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Item 1. Financial Statements

2026-04-27 compared with 2025-10-27 · 173 added, 289 removed, 614 unchanged (43% of the section changed)

4 unchanged sentences

(Unaudited, in thousands, except share information)

September 30,

2026 December 31,

32 unchanged sentences

(Unaudited, in thousands, except per share data)

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

2025 2024 2025 2024

Three Months Ended March 31,

Rental income $ 354,337 $ 337,241

5 unchanged sentences

Depreciation and amortization 105,202 105,597

Impairment of real estate assets 16,075 5,863 16,075 11,143

General and administrative 28,192 28,173

4 unchanged sentences

Gain on sale of real estate assets 52,097 3,070

Gain (loss) on extinguishment of debt, net — 273 ( 296 ) 554

Other ( 2,261 ) ( 593 )

16 unchanged sentences

(Unaudited, in thousands)

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

2025 2024 2025 2024

Three Months Ended March 31,

Net income $ 127,757 $ 69,737

20 unchanged sentences

Equity based compensation expense — — 4,650 — — — 4,650

Other comprehensive income — — — 12,226 — — 12,226

Other comprehensive loss — — — ( 4,143 ) — — ( 4,143 )

Issuance of common stock, net of issuance costs 568 6 ( 6 ) — — — —

2 unchanged sentences

Ending balance, March 31, 2025 306,060 $ 3,061 $ 3,424,042 $ 4,075 $ ( 477,401 ) $ 252 $ 2,954,029

Common stock dividends ($ 0.2725 per common share)

— — — — ( 82,719 ) — ( 82,719 )

Equity based compensation expense — — 5,955 — — — 5,955

Other comprehensive income — — — 2,851 — — 2,851

Issuance of common stock 46 — — — — — —

Net income — — — — 70,125 — 70,125

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

Common stock dividends ($ 0.2725 per common share)

— — — — ( 82,905 ) — ( 82,905 )

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

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

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

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

Net income — — — — 96,840 — 96,840

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

Beginning balance, January 1, 2026 306,105 $ 3,061 $ 3,437,853 $ 1,722 $ ( 432,822 ) $ 242 $ 3,010,056

2 unchanged sentences

Equity based compensation expense — — 2,636 — — — 2,636

Other comprehensive loss — — — ( 4,143 ) — — ( 4,143 )

Other comprehensive income — — — 7,687 — — 7,687

Issuance of common stock, net of issuance costs 732 7 ( 7 ) — — — —

2 unchanged sentences

Ending balance, March 31, 2026 306,837 $ 3,068 $ 3,424,070 $ 9,409 $ ( 399,883 ) $ 249 $ 3,036,913

Common stock dividends ($ 0.2875 per common share)

— — — — ( 88,589 ) — ( 88,589 )

Equity based compensation expense — — 5,135 — — — 5,135

Other comprehensive loss — — — ( 1,991 ) — — ( 1,991 )

Issuance of common stock 40 — — — — — —

Repurchases of common shares in conjunction with equity award plans — — ( 566 ) — — — ( 566 )

Net income — — — — 85,139 7 85,146

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

Common stock dividends ($ 0.2875 per common share)

— — — — ( 88,581 ) — ( 88,581 )

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

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

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

Net income — — — — 94,235 7 94,242

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

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

3 unchanged sentences

(Unaudited, in thousands)

Nine Months Ended September 30,

Three Months Ended March 31,

Operating activities:

6 unchanged sentences

Tenant inducement amortization and other 519 750

Impairment of real estate assets 16,075 11,143

Gain on sale of real estate assets ( 52,097 ) ( 3,070 )

Equity based compensation 2,385 4,113

(Gain) loss on extinguishment of debt, net 296 ( 554 )

Changes in operating assets and liabilities:

10 unchanged sentences

Proceeds from sale of marketable securities 1,736 5,035

Net cash used in investing activities ( 353,750 ) ( 196,184 )

Net cash provided by (used in) investing activities 35,387 ( 63,459 )

Financing activities:

