What changed in this filing

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Item 1. Financial Statements

2026-07-27 compared with 2026-04-27 · 297 added, 130 removed, 657 unchanged (39% of the section changed)

22 unchanged sentences

Commitments and contingencies (Note 14) — —

Redeemable non-controlling interests 30,643 —

Common stock, $ 0.01 par value;

14 unchanged sentences

(Unaudited, in thousands, except per share data)

Three Months Ended March 31,

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

2026 2025 2026 2025

Rental income $ 353,892 $ 339,397 $ 708,229 $ 676,638

5 unchanged sentences

Depreciation and amortization 110,258 103,277 215,460 208,874

Impairment of real estate assets 5,974 — 5,974 —

General and administrative 27,858 29,093 56,050 57,266

4 unchanged sentences

Gain on sale of real estate assets 9,820 15,755 61,917 18,825

Loss on extinguishment of debt, net — ( 296 ) — ( 296 )

Other ( 775 ) ( 780 ) ( 3,036 ) ( 1,373 )

16 unchanged sentences

(Unaudited, in thousands)

Three Months Ended March 31,

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

2026 2025 2026 2025

Net income $ 73,662 $ 85,146 $ 201,419 $ 154,883

14 unchanged sentences

Comprehensive

Income (Loss)

Distributions in Excess of Net Income Non-controlling Interests Total

8 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 ($ 0.2875 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

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

7 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 ($ 0.3075 per common share)

— — — — ( 94,787 ) — ( 94,787 )

Equity based compensation expense — — 3,912 — — — 3,912

Other comprehensive income — — — 2,731 — — 2,731

Issuance of common stock 35 — — — — — —

Accretion of redeemable non-controlling interests to redemption value — — ( 330 ) — — — ( 330 )

Non-controlling interests preferred return — — — — — ( 14 ) ( 14 )

Net income, excluding $ 144 attributable to redeemable non-controlling interests

— — — — 73,511 7 73,518

Ending balance, June 30, 2026 306,872 $ 3,068 $ 3,427,652 $ 12,140 $ ( 421,159 ) $ 242 $ 3,021,943

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

3 unchanged sentences

(Unaudited, in thousands)

Three Months Ended March 31,

Six Months Ended June 30,

Operating activities:

6 unchanged sentences

Tenant inducement amortization and other 1,165 1,268

Impairment of real estate assets 5,974 —

Gain on sale of real estate assets ( 61,917 ) ( 18,825 )

Equity based compensation 5,977 8,910

Loss on extinguishment of debt, net — 296

Changes in operating assets and liabilities:

7 unchanged sentences

Acquisitions of real estate assets ( 103,227 ) ( 7,474 )

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

Proceeds from sales of real estate assets 122,803 43,715

1 unchanged sentence

Proceeds from sale of marketable securities 10,060 6,686

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

Net cash used in investing activities ( 106,339 ) ( 148,980 )

Financing activities:

5 unchanged sentences

Net proceeds from issuances of common shares ( 127 ) ( 143 )

Redeemable non-controlling interests issuance costs ( 330 ) —

Distributions to common stockholders ( 191,449 ) ( 177,711 )

12 unchanged sentences

Change in accrued capital expenditures ( 2,744 ) ( 14,989 )

Supplemental disclosure of non-cash investing and/or financing activities:

Fair value of secured mortgage assumed for acquisition of real estate assets $ 30,500 $ —

Redeemable non-controlling interests issued for acquisition of real estate assets 30,499 —

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

20 unchanged sentences

Commitments and contingencies (Note 14) — —

Redeemable preferred units 30,643 —

Partnership common units;

11 unchanged sentences

(Unaudited, in thousands, except per share data)

Three Months Ended March 31,

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

2026 2025 2026 2025

Rental income $ 353,892 $ 339,397 $ 708,229 $ 676,638

5 unchanged sentences

Depreciation and amortization 110,258 103,277 215,460 208,874

Impairment of real estate assets 5,974 — 5,974 —

General and administrative 27,858 29,093 56,050 57,266

4 unchanged sentences

Gain on sale of real estate assets 9,820 15,755 61,917 18,825

Loss on extinguishment of debt, net — ( 296 ) — ( 296 )

