Western Hills Plaza Cincinnati, OH 8,690 27,664 17,971 8,690 45,635 54,325 ( 15,292 ) 2021 Jun-11 Western Village Cincinnati, OH 3,420 12,817 1,418 3,370 14,285 17,655 ( 7,890 ) 2005 Jun-11 Crown Point Columbus, OH 2,120 14,980 2,645 2,120 17,625 19,745 ( 9,423 ) 1980 Jun-11 Greentree Shopping Center Columbus, OH 1,920 12,531 3,313 1,923 15,841 17,764 ( 7,889 ) 2005 Jun-11 South Towne Centre Dayton, OH 4,990 43,152 2,775 4,990 45,927 50,917 ( 19,654 ) 1972 Jun-11 Southland Shopping Center Middleburg Heights, OH 5,940 55,360 ( 18,166 ) 3,838 39,296 43,134 ( 19,115 ) 1951 Jun-11 The Shoppes at North Olmsted North Olmsted, OH 510 4,151 ( 1,674 ) 84 2,903 2,987 ( 2,656 ) 2002 Jun-11 Surrey Square Norwood, OH 3,900 18,402 3,114 3,900 21,516 25,416 ( 10,582 ) 2010 Jun-11 Miracle Mile Shopping Plaza Toledo, OH 1,510 15,792 2,903 1,411 18,794 20,205 ( 10,865 ) 1955 Jun-11 Village West Allentown, PA 4,180 23,402 3,644 4,180 27,046 31,226 ( 11,385 ) 1999 Jun-11 Lehigh Shopping Center Bethlehem, PA 6,980 34,900 4,970 6,980 39,870 46,850 ( 21,932 ) 1955 Jun-11 Bristol Park Bristol, PA 3,180 21,530 3,183 3,241 24,652 27,893 ( 10,178 ) 1993 Jun-11 F-45 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 (4) Total Accumulated Depreciation Year Built (5) Date Acquired New Britain Village Square Chalfont, PA 4,250 24,449 3,642 4,250 28,091 32,341 ( 11,643 ) 1989 Jun-11 Collegeville Shopping Center Collegeville, PA 3,410 7,451 7,133 3,410 14,584 17,994 ( 6,331 ) 2020 Jun-11 Plymouth Square Shopping Center Conshohocken, PA 17,001 44,208 41,762 17,001 85,970 102,971 ( 14,451 ) 2024 May-19 Whitemarsh Shopping Center Conshohocken, PA 3,410 11,753 6,888 3,410 18,641 22,051 ( 7,034 ) 2002 Jun-11 Valley Fair Devon, PA 1,810 8,161 ( 5,656 ) 1,152 3,163 4,315 ( 1,427 ) 2001 Jun-11 Dickson City Crossings Dickson City, PA 4,800 31,423 8,179 4,826 39,576 44,402 ( 17,672 ) 2023 Jun-11 Barn Plaza (6) Doylestown, PA 8,780 29,183 17,956 8,780 47,139 55,919 ( 14,626 ) 2026 Jun-11 Pilgrim Gardens Drexel Hill, PA 2,090 5,043 6,713 2,090 11,756 13,846 ( 5,616 ) 1955 Jun-11 North Penn Market Place Lansdale, PA 3,060 5,253 2,056 3,060 7,309 10,369 ( 3,549 ) 1977 Jun-11 Village at Newtown Newtown, PA 7,690 37,765 47,038 7,690 84,803 92,493 ( 27,941 ) 2021 Jun-11 Ivyridge Philadelphia, PA 7,100 21,004 ( 131 ) 7,100 20,873 27,973 ( 8,419 ) 1963 Jun-11 Roosevelt Mall Philadelphia, PA 10,970 89,141 61,383 10,970 150,524 161,494 ( 47,222 ) 2024 Jun-11 Shoppes at Valley Forge Phoenixville, PA 2,010 13,025 1,695 2,010 14,720 16,730 ( 7,240 ) 2003 Jun-11 County Line Plaza Souderton, PA 910 8,346 3,981 910 12,327 13,237 ( 4,922 ) 1971 Jun-11 69th Street Plaza Upper Darby, PA 640 4,362 1,015 