7 unchanged sentences

Repurchases of common shares in conjunction with equity award plans ( 16,412 ) ( 11,644 )

Net cash provided by (used in) financing activities ( 128,245 ) 160,213

Net cash used in financing activities ( 113,534 ) ( 337,893 )

Net change in cash, cash equivalents and restricted cash 63,037 ( 271,264 )

13 unchanged sentences

(Unaudited, in thousands, except unit information)

September 30,

2026 December 31,

29 unchanged sentences

(Unaudited, in thousands, except per share data)

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

2025 2024 2025 2024

Three Months Ended March 31,

Rental income $ 354,337 $ 337,241

5 unchanged sentences

Depreciation and amortization 105,202 105,597

Impairment of real estate assets 16,075 5,863 16,075 11,143

General and administrative 28,192 28,173

4 unchanged sentences

Gain on sale of real estate assets 52,097 3,070

Gain (loss) on extinguishment of debt, net — 273 ( 296 ) 554

Other ( 2,261 ) ( 593 )

13 unchanged sentences

(Unaudited, in thousands)

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

2025 2024 2025 2024

Three Months Ended March 31,

Net income $ 127,757 $ 69,737

12 unchanged sentences

Comprehensive

Income (Loss)

Non-controlling Interests Total

Income (Loss) Non-controlling Interests Total

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

1 unchanged sentence

Equity based compensation expense 4,650 — — 4,650

Other comprehensive income — 12,226 — 12,226

Repurchases of OP Units in conjunction with equity award plans ( 12,962 ) — — ( 12,962 )

Net income 88,905 — — 88,905

Ending balance, March 31, 2024 2,848,853 9,526 — 2,858,379

Distributions to partners ( 82,719 ) — — ( 82,719 )

Equity based compensation expense 5,955 — — 5,955

Other comprehensive income — 2,851 — 2,851

Net income 70,125 — — 70,125

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

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

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

Other comprehensive loss — ( 4,143 ) — ( 4,143 )

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

Repurchases of OP Units in conjunction with equity award plans ( 11,645 ) — — ( 11,645 )

Net income 69,729 — 8 69,737

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

Ending balance, March 31, 2025 $ 2,948,618 $ 4,075 $ 252 $ 2,952,945

Beginning balance, January 1, 2026 $ 3,007,558 $ 1,722 $ 242 $ 3,009,522

1 unchanged sentence

Equity based compensation expense 2,636 — — 2,636

Other comprehensive loss — ( 4,143 ) — ( 4,143 )

Other comprehensive income — 7,687 — 7,687

Repurchases of OP Units in conjunction with equity award plans ( 16,412 ) — — ( 16,412 )

1 unchanged sentence

Ending balance, March 31, 2026 $ 3,026,722 $ 9,409 $ 249 $ 3,036,380

Distributions to partners ( 88,589 ) — — ( 88,589 )

Equity based compensation expense 5,135 — — 5,135

Other comprehensive loss — ( 1,991 ) — ( 1,991 )

Repurchases of OP Units in conjunction with equity award plans ( 566 ) — — ( 566 )

Net income 85,139 — 7 85,146

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

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

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

Other comprehensive loss — ( 189 ) — ( 189 )

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

Net income 94,235 — 7 94,242

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

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

2 unchanged sentences

(Unaudited, in thousands)

Nine Months Ended September 30,

Three Months Ended March 31,

Operating activities:

6 unchanged sentences

Tenant inducement amortization and other 519 750

Impairment of real estate assets 16,075 11,143

Gain on sale of real estate assets ( 52,097 ) ( 3,070 )

Equity based compensation 2,385 4,113

(Gain) loss on extinguishment of debt, net 296 ( 554 )

Changes in operating assets and liabilities:

19 unchanged sentences

Partner distributions and repurchases of OP Units ( 113,285 ) ( 101,533 )

Net cash provided by (used in) financing activities ( 128,118 ) 159,553

Net cash used in financing activities ( 113,533 ) ( 338,317 )

Net change in cash, cash equivalents and restricted cash 63,038 ( 271,688 )

21 unchanged sentences

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 community and neighborhood shopping centers.