Other ( 775 ) ( 780 ) ( 3,036 ) ( 1,373 )

3 unchanged sentences

Net income attributable to Brixmor Operating Partnership LP 73,655 85,139 201,405 154,868

Net income attributable to Brixmor Operating Partnership LP per common unit:

Redeemable preferred return ( 144 ) — ( 144 ) —

Net income available to Brixmor Operating Partnership LP common unitholders $ 73,511 $ 85,139 $ 201,261 $ 154,868

Net income available to Brixmor Operating Partnership LP common unitholders per common unit:

Basic $ 0.24 $ 0.28 $ 0.65 $ 0.50

7 unchanged sentences

(Unaudited, in thousands)

Three Months Ended March 31,

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

2026 2025 2026 2025

Net income $ 73,662 $ 85,146 $ 201,419 $ 154,883

12 unchanged sentences

Comprehensive

Income (Loss) Non-controlling Interests Total

Income Non-controlling Interests Total

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

Distributions to partners ( 88,916 ) — — ( 88,916 )

Distributions to common partners ( 88,916 ) — — ( 88,916 )

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

3 unchanged sentences

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

Distributions to common 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

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

Distributions to partners ( 94,810 ) — — ( 94,810 )

Distributions to common partners ( 94,810 ) — — ( 94,810 )

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

3 unchanged sentences

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

Distributions to common partners ( 94,786 ) — — ( 94,786 )

Equity based compensation expense 3,912 — — 3,912

Other comprehensive income — 2,731 — 2,731

Accretion of redeemable preferred units to redemption value ( 330 ) — — ( 330 )

Non-controlling interests preferred return — — ( 14 ) ( 14 )

Net income, excluding $ 144 attributable to redeemable preferred units

73,511 — 7 73,518

Ending balance, June 30, 2026 $ 3,009,029 $ 12,140 $ 242 $ 3,021,411

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

2 unchanged sentences

(Unaudited, in thousands)

Three Months Ended March 31,

Six Months Ended June 30,

Operating activities:

6 unchanged sentences

Tenant inducement amortization and other 1,165 1,268

Impairment of real estate assets 5,974 —

Gain on sale of real estate assets ( 61,917 ) ( 18,825 )

Equity based compensation 5,977 8,910

Loss on extinguishment of debt, net — 296

Changes in operating assets and liabilities:

7 unchanged sentences

Acquisitions of real estate assets ( 103,227 ) ( 7,474 )

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

Proceeds from sales of real estate assets 122,803 43,715

1 unchanged sentence

Proceeds from sale of marketable securities 10,060 6,686

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

Net cash used in investing activities ( 106,339 ) ( 148,980 )

Financing activities:

5 unchanged sentences

Net proceeds from issuances of OP Units ( 127 ) ( 143 )

Redeemable preferred units issuance costs ( 330 ) —

Partner distributions and repurchases of OP Units ( 207,858 ) ( 190,345 )

11 unchanged sentences

Change in accrued capital expenditures ( 2,744 ) ( 14,989 )

Supplemental disclosure of non-cash investing and/or financing activities:

Fair value of secured mortgage assumed for acquisition of real estate assets $ 30,500 $ —

Redeemable preferred units issued for acquisition of real estate assets 30,499 —

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

2 unchanged sentences

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited, dollars in thousands, unless otherwise stated)

Nature of Business and Financial Statement Presentation

6 unchanged sentences

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

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.

As of June 30, 2026, the Company’s portfolio was comprised of 346 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.

12 unchanged sentences

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.

Forward equity sale contracts under the Company’s at-the-market equity offering program (the "ATM Program") are evaluated under Accounting Standards Codification ("ASC") 815-40, Derivatives and Hedging - Contracts in Entity’s Own Equity .

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 Company’s 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.

Redeemable Non-controlling Interests

The Company accounts for Redeemable non-controlling interests in accordance with ASC 810, Consolidation , and ASC 480, Distinguishing Liabilities from Equity .

