What changed in this filing

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Item 1. Financial Statements

2026-10-26 compared with 2026-07-27 · 221 added, 139 removed, 815 unchanged (31% of the section changed)

4 unchanged sentences

(Unaudited, in thousands, except share information)

September 30,

2026 December 31,

33 unchanged sentences

(Unaudited, in thousands, except per share data)

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

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

2026 2025 2026 2025

32 unchanged sentences

(Unaudited, in thousands)

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

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

2026 2025 2026 2025

33 unchanged sentences

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

Common stock dividends ($ 0.2875 per common share)

— — — — ( 88,581 ) — ( 88,581 )

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

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

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

Net income — — — — 94,235 7 94,242

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

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

17 unchanged sentences

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

Common stock dividends ($ 0.3075 per common share)

— — — — ( 94,784 ) — ( 94,784 )

Equity based compensation expense — — 4,137 — — — 4,137

Other comprehensive income — — — 872 — — 872

Non-controlling interests preferred return — — — — — ( 7 ) ( 7 )

Repurchases of common shares in conjunction with equity award plans — — ( 35 ) — — — ( 35 )

Net income, excluding $ 381 attributable to redeemable non-controlling interests

— — — — 87,754 7 87,761

Ending balance, September 30, 2026 306,872 $ 3,068 $ 3,431,754 $ 13,012 $ ( 428,189 ) $ 242 $ 3,019,887

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

3 unchanged sentences

(Unaudited, in thousands)

Six Months Ended June 30,

Nine Months Ended September 30,

Operating activities:

19 unchanged sentences

Acquisitions of real estate assets ( 152,651 ) ( 229,866 )

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

Proceeds from sales of real estate assets 163,635 122,823

11 unchanged sentences

Distributions to common stockholders ( 286,032 ) ( 265,968 )

Distributions to redeemable non-controlling interests ( 203 ) —

Repurchases of common shares in conjunction with equity award plans ( 16,447 ) ( 12,219 )

18 unchanged sentences

(Unaudited, in thousands, except unit information)

September 30,

2026 December 31,

30 unchanged sentences

(Unaudited, in thousands, except per share data)

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

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

2026 2025 2026 2025

31 unchanged sentences

(Unaudited, in thousands)

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

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

2026 2025 2026 2025

27 unchanged sentences

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

Distributions to common 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

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

13 unchanged sentences

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

Distributions to common partners ( 94,783 ) — — ( 94,783 )

Equity based compensation expense 4,137 — — 4,137

Other comprehensive income — 872 — 872

Non-controlling interests preferred return — — ( 7 ) ( 7 )

Repurchases of OP Units in conjunction with equity award plans ( 35 ) — — ( 35 )

Net income, excluding $ 381 attributable to redeemable preferred units

87,754 — 7 87,761

Ending balance, September 30, 2026 $ 3,006,102 $ 13,012 $ 242 $ 3,019,356

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

2 unchanged sentences

(Unaudited, in thousands)

Six Months Ended June 30,

Nine Months Ended September 30,

Operating activities:

19 unchanged sentences

Acquisitions of real estate assets ( 152,651 ) ( 229,866 )

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

Proceeds from sales of real estate assets 163,635 122,823

10 unchanged sentences

Redeemable preferred units issuance costs ( 330 ) —

Distributions to redeemable preferred unitholders ( 203 ) —

Partner distributions and repurchases of OP Units ( 302,476 ) ( 278,060 )

26 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 June 30, 2026, the Company’s portfolio was comprised of 346 shopping centers (the "Portfolio") totaling approximately 63 million square feet of GLA.

As of September 30, 2026, the Company’s portfolio was comprised of 345 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.

2 unchanged sentences

generally accepted accounting principles ("GAAP").

Pending Slate Grocery REIT Transaction and Everview Joint Venture

On September 27, 2026, a new joint venture (the "Everview JV") between the Operating Partnership and funds affiliated with Everview Partners, L.P.

("Everview") entered into certain agreements pursuant to which the Everview JV agreed to acquire Slate Grocery REIT ("Slate"), the owner and operator of a portfolio of U.S.

shopping centers (the "Slate Transaction").

Upon the expected closing of the Slate Transaction, the Company will effectively acquire a portfolio of 23 grocery-anchored shopping centers, representing a 100 % interest in 22 centers and a 50 % interest in one center (together, the "Brixmor Portfolio") for $ 636 million, and the Everview JV will acquire the remaining 92 assets (the "JV Portfolio") for $ 1.71 billion.