640 5,377 6,017 ( 2,284 ) 1994 Jun-11 Warminster Towne Center Warminster, PA 4,310 35,284 3,718 4,310 39,002 43,312 ( 17,712 ) 1997 Jun-11 Whitehall Square Whitehall, PA 4,350 33,067 3,432 4,350 36,499 40,849 ( 16,241 ) 2006 Jun-11 Wilkes-Barre Township Marketplace Wilkes-Barre Township, PA 2,180 17,430 2,618 2,180 20,048 22,228 ( 11,854 ) 2004 Jun-11 Belfair Towne Village Bluffton, SC 4,265 31,801 3,537 4,265 35,338 39,603 ( 13,393 ) 2006 Jun-11 Milestone Plaza Greenville, SC 2,563 15,645 2,971 2,563 18,616 21,179 ( 8,629 ) 1995 Oct-13 Circle Center (6) Hilton Head Island, SC 3,010 5,832 ( 429 ) 3,010 5,403 8,413 ( 1,828 ) 2026 Jun-11 The Fresh Market Shoppes Hilton Head Island, SC 5,940 20,255 1,173 5,940 21,428 27,368 ( 3,612 ) 1983 Jul-24 Island Plaza James Island, SC 2,940 9,252 4,141 2,940 13,393 16,333 ( 6,751 ) 1994 Jun-11 Pawleys Island Plaza Pawleys Island, SC 5,264 21,804 2,037 5,264 23,841 29,105 ( 4,239 ) 2015 Oct-21 Fairview Corners I & II Simpsonville, SC 2,370 17,117 2,392 2,370 19,509 21,879 ( 9,204 ) 2003 Jun-11 Hillcrest Market Place (6) Spartanburg, SC 4,190 34,825 18,289 4,190 53,114 57,304 ( 20,918 ) 2026 Jun-11 Watson Glen Shopping Center Franklin, TN 5,220 14,990 7,609 5,220 22,599 27,819 ( 8,168 ) 1988 Jun-11 Williamson Square Franklin, TN 7,730 22,789 5,196 6,735 28,980 35,715 ( 15,242 ) 1988 Jun-11 Kingston Overlook Knoxville, TN 2,060 6,743 6,072 2,060 12,815 14,875 ( 3,001 ) 1996 Jun-11 The Market at Wolfcreek Memphis, TN 23,239 58,489 21,724 23,252 80,200 103,452 ( 36,691 ) 2014 Jun-11 Georgetown Square Murfreesboro, TN 3,716 8,598 2,921 3,716 11,519 15,235 ( 4,884 ) 2003 Jun-11 Nashboro Village Nashville, TN 2,243 11,662 432 2,243 12,094 14,337 ( 5,497 ) 1998 Oct-13 Parmer Crossing Austin, TX 5,927 11,282 1,692 5,927 12,974 18,901 ( 6,339 ) 1989 Jun-11 Baytown Shopping Center Baytown, TX 3,410 6,776 1,747 3,410 8,523 11,933 ( 3,612 ) 1987 Jun-11 El Camino Bellaire, TX 1,320 3,816 1,043 1,320 4,859 6,179 ( 2,210 ) 2008 Jun-11 Central Station College Station, TX 4,340 21,704 3,320 4,345 25,019 29,364 ( 10,670 ) 1976 Jun-11 Rock Prairie Crossing College Station, TX 2,460 13,618 262 2,401 13,939 16,340 ( 7,440 ) 2002 Jun-11 Carmel Village Corpus Christi, TX 1,900 4,536 5,987 1,903 10,520 12,423 ( 3,627 ) 2019 Jun-11 Arboretum Village Dallas, TX 17,154 33,384 855 17,154 34,239 51,393 ( 6,128 ) 2014 Jan-22 Claremont Village Dallas, TX 1,700 3,035 3,236 1,700 6,271 7,971 ( 980 ) 1976 Jun-11 Kessler Plaza Dallas, TX 1,390 3,702 2,089 1,390 5,791 7,181 ( 2,151 ) 1975 Jun-11 Stevens Park Village Dallas, TX 1,270 3,182 ( 356 ) 1,270 2,826 4,096 ( 1,078 ) 1974 Jun-11 Webb Royal Plaza Dallas, TX 2,470 6,576 466 2,470 7,042 9,512 ( 4,116 ) 1961 Jun-11 Wynnewood Village (6) Dallas, TX 16,982 42,953 59,134 17,200 101,869 119,069 ( 29,275 ) 2026 Jun-11 Parktown Deer Park, TX 2,790 7,319 1,374 2,790 8,693 11,483 ( 4,961 ) 1999 Jun-11 Ridglea Plaza Fort Worth, TX 2,770 16,178 4,719 2,770 20,897 23,667 ( 7,964 ) 1990 Jun-11 Trinity Commons Fort Worth, TX 5,780 26,317 3,905 5,780 30,222 36,002 ( 15,453 ) 1998 Jun-11 Preston Ridge Frisco, TX 25,820 127,082 18,793 25,820 145,875 171,695 ( 60,530 ) 2018 Jun-11 Village Plaza Garland, TX 3,230 6,786 3,420 3,230 10,206 13,436 ( 4,352 ) 2002 Jun-11 Highland Village Town Center Highland Village, TX 3,370 7,439 687 3,370 8,126 11,496 ( 3,928 ) 1996 Jun-11 Bay Forest Houston, TX 1,500 6,557 711 1,500 7,268 8,768 ( 3,443 ) 2004 Jun-11 Braes Heights Houston, TX 1,700 15,246 10,741 1,700 25,987 27,687 ( 8,774 ) 2022 Jun-11 Braesgate Houston, TX 1,570 2,813 747 1,570 3,560 5,130 ( 2,078 ) 1997 Jun-11 Broadway Houston, TX 1,720 5,472 2,577 1,720 8,049 9,769 ( 3,797 ) 2006 Jun-11 Clear Lake Camino South Houston, TX 3,320 12,136 866 3,320 13,002 16,322 ( 5,604 ) 1964 Jun-11 Hearthstone Corners Houston, TX 5,240 14,208 1,238 5,240 15,446 20,686 ( 5,535 ) 2019 Jun-11 Jester Village Houston, TX 1,380 4,623 9,726 1,380 14,349 15,729 ( 4,429 ) 2022 Jun-11 Jones Plaza Houston, TX 2,110 11,450 4,794 2,110 16,244 18,354 ( 6,400 ) 2025 Jun-11 Jones Square Houston, TX 3,210 10,716 2,348 3,210 13,064 16,274 ( 5,705 ) 1999 Jun-11 Maplewood Houston, TX 1,790 5,535 1,111 1,790 6,646 8,436 ( 2,830 ) 2004 Jun-11 Merchants Park Houston, TX 6,580 32,200 4,002 6,580 36,202 42,782 ( 16,870 ) 2009 Jun-11 Northshore Houston, TX 5,970 22,827 6,982 5,970 29,809 35,779 ( 11,927 ) 2001 Jun-11 Northtown Plaza Houston, TX 4,990 18,209 5,799 4,990 24,008 28,998 ( 10,029 ) 1960 Jun-11 Orange Grove Houston, TX 3,670 15,758 6,004 3,670 21,762 25,432 ( 10,789 ) 2005 Jun-11 Royal Oaks Village Houston, TX 4,620 29,536 2,854 4,620 32,390 37,010 ( 13,538 ) 2001 Jun-11 Tanglewilde Center Houston, TX 1,620 7,437 1,211 1,620 8,648 10,268 ( 4,136 ) 1998 Jun-11 F-46 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 (4) Total Accumulated Depreciation Year Built (5) Date Acquired West U Marketplace Houston, TX 8,554 25,511 1,107 8,554 26,618 35,172 ( 4,673 ) 2000 Apr-22 Westheimer Commons Houston, TX 5,160 12,866 5,140 5,160 18,006 23,166 ( 8,535 ) 1984 Jun-11 LaCenterra at Cinco Ranch Katy, TX 18,372 217,347 217 18,372 217,564 235,936 ( 8,399 ) 2006 Jul-25 Spencer Square Pasadena, TX 5,360 19,464 2,207 4,861 22,170 27,031 ( 10,168 ) 1998 Jun-11 Pearland Plaza Pearland, TX 3,020 9,076 2,721 3,020 11,797 14,817 ( 5,581 ) 1995 Jun-11 Market Plaza Plano, TX 6,380 20,529 1,947 6,380 