Redeemable non-controlling interests represent redeemable

preferred units issued by the Operating Partnership in connection with a certain property acquisition.

The redeemable preferred units have a stated liquidation preference, accrue cumulative distributions, and are redeemable or convertible at the holders’ option.

Upon redemption, the Company may settle the obligation in cash or shares of the Company’s common stock equal to the redemption value.

Holders may also elect to convert the units into a fixed number of OP Units or shares of the Company’s common stock;

however, conversion election into shares of the Company’s common stock may be settled in cash at the Company’s election.

As the units contain holder-controlled redemption features that are not solely within the Company’s control, the units are considered contingently redeemable and are classified outside of permanent equity.

Accordingly, the units are presented as Redeemable non-controlling interests and Redeemable preferred units within the mezzanine section between Liabilities and Equity/Capital on each of the Company’s and the Operating Partnership’s unaudited Condensed Consolidated Balance Sheets, respectively.

Amounts attributable to redeemable preferred units are presented within Net income attributable to non-controlling interests and Redeemable preferred return on each of the Company’s and the Operating Partnership’s unaudited Condensed Consolidated Statements of Operations, respectively.

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

income, as defined under the Code, determined without regard to the deduction for dividends paid and excluding net capital gains.

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, 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.

14 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 March 31, 2026 and December 31, 2025.

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 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)

During the six months ended June 30, 2026, the Company acquired the following assets, in separate transactions (dollars in thousands, unless otherwise specified):

Aggregate Purchase Price (1)

Description Location Month Acquired GLA Cash Debt Assumed Other Total

Mayfair Shopping Center (2)

Commack, NY May-26 221,010 $ 8,414 $ 30,500 $ 30,499 $ 69,413

Vintage Marketplace Houston, TX May-26 72,184 32,815 — — 32,815

Jones Crossing College Station, TX Jun-26 163,472 46,734 — — 46,734

Stanford Station Panama City, FL Jun-26 96,844 15,264 — — 15,264

553,510 $ 103,227 $ 30,500 $ 30,499 $ 164,226

(1) Aggregate purchase price includes $ 1.8 million of transaction costs, offset by $ 1.9 million of closing credits.

(2) Other consists of $ 30.5 million of redeemable preferred units issued by the Operating Partnership in connection with the acquisition.

See Note 11 for additional information regarding the redeemable preferred units.

During the six months ended June 30, 2025, the Company acquired the following assets, in separate transactions (dollars in thousands, unless otherwise specified):

Aggregate Purchase Price (1)

Description Location Month Acquired GLA Cash Debt Assumed Other Total

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

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

— $ 7,474 $ — $ — $ 7,474

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

The aggregate purchase price of the assets acquired during the six months ended June 30, 2026 and 2025, respectively, has been allocated as follows (dollars in thousands):

Six Months Ended June 30,

Assets 2026 2025

Land $ 28,475 $ 3,144

Total assets acquired $ — $ 3,144

Buildings 73,563 4,330

Building and tenant improvements 19,602 —

Above-market leases (1)

In-place leases (2)

Operating lease right-of-use assets, net (3)

Total assets $ 197,593 $ 7,474

Below-market leases (4)

Operating lease liabilities (3)

Total liabilities 33,367 —

Net assets acquired $ 164,226 $ 7,474

(1) The weighted average amortization period at the time of acquisition for above-market leases related to assets acquired during the six months ended June 30, 2026 was 4.2 years.

(2) The weighted average amortization period at the time of acquisition for in-place leases related to assets acquired during the six months ended June 30, 2026 was 7.9 years.

(3) The weighted average amortization period at the time of acquisition for operating lease right-of-use assets, net and operating lease liabilities related to assets acquired during the six months ended June 30, 2026 was 90.2 years.

(4) The weighted average amortization period at the time of acquisition for below-market leases related to assets acquired during the six months ended June 30, 2026 was 28.9 years.

Dispositions and Assets Held for Sale

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.

During the three months ended June 30, 2026, the Company disposed of two shopping centers for aggregate net proceeds of $ 14.6 million, resulting in aggregate gain of $ 7.4 million.