The Operating Partnership and Everview have entered into an interim investors agreement related to the Everview JV that provides, among other things, that each party will negotiate in good faith to enter into, upon or prior to the expected closing of the Slate Transaction, a joint venture agreement consistent with an agreed upon term sheet.

Such term sheet addresses the material terms of the joint venture, including:

• that the Operating Partnership will control all decisions related to, and be entitled to all the economic rights associated with, the Brixmor Portfolio;

• that Everview will have an 80 % common interest in the JV Portfolio and the Operating Partnership will have a 20 % common interest in the JV Portfolio;

• that the Operating Partnership will serve as the managing member of the Everview JV, will manage the JV Portfolio and will be entitled to fees for its services;

• that in addition to contributing its 20 % portion of the cash purchase price allocable to the JV Portfolio, expected to be approximately $ 112 million, the Operating Partnership will make a preferred equity investment of approximately $ 174 million in the Everview JV, with a 9 % preferential annual dividend.

The interim investors agreement also provides (i) that the Operating Partnership and Everview will act jointly to cause the Everview JV to comply with its obligations under the applicable transaction agreements, (ii) that in the event either party causes the Everview JV to fail to satisfy its obligations, including related to its equity commitment letter, and the Slate Transaction is consequently terminated by Slate, that the defaulting party will be responsible for

100% of the transaction termination fee and other expenses of the non-defaulting party, and (iii) other expense sharing arrangements.

The consummation of the Slate Transaction is subject to customary closing conditions including approval by Slate unitholders.

The Company expects the closing of the Slate Transaction, if approved by Slate unitholders, to occur in the first quarter of 2027.

Basis of Presentation

13 unchanged sentences

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.

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.

7 unchanged sentences

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.

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

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

13 unchanged sentences

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

The Company has considered the tax positions taken for the open tax years and has concluded that no provision for income taxes related to uncertain tax positions is required in the Company’s unaudited Condensed Consolidated Financial Statements as of June 30, 2026 and December 31, 2025.

Open tax years generally range from 2023 through 2025 but may vary by jurisdiction and issue.

3 unchanged sentences

Acquisition of Real Estate

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

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

Aggregate Purchase Price (1)

5 unchanged sentences

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

Village West Shopping Center Hemet, CA Aug-26 195,862 49,424 — — 49,424

749,372 $ 152,651 $ 30,500 $ 30,499 $ 213,650

2 unchanged sentences

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):

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

Aggregate Purchase Price (1)

2 unchanged sentences

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

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

409,264 $ 229,866 $ — $ — $ 229,866

(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,

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

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

Nine Months Ended September 30,

Assets 2026 2025

4 unchanged sentences

In-place leases (2)

50,020 45,945

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

1 unchanged sentence

Below-market leases (4)

31,660 13,326

Operating lease liabilities (3)

1 unchanged sentence

Net assets acquired $ 213,650 $ 229,866

(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.

(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, 2026 was 8.2 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, 2026 was 7.6 years.

(4) 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, 2026 was 26.5 years.

Dispositions and Assets 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.

During the three months ended September 30, 2026, the Company disposed of two shopping centers for aggregate net proceeds of $ 40.8 million, resulting in aggregate gain of $ 8.9 million and aggregate impairment of $ 0.7 million.

During the nine months ended September 30, 2026, the Company disposed of eight shopping centers for aggregate net proceeds of $ 161.3 million, resulting in aggregate gain of $ 68.7 million and aggregate impairment of $ 6.7 million.

In addition, during the nine months ended September 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 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.

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

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

1 unchanged sentence

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

Assets June 30, 2026 December 31, 2025

Assets September 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 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.

There were no discontinued operations for the three and nine months ended September 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

September 30, 2026 December 31, 2025

Land $ 1,867,480 $ 1,849,779

7 unchanged sentences

Total $ 8,205,916 $ 8,198,851

(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.

(1) As of September 30, 2026 and December 31, 2025, Lease intangibles consisted of $ 527.0 million and $ 508.2 million, respectively, of in-place leases and $ 39.1 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 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.

(2) As of September 30, 2026 and December 31, 2025, Accumulated depreciation and amortization included $ 436.6 million and $ 426.6 million, respectively, of accumulated amortization related to Lease intangibles.

In addition, as of September 30, 2026 and December 31, 2025, the Company had intangible liabilities relating to below-market leases of $ 409.3 million and $ 389.1 million, respectively, and accumulated accretion of $ 246.2 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 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.

Below-market lease accretion income, net of above-market lease amortization for the three months ended September 30, 2026 and 2025 was $ 3.7 million and $ 5.6 million, respectively.

Below-market lease accretion income, net of above-market lease amortization for the nine months ended September 30, 2026 and 2025 was $ 12.7 million and $ 13.6 million, respectively.

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

Amortization expense associated with in-place lease value for the three months ended June 30, 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.

Amortization expense associated with in-place lease value for the three months ended September 30, 2026 and 2025 was $ 9.3 million and $ 7.9 million, respectively.

Amortization expense associated with in-place lease value for the nine months ended September 30, 2026 and 2025 was $ 27.9 million and $ 22.1 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

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

2026 (remaining three months) $ ( 3,668 ) $ 9,232

2027 ( 13,406 ) 29,956

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 six months ended June 30, 2026 (dollars in thousands):

Three and Six Months Ended June 30, 2026

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

Three Months Ended September 30, 2026

Property Name (1)

Location GLA Impairment Charge

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

High Point Centre (2)

Lombard, IL 240,345 $ 683

240,345 $ 683

Nine Months Ended September 30, 2026

Property Name (1)

Location GLA Impairment Charge

High Point Centre (2)

Lombard, IL 240,345 $ 6,657

240,345 $ 6,657

(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.

(2) The Company disposed of this property during the nine months ended September 30, 2026.

The Company recognized the following impairment during the three and nine months ended September 30, 2025 (dollars in thousands):

Three and Nine Months Ended September 30, 2025

Property Name (1)

Location GLA Impairment Charge

Springdale (2)

Mobile, AL 398,701 $ 16,075

398,701 $ 16,075

(2) The Company disposed of this property during the year ended December 31, 2025.

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

10 unchanged sentences

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 Company has elected to present its interest rate derivatives on its unaudited Condensed 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.

3 unchanged sentences

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):

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

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

18 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.

1 unchanged sentence

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):

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 nine months ended September 30, 2026 and 2025 is as follows (in thousands):

Derivatives in Cash Flow Hedging Relationships

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

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

2026 2025 2026 2025

Change in unrealized gain (loss) on interest rate swaps $ 1,333 $ 580 $ 11,873 $ ( 4,259 )

Amortization (Accretion) of interest rate swaps to interest expense 22 ( 740 ) 91 ( 1,476 )

Accretion (amortization) of interest rate swaps to interest expense ( 75 ) ( 744 ) 16 ( 2,220 )

Change in unrealized gain (loss) on interest rate swaps, net $ 1,258 $ ( 164 ) $ 11,889 $ ( 6,479 )

The Company estimates that $ 3.3 million will be reclassified from Accumulated other comprehensive income as a decrease to Interest expense over the next twelve months.

No gain or loss was recognized related to hedge ineffectiveness or to amounts excluded from effectiveness testing on the Company’s cash flow hedges during the three and six months ended June 30, 2026 and 2025.

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, 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 June 30, 2026 and December 31, 2025, the Company did not have any non-designated hedges.

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

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

Carrying Value as of

September 30,

2026 December 31,

20 unchanged sentences

$ 5,322,955 $ 5,494,753

(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 %.

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

(2) As of September 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.

1 unchanged sentence

2026 Debt Transactions

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.

During the nine months ended September 30, 2026, the Operating Partnership repaid $ 600.0 million principal amount of the 4.125 % Senior Notes due 2026 (the "2026 4.125 % Notes") and $ 0.7 million of the 7.970 % Senior Notes due 2026 (the "2026 7.970 % Notes"), representing all of the outstanding 2026 4.125 % Notes and 2026 7.970 % Notes, respectively.

The Operating Partnership funded the 2026 4.125 % Notes and 2026 7.970 % Notes repayments with available cash, proceeds from the 2036 Notes, 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.

5 unchanged sentences

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

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

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

See Note 2 for additional information regarding the acquisition.

On September 27, 2026, in connection with the Slate Transaction described in Note 1, the Operating Partnership entered into a commitment letter for up to $ 988.0 million of senior unsecured term loan financing.

The commitment is in addition to the Company's other capital sources and if unutilized expires in connection with the expected closing of the Slate Transaction.

The financing is available in a single drawing upon the expected closing of the Slate Transaction and the commitment size will be reduced proportionally as we secure financing through other capital sources.

If utilized, the borrowing will bear interest, at the Operating Partnership’s election, at a SOFR-based rate or an alternative base rate, plus an applicable credit spread, and will mature 364 days after funding, subject to a six-month extension option.

The Operating Partnership incurred approximately $ 4.0 million of related fees, which were deferred and included in other assets on the Company’s unaudited Condensed Consolidated Balance Sheets.

If the financing is funded, the related fees will be amortized to interest expense over the initial 364-day term of the loan.