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

As of March 31, 2026, the Company’s portfolio was comprised of 344 shopping centers (the "Portfolio") totaling approximately 62 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.

11 unchanged sentences

All intercompany transactions have been eliminated.

Forward Equity Sales

Forward equity sale contracts under the Company's at-the-market equity offering program (the "ATM Program") are evaluated under Accounting Standards Codification 815-40.

The Company has determined that the forward sale contracts meet the criteria for equity classification, and as such, these contracts are classified as equity instruments and are not recognized on the unaudited Condensed Consolidated Balance Sheets until settlement.

The Company also accounts for the potential dilution from forward sale contracts in earnings per share calculations, using the treasury stock method to determine any dilutive impact prior to settlement.

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.

income, as defined under the Code, 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.

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

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.

11 unchanged sentences

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

The Company has considered the tax positions taken for the open tax years and has concluded that no provision for income taxes related to uncertain tax positions is required in the Company’s unaudited Condensed Consolidated Financial Statements as of September 30, 2025 and December 31, 2024.

Open tax years generally range from 2022 through 2025 but may vary by jurisdiction and issue.

3 unchanged sentences

Acquisition of Real Estate

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

Description Location Month Acquired GLA Aggregate Purchase Price (1)

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

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

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

409,264 $ 229,866

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

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

During the three months ended March 31, 2026, the Company did not acquire any assets.

During the three months ended March 31, 2025, the Company acquired the following asset:

Description Location Month Acquired GLA Aggregate Purchase Price (1)

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

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

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

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

266,564 $ 81,862

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

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

Nine Months Ended September 30,

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

(1) Aggregate purchase price includes less than $ 0.1 million of transaction costs.

The aggregate purchase price of the assets acquired during the three months ended March 31, 2026 and 2025, respectively, has been allocated as follows:

Three Months Ended March 31,

Assets 2026 2025

Land $ — $ 3,144

Buildings 168,152 42,039

Building and tenant improvements 7,540 4,312

Above-market leases (1)

In-place leases (2)

45,945 18,009

Total assets acquired $ — $ 3,144

Below-market leases (3)

$ 13,326 $ 6,118

Total liabilities 13,326 6,118

Net assets acquired $ 229,866 $ 81,862

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

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

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

Dispositions and Assets Held for Sale

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

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

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

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

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

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

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

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

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

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

Assets September 30, 2025 December 31, 2024

During the three months ended March 31, 2026, the Company disposed of four shopping centers for aggregate net proceeds of $ 105.7 million, resulting in aggregate gain of $ 52.1 million.

During the three months ended March 31, 2025, the Company disposed of two shopping centers and two partial shopping centers for aggregate net proceeds of $ 21.6 million, resulting in aggregate gain of $ 3.1 million.

As of March 31, 2026 and December 31, 2025, the Company had one property held for sale.

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

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

Assets March 31, 2026 December 31, 2025

Land $ 1,620 $ 233

4 unchanged sentences

Assets associated with real estate assets held for sale $ 5,290 $ 4,551

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

There were no discontinued operations for the three months ended March 31, 2026 and 2025 as none of the dispositions represented a strategic shift in the Company’s business that would qualify as discontinued operations.

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

September 30, 2025 December 31, 2024

March 31, 2026 December 31, 2025

Land $ 1,837,739 $ 1,849,779

7 unchanged sentences

Total $ 8,109,147 $ 8,198,851

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

(1) As of March 31, 2026 and December 31, 2025, Lease intangibles consisted of $ 498.9 million and $ 508.2 million, respectively, of in-place leases and $ 39.9 million and $ 40.6 million, respectively, of above-market leases.

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

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

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

(2) As of March 31, 2026 and December 31, 2025, Accumulated depreciation and amortization included $ 426.7 million and $ 426.6 million, respectively, of accumulated amortization related to Lease intangibles.

In addition, as of March 31, 2026 and December 31, 2025, the Company had intangible liabilities relating to below-market leases of $ 383.2 million and $ 389.1 million, respectively, and accumulated accretion of $ 243.4 million and $ 244.3 million, respectively.