In addition, during the three months ended June 30, 2026, the Company received aggregate net proceeds of $ 2.6 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 $ 2.4 million.

During the six months ended June 30, 2026, the Company disposed of six shopping centers for aggregate net proceeds of $ 120.5 million, resulting in aggregate gain of $ 59.8 million.

In addition, during the six months ended June 30, 2026, the Company received aggregate net proceeds of $ 2.3 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 $ 2.1 million.

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

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

As of June 30, 2026, the Company had no properties held for sale.

As of 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

The following table presents the assets associated with the property classified as held for sale (in thousands):

Assets June 30, 2026 December 31, 2025

Land $ — $ 233

4 unchanged sentences

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

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:

March 31, 2026 December 31, 2025

There were no discontinued operations for the three and six months ended June 30, 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 (in thousands, unless otherwise specified):

June 30, 2026 December 31, 2025

Land $ 1,864,583 $ 1,849,779

7 unchanged sentences

Total $ 8,211,519 $ 8,198,851

(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.

(1) As of June 30, 2026 and December 31, 2025, Lease intangibles consisted of $ 520.5 million and $ 508.2 million, respectively, of in-place leases and $ 39.0 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 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.

(2) As of June 30, 2026 and December 31, 2025, Accumulated depreciation and amortization included $ 430.0 million and $ 426.6 million, respectively, of accumulated amortization related to Lease intangibles.

In addition, as of June 30, 2026 and December 31, 2025, the Company had intangible liabilities relating to below-market leases of $ 404.8 million and $ 389.1 million, respectively, and accumulated accretion of $ 244.2 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 March 31, 2026 and 2025 was $ 4.6 million and $ 3.3 million, respectively.

Below-market lease accretion income, net of above-market lease amortization for the three months ended June 30, 2026 and 2025 was $ 4.3 million and $ 4.7 million, respectively.

Below-market lease accretion income, net of above-market lease amortization for the six months ended June 30, 2026 and 2025 was $ 9.0 million and $ 8.0 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 March 31, 2026 and 2025 was $ 9.6 million and $ 6.8 million, respectively.

Amortization expense associated with in-place lease value for the three months ended June 30, 2026 and 2025 was $ 9.0 million and $ 7.4 million, respectively.

Amortization expense associated with in-place lease value for the six months ended June 30, 2026 and 2025 was $ 18.6 million and $ 14.3 million, respectively.

These amounts are included in Depreciation and amortization on the Company’s unaudited Condensed 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:

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 (in thousands):

Year ending December 31, Below-market lease accretion (income), net of above-market lease amortization expense

In-place lease amortization expense

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

2026 (remaining six months) $ ( 7,170 ) $ 17,743

2027 ( 12,959 ) 28,191

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

The Company recognized the following impairment during the three and six months ended June 30, 2026 (dollars in thousands):

Three and Six Months Ended June 30, 2026

Property Name (1)

Location GLA Impairment Charge

High Point Centre Lombard, IL 240,345 $ 5,974

240,345 $ 5,974

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

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

9 unchanged sentences

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

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 March 31, 2026 is as follows:

In February 2026, the Company entered into two interest rate lock agreements with an aggregate notional amount of $ 200.0 million to hedge against 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.

In May 2026, the Company terminated the two interest rate lock agreements in connection with the issuance of the 2036 Notes (defined hereafter), for aggregate net proceeds of $ 6.2 million.

The net proceeds are included in Accumulated other comprehensive income on the Company's unaudited Condensed Consolidated Balance Sheets and will be amortized over the term of interest payments hedged by the interest rate lock agreements, as a reduction to Interest expense on the Company's unaudited Condensed Consolidated Statements of Operations.

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

Detail on the terms and fair value of the Company’s interest rate derivatives designated as cash flow hedges outstanding as of June 30, 2026 is as follows (dollars in thousands):

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 — ( 70 )

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

10 year treasury (1)

$ 500,000 $ 746 $ ( 418 )

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:

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 (dollars in thousands):

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

8 unchanged sentences

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.