If management determines that execution of the financing is no longer probable, the fees will be expensed.

2025 Debt Transactions

5 unchanged sentences

The 2032 Notes will mature on April 1, 2032.

On April 24, 2025, the Operating Partnership amended and restated its Unsecured Credit Facility.

On April 24, 2025, the Operating Partnership amended and restated its unsecured credit facility agreements (the "Unsecured Credit Facility").

The amended and restated agreements provide for (i) revolving loan commitments of $ 1.25 billion (the "Revolving Facility") scheduled to mature on April 30, 2029 (extending the applicable scheduled maturity date from June 30, 2026) and (ii) a continuation of the existing $ 500.0 million term loan (the "Term Loan Facility") scheduled to mature on April 30, 2030 (extending the applicable scheduled maturity date from July 26, 2027).

7 unchanged sentences

Debt Maturities

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):

As of September 30, 2026 and December 31, 2025, the Company had accrued interest of $ 55.9 million and $ 63.6 million outstanding, respectively.

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

Year ending December 31,

2026 (remaining six months) $ 7,542

2026 (remaining three months) $ 6,848

2030 1,300,000

8 unchanged sentences

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

The Company was in compliance with these covenants as of June 30, 2026.

The Company was in compliance with these covenants as of September 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 (in thousands):

June 30, 2026 December 31, 2025

September 30, 2026 December 31, 2025

Value Carrying

12 unchanged sentences

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 (in thousands, unless otherwise specified):

Fair Value Measurements as of June 30, 2026

The following table presents the placement in the fair value hierarchy of assets and liabilities that are measured and recognized at fair value on a recurring basis (in thousands, unless otherwise specified):

Fair Value Measurements as of September 30, 2026

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

3 unchanged sentences

Interest rate derivatives $ 1,924 $ — $ 1,924 $ —

Interest rate derivatives $ ( 418 ) $ — $ ( 418 ) $ —

Fair Value Measurements as of December 31, 2025

4 unchanged sentences

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

(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.

(1) As of September 30, 2026 and December 31, 2025, marketable securities included $( 0.4 ) million and $ 0.2 million of net unrealized (losses) gains, respectively.

As of September 30, 2026, the contractual maturities of the Company’s marketable securities were within the next five years.

Non-Recurring Fair Value

5 unchanged sentences

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 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

During the nine months ended September 30, 2026, no properties were remeasured to fair value as a result of impairment testing that were not disposed of prior to September 30, 2026.

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 (dollars in thousands, unless otherwise specified):

Fair Value Measurements as of December 31, 2025

5 unchanged sentences

$ 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.

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

12 unchanged sentences

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

The Company recognized $ 2.9 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.

The Company recognized $ 1.9 million and $ 1.2 million of income based on percentage rents for the three months ended September 30, 2026 and 2025, respectively.

The Company recognized $ 9.8 million and $ 8.0 million of income based on percentage rents for the nine months ended September 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 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.

As of September 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.

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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,

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

Supplemental Statements of Operations Information 2026 2025 2026 2025

2 unchanged sentences

Total lease costs $ 1,993 $ 1,750 $ 5,542 $ 5,290

Six Months Ended June 30,

Nine Months Ended September 30,

Supplemental Statements of Cash Flows Information 2026 2025

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ROU assets obtained in exchange for operating lease liabilities 43,865 9,496

ROU asset reduction due to dispositions, held for sale, and lease modifications ( 72 ) —

Operating Lease Liabilities As of

June 30, 2026

September 30, 2026

Future minimum operating lease payments:

2026 (remaining six months) $ 3,208

2026 (remaining three months) $ 1,559

Thereafter 170,691

3 unchanged sentences

Supplemental Balance Sheets Information As of

June 30, 2026 As of

September 30, 2026 As of

December 31, 2025

3 unchanged sentences

84,605 44,114

(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.

(1) As of September 30, 2026 and December 31, 2025, the weighted average remaining lease term was 35.1 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 June 30, 2026, there were no material leases that have been executed but not yet commenced.

As of September 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 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.

During the nine months ended September 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 June 30, 2026, no shares under the forward sale contracts have settled.

As of September 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 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.

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

As of September 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 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.

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

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

During the nine months ended September 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 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.

During the three months ended September 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 nine months ended September 30, 2026 and 2025, the Company's board of directors declared common stock dividends and OP Unit distributions of $ 0.9225 per share/unit and $ 0.8625 per share/unit, respectively.

As of September 30, 2026 and December 31, 2025, the Company had declared but unpaid common stock dividends and OP Unit distributions of $ 96.3 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 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.

As of September 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.

During the nine months ended September 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.

5 unchanged sentences

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

As of September 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 three and nine months ended September 30, 2026 and 2025 (in thousands):

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

2026 2025 2026 2025

Balance at beginning of period $ 30,643 $ — $ — $ —

1 unchanged sentence

Redeemable preferred units issuance costs (1)

— — ( 330 ) —

Redeemable preferred return 381 — 525 —

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

Distributions to redeemable non-controlling interests ( 203 ) — ( 203 ) —

Balance at end of period $ 30,821 $ — $ 30,821 $ —

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

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

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.

During the six months ended June 30, 2026 and the year ended December 31, 2025, the Company granted RSUs to certain employees.

During the nine months ended September 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 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.

The aggregate number of RSUs granted, assuming the achievement of target level performance, was 0.5 million and 0.6 million for the nine months ended September 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 RSUs granted, fair value is based on the Company's grant date stock price or the grant date stock price adjusted for dividend or dividend equivalent rights, when applicable.

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

Assumption Six Months Ended June 30, 2026 Year Ended

Assumption Nine Months Ended September 30, 2026 Year Ended

December 31, 2025

5 unchanged sentences

4.3 % - 4.5 %

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.

During the three months ended September 30, 2026 and 2025, the Company recognized $ 4.1 million and $ 4.4 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, 2026 and 2025, the Company recognized $ 10.7 million and $ 14.2 million of equity compensation expense, respectively, of which $ 0.9 million and $ 1.2 million was capitalized, respectively.

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

As of June 30, 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.

As of September 30, 2026, the Company had $ 16.6 million of total unrecognized compensation expense related to unvested stock compensation, which is expected to be recognized over a weighted average period of approximately 2.2 years.

Earnings per Share/Unit

1 unchanged sentence

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 and six months ended June 30, 2026 and 2025 (in thousands, except per share data):

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

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2026 2025 2026 2025

24 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 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.

(3) As of September 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 nine months ended September 30, 2026.

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

(4) As of September 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.

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

As of September 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 and six months ended June 30, 2026 and 2025 (in thousands, except per unit data):

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

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2026 2025 2026 2025

25 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 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.

(3) As of September 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 nine months ended September 30, 2026.

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

(4) As of September 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.

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

As of September 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.

6 unchanged sentences

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

During the three and six months ended June 30, 2026 and 2025, the Company did no t incur any material governmental fines resulting from environmental matters.

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

As of September 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.

3 unchanged sentences

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

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

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

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

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

2026 2025 2026 2025

14 unchanged sentences

$ 87,754 $ 94,235 $ 289,015 $ 249,103

(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,

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

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

2026 2025 2026 2025

5 unchanged sentences

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.

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

During the three and nine months ended September 30, 2026 and 2025, the Company did not engage in any material related-party transactions other than the following:

• As described in Note 1 above, on September 27, 2026, the Everview JV, a new joint venture between the Operating Partnership and funds affiliated with Everview, entered into certain agreements to effect the Slate Transaction.

Upon the expected closing of the Slate Transaction, which is expected to occur in the first quarter of 2027 if approved by Slate unitholders, the Company will effectively acquire the Brixmor Portfolio for $ 636 million, and the Everview JV will acquire the JV Portfolio for $ 1.71 billion.

The Operating Partnership will serve as the managing member of the Everview JV, will manage the JV Portfolio and will be entitled to fees for its services and in addition to contributing its 20 % portion of the cash purchase price allocable to the JV Portfolio, expected to be approximately $ 112 million, the Operating Partnership will make a preferred equity investment of approximately $ 174 million in the Everview JV, with a 9 % preferential annual dividend.

The interim investors agreement also addresses fee and expense sharing arrangements.

Rahm, a director of the Company, is the Founder and Chief Executive Officer of Everview and controls its general partner.

Raider Hill Advisors, L.L.C.

acted as special real estate advisor to the special committee of the board of trustees of Slate and will be entitled to a fee of approximately $ 7.1 million for its services to the Slate special committee.

Hurwitz, a director of the Company, is Founder and

Chief Executive Officer of Raider Hill Advisors, L.L.C.

In accordance with the Company's governance policies, Messrs.

Rahm and Hurwitz were recused from all meetings, deliberations and votes of the Company’s board of directors related to the Slate Transaction and the Everview JV.

Rahm does not intend to stand for reelection to the Company’s board of directors at the 2027 Annual Meeting of Stockholders.

Subsequent Events

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.

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

Based on this evaluation, there were no subsequent events from September 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