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

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

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

Below-market lease accretion income, net of above-market lease amortization for the three months ended March 31, 2026 and 2025 was $ 4.6 million and $ 3.3 million, respectively.

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

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

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

Amortization expense associated with in-place lease value for the three months ended March 31, 2026 and 2025 was $ 9.6 million and $ 6.8 million, respectively.

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

2 unchanged sentences

In-place lease amortization expense

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

2026 (remaining nine months) $ ( 10,603 ) $ 23,940

2027 ( 11,464 ) 23,445

5 unchanged sentences

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 impairment during the three and nine months ended September 30, 2025:

Three and Nine Months Ended September 30, 2025

Property Name (1)

Location GLA Impairment Charge

Springdale Mobile, AL 398,701 $ 16,075

398,701 $ 16,075

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

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

Three Months Ended September 30, 2024

Property Name (1)

Location GLA Impairment Charge

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

Land at Springdale (2)

Mobile, AL — 252

149,891 $ 5,863

Nine Months Ended September 30, 2024

Property Name (1)

Location GLA Impairment Charge

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

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

Land at Springdale (2)

Mobile, AL — 252

Victory Square - Bridgestone Outparcel (2)

Savannah, GA 6,702 218

246,227 $ 11,143

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

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

The Company did not recognize any impairments during the three months ended March 31, 2026 and 2025.

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 any 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.

See Note 3 for additional information regarding impairment charges taken in connection with the Company’s dispositions, if any.

See Note 8 for additional information regarding the fair value of operating properties that have been impaired, if any.

Financial Instruments – Derivatives and Hedging

3 unchanged sentences

Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts, generally based on the Secured Overnight Financing Rate ("SOFR"), 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 nine months ended September 30, 2025, the Company did not enter into any new interest rate swap agreements.

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

The Company has elected to present its interest rate derivatives on its unaudited Consolidated Balance Sheets on a gross basis as interest rate swap assets and interest rate swap liabilities.

Interest rate lock agreements designated as cash flow hedges generally involve the Company locking a fixed benchmark U.S.

treasury rate with a counterparty for a specified future period to hedge variability in future cash flows attributable to changes in interest rates.

Interest rate lock agreements are settled in cash on the specified settlement date without the exchange of the underlying notional amount.

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

During the three months ended March 31, 2026, the Company entered into two interest rate lock agreements.

During the year ended December 31, 2025, the Company did not enter into any new interest rate swap or interest rate lock agreements.

The Company has elected to present its interest rate derivatives on its unaudited Consolidated Balance Sheets on a gross basis as interest rate derivative assets and interest rate derivative 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 unaudited Condensed Consolidated Balance Sheets.

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

Detail on the terms and fair value of the Company’s interest rate derivatives designated as cash flow hedges outstanding as of March 31, 2026 is as follows:

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

6 unchanged sentences

7/26/2024 7/26/2027 1 Month SOFR 4.07700 % 50,000 — ( 297 )

2/27/2026 5/11/2026 U.S.

10 year treasury (1)

3.99579 % 100,000 2,557 —

2/27/2026 5/11/2026 U.S.

10 year treasury (1)

3.99270 % 100,000 2,582 —

$ 700,000 $ 5,208 $ ( 1,783 )

(1) In February 2026, the Company entered into two interest rate lock agreements with an aggregate notional amount of $ 200.0 million to hedge against the changes in future cash flows resulting from changes in interest rates from the trade date through the forecasted issuance date of $ 200.0 million of fixed-rate debt.

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:

8 unchanged sentences

$ 500,000 $ — $ ( 4,553 )

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

All of the Company's outstanding interest rate swap and interest rate lock 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.