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) 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 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:

The effective portion of changes in the fair value of derivatives designated as cash flow hedges is recognized in Other comprehensive income 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 derivatives that was recognized on the Company’s unaudited Condensed Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2026 and 2025 is as follows (in thousands):

Derivatives in Cash Flow Hedging Relationships

(Interest Rate Derivatives) Three Months Ended March 31,

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

2026 2025 2026 2025

Change in unrealized gain (loss) on interest rate swaps $ 2,813 $ ( 1,273 ) $ 10,540 $ ( 4,839 )

1 unchanged sentence

Change in unrealized gain (loss) on interest rate swaps, net $ 2,835 $ ( 2,013 ) $ 10,631 $ ( 6,315 )

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 months ended March 31, 2026 and 2025.

The Company estimates that $ 1.6 million will be reclassified from Accumulated other comprehensive income as a decrease to Interest expense over the next twelve months.

No gain or loss was recognized related to hedge ineffectiveness or to amounts excluded from effectiveness testing on the Company’s cash flow hedges during the three and six months ended June 30, 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 March 31, 2026 and December 31, 2025, the Company did not have any non-designated hedges.

As of June 30, 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 March 31, 2026 and December 31, 2025, the Company had the following indebtedness outstanding:

As of June 30, 2026 and December 31, 2025, the Company had the following indebtedness outstanding (dollars in thousands):

Carrying Value as of

2026 December 31,

Secured mortgage

Fixed rate secured mortgage $ 30,500 $ — 5.50 %

Total secured mortgage, net $ 30,500 $ —

Notes payable

16 unchanged sentences

$ 5,322,423 $ 5,494,753

(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.

(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 26, 2027.

(1) Stated interest rates as of June 30, 2026 do not include the impact of the Company’s interest rate swap agreements (described below).

(2) As of June 30, 2026, the weighted average stated interest rate on the Company’s unsecured notes was 4.30 %.

(3) Effective July 26, 2024, the Company has four interest rate swap agreements in place 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.

(4) Effective May 1, 2023, the Company has three interest rate swap agreements in place 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 26, 2027.

2026 Debt Transactions

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

During the six months ended June 30, 2026, the Operating Partnership repaid $ 600.0 million principal amount of 4.125 % Senior Notes due 2026 (the "2026 Notes"), representing all of the outstanding 2026 Notes.

The Operating Partnership funded the 2026 Notes repayment with available cash, proceeds from the 2036 Notes (defined hereafter), and dispositions.

On May 5, 2026, the Operating Partnership issued $ 400.0 million aggregate principal amount of Senior Notes due 2036 (the "2036 Notes") at 99.628 % of par.

The Operating Partnership used the net proceeds for the repayment of indebtedness.

The 2036 Notes bear interest at a rate of 5.375 % per annum, payable semi-annually on June 15 and December 15 of each year, commencing December 15, 2026.

The 2036 Notes will mature on June 15, 2036.

On May 27, 2026, the Operating Partnership assumed secured mortgage debt with a principal amount and fair value of $ 30.5 million, in connection with the acquisition of one shopping center.

The secured mortgage debt bears interest at a rate of 5.500 % per annum, payable monthly in arrears on the first of the following month.

The secured mortgage debt will mature on June 1, 2031.

As of June 30, 2026, no other properties were encumbered by secured indebtedness.

See Note 2 for additional information regarding the acquisition.

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.

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

On March 4, 2025, the Operating Partnership issued $ 400.0 million aggregate principal amount of Senior Notes due 2032 (the "2032 Notes") at 99.831 % of par.

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.

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Debt Maturities

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:

As of June 30, 2026 and December 31, 2025, the Company had accrued interest of $ 67.2 million and $ 63.6 million outstanding, respectively.

As of June 30, 2026, scheduled maturities of the Company’s outstanding debt obligations were as follows (in thousands):

Year ending December 31,

2026 (remaining nine months) 607,542

2026 (remaining six months) $ 7,542

2030 1,300,000

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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.

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

March 31, 2026 December 31, 2025

June 30, 2026 December 31, 2025

Value Carrying

Secured mortgage $ 30,500 $ 30,296 $ — $ —

Notes payable 4,800,685 4,730,929 5,004,933 4,986,781

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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 that are measured and recognized at fair value on a recurring basis:

Fair Value Measurements as of March 31, 2026

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 (in thousands, unless otherwise specified):

Fair Value Measurements as of June 30, 2026

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

10 unchanged sentences

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

(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.