22,476 28,856 ( 10,012 ) 2002 Jun-11 Preston Park Village (6) Plano, TX 8,506 81,652 27,933 8,504 109,587 118,091 ( 28,484 ) 2026 Oct-13 Keegan's Meadow Stafford, TX 3,300 9,947 2,458 3,300 12,405 15,705 ( 5,082 ) 1999 Jun-11 Lake Pointe Village Sugar Land, TX 19,827 65,239 123 19,827 65,362 85,189 ( 9,263 ) 2010 Jun-22 Texas City Bay Texas City, TX 3,780 17,928 8,616 3,780 26,544 30,324 ( 12,018 ) 2005 Jun-11 Windvale Center The Woodlands, TX 3,460 9,479 7,240 3,460 16,719 20,179 ( 3,727 ) 2002 Jun-11 Culpeper Town Square Culpeper, VA 3,200 9,235 696 3,254 9,877 13,131 ( 4,627 ) 1999 Jun-11 Hanover Square Mechanicsville, VA 5,108 16,145 7,763 5,125 23,891 29,016 ( 9,570 ) 1991 Jun-11 Cave Spring Corners Roanoke, VA 3,060 11,284 4,495 3,060 15,779 18,839 ( 7,875 ) 2005 Jun-11 Hunting Hills Roanoke, VA 1,150 7,661 2,510 1,116 10,205 11,321 ( 6,086 ) 1989 Jun-11 Hilltop Plaza Virginia Beach, VA 5,170 21,956 5,288 5,154 27,260 32,414 ( 12,351 ) 2010 Jun-11 Rutland Plaza Rutland, VT 2,130 20,924 2,823 2,256 23,621 25,877 ( 10,105 ) 1997 Jun-11 Mequon Pavilions Mequon, WI 7,520 29,714 16,264 7,411 46,087 53,498 ( 18,372 ) 1967 Jun-11 Moorland Square Shopping Ctr New Berlin, WI 2,080 9,256 2,314 2,040 11,610 13,650 ( 5,472 ) 1990 Jun-11 Paradise Pavilion West Bend, WI 1,865 15,704 2,759 1,865 18,463 20,328 ( 9,331 ) 2000 Jun-11 Grand Central Plaza Parkersburg, WV 670 5,704 3,347 670 9,051 9,721 ( 2,713 ) 1986 Jun-11 Remaining portfolio Various — — 308 — 308 308 — $ 1,889,220 $ 7,629,011 $ 2,269,266 $ 1,849,779 $ 9,937,718 $ 11,787,497 $ ( 3,588,646 ) (1) As of December 31, 2025, all of the Company’s shopping centers were unencumbered. (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, 2025, the aggregate cost for federal income tax purposes was approximately $ 12.8 billion. Year Ending December 31, 2025 2024 2023 [a] Reconciliation of total real estate carrying value is as follows: Balance at beginning of year $ 11,409,057 $ 10,995,887 $ 10,898,351 Acquisitions and improvements 763,287 696,739 350,928 Real estate held for sale ( 5,811 ) ( 6,417 ) 4,459 Impairment of real estate ( 20,461 ) ( 11,143 ) ( 17,836 ) Cost of property sold ( 261,878 ) ( 196,065 ) ( 168,321 ) Write-off of assets no longer in service ( 96,697 ) ( 69,944 ) ( 71,694 ) Balance at end of year $ 11,787,497 $ 11,409,057 $ 10,995,887 [b] Reconciliation of accumulated depreciation as follows: Balance at beginning of year $ 3,410,179 $ 3,198,980 $ 2,996,759 Depreciation expense 368,234 340,560 325,577 Property sold ( 112,322 ) ( 72,308 ) ( 64,081 ) Write-off of assets no longer in service ( 77,445 ) ( 57,053 ) ( 59,275 ) Balance at end of year $ 3,588,646 $ 3,410,179 $ 3,198,980 F-47