2 unchanged sentences

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

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

The effective portion of the Company’s interest rate derivatives that was recognized on the Company’s unaudited Condensed Consolidated Statements of Comprehensive Income for the three months ended March 31, 2026 and 2025 is as follows:

Derivatives in Cash Flow Hedging Relationships

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

2025 2024 2025 2024

(Interest Rate Derivatives) Three Months Ended March 31,

Change in unrealized gain (loss) on interest rate swaps $ 7,727 $ ( 3,566 )

Accretion of interest rate swaps to interest expense ( 744 ) ( 2,323 ) ( 2,220 ) ( 8,513 )

Amortization (Accretion) of interest rate swaps to interest expense 69 ( 736 )

Change in unrealized gain (loss) on interest rate swaps, net $ 7,796 $ ( 4,302 )

The Company estimates that $ 0.5 million will be reclassified from Accumulated other comprehensive income as an increase to Interest expense over the next twelve months.

No gain or loss was recognized related to hedge ineffectiveness or to amounts excluded from effectiveness testing on the Company’s cash flow hedges during the three and nine months ended September 30, 2025 and 2024.

No gain or loss was recognized related to hedge

ineffectiveness or to amounts excluded from effectiveness testing on the Company’s cash flow hedges during the three months ended March 31, 2026 and 2025.

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

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

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

As of March 31, 2026 and December 31, 2025, the Company did not have any non-designated hedges.

Credit-risk-related Contingent Features

2 unchanged sentences

Debt Obligations

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

As of March 31, 2026 and December 31, 2025, the Company had the following indebtedness outstanding:

Carrying Value as of

September 30,

2026 December 31,

17 unchanged sentences

$ 5,496,071 $ 5,494,753

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

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

(1) Stated interest rates as of March 31, 2026 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 March 31, 2026.

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

1 unchanged sentence

2026 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 scheduled to mature on April 30, 2030 (extending the applicable scheduled maturity date from July 26, 2027) (the "Term Loan Facility").

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

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.

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

During the three months ended March 31, 2026, the Operating Partnership did not borrow or repay any debt obligations.

2025 Debt Transactions

During the year ended December 31, 2025, the Operating Partnership repaid $ 632.3 million principal amount of the 3.850 % Senior Notes due 2025 (the "2025 Notes"), representing all of the outstanding 2025 Notes.

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

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The Operating Partnership used the 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 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.

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

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

2 unchanged sentences

The 2033 Notes will mature on February 15, 2033.

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

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

Debt Maturities

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

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

As of March 31, 2026 and December 31, 2025, the Company had accrued interest of $ 54.4 million and $ 63.6 million outstanding, respectively.

As of March 31, 2026, scheduled maturities of the Company’s outstanding debt obligations were as follows:

Year ending December 31,

2025 (remaining three months) $ —

2026 (remaining nine months) 607,542

2030 1,300,000

4 unchanged sentences

Total debt obligations, net $ 5,496,071

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

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 and $ 400.0 million outstanding principal balance of Senior Notes due 2027.

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

Debt Covenants

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 March 31, 2026.

Fair Value Disclosures

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

September 30, 2025 December 31, 2024

March 31, 2026 December 31, 2025

Value Carrying

12 unchanged sentences

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

Fair Value Measurements as of September 30, 2025

Fair Value Measurements as of March 31, 2026

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

3 unchanged sentences

Interest rate derivatives $ 5,208 $ — $ 5,208 $ —

Interest rate derivatives $ ( 1,783 ) $ — $ ( 1,783 ) $ —

Fair Value Measurements as of December 31, 2025

4 unchanged sentences

Interest rate derivatives $ ( 4,553 ) $ — $ ( 4,553 ) $ —

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

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

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

(1) As of March 31, 2026 and December 31, 2025, marketable securities included $ 0.1 million and $ 0.2 million of net unrealized gains, respectively.

As of March 31, 2026, the contractual maturities of the Company’s marketable securities were within the next five years.

Non-Recurring Fair Value

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

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

current market rates for the respective properties.

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

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

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

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

Fair Value Measurements as of September 30, 2025

Balance Quoted Prices in Active Markets for Identical Assets

(Level 1) Significant Other Observable Inputs

(Level 2) Significant Unobservable Inputs

(Level 3) Impairment of Real Estate Assets

Properties (1)(2)

$ 26,675 $ — $ — $ 26,675 $ 16,075

During the three months ended March 31, 2026, no properties were remeasured to fair value as a result of impairment testing.