(1) As of June 30, 2026 and December 31, 2025, marketable securities included less than $( 0.1 ) million and $ 0.2 million of net unrealized (losses) gains, respectively.

As of June 30, 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 following table presents the placement in the fair value hierarchy of assets and liabilities that are measured and recognized at fair value on a non-recurring basis.

During the 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:

The table includes information related to properties that were remeasured to fair value as a result of impairment testing during the six months ended June 30, 2026 and year ended December 31, 2025, excluding the properties sold prior to June 30, 2026 and December 31, 2025, respectively (dollars in thousands, unless otherwise specified):

Fair Value Measurements as of June 30, 2026

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)

$ 23,945 $ — $ — $ 23,945 $ 5,974

Fair Value Measurements as of December 31, 2025

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$ 358 $ — $ — $ 358 $ 1,679

(1) Excludes properties disposed of prior to June 30, 2026.

(2) The carrying value of High Point Centre, which was remeasured to fair value based upon offers from third-party buyers during the six months ended June 30, 2026, is $ 23.9 million.

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

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

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.

The Company recognized $ 2.9 million and $ 2.8 million of income based on percentage rents for the three months ended June 30, 2026 and 2025, respectively.

The Company recognized $ 7.9 million and $ 6.8 million of income based on percentage rents for the six months ended June 30, 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 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.

As of June 30, 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.

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:

Three Months Ended March 31,

The following tables present additional information pertaining to the Company’s operating leases (dollars in thousands):

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

Supplemental Statements of Operations Information 2026 2025 2026 2025

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Total lease costs $ 1,759 $ 1,777 $ 3,549 $ 3,540

Three Months Ended March 31,

Six Months Ended June 30,

Supplemental Statements of Cash Flows Information 2026 2025

2 unchanged sentences

Operating Lease Liabilities As of

March 31, 2026

June 30, 2026

Future minimum operating lease payments:

2026 (remaining nine months) $ 4,508

2026 (remaining six months) $ 3,208

Thereafter 170,690

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Supplemental Balance Sheets Information As of

March 31, 2026 As of

June 30, 2026 As of

December 31, 2025

3 unchanged sentences

85,803 44,114

(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.

(1) As of June 30, 2026 and December 31, 2025, the weighted average remaining lease term was 34.8 years and 26.1 years, respectively, and the weighted average discount rate was 6.74 % 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 March 31, 2026, there were no material leases that have been executed but not yet commenced.

As of June 30, 2026, there were no material leases that have been executed but not yet commenced.

Equity and Capital

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The ATM Program is scheduled to expire on 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.

During the six months ended June 30, 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.

As of June 30, 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.

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

As of June 30, 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

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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.

During the six months ended June 30, 2026 and 2025, the Company did not repurchase any shares of common stock pursuant to the Repurchase Program.

As of June 30, 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 three months ended March 31, 2026 and 2025, the Company withheld 0.6 million and 0.4 million shares of its common stock, respectively.

During the six months ended June 30, 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 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.

During the three months ended June 30, 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.

During the six months ended June 30, 2026 and 2025, the Company's board of directors declared common stock dividends and OP Unit distributions of $ 0.6150 per share/unit and $ 0.5750 per share/unit, respectively.

As of June 30, 2026 and December 31, 2025, the Company had declared but unpaid common stock dividends and OP Unit distributions of $ 96.1 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.

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.

As of June 30, 2026 and December 31, 2025, the acquired entities have $ 0.2 million of issued and outstanding preferred equity, which the Company did not acquire, which is reflected in Non-controlling interests on the Company’s unaudited Condensed Consolidated Balance Sheets.

Redeemable Non-controlling Interests/Redeemable Preferred Units

During the six months ended June 30, 2026, the Operating Partnership issued $ 30.5 million of redeemable preferred units (the "Series A Preferred Units"), in connection with the acquisition of one shopping center.

