What changed in this filing

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Item 2. Properties

2026-02-12 compared with 2025-02-13 · 39 added, 23 removed, 384 unchanged (14% of the section changed)

As of December 31, 2025, we owned or had a majority ownership interest in community and neighborhood shopping centers and mixed-used properties which are operated as 104 predominantly retail real estate projects comprising approximately 28.8 million commercial square feet.

These properties are located primarily in densely populated and affluent communities in strategic metropolitan markets in the Northeast and Mid-Atlantic regions of the United States, California, and South Florida.

These properties are located primarily in major coastal markets and select underserved markets that we believe have strong economic and demographic fundamentals.

No single commercial or residential property accounted for over 10% of our 2025 total revenue.

3 unchanged sentences

No one tenant or affiliated group of tenants accounted for more than 2.4% of our annualized base rent as of December 31, 2025.

As a result of our tenant diversification, we believe our exposure to any one bankruptcy filing has not been and will not be significant, however, multiple filings by a number of tenants could have a significant impact.

As a result of our tenant diversification, we

believe our exposure to any one bankruptcy filing has not been and will not be significant, however, multiple filings by a number of tenants could have a significant impact.

Geographic Diversification

6 unchanged sentences

California 20 7,169,000 24.9 %

Virginia 20 4,767,000 17.8 %

Maryland 18 5,085,000 17.7 %

Virginia 20 4,766,000 16.5 %

Massachusetts 7 2,249,000 7.8 %

5 unchanged sentences

Illinois 4 778,000 2.7 %

Connecticut 3 420,000 1.6 %

Kansas 1 552,000 1.9 %

Nebraska 1 452,000 1.6 %

Michigan 1 205,000 0.7 %

Connecticut 2 156,000 0.5 %

District of Columbia 1 25,000 0.1 %

41 unchanged sentences

Incentives include amounts paid to tenants as an inducement to sign a lease that do not represent building improvements.

Costs related to tenant improvements require judgement by management in determining what are costs specific to the tenant and not deferred maintenance on the space.

Costs related to tenant improvements require judgment by management in determining what are costs specific to the tenant and not deferred maintenance on the space.

In the past five years, we have executed comparable space leases for 2.0 to 2.4 million square feet of retail space each year and expect the volume for 2026 will be in line with these historical averages.

12 unchanged sentences

Nordstrom Last Chance

Floor & Décor

Chandler Festival

1 unchanged sentence

Nordstrom Rack

Wayfair Outlet

Chandler Gateway

15 unchanged sentences

Alamo Ace Hardware

Del Monte Shopping Center

Monterey, CA 93940 1968, 1976, 1984, 2004 2025 675,000 $18.82 80% Whole Foods

East Bay Bridge

19 unchanged sentences

Pasadena, CA 91107(7) 1958, 1984, 2006, 2007 2017 273,000 $9.66 100% Marshalls

Hollywood Blvd

Hollywood, CA 90028 1929, 1991 1999 181,000 $32.65 86% Target

Walnut Park, CA 90255(5)(6)(7) 2008 2017 245,000 $29.04 94% Marshalls

32 unchanged sentences

Sylmar, CA 91342(4) 1973 2017 148,000 $22.37 95% Food 4 Less

Ross Dress for Less

Westgate Center

2 unchanged sentences

Ross Dress for Less

Bristol Plaza

Bristol, CT 06010 1959 1995 264,000 $15.63 95% Stop & Shop

Darien Commons

7 unchanged sentences

Friendship Center

Washington, DC 20015 1998 2001 54,000 $28.43 100% Marshalls

Washington, DC 20015 1998 2001 25,000 $23.18 100% Maggiano's

Coconut Grove, FL 33133(11) 1990/1994,

4 unchanged sentences

Boca Raton, FL 33433 1982, 1994

& 2007 2008/2014 187,000 $24.53 97% Winn Dixie

& 2007 2008/2014 187,000 $25.59 98% Aldi

Shops at Pembroke Gardens

3 unchanged sentences

Ross Dress for Less

Property, City, State, Zip Code Year Completed Year Acquired Square Feet(1) /Apartment Units Average Base Rent Per Square Foot(2) Percentage Leased(3) Principal Tenant(s)

Highland Park, IL 60035 1959 1993 168,000 $21.52 97% L.A.