The table includes information related to properties that were remeasured to fair value as a result of impairment testing during the year ended December 31, 2025, excluding the properties sold prior to December 31, 2025:

Fair Value Measurements as of December 31, 2025

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$ 358 $ — $ — $ 358 $ 1,679

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

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

(1) Excludes properties disposed of prior to December 31, 2025.

(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.

(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, was $ 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.

Revenue Recognition

3 unchanged sentences

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);

ancillary leases or agreements, such as agreements with tenants for cellular towers and short-term or seasonal retail (e.g., Halloween or Christmas-related retail);

and reciprocal easement agreements.

3 unchanged sentences

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

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

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

The Company recognized $ 5.1 million and $ 4.0 million of income based on percentage rents for the three months ended March 31, 2026 and 2025, respectively.

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

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

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

As of March 31, 2026, the Company does not include any prospective renewal or termination options in its ROU assets or lease liabilities, as the exercise of such options is not reasonably certain.

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

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

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

Three Months Ended March 31,

Supplemental Statements of Operations Information 2026 2025

2 unchanged sentences

Total lease costs $ 1,790 $ 1,763

Nine Months Ended September 30,

Three Months Ended March 31,

Supplemental Statements of Cash Flows Information 2026 2025

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ROU assets obtained in exchange for operating lease liabilities 2,241 3,475

ROU asset reduction due to dispositions, held for sale, and lease modifications — ( 6,581 )

Operating Lease Liabilities As of

September 30, 2025

March 31, 2026

Future minimum operating lease payments:

2025 (remaining three months) $ 1,557

2026 (remaining nine months) $ 4,508

Thereafter 97,283

3 unchanged sentences

Supplemental Balance Sheets Information As of

September 30, 2025 As of

March 31, 2026 As of

December 31, 2025

3 unchanged sentences

45,274 44,114

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

(1) As of March 31, 2026 and December 31, 2025, the weighted average remaining lease term was 25.4 years and 26.1 years, respectively, and the weighted average discount rate was 6.37 % and 6.35 %, respectively.

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

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

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

As of March 31, 2026, there were no material leases that have been executed but not yet commenced.

Equity and Capital

In November 2022, 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 November 1, 2025, unless earlier terminated or extended by the Company, sales agents, forward sellers, and forward purchasers.

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

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

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

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

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

In October 2025, the Company renewed 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 for the sale of common stock through forward sale contracts.

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.

During the three months ended March 31, 2026, the Company entered into forward sale contracts under the ATM Program through which it is expected to issue 3.9 million shares of its common stock at a weighted-average offering price of $ 29.85 , before commissions and fees.

The forward contracts must be settled by March 15, 2027 and the Company has the ability to elect cash or net share settlement rather than physical settlement, which, if elected, could result in cash outflows rather than share issuances.

The Company currently intends to physically settle these agreements.

As of March 31, 2026, no shares under the forward sale contracts have settled.

Anticipated proceeds from the issuance of shares under physical settlement of the forward sale contracts are approximately $ 116.0 million, before commissions and fees, and are expected to be used for general corporate purposes.

During the three months ended March 31, 2025, the Company did not issue any shares of common stock under ATM Program.

As of March 31, 2026, $ 284.0 million of common stock remained available for issuance under the ATM Program, including the impact of forward sales contracts.

Share Repurchase Program

In November 2022, 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 November 1, 2025, unless suspended or extended by the Company's board of directors.

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

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

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

In 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.

During the three months ended March 31, 2026 and 2025, the Company did not repurchase any shares of common stock.

As of March 31, 2026, the Repurchase Program had $ 400.0 million of available repurchase capacity.

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

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

During the three months ended March 31, 2026 and 2025, the Company withheld 0.6 million and 0.4 million shares of its common stock, respectively.