The Series A Preferred Units contain redemption features not solely within the Company’s control and are classified as Redeemable non-controlling interests and as Redeemable preferred units in each of the Company’s and the Operating Partnership’s unaudited Condensed Consolidated Balance Sheets, respectively.

Amounts attributable to redeemable preferred units are presented within Net income attributable to non-controlling interests and Redeemable preferred return on each of the Company's and the Operating Partnership's unaudited Condensed Consolidated Statements of Operations, respectively.

The Series A Preferred Units rank senior to the OP Units with respect to distributions and liquidation rights and have a liquidation preference of $ 25.00 per unit.

Distributions on the Series A Preferred Units equal an amount per unit of 5.00 % of the $ 25.00 liquidation preference and are cumulative.

Holders of the Series A Preferred Units may require the Operating Partnership to redeem all or a portion of the units at any time.

Upon a redemption request, the Company may settle in shares of the Company’s common stock or cash equal to the liquidation preference plus accumulated and unpaid distributions.

Holders may also convert or exchange the Series A Preferred Units into a fixed number of OP Units or shares of the Company’s common stock at a fixed conversion price.

As of June 30, 2026, 1,219,947 Series A Preferred Units remained outstanding.

The following table presents changes in Redeemable non-controlling interests/Redeemable preferred units for the six months ended June 30, 2026 and year ended December 31, 2025 (in thousands):

Six Months Ended June 30, 2026 Year Ended December 31, 2025

Balance at beginning of period $ — $ —

Acquisition of real estate assets (1)

Redeemable preferred units issuance costs (1)

Redeemable preferred return 144 —

Accretion of redeemable preferred units to redemption value 330 —

Balance at end of period $ 30,643 $ —

(1) Relates to the issuance of Series A Preferred Units during the six months ended June 30, 2026, as described above.

Stock Based Compensation

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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.

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

During the six months ended June 30, 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.

2 unchanged sentences

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 0.5 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 .

The aggregate number of RSUs granted, assuming the achievement of target level performance, was 0.5 million and 0.6 million for the six months ended June 30, 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 Three Months Ended March 31, 2026 Year Ended

Assumption Six Months Ended June 30, 2026 Year Ended

December 31, 2025

5 unchanged sentences

4.3 % - 4.5 %

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.

During the three months ended June 30, 2026 and 2025, the Company recognized $ 3.9 million and $ 5.1 million of equity compensation expense, respectively, of which $ 0.3 million and $ 0.3 million was capitalized, respectively.

During the six months ended June 30, 2026 and 2025, the Company recognized $ 6.5 million and $ 9.8 million of equity compensation expense, respectively, of which $ 0.6 million and $ 0.9 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 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.

As of June 30, 2026, the Company had $ 19.8 million of total unrecognized compensation expense related to unvested stock compensation, which is expected to be recognized over a weighted average period of approximately 2.3 years.

Earnings per Share/Unit

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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):

The following table provides a reconciliation of the numerator and denominator of the EPS calculations for the three and six months ended June 30, 2026 and 2025 (in thousands, except per share data):

Three Months Ended

June 30, Six Months Ended

2026 2025 2026 2025

Computation of Basic Earnings Per Share:

3 unchanged sentences

( 172 ) ( 186 ) ( 343 ) ( 346 )

Accretion of redeemable non-controlling interests to redemption value ( 330 ) — ( 330 ) —

Net income attributable to the Company’s common stockholders for basic earnings per share $ 73,009 $ 84,953 $ 200,588 $ 154,522

7 unchanged sentences

Effect of dilutive securities:

Unsettled forward sales contracts (4)

Equity awards (5)

611 634 572 624

Weighted average shares outstanding – diluted 307,920 307,609 307,695 307,547

5 unchanged sentences

(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.

(3) As of June 30, 2026, the Company had redeemable non-controlling interests outstanding which, upon redemption, may result in issuance of shares of common stock.

The redeemable non-controlling interests were evaluated using the if-converted method and determined to be anti-dilutive in the calculation of diluted EPS for the three and six months ended June 30, 2026.

As of June 30, 2025, the Company did not have any redeemable non-controlling interests outstanding.

(4) As of June 30, 2026, the Company had unsettled forward sales contracts under which it is expected to issue 3.9 million shares of common stock.

The forward sales contracts were evaluated using the treasury stock method and determined to be dilutive.

Accordingly, dilutive shares were included in the calculation of diluted EPS for the three and six months ended June 30, 2026.

As of June 30, 2025, the Company did not have any unsettled forward sales contracts.

(5) 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):

The following table provides a reconciliation of the numerator and denominator of the earnings per unit calculations for the three and six months ended June 30, 2026 and 2025 (in thousands, except per unit data):

Three Months Ended

June 30, Six Months Ended

2026 2025 2026 2025

Computation of Basic Earnings Per Unit:

3 unchanged sentences

( 172 ) ( 186 ) ( 343 ) ( 346 )

Redeemable preferred return ( 144 ) — ( 144 ) —

Accretion of redeemable preferred units to redemption value ( 330 ) — ( 330 ) —

Net income attributable to the Operating Partnership’s common units for basic earnings per unit $ 73,009 $ 84,953 $ 200,588 $ 154,522

7 unchanged sentences

Effect of dilutive securities:

Unsettled forward sales contracts (4)

Equity awards (5)

611 634 572 624

Weighted average common units outstanding – diluted 307,920 307,609 307,695 307,547

5 unchanged sentences

(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.

(3) As of June 30, 2026, the Operating Partnership had redeemable preferred units outstanding which, on redemption, may result in issuance of common units.

The redeemable preferred units were evaluated using the if-converted method and determined to be anti-dilutive in the calculation of diluted EPS for the three and six months ended June 30, 2026.

As of June 30, 2025, the Company did not have any redeemable preferred units outstanding.

(4) As of June 30, 2026, the Company had unsettled forward sales contracts under which it is expected to issue 3.9 million OP Units.

The forward sales contracts were evaluated using the treasury stock method and determined to be dilutive.

Accordingly, dilutive units were included in the calculation of diluted EPS for the three and six months ended June 30, 2026.

As of June 30, 2025, the Company did not have any unsettled forward sales contracts.

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

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

During the three and six months ended June 30, 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 March 31, 2026, the properties in the Portfolio are located across 29 states throughout 96 metropolitan markets.

As of June 30, 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.

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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 months ended March 31, 2026 and 2025:

Three Months Ended March 31,

The following table presents revenues and significant segment expenses for the three and six months ended June 30, 2026 and 2025 (dollars in thousands):

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

2026 2025 2026 2025

Total revenues $ 354,199 $ 339,492 $ 709,018 $ 677,004

2 unchanged sentences

Depreciation and amortization ( 110,258 ) ( 103,277 ) ( 215,460 ) ( 208,874 )

Impairment of real estate assets ( 5,974 ) — ( 5,974 ) —

General and administrative (1)

2 unchanged sentences

Other segment items (2)

12,806 15,862 65,840 20,037

Segment net income $ 73,511 $ 85,139 $ 201,261 $ 154,868

3 unchanged sentences

$ 73,511 $ 85,139 $ 201,261 $ 154,868

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

Three Months Ended March 31,

(1) The following table presents General and administrative expense for the three and six months ended June 30, 2026 and 2025:

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

2026 2025 2026 2025

Employee compensation, net $ ( 20,432 ) $ ( 21,639 ) $ ( 42,155 ) $ ( 44,056 )

1 unchanged sentence

Total general and administrative $ ( 27,858 ) $ ( 29,093 ) $ ( 56,050 ) $ ( 57,266 )

(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.

(2) Other segment items for the Company include Dividends and interest, Gain on sale of real estate assets, Loss on extinguishment of debt, net, 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 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.

As of June 30, 2026 and December 31, 2025, there were no material receivables from or payables to related parties.

During the three and six months ended June 30, 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 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.

In preparing the Company's unaudited Condensed Consolidated Financial Statements, the Company has evaluated events and transactions occurring after June 30, 2026 for recognition and/or disclosure purposes.

Based on this evaluation, there were no subsequent events from June 30, 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