Ferguson's Bath, Kitchen, & Lighting Gallery

Ferguson Home

Property, City, State, Zip Code Year Completed Year Acquired Square Feet(1) /Apartment Units Average Base Rent Per Square Foot(2) Percentage Leased(3) Principal Tenant(s)

Finley Square

Downers Grove, IL 60515 1974 1995 258,000 $21.04 79% Michaels

Downers Grove, IL 60515 1974 1995 258,000 $18.96 93% Marshalls

Garden Market

2 unchanged sentences

Chicago, IL 60614 1989, 2012 2017 211,000 $22.00 98% Jewel Osco

Town Center Crossing/Town Center Plaza

Leawood, KS 66209 1995, 2005-2008, 2014, 2015 2025 552,000 $37.14 95% Trader Joe's

Crate & Barrel

Restoration Hardware

Annapolis Town Center

Annapolis, MD 21401 2007-2010 2025 479,000 $34.67 90% Whole Foods

Restoration Hardware

Williams Sonoma

Life Time Fitness

Anthropologie

Bethesda, MD 20814(6)(7) 1945-1991

36 unchanged sentences

Multiple Restaurants

Property, City, State, Zip Code Year Completed Year Acquired Square Feet(1) /Apartment Units Average Base Rent Per Square Foot(2) Percentage Leased(3) Principal Tenant(s)

Pike & Rose Residential

4 unchanged sentences

Gaithersburg, MD 20877(7) 1975 1993 271,000 $26.17 87% Aldi

Property, City, State, Zip Code Year Completed Year Acquired Square Feet(1) /Apartment Units Average Base Rent Per Square Foot(2) Percentage Leased(3) Principal Tenant(s)

THE AVENUE at White Marsh

13 unchanged sentences

2013 1,230,000 $41.61 98% Trader Joe's

Bob's Discount Furniture

Multiple Restaurants

19 unchanged sentences

Roseville, MI 48066 1964 1973 205,000 $14.68 85% Kroger

Bob's Discount Furniture

Village Pointe

Omaha, NE 68118 2004 2025 452,000 $26.43 96% Nordstrom Rack

Brick Township, NJ 08723(7) 1958 1989 405,000 $23.66 97% Trader Joe's

3 unchanged sentences

Cherry Hill, NJ 08034 1959 1992 260,000 $21.18 100% Whole Foods

Property, City, State, Zip Code Year Completed Year Acquired Square Feet(1) /Apartment Units Average Base Rent Per Square Foot(2) Percentage Leased(3) Principal Tenant(s)

Hoboken, NJ 07030(4)(6)(12) 1887-2006 2019/2020/2022 171,000 $62.98 97% CVS

2 unchanged sentences

129 units N/A 96%

Mercer on One (formerly Mercer Mall)

Mercer on One

Lawrenceville, NJ 08648(7) 1975 2003/2017/2023 551,000 $29.16 97% Shop Rite

6 unchanged sentences

Williams Sonoma

Property, City, State, Zip Code Year Completed Year Acquired Square Feet(1) /Apartment Units Average Base Rent Per Square Foot(2) Percentage Leased(3) Principal Tenant(s)

Parsippany-Troy, NJ 07054 1966 1980 211,000 $20.09 99% Target

11 unchanged sentences

Huntington, NY 11746 1962, 2024 1988/2007/ 2015 217,000 $37.02 97% Whole Foods

Container Store

Huntington Square

East Northport, NY 11731 1980, 2007 2010/2023 244,000 $23.07 90% Aldi

24 Hour Fitness

Melville Mall

18 unchanged sentences

Willow Grove, PA 19090 1953 1984 86,000 $26.10 100% Amazon Food

Property, City, State, Zip Code Year Completed Year Acquired Square Feet(1) /Apartment Units Average Base Rent Per Square Foot(2) Percentage Leased(3) Principal Tenant(s)

Wynnewood, PA 19096 1948 1996 239,000 $32.54 97% Giant Food

9 units N/A 100%

Charlottesville, VA 22091 1975-2001 2007 168,000 $21.50 99% HomeGoods

Charlottesville, VA 22091 1975-2001 2007 168,000 $21.73 99% Lidl

Barcroft Plaza

Falls Church, VA 22041 1963, 1972, 1990, & 2000 2006/2007/ 2016 113,000 $32.78 98% Harris Teeter

Property, City, State, Zip Code Year Completed Year Acquired Square Feet(1) /Apartment Units Average Base Rent Per Square Foot(2) Percentage Leased(3) Principal Tenant(s)

Barracks Road

10 unchanged sentences

Idylwood Plaza

Falls Church, VA 22030 1991 1994 73,000 $48.70 100% Whole Foods

Falls Church, VA 22030 1991 1994 73,000 $51.51 98%

Kingstowne Towne Center

16 unchanged sentences

Fairfax, VA 22032 1977 2021 103,000 $30.42 98% Safeway

Outback Steakhouse

Tyson's Station

8 unchanged sentences

Arlington, VA 22202 2001-2002 1998/2010 298,000 $35.22 99% Harris Teeter

Property, City, State, Zip Code Year Completed Year Acquired Square Feet(1) /Apartment Units Average Base Rent Per Square Foot(2) Percentage Leased(3) Principal Tenant(s)

Richmond, VA 23230 1957 1983 463,000 $23.49 98% Kroger

22 unchanged sentences

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-K

Item 2. Properties