Dividends and Distributions

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

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

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

During the three months ended March 31, 2026 and 2025, the Company's board of directors declared common stock dividends and OP Unit distributions of $ 0.3075 per share/unit and $ 0.2875 per share/unit, respectively.

As of March 31, 2026 and December 31, 2025, the Company had declared but unpaid common stock dividends and OP Unit distributions of $ 95.9 million and $ 98.0 million, respectively.

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

1 unchanged sentence

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

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

As of March 31, 2026 and December 31, 2025, the acquired entities have $ 0.2 million of issued and outstanding redeemable preferred equity, including any accrued and unpaid dividends, which the Company did not acquire which is reflected in Non-controlling interests on the Company’s unaudited Condensed Consolidated Balance Sheets.

Stock Based Compensation

1 unchanged sentence

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

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

vesting conditions.

During the three months ended March 31, 2026 and the year ended December 31, 2025, the Company granted RSUs to certain employees.

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

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

1 unchanged sentence

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

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

The aggregate number of RSUs granted, assuming the achievement of target level performance, was 0.5 million and 0.6 million for the three months ended March 31, 2026 and the year ended December 31, 2025, respectively, with vesting periods ranging from one to five years .

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

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

Assumption Nine Months Ended September 30, 2025 Year Ended,

Assumption Three Months Ended March 31, 2026 Year Ended

December 31, 2025

5 unchanged sentences

4.3 % - 4.5 %

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

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

During the three months ended March 31, 2026 and 2025, the Company recognized $ 2.6 million and $ 4.6 million of equity compensation expense, respectively, of which $ 0.3 million and $ 0.5 million was capitalized, respectively.

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

As of September 30, 2025, the Company had $ 16.9 million of total unrecognized compensation expense related to unvested stock compensation, which is expected to be recognized over a weighted average period of approximately 2.1 years.

Earnings per Share

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 three and nine months ended September 30, 2025 and 2024 (dollars in thousands, except per share data):

As of March 31, 2026, the Company had $ 22.8 million of total unrecognized compensation expense related to unvested stock compensation, which is expected to be recognized over a weighted average period of approximately 2.5 years.

Earnings per Share/Unit

Basic earnings per share/unit ("EPS") is calculated by dividing net income attributable to the Company’s common stockholders/Operating Partnership's common unitholders, including the impact of any participating securities, by the weighted average number of shares/units outstanding for the period.

Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock/units were exercised or converted into shares of common stock/common units.

The following table provides a reconciliation of the numerator and denominator of the EPS calculations for the three months ended March 31, 2026 and 2025 (dollars in thousands, except per share data):

Three Months Ended

September 30, Nine Months

Ended September 30,

2025 2024 2025 2024

Computation of Basic Earnings Per Share:

2 unchanged sentences

Non-forfeitable dividends on unvested restricted shares (1)

( 230 ) ( 173 )

Net income attributable to the Company’s common stockholders for basic earnings per share $ 127,520 $ 69,556

Weighted average number shares outstanding – basic (2)

307,024 306,766

Basic earnings per share attributable to the Company’s common stockholders:

8 unchanged sentences

Net income per share $ 0.41 $ 0.23

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 three and nine months ended September 30, 2025 and 2024 (dollars in thousands, except per unit data):

(1) Certain unvested restricted shares issued pursuant to the Company’s share-based compensation program have rights to receive non-forfeitable dividends or dividend equivalents.

These shares are considered participating securities and their impact on EPS is calculated using the two-class method.

Under the two-class method earnings are allocated to the unvested restricted share awards based on dividends declared and their participation rights in undistributed earnings.

(2) Includes unvested restricted shares issued pursuant to the Company's share-based compensation program that qualify for retirement eligibility and no longer have a substantive service condition.

(3) As of March 31, 2026, the Company had unsettled forward sales contracts under which it is expected to issue 3.9 million shares of common stock.

These shares were evaluated using the treasury stock method and were determined to be anti-dilutive as the forward sales price was higher than the average market price during the period.

Accordingly, there were no shares included in the calculation of diluted EPS related to forward sale contracts.

As of March 31, 2025, the Company did not have any unsettled forward sales contracts.

(4) Unvested restricted shares that did not qualify as participating securities were included in the diluted EPS calculation using the treasury stock method.

The following table provides a reconciliation of the numerator and denominator of the earnings per unit calculations for the three months ended March 31, 2026 and 2025 (dollars in thousands, except per unit data):

Three Months Ended

September 30, Nine Months

Ended September 30,

2025 2024 2025 2024

Computation of Basic Earnings Per Unit:

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Net income attributable to non-controlling interests ( 7 ) ( 8 )

Non-forfeitable dividends on unvested restricted units ( 172 ) ( 167 ) ( 463 ) ( 418 )

Non-forfeitable distributions on unvested restricted units (1)

( 230 ) ( 173 )

Net income attributable to the Operating Partnership’s common units for basic earnings per unit $ 127,520 $ 69,556

Weighted average number common units outstanding – basic (2)

307,024 306,766

Basic earnings per unit attributable to the Operating Partnership’s common units:

8 unchanged sentences

Net income per unit $ 0.41 $ 0.23

(1) Certain unvested restricted units issued pursuant to the Company’s share-based compensation program have rights to receive non-forfeitable distributions or distribution equivalents.

These units are considered participating securities and their impact on EPS is calculated using the two-class method.

Under the two-class method earnings are allocated to the unvested restricted unit awards based on distributions declared and their participation rights in undistributed earnings.

(2) Includes unvested restricted units issued pursuant to the Company's share-based compensation program that qualify for retirement eligibility and no longer have a substantive service condition.

(3) As of March 31, 2026, the Company had unsettled forward sales contracts under which it is expected to issue 3.9 million Operating Partnership units.

These units were evaluated using the treasury stock method and were determined to be anti-dilutive as the forward sales price was higher than the average market price during the period.

Accordingly, there were no units included in the determination of diluted EPS related to forward sale contracts.

As of March 31, 2025, the Company did not have any unsettled forward sales contracts.

(4) Unvested restricted units that did not qualify as participating securities were included in the diluted EPS calculation using the treasury stock method.

Commitments and Contingencies

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

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

During the three months ended March 31, 2026 and 2025, the Company did no t incur any material governmental fines resulting from environmental matters.

Segment Reporting

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

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

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

As of March 31, 2026, the properties in the Portfolio are located across 29 states throughout 96 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.

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

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

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

2025 2024 2025 2024

The following table presents revenues and significant segment expenses for the three months ended March 31, 2026 and 2025:

Three Months Ended March 31,

Total revenues $ 354,819 $ 337,512

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Depreciation and amortization ( 105,202 ) ( 105,597 )

Impairment of real estate assets ( 16,075 ) ( 5,863 ) ( 16,075 ) ( 11,143 )

General and administrative (1)

2 unchanged sentences

Other segment items (2)

40,499 41,854 60,536 68,626

Segment net income $ 127,750 $ 69,729

3 unchanged sentences

$ 127,750 $ 69,729

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

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

2025 2024 2025 2024

(1) The following table presents General and administrative expense for the three months ended March 31, 2026 and 2025:

Three Months Ended March 31,

Employee compensation, net $ ( 21,719 ) $ ( 22,421 )

1 unchanged sentence

Total general and administrative $ ( 28,192 ) $ ( 28,173 )

(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.

(2) Other segment items for the Company include Dividends and interest, Gain on sale of real estate assets, Other, and Net income attributable to non-controlling interests.

See the Company's unaudited Condensed Consolidated Statements of Operations for additional information on these amounts.

Related Party Transactions

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

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

As of March 31, 2026 and December 31, 2025, there were no material receivables from or payables to related parties.

During the three months ended March 31, 2026 and 2025, the Company did not engage in any material related-party transactions.

Subsequent Events

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

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

In preparing the Company's unaudited Condensed Consolidated Financial Statements, the Company has evaluated events and transactions occurring after March 31, 2026 for recognition and/or disclosure purposes.

Based on this evaluation, there were no subsequent events from March 31, 2026 through the date the financial statements were issued.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements