What changed in this filing

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Item 1. Financial Statements

2025-10-30 compared with 2025-07-31 · 239 added, 186 removed, 733 unchanged (37% of the section changed)

3 unchanged sentences

(in thousands, except share and per share data)

September 30,

2025 December 31,

11 unchanged sentences

Investments in unconsolidated subsidiaries 374,868 19,511

Assets associated with investment properties held for sale 87,908 73,791

Assets associated with investment property held for sale 59,515 73,791

Total assets $ 6,647,715 $ 7,091,767

3 unchanged sentences

Deferred revenue and other liabilities 222,602 246,100

Liabilities associated with investment properties held for sale 4,949 4,009

Liabilities associated with investment property held for sale 4,399 4,009

Total liabilities 3,371,663 3,679,690

3 unchanged sentences

216,730,185 and 219,667,067 shares issued and outstanding at

June 30, 2025 and December 31, 2024, respectively

September 30, 2025 and December 31, 2024, respectively

Additional paid-in capital 4,800,058 4,868,554

9 unchanged sentences

(in thousands, except share and per share data)

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

Three Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

13 unchanged sentences

Gain (loss) on sales of operating properties, net 5,742 602 108,855 ( 864 )

Net gains from outlot sales 6,096 — 6,096 1,858

Equity in loss of unconsolidated subsidiaries ( 4,619 ) ( 607 ) ( 8,464 ) ( 1,201 )

1 unchanged sentence

Other income, net 1,656 4,371 6,194 12,294

Net income (loss) 112,599 ( 49,303 ) 136,863 ( 34,867 )

Net (income) loss attributable to noncontrolling interests ( 2,281 ) 665 ( 2,815 ) 385

Net income (loss) attributable to common shareholders $ 110,318 $ ( 48,638 ) $ 134,048 $ ( 34,482 )

Net income (loss) per common share – basic and diluted $ 0.50 $ ( 0.22 ) $ 0.61 $ ( 0.16 )

Net (loss) income ( 16,410 ) 17,053 120,453 ( 17,814 )

Net loss (income) attributable to noncontrolling interests 203 ( 324 ) ( 2,612 ) 61

Net (loss) income attributable to common shareholders $ ( 16,207 ) $ 16,729 $ 117,841 $ ( 17,753 )

Net (loss) income per common share – basic and diluted $ ( 0.07 ) $ 0.08 $ 0.54 $ ( 0.08 )

Weighted average common shares outstanding – basic 219,408,533 219,665,836 219,652,052 219,596,590

Weighted average common shares outstanding – diluted 219,408,533 220,096,693 219,768,504 219,596,590

Net income (loss) $ 112,599 $ ( 49,303 ) $ 136,863 $ ( 34,867 )

Net (loss) income $ ( 16,410 ) $ 17,053 $ 120,453 $ ( 17,814 )

Change in fair value of derivatives ( 3,271 ) ( 12,700 ) ( 11,543 ) ( 14,867 )

Total comprehensive income (loss) 108,608 ( 54,011 ) 128,592 ( 37,033 )

Comprehensive (income) loss attributable to noncontrolling

Total comprehensive (loss) income ( 19,681 ) 4,353 108,910 ( 32,681 )

Comprehensive loss (income) attributable to noncontrolling

261 ( 175 ) ( 2,498 ) 197

Comprehensive income (loss) attributable to the Company $ 106,408 $ ( 53,274 ) $ 125,833 $ ( 36,661 )

Comprehensive (loss) income attributable to the Company $ ( 19,420 ) $ 4,178 $ 106,412 $ ( 32,484 )

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

12 unchanged sentences

Distributions to common shareholders — — — — ( 59,349 ) ( 59,349 )

Net income attributable to common

— — — — 23,730 23,730

Adjustment to redeemable noncontrolling

— — ( 5,683 ) — — ( 5,683 )

Net income attributable to common shareholders — — — — 23,730 23,730

Adjustment to redeemable noncontrolling interests — — ( 5,683 ) — — ( 5,683 )

Balance at March 31, 2025 219,812,300 $ 2,198 $ 4,864,320 $ 32,307 $ ( 1,630,872 ) $ 3,267,953

2 unchanged sentences

Distributions to common shareholders — — — — ( 59,361 ) ( 59,361 )

Net income attributable to common

— — — — 110,318 110,318

Adjustment to redeemable noncontrolling

— — ( 462 ) — — ( 462 )

Net income attributable to common shareholders — — — — 110,318 110,318

Adjustment to redeemable noncontrolling interests — — ( 462 ) — — ( 462 )

Balance at June 30, 2025 219,858,193 $ 2,198 $ 4,867,036 $ 28,397 $ ( 1,579,915 ) $ 3,317,716

Stock compensation activity ( 128 ) — 3,054 — — 3,054

Shares repurchased through Share Repurchase Program ( 3,127,880 ) ( 31 ) ( 69,969 ) — — ( 70,000 )

Other comprehensive loss — — — ( 3,213 ) — ( 3,213 )

Distributions to common shareholders — — — — ( 58,457 ) ( 58,457 )

Net loss attributable to common shareholders — — — — ( 16,207 ) ( 16,207 )

Adjustment to redeemable noncontrolling interests — — ( 63 ) — — ( 63 )

Balance at September 30, 2025 216,730,185 $ 2,167 $ 4,800,058 $ 25,184 $ ( 1,654,579 ) $ 3,172,830

Balance at December 31, 2023 219,448,429 $ 2,194 $ 4,886,592 $ 52,435 $ ( 1,373,083 ) $ 3,568,138

2 unchanged sentences

Distributions to common shareholders — — — — ( 54,901 ) ( 54,901 )

Net income attributable to common

— — — — 14,156 14,156

Adjustment to redeemable noncontrolling

— — ( 1,010 ) — — ( 1,010 )

Net income attributable to common shareholders — — — — 14,156 14,156

Adjustment to redeemable noncontrolling interests — — ( 1,010 ) — — ( 1,010 )

Balance at March 31, 2024 219,603,862 $ 2,196 $ 4,887,573 $ 54,891 $ ( 1,413,828 ) $ 3,530,832

3 unchanged sentences

Net loss attributable to common shareholders — — — — ( 48,638 ) ( 48,638 )

Adjustment to redeemable noncontrolling

— — ( 4,118 ) — — ( 4,118 )

Adjustment to redeemable noncontrolling interests — — ( 4,118 ) — — ( 4,118 )

Balance at June 30, 2024 219,654,953 $ 2,197 $ 4,886,532 $ 50,255 $ ( 1,517,383 ) $ 3,421,601

Stock compensation activity 11,176 — 2,553 — — 2,553

Other comprehensive loss — — — ( 12,551 ) — ( 12,551 )

Distributions to common shareholders — — — — ( 57,113 ) ( 57,113 )

Net income attributable to common shareholders — — — — 16,729 16,729

Adjustment to redeemable noncontrolling interests — — ( 21,850 ) — — ( 21,850 )

Balance at September 30, 2024 219,666,129 $ 2,197 $ 4,867,235 $ 37,704 $ ( 1,557,767 ) $ 3,349,369

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

2 unchanged sentences

(in thousands)

Six Months Ended June 30,

Nine Months Ended September 30,

Cash flows from operating activities:

3 unchanged sentences

(Gain) loss on sales of operating properties, net ( 108,855 ) 864

Net gains from outlot sales ( 6,096 ) ( 1,858 )

Gain on sale of unconsolidated property, net — ( 2,325 )

13 unchanged sentences

Capital expenditures ( 114,047 ) ( 106,856 )

Net proceeds from sales of land — 4,855

Net proceeds from outlot sales 12,858 6,756

Net proceeds from sales of operating properties 251,249 30,409

8 unchanged sentences

Repurchases of common shares upon the vesting of restricted shares ( 1,193 ) ( 907 )

Shares repurchased through Share Repurchase Program ( 70,000 ) —

Debt and equity issuance costs ( 4,147 ) ( 7,306 )

16 unchanged sentences

(in thousands, except unit data)

September 30,

2025 December 31,

11 unchanged sentences

Investments in unconsolidated subsidiaries 374,868 19,511

Assets associated with investment properties held for sale 87,908 73,791

Assets associated with investment property held for sale 59,515 73,791

Total assets $ 6,647,715 $ 7,091,767

3 unchanged sentences

Deferred revenue and other liabilities 222,602 246,100

Liabilities associated with investment properties held for sale 4,949 4,009

Liabilities associated with investment property held for sale 4,399 4,009

Total liabilities 3,371,663 3,679,690

3 unchanged sentences

Common equity, 216,730,185 and 219,667,067 units issued and outstanding

at June 30, 2025 and December 31, 2024, respectively

at September 30, 2025 and December 31, 2024, respectively

3,147,646 3,275,498

9 unchanged sentences

(in thousands, except unit and per unit data)

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

Three Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

13 unchanged sentences

Gain (loss) on sales of operating properties, net 5,742 602 108,855 ( 864 )

Net gains from outlot sales 6,096 — 6,096 1,858

Equity in loss of unconsolidated subsidiaries ( 4,619 ) ( 607 ) ( 8,464 ) ( 1,201 )

1 unchanged sentence

Other income, net 1,656 4,371 6,194 12,294

Net income (loss) 112,599 ( 49,303 ) 136,863 ( 34,867 )

Net (loss) income ( 16,410 ) 17,053 120,453 ( 17,814 )

Net income attributable to noncontrolling interests ( 82 ) ( 63 ) ( 233 ) ( 204 )

Net income (loss) attributable to common unitholders $ 112,518 $ ( 49,377 ) $ 136,712 $ ( 35,008 )

Allocation of net income (loss):

Net (loss) income attributable to common unitholders $ ( 16,492 ) $ 16,990 $ 120,220 $ ( 18,018 )

Allocation of net (loss) income:

Limited Partners $ ( 285 ) $ 261 $ 2,379 $ ( 265 )

1 unchanged sentence

$ ( 16,492 ) $ 16,990 $ 120,220 $ ( 18,018 )

Net income (loss) per common unit – basic and diluted $ 0.50 $ ( 0.22 ) $ 0.61 $ ( 0.16 )

Net (loss) income per common unit – basic and diluted $ ( 0.07 ) $ 0.08 $ 0.54 $ ( 0.08 )

Weighted average common units outstanding – basic 224,258,121 223,529,610 224,386,126 223,323,641

Weighted average common units outstanding – diluted 224,258,121 223,960,467 224,502,578 223,323,641

Net income (loss) $ 112,599 $ ( 49,303 ) $ 136,863 $ ( 34,867 )

Net (loss) income $ ( 16,410 ) $ 17,053 $ 120,453 $ ( 17,814 )

Change in fair value of derivatives ( 3,271 ) ( 12,700 ) ( 11,543 ) ( 14,867 )

Total comprehensive income (loss) 108,608 ( 54,011 ) 128,592 ( 37,033 )

Total comprehensive (loss) income ( 19,681 ) 4,353 108,910 ( 32,681 )

Comprehensive income attributable to noncontrolling

( 82 ) ( 63 ) ( 233 ) ( 204 )

Comprehensive income (loss) attributable to common

Comprehensive (loss) income attributable to common

$ ( 19,763 ) $ 4,290 $ 108,677 $ ( 32,885 )

21 unchanged sentences

Balance at June 30, 2025 $ 3,289,319 $ 28,397 $ 3,317,716

Stock compensation activity 3,054 — 3,054

Units repurchased in connection with Share Repurchase Program ( 70,000 ) — ( 70,000 )

Other comprehensive loss attributable to Parent Company — ( 3,213 ) ( 3,213 )

Distributions to Parent Company ( 58,457 ) — ( 58,457 )

Net loss attributable to Parent Company ( 16,207 ) — ( 16,207 )

Adjustment to redeemable noncontrolling interests ( 63 ) — ( 63 )

Balance at September 30, 2025 $ 3,147,646 $ 25,184 $ 3,172,830

Balance at December 31, 2023 $ 3,515,703 $ 52,435 $ 3,568,138

11 unchanged sentences

Balance at June 30, 2024 $ 3,371,346 $ 50,255 $ 3,421,601

Stock compensation activity 2,553 — 2,553

Other comprehensive loss attributable to Parent Company — ( 12,551 ) ( 12,551 )

Distributions to Parent Company ( 57,113 ) — ( 57,113 )

Net income attributable to Parent Company 16,729 — 16,729

Adjustment to redeemable noncontrolling interests ( 21,850 ) — ( 21,850 )

Balance at September 30, 2024 $ 3,311,665 $ 37,704 $ 3,349,369

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

3 unchanged sentences

(in thousands)

Six Months Ended June 30,

Nine Months Ended September 30,

Cash flows from operating activities:

3 unchanged sentences

(Gain) loss on sales of operating properties, net ( 108,855 ) 864

Net gains from outlot sales ( 6,096 ) ( 1,858 )

Gain on sale of unconsolidated property, net — ( 2,325 )

13 unchanged sentences

Capital expenditures ( 114,047 ) ( 106,856 )

Net proceeds from sales of land — 4,855

Net proceeds from outlot sales 12,858 6,756

Net proceeds from sales of operating properties 251,249 30,409

8 unchanged sentences

Repurchases of common shares upon the vesting of restricted shares ( 1,193 ) ( 907 )

Units repurchased in connection with Share Repurchase Program ( 70,000 ) —

Debt and equity issuance costs ( 4,147 ) ( 7,306 )

15 unchanged sentences

Notes to Consolidated Financial Statements (Unaudited)

June 30, 2025

September 30, 2025

(dollars in thousands, except share, per share, unit and per unit amounts and where indicated in millions or billions)

6 unchanged sentences

We believe the Company qualifies as a real estate investment trust (“REIT”) under sections 856-860 of the Internal Revenue Code of 1986, as amended (the “Code”).

The Parent Company is the sole general partner of the Operating Partnership and, as of June 30, 2025, owned approximately 97.8 % of the common partnership interests in the Operating Partnership (the “General Partner Units”).

The Parent Company is the sole general partner of the Operating Partnership and, as of September 30, 2025, owned approximately 97.8 % of the common partnership interests in the Operating Partnership (the “General Partner Units”).

The remaining 2.2 % of the common partnership interests (the “Limited Partner Units” and, together with the General Partner Units, the “Common Units”) were owned by the limited partners.

5 unchanged sentences

Certain information and footnote disclosures normally included in the financial statements prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) may have been condensed or omitted pursuant to such rules and regulations, although management believes that the disclosures are adequate to make the presentation not misleading.

The unaudited consolidated financial statements as of June 30, 2025 and for the three and six months ended June 30, 2025 and 2024 include all adjustments, consisting of normal recurring adjustments, necessary in the opinion of management to present fairly the financial information set forth therein.

The unaudited consolidated financial statements as of September 30, 2025 and for the three and nine months ended September 30, 2025 and 2024 include all adjustments, consisting of normal recurring adjustments, necessary in the opinion of management to present fairly the financial information set forth therein.

The unaudited consolidated financial statements in this Form 10-Q should be read in conjunction with the audited consolidated financial statements and related notes thereto included in the combined Annual Report on Form 10-K of the Parent Company and the Operating Partnership for the year ended December 31, 2024.

2 unchanged sentences

The results of operations for the interim periods are not necessarily indicative of the results that may be expected on an annual basis.

As of June 30, 2025, the Company’s portfolio consisted of the following:

In accordance with Accounting Standards Codification Topic 205, Presentation of Financial Statements , certain prior year balances have been reclassified in order to conform to the current period presentation.

Specifically, all gains on sales of land parcels have been presented in a single line item, “Net gains from outlot sales,” rather than the previous presentation where it was included as a component of “Other property-related revenue” in the accompanying consolidated statements of operations and other comprehensive income (loss).

As of September 30, 2025, the Company’s portfolio consisted of the following:

Properties Square Footage

9 unchanged sentences

(1) Included within the operating retail/mixed-use properties are 11 properties that contain an office component.

Excludes two operating retail properties classified as held for sale as of June 30, 2025.

Excludes one operating retail property classified as held for sale as of September 30, 2025, as well as Eastgate Crossing, a 152,682 square foot multi-tenant retail property in the Durham-Chapel Hill metropolitan statistical area (“MSA”) that was reclassified from our operating portfolio in September 2025 due to significant disruption caused by severe flooding as a result of Tropical Storm Chantal.

(2) Standalone office properties include the Company’s headquarters at 30 South Meridian and the Carillon medical office building, which was reclassified from active redevelopment into our office portfolio in December 2024.

1 unchanged sentence

Components of Investment Properties

The following table summarizes the composition of the Company’s investment properties as of June 30, 2025 and December 31, 2024 (in thousands) :

June 30, 2025 December 31, 2024

The following table summarizes the composition of the Company’s investment properties as of September 30, 2025 and December 31, 2024 (in thousands) :

September 30, 2025 December 31, 2024

Land, buildings and improvements $ 7,360,431 $ 7,591,036

2 unchanged sentences

Components of Rental Income, including Allowance for Uncollectible Accounts

Rental income related to the Company’s operating leases is comprised of the following for the three and six months ended June 30, 2025 and 2024 (in thousands) :

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

Rental income related to the Company’s operating leases is comprised of the following for the three and nine months ended September 30, 2025 and 2024 (in thousands) :

Three Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

12 unchanged sentences

These short-term deposits earned interest at a weighted average interest rate of 5.05 % with a maturity date of February 2025.

During the six months ended June 30, 2025, the Company earned $ 2.5 million of interest income on the August 2024 deposits, which is recorded within “Other income, net” in the accompanying consolidated statements of operations and comprehensive income (loss).

During the nine months ended September 30, 2025, the Company earned $ 2.5 million of interest income on the August 2024 deposits, which is recorded within “Other income, net” in the accompanying consolidated statements of operations and comprehensive income (loss).

Consolidation and Investments in Joint Ventures

The accompanying financial statements are presented on a consolidated basis and include all accounts of the Parent Company, the Operating Partnership, the taxable REIT subsidiaries (“TRSs”) of the Operating Partnership, subsidiaries of the Operating Partnership that are controlled, and any variable interest entities (“VIEs”) in which the Operating Partnership is the primary beneficiary.

As of June 30, 2025, we owned investments in two consolidated joint ventures that were VIEs in which the partners did not have substantive participating rights, and we were the primary beneficiary.

As of June 30, 2025, these consolidated VIEs had mortgage debt totaling $ 108.5 million, which was secured by assets of the VIEs totaling $ 219.8 million.

As of September 30, 2025, we owned investments in two consolidated joint ventures that were VIEs in which the partners did not have substantive participating rights, and we were the primary beneficiary.

As of September 30, 2025, these consolidated VIEs had mortgage debt totaling $ 107.9 million, which was secured by assets of the VIEs totaling $ 207.4 million.

The Operating Partnership guarantees the mortgage debt of these VIEs.

27 unchanged sentences

We report the non-redeemable noncontrolling interests in subsidiaries as equity, and the amount of consolidated net income attributable to these noncontrolling interests is set forth separately in the accompanying consolidated financial statements.

The following table summarizes the non-redeemable noncontrolling interests in consolidated properties for the six months ended June 30, 2025 and 2024 (in thousands) :

Six Months Ended June 30,

The following table summarizes the non-redeemable noncontrolling interests in consolidated properties for the nine months ended September 30, 2025 and 2024 (in thousands) :

Nine Months Ended September 30,

Noncontrolling interests balance as of January 1, $ 1,893 $ 2,430

1 unchanged sentence

Distributions to noncontrolling interests ( 205 ) ( 760 )

Noncontrolling interests balance as of June 30,

Noncontrolling interests balance as of September 30,

$ 1,921 $ 1,874

4 unchanged sentences

Under terms defined in the joint venture agreement, after construction completion and stabilization of the development project (as defined in the joint venture agreement), the Company has the ability to call, and the joint venture partner has the ability to put to the Company, subject to certain conditions, the joint venture partner’s interest in the joint venture at fair value.

As of June 30, 2025, the conditions for exercising the put and call options have been met but neither the Company nor the joint venture partner has exercised their respective options.

As of September 30, 2025, the conditions for exercising the put and call options have been met but neither the Company nor the joint venture partner has exercised their respective options.

The joint venture is considered a VIE primarily because the Company’s joint venture partner does not have substantive kick-out rights or substantive participating rights.

5 unchanged sentences

The carrying amount of the redeemable noncontrolling interests in the Operating Partnership is reflected at the greater of historical book value or redemption value with a corresponding adjustment to additional paid-in capital.

As of June 30, 2025 and December 31, 2024, the redemption value of the redeemable noncontrolling interests in the Operating Partnership exceeded the historical book value, and the balances were accordingly adjusted to redemption value.

As of September 30, 2025 and December 31, 2024, the redemption value of the redeemable noncontrolling interests in the Operating Partnership exceeded the historical book value, and the balances were accordingly adjusted to redemption value.

We allocate net operating results of the Operating Partnership after noncontrolling interests in the consolidated properties based on the partners’ respective weighted average ownership interest.

1 unchanged sentence

This adjustment is reflected in our shareholders’ and Parent Company’s equity.

For the three and six months ended June 30, 2025 and 2024, the weighted average interests of the Parent Company and the limited partners in the Operating Partnership were as follows:

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

For the three and nine months ended September 30, 2025 and 2024, the weighted average interests of the Parent Company and the limited partners in the Operating Partnership were as follows:

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

2025 2024 2025 2024

1 unchanged sentence

Limited partners’ weighted average interests in the Operating Partnership 2.2 % 1.7 % 2.1 % 1.7 %

As of June 30, 2025, the Parent Company’s interest and the limited partners’ redeemable noncontrolling ownership interests in the Operating Partnership were 97.8 % and 2.2 %, respectively.

As of September 30, 2025, the Parent Company’s interest and the limited partners’ redeemable noncontrolling ownership interests in the Operating Partnership were 97.8 % and 2.2 %, respectively.

As of December 31, 2024, the Parent Company’s interest and the limited partners’ redeemable noncontrolling ownership interests in the Operating Partnership were 98.1 % and 1.9 %, respectively.

4 unchanged sentences

The Parent Company also has the right to redeem the Limited Partner Units directly from the limited partner in exchange for either cash in the amount specified above or a number of its common shares equal to the number of Limited Partner Units being redeemed.

There were 4,849,588 and 4,192,597 Limited Partner Units outstanding as of June 30, 2025 and December 31, 2024, respectively.

There were 4,849,588 and 4,192,597 Limited Partner Units outstanding as of September 30, 2025 and December 31, 2024, respectively.

The increase in Limited Partner Units outstanding from December 31, 2024 is due to non-cash compensation awards granted to our executive officers in the form of Limited Partner Units.

The redeemable noncontrolling interests in the Operating Partnership for the six months ended June 30, 2025 and 2024 were as follows (in thousands) :

Six Months Ended June 30,

The redeemable noncontrolling interests in the Operating Partnership for the nine months ended September 30, 2025 and 2024 were as follows (in thousands) :

Nine Months Ended September 30,

Redeemable noncontrolling interests balance as of January 1, $ 98,074 $ 73,287

2 unchanged sentences

Other, net including adjustments to redemption value 6,093 26,842

Total limited partners’ interests in the Operating Partnership balance as of June 30,

Total limited partners’ interests in the Operating Partnership balance as of September 30,

$ 101,301 $ 97,026

12 unchanged sentences

This new guidance requires public entities to disclose, in a tabular format, the amounts of certain natural expenses included within relevant expense captions presented on the face of the income statement, as well as provide additional disclosures about selling expenses.

The new disclosure requirements are effective for annual reporting periods beginning after December 15, 2026 and interim periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted, and may be applied either prospectively or retrospectively.

new disclosure requirements are effective for annual reporting periods beginning after December 15, 2026 and interim periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted, and may be applied either prospectively or retrospectively.

The Company is currently evaluating the impact of this guidance on its consolidated financial statements and related disclosures.

The Company closed on the following wholly owned and unconsolidated asset acquisitions during the six months ended June 30, 2025 (dollars in thousands) :

Date Property Name Ownership Interest Metropolitan Statistical Area (MSA) Property Type Retail

The Company closed on the following wholly owned and unconsolidated asset acquisitions during the nine months ended September 30, 2025 (dollars in thousands) :

Date Property Name Ownership Interest MSA Property Type Retail

Square Footage Acquisition

5 unchanged sentences

(1) Legacy West also contains 443,553 square feet of office space and 782 multifamily units.

The Company closed on the following wholly owned asset acquisition during the nine months ended September 30, 2024 (dollars in thousands) :

Date Property Name Ownership Interest MSA Property Type Square Footage Acquisition

August 30, 2024 Parkside West Cobb 100 % Atlanta Multi-tenant retail 141,627 $ 40,125

The above acquisitions were funded using a combination of available cash on hand, proceeds from dispositions, and borrowings on the Company’s unsecured revolving line of credit.

4 unchanged sentences

See Note 5 to the accompanying consolidated financial statements for details of the Legacy West Joint Venture with GIC.

The Company did not acquire any properties during the six months ended June 30, 2024.

DISPOSITIONS AND IMPAIRMENT CHARGES

The Company closed on the following dispositions during the six months ended June 30, 2025 (dollars in thousands) :

The Company closed on the following dispositions during the nine months ended September 30, 2025 (dollars in thousands) :

Date Property Name MSA Property Type Square

8 unchanged sentences

Lucie, FL Multi-tenant retail 397,199 93,754 23,636

July 21, 2025 Humblewood Shopping Center (2)

Houston Multi-tenant retail 85,682 18,250 5,890

1,332,083 $ 379,250 $ 108,381

(1) The Company has retained a 52 % noncontrolling interest in this property.

(2) Disposition proceeds are temporarily restricted related to a potential Code Section 1031 tax-deferred exchange.

During the three months ended September 30, 2025, the Company sold approximately one acre of land at Hamilton Crossing Centre, a redevelopment property in the Indianapolis MSA, for a sales price of $ 0.8 million and recorded a net loss of $ 0.1 million on the sale.

In addition, the Company sold a land parcel at Lakewood Towne Center in the Seattle MSA for a sales price of $ 13.7 million and recorded a net gain of $ 6.1 million, which is recorded within “Net gains from outlot sales” in the accompanying consolidated statements of operations and comprehensive income (loss).

During the three months ended June 30, 2025, the Company contributed three previously wholly owned properties, Denton Crossing, Parkway Towne Crossing, and The Landing at Tradition, valued at $ 233.0 million in the aggregate to a newly formed joint venture with GIC (the “GIC Portfolio Joint Venture”) (see Note 5 to the accompanying consolidated financial statements for further details), and received $ 112.1 million in gross proceeds for the 48 % interest in the joint venture acquired by GIC.

2 unchanged sentences

The Company’s retained 52 % equity method investment was recorded at fair value as of the transaction date, which equaled $ 120.9 million.

The Company closed on the following disposition during the six months ended June 30, 2024 (dollars in thousands) :

The Company closed on the following disposition during the nine months ended September 30, 2024 (dollars in thousands) :

Date Property Name MSA Property Type Square

1 unchanged sentence

May 31, 2024 Ashland & Roosevelt Chicago Multi-tenant retail 104,176 $ 30,600 $ ( 1,234 )

As of June 30, 2025, the Company had entered into a contract to sell Humblewood Shopping Center, an 85,682 square foot multi-tenant retail property in the Houston MSA.

This property qualified for held-for-sale accounting treatment upon meeting all applicable GAAP criteria during the quarter ended June 30, 2025, at which time depreciation and amortization ceased.

In addition, the assets and liabilities associated with this property are separately classified as held for sale in the accompanying consolidated balance sheet as of June 30, 2025.

Humblewood Shopping Center was sold on July 21, 2025 for a gross sales price of $ 18.3 million with an anticipated gain on sale.

The proceeds from the sale are restricted for 180 days related to a potential Code Section 1031 tax-deferred exchange (“1031 Exchange”).

We have also classified City Center, a 362,278 square foot multi-tenant retail property in the New York MSA, as held for sale since June 30, 2024 as the Company has and remains committed to a plan to sell this asset although the sale has not been completed within one year.

This property qualified for held-for-sale accounting treatment upon meeting all applicable GAAP criteria as of June 30, 2024, at which time depreciation and amortization were ceased, and continues to meet the GAAP criteria for held-for-sale accounting treatment as of June 30, 2025.

In addition, the assets and liabilities associated with this property remain separately classified as held for sale in the accompanying consolidated balance sheets as of June 30, 2025 and December 31, 2024.

As of June 30, 2024, in connection with the preparation and review of the second quarter 2024 financial statements and in conjunction with classifying City Center as held for sale, we evaluated City Center for impairment and recorded a $ 66.2 million impairment charge due to changes in the facts and circumstances underlying the Company’s expected future hold period of the property.

A shortening of the expected future hold period is considered an impairment indicator;

therefore, we assessed the recoverability of City Center by comparing the carrying value of long-lived assets of $ 135.1 million as of June 30, 2024 to its estimated fair value of $ 69.6 million, which was determined using the income approach, less estimated selling costs of $ 0.7 million.

The income approach involves discounting the estimated income stream and reversion (presumed sale) value of a property over an estimated hold period to a present value at a risk-adjusted rate.

We used capitalization rates as a significant assumption in the valuation model, which are considered to be Level 3 inputs within the fair value hierarchy.

We applied capitalization rates ranging from 6.0 % to 15.0 % to property income streams based upon the risk profile of the respective tenants and market rent of the leasable space.

Based on this analysis, we recorded a $ 66.2 million non-cash impairment charge on City Center during the three months ended June 30, 2024.

The following table presents the assets and liabilities associated with Humblewood Shopping Center and City Center, the investment properties classified as held for sale as of June 30, 2025.

In addition, City Center was classified as held for sale as of December 31, 2024 (in thousands) :

June 30, 2025 December 31, 2024

Investment Properties Held for Sale

The Company has classified City Center, a 362,278 square foot multi-tenant retail property in the New York MSA, as held for sale since June 30, 2024 as the Company has committed to a plan to sell this asset.

In addition, the assets and liabilities associated with this property remain separately classified as held for sale in the accompanying consolidated balance sheets as of September 30, 2025 and December 31, 2024.

The following table presents the assets and liabilities associated with City Center, the investment property classified as held for sale as of September 30, 2025 and December 31, 2024 (in thousands) :

September 30, 2025 December 31, 2024

Net investment properties $ 52,795 $ 68,991

3 unchanged sentences

Prepaid and other assets 887 181

Assets associated with investment properties held for sale $ 87,908 $ 73,791

Assets associated with investment property held for sale $ 59,515 $ 73,791

Accounts payable and accrued expenses $ 891 $ 544

Deferred revenue and other liabilities 3,508 3,465

Liabilities associated with investment properties held for sale $ 4,949 $ 4,009

There were no discontinued operations for the six months ended June 30, 2025 and 2024 as none of the dispositions or planned dispositions represented a strategic shift that has had, or will have, a material effect on our operations or financial results.

Liabilities associated with investment property held for sale $ 4,399 $ 4,009

There were no discontinued operations for the nine months ended September 30, 2025 and 2024 as none of the dispositions or planned dispositions represented a strategic shift that has had, or will have, a material effect on our operations or financial results.

Valuation of Investment Properties

As of September 30, 2025, in connection with the preparation and review of the third quarter 2025 financial statements, we evaluated the Carillon medical office building, which is included in our office portfolio, and the retail portion of Carillon, which is not under active redevelopment, for impairment and recorded impairment charges totaling $ 22.3 million based upon the terms and conditions of purchase offers received.

A decrease in market price along with a shortening of the expected future hold period are considered impairment indicators;

therefore, we assessed the recoverability of the carrying value of long-lived assets of Carillon using the held and used approach, noting the carrying value was not recoverable.

As of September 30, 2025, the carrying value of the Carillon medical office building was $ 35.7 million and its estimated fair value was $ 24.0 million;

therefore, we recorded an $ 11.7 million impairment charge on the Carillon medical office building during the three months ended September 30, 2025.

As of September 30, 2025, the carrying value of the retail portion of Carillon was $ 36.1 million and its estimated fair value was $ 25.5 million;

therefore, we recorded a $ 10.6 million impairment charge on the retail portion of Carillon during the three months ended September 30, 2025.

As of September 30, 2025, in connection with the preparation and review of the third quarter 2025 financial statements and in conjunction with continuing to classify City Center as held for sale, we evaluated City Center for impairment and recorded a $ 17.0 million impairment charge based upon the terms and conditions of purchase offers received.

We assessed the recoverability of City Center by comparing the carrying value of long-lived assets of $ 71.5 million as of September 30, 2025 to its estimated fair value of $ 55.0 million, less estimated selling costs of $ 0.5 million;

therefore, we recorded a $ 17.0 million impairment charge on City Center during the three months ended September 30, 2025.

During the nine months ended September 30, 2024, in connection with the preparation and review of the second quarter 2024 financial statements and in conjunction with classifying City Center as held for sale as of June 30, 2024, we recorded a $ 66.2 million impairment charge on City Center due to changes in the facts and circumstances underlying the Company’s expected future hold period of the property.

A shortening of the expected future hold period is considered an impairment indicator;

The income approach involves discounting the estimated income stream and reversion (presumed sale) value of a property over an estimated hold period to a present value at a risk-adjusted rate.

We used capitalization rates as a significant assumption in the valuation model, which are considered to be Level 3 inputs within the fair value hierarchy.

We applied capitalization rates ranging from 6.0 % to 15.0 % to property income streams based upon the risk profile of the respective tenants and market rent of the leasable space.

Based on this analysis, we recorded a $ 66.2 million non-cash impairment charge on City Center during the nine months ended September 30, 2024.

INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES

The following table summarizes the Company’s investments in unconsolidated joint ventures as of June 30, 2025 and December 31, 2024 (dollars in thousands) :

The following table summarizes the Company’s investments in unconsolidated joint ventures as of September 30, 2025 and December 31, 2024 (dollars in thousands) :

Date of Investment Ownership Interest Investment at

Joint Venture June 30, 2025 December 31, 2024

Joint Venture September 30, 2025 December 31, 2024

Embassy Suites at Eddy Street Commons (1)

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On January 31, 2024, the joint venture that owned Glendale Center Apartments sold the 267 -unit property to a third party, resulting in a gain on sale of $ 20.2 million.

The Company recognized its share of the gain on the sale of unconsolidated property of $ 2.3 million during the six months ended June 30, 2024.

In addition, the Company received a $ 1.6 million distribution upon the disposition of the property during the six months ended June 30, 2024.

The Company recognized its share of the gain on the sale of unconsolidated property of $ 2.3 million during the nine months ended September 30, 2024.

In addition, the Company received a $ 1.6 million distribution upon the disposition of the property during the nine months ended September 30, 2024.

The Company maintains an investment in the joint venture, which is in the process of winding up its activities and distributing remaining net assets.

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Deferred leasing costs, lease intangibles and similar costs are amortized on a straight-line basis over the terms of the related leases.

As of June 30, 2025 and December 31, 2024, deferred costs consisted of the following (in thousands) :

June 30, 2025 December 31, 2024

As of September 30, 2025 and December 31, 2024, deferred costs consisted of the following (in thousands) :

September 30, 2025 December 31, 2024

Acquired lease intangible assets $ 287,621 $ 357,674

3 unchanged sentences

$ 203,798 $ 240,847

deferred costs associated with investment properties held for sale ( 3,071 ) ( 2,634 )

deferred costs associated with investment property held for sale ( 2,844 ) ( 2,634 )

Deferred costs, net $ 200,954 $ 238,213

2 unchanged sentences

The amounts of such amortization included in the accompanying consolidated statements of operations and comprehensive income (loss) are as follows (in thousands) :

Six Months Ended June 30,

Nine Months Ended September 30,

Amortization of deferred leasing costs, lease intangibles and other $ 48,441 $ 59,549

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Tenant rent payments received in advance are recognized as revenue in the period to which they apply, which is typically the month following their receipt.

As of June 30, 2025 and December 31, 2024, deferred revenue, intangibles, net and other liabilities consisted of the following (in thousands) :

June 30, 2025 December 31, 2024

As of September 30, 2025 and December 31, 2024, deferred revenue, intangibles, net and other liabilities consisted of the following (in thousands) :

September 30, 2025 December 31, 2024

Unamortized in-place lease liabilities $ 123,051 $ 142,035

3 unchanged sentences

$ 226,110 $ 249,565

deferred revenue associated with investment properties held for sale ( 4,081 ) ( 3,465 )

deferred revenue associated with investment property held for sale ( 3,508 ) ( 3,465 )

Deferred revenue and other liabilities $ 222,602 $ 246,100

The amortization of below-market lease intangibles is included as a component of “Rental income” in the accompanying consolidated statements of operations and comprehensive income (loss) and totaled $ 12.9 million and $ 9.8 million for the six months ended June 30, 2025 and 2024, respectively.

The amortization of below-market lease intangibles is included as a component of “Rental income” in the accompanying consolidated statements of operations and comprehensive income (loss) and totaled $ 16.5 million and $ 14.2 million for the nine months ended September 30, 2025 and 2024, respectively.

MORTGAGE AND OTHER INDEBTEDNESS

The following table summarizes the Company’s indebtedness as of June 30, 2025 and December 31, 2024 (in thousands) :

June 30, 2025 December 31, 2024

The following table summarizes the Company’s indebtedness as of September 30, 2025 and December 31, 2024 (in thousands) :

September 30, 2025 December 31, 2024

Mortgages payable $ 144,262 $ 148,185

5 unchanged sentences

Unamortized debt issuance costs, net ( 22,469 ) ( 23,446 )

Total mortgage and other indebtedness, net $ 3,022,496 $ 3,226,930

Consolidated indebtedness, including weighted average interest rates and weighted average maturities as of June 30, 2025, considering the impact of interest rate swaps, is summarized below (dollars in thousands) :

Mortgage and other indebtedness, net $ 2,941,548 $ 3,226,930

Consolidated indebtedness, including weighted average interest rates and weighted average maturities as of September 30, 2025, considering the impact of interest rate swaps, is summarized below (dollars in thousands) :

Outstanding Ratio Weighted Average

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Variable rate debt 162,800 6 % 5.08 % 3.6

168,400 6 % 7.63 % 1.2

Debt discounts, premiums and issuance costs, net ( 2,714 ) N/A N/A N/A

1 unchanged sentence

(1) Fixed rate debt includes the portion of variable rate debt that has been hedged by interest rate swaps.

As of June 30, 2025, $ 700.0 million in variable rate debt is hedged to a fixed rate for a weighted average of 0.4 years.

(2) Variable rate debt includes the portion of fixed rate debt that has been hedged by interest rate swaps.

As of June 30, 2025, $ 155.0 million in fixed rate debt is hedged to a floating rate for a weighted average of 0.2 years.

As of September 30, 2025, $ 400.0 million in variable rate debt is hedged to a fixed rate for a weighted average of 0.3 years.

Mortgages Payable

The following table summarizes the Company’s mortgages payable (dollars in thousands) :

June 30, 2025 December 31, 2024

September 30, 2025 December 31, 2024

Balance Weighted Average

7 unchanged sentences

Total mortgages payable $ 144,262 $ 148,185

(1) The fixed rate mortgages had interest rates ranging from 3.75 % to 5.73 % as of June 30, 2025 and December 31, 2024.

(1) The fixed rate mortgages had interest rates ranging from 3.75 % to 5.73 % as of September 30, 2025 and December 31, 2024.

(2) The interest rate on the variable rate mortgage is based on the Secured Overnight Financing Rate (“ SOFR ”) plus 215 basis points.

The one-month SOFR rate was 4.32 % and 4.33 % as of June 30, 2025 and December 31, 2024, respectively.

The one-month SOFR rate was 4.13 % and 4.33 % as of September 30, 2025 and December 31, 2024, respectively.

Mortgages payable, which are secured by certain real estate and, in some cases, by guarantees from the Operating Partnership, are generally due in monthly installments of principal and interest and mature over various terms through 2033.

During the six months ended June 30, 2025, we made scheduled principal payments of $ 2.6 million related to amortizing loans.

During the nine months ended September 30, 2025, we made scheduled principal payments of $ 3.9 million related to amortizing loans.

Unsecured Notes

The following table summarizes the Company’s senior unsecured notes and exchangeable senior notes (dollars in thousands) :

June 30, 2025 December 31, 2024

September 30, 2025 December 31, 2024

Maturity Date Balance Interest Rate Balance Interest Rate

1 unchanged sentence

March 15, 2025 $ — — % $ 350,000 4.00 %

Senior notes – SOFR + 3.65 % due 2025 (1)

Senior notes – 4.47 % due 2025 (1)

September 10, 2025 — — % 80,000 7.70 %

5 unchanged sentences

April 1, 2027 175,000 0.75 % 175,000 0.75 %

Senior notes – SOFR + 3.75 % due 2027 (2)

Senior notes – 4.57 % due 2027 (2)

September 10, 2027 75,000 4.57 % 75,000 7.80 %

12 unchanged sentences

Total senior unsecured notes $ 2,250,000 $ 2,380,000

(1) $ 80,000 of 4.47 % senior unsecured notes due 2025 has been swapped to a variable rate of three-month SOFR plus 3.65 % through September 10, 2025.

(2) $ 75,000 of 4.57 % senior unsecured notes due 2027 has been swapped to a variable rate of three-month SOFR plus 3.75 % through September 10, 2025.

(1) As of December 31, 2024, $ 80,000 of 4.47 % senior unsecured notes due 2025 had been swapped to a variable rate of three-month SOFR plus 3.65 % through September 10, 2025.

(2) As of December 31, 2024, $ 75,000 of 4.57 % senior unsecured notes due 2027 had been swapped to a variable rate of three-month SOFR plus 3.75 % through September 10, 2025.

(3) The coupon rate is 5.50 %;

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The Notes Due 2032 were priced at 99.513 % of the principal amount to yield 5.281 % to maturity and will mature on August 15, 2032, unless earlier redeemed.

The proceeds were used to repay the $ 150.0 million unsecured term loan that was scheduled to mature on July 17, 2026 and borrowings on the Company’s revolving line of credit, with the remaining proceeds to be used to repay the $ 80.0 million principal balance of the 4.47 % senior unsecured notes that mature on September 10, 2025.

The proceeds were used to repay the $ 150.0 million unsecured term loan that was scheduled to mature on July 17, 2026, borrowings on the Company’s revolving line of credit, and the $ 80.0 million principal balance of the 4.47 % senior unsecured notes that matured on September 10, 2025.

Unsecured Term Loans and Revolving Line of Credit

The following table summarizes the Company’s term loans and revolving line of credit (dollars in thousands) :

June 30, 2025 December 31, 2024

September 30, 2025 December 31, 2024

Maturity Date Balance Interest Rate Balance Interest Rate

11 unchanged sentences

The applicable credit spread was 1.05 % as of December 31, 2024.

These interest rate swaps are expected to be assigned to the $ 300 M Term Loan effective August 1, 2025.

These interest rate swaps were assigned to the $ 300 M Term Loan effective August 1, 2025.

(2) $ 250,000 of SOFR -based variable rate debt has been swapped to a fixed rate of 2.99 % plus a credit spread based on a ratings grid ranging from 0.75 % to 1.60 % through October 24, 2025.

The applicable credit spread was 0.95 % as of June 30, 2025 and December 31,

The applicable credit spread was 0.85 % and 0.95 % as of September 30, 2025 and December 31, 2024, respectively.

The maturity date of the term loan may be extended by one one -year period at the Operating Partnership’s election, subject to certain conditions.

(3) $ 300,000 of SOFR -based variable rate debt has been swapped to a fixed rate of 2.47 % plus a credit spread based on a ratings grid ranging from 1.15 % to 2.20 % through August 1, 2025.

The applicable credit spread was 1.25 % as of June 30, 2025 and December 31, 2024.

(3) As of September 30, 2025, $ 150,000 of the $ 300,000 SOFR -based variable rate debt has been swapped to a fixed rate of 1.68 % plus a credit spread based on a ratings grid ranging from 0.75 % to 1.60 % through July 17, 2026.

The applicable credit spread was 0.85 % as of September 30, 2025.

The interest rate shown is the weighted average rate as of September 30, 2025.

As of December 31, 2024, $ 300,000 of SOFR -based variable rate debt had been swapped to a fixed rate of 2.47 % plus a credit spread based on a ratings grid ranging from 1.15 % to 2.20 % through August 1, 2025.

The applicable credit spread was 1.25 % as of December 31, 2024.

(4) The revolving line of credit can be extended for either one one-year period or up to two six-month periods at the Company’s election, subject to (i) customary representations and warranties, including, but not limited to, the absence of an event of default as defined in the unsecured credit agreement and (ii) payment of an extension fee equal to 0.075 % of the revolving line of credit capacity.

2 unchanged sentences

Under the Credit Agreement, the Operating Partnership has the option, subject to certain customary conditions, to increase the Revolving Facility and/or incur additional term loans up to a maximum aggregate amount not to exceed $ 2.0 billion.

The Third Amendment extended the maturity date of the Revolving Facility to October 3, 2028, which maturity date may be extended for either one one-year period or up to two six -month periods at the Operating Partnership’s option, subject to certain conditions.

The Revolving Facility matures on October 3, 2028, which maturity date may be extended for either one one-year period or up to two six -month periods at the Operating Partnership’s option, subject to certain conditions.

Borrowings under the Revolving Facility bear interest at a rate per annum equal to SOFR plus a margin based on the Operating Partnership’s leverage ratio or credit rating, respectively, plus a facility fee based on the Operating Partnership’s leverage ratio or credit rating, respectively.

The SOFR rate is also subject to an additional 0.10 % spread adjustment.

In July 2025, the Operating Partnership, as borrower, and the Company entered into the Fourth Amendment (the “Fourth Amendment”) to the Credit Agreement to, among other things, eliminate an additional

0.10 % SOFR spread adjustment.

The Revolving Facility is currently priced on the leverage-based pricing grid.

1 unchanged sentence

The Company may irrevocably elect to convert to the ratings-based pricing grid at any time.

As of June 30, 2025, making such an election would have resulted in a lower interest rate;

As of September 30, 2025, making such an election would have resulted in a lower interest rate;

however, the Company had not made the election to convert to the ratings-based pricing grid.

As specified in the Third Amendment, in the event that the Company so elects to convert to the ratings-based pricing grid, the Company has the ability to obtain more favorable pricing in certain circumstances when its total leverage ratio is (x) less than or equal to 35.0 % or (y) greater than 35.0 % but less than or equal to 37.5 % with respect to not more than one fiscal quarter following a period in which the condition described in clause (x) was satisfied (the “Leverage Toggle”).

The Third Amendment also includes an adjustment to the sustainability-linked pricing provisions that allows the otherwise applicable interest rate margin to be reduced by up to two basis points (previously one basis point) if certain greenhouse gas emission reduction targets are achieved.

The greenhouse gas emission reduction targets have not been achieved as of June 30, 2025.

The following table summarizes the key terms of the Revolving Facility as of June 30, 2025 (dollars in thousands) :

As specified in the Credit Agreement, in the event that the Company so elects to convert to the ratings-based pricing grid, the Company has the ability to obtain more favorable pricing in certain circumstances when its total leverage ratio is (x) less than or equal to 35.0 % or (y) greater than 35.0 % but less than or equal to 37.5 % with respect to not more than one fiscal quarter following a period in which the condition described in clause (x) was satisfied (the “Leverage Toggle”).

The Credit Agreement also includes an adjustment to the sustainability-linked pricing provisions that allows the otherwise applicable interest rate margin to be reduced by up to two basis points if certain greenhouse gas emission reduction targets are achieved.

The greenhouse gas emission reduction targets have not been achieved as of September 30, 2025.

The following table summarizes the key terms of the Revolving Facility as of September 30, 2025 (dollars in thousands) :

Leverage-Based Pricing Investment-Grade Pricing

Credit Agreement Maturity Date Extension Options Extension Fee Credit Spread Facility Fee Credit Spread Facility Fee SOFR Adjustment

Credit Agreement Maturity Date Extension Options Extension Fee Credit Spread Facility Fee Credit Spread Facility Fee

$ 1,100,000 unsecured revolving line of credit

10/3/2028 1 one -year or 2 six -month

October 3, 2028 1 one -year or 2 six -month

1.05 %– 1.50 %

8 unchanged sentences

and (v) a minimum unencumbered interest coverage ratio.

As of June 30, 2025, we were in compliance with all such covenants.

As of June 30, 2025, we had outstanding letters of credit totaling $ 4.5 million with no amounts advanced against these instruments.

As of September 30, 2025, we were in compliance with all such covenants.

As of September 30, 2025, we had outstanding letters of credit totaling $ 4.2 million with no amounts advanced against these instruments.

Unsecured Term Loans

As of June 30, 2025, the Operating Partnership has the following unsecured term loans:

(i) a $ 250.0 million unsecured term loan due October 2027 (the “$ 250 M Term Loan”) and (ii) the $ 300 M Term Loan that matures in July 2029, both of which bear interest at a rate of SOFR plus a credit spread based on a ratings-based pricing grid.

The loan agreements related to the $ 250 M Term Loan and the $ 300 M Term Loan include the same Leverage Toggle for determining pricing and sustainability-linked pricing provisions as described above for the Third Amendment to the Credit Agreement.

The greenhouse gas emission reduction targets have not been achieved as of June 30, 2025.

The following table summarizes the key terms of the unsecured term loans as of June 30, 2025 (dollars in thousands) :

As of September 30, 2025, the Operating Partnership has the following unsecured term loans:

(i) a $ 250.0 million unsecured term loan that matures in October 2027 (the “$ 250 M Term Loan”) and (ii) the $ 300 M Term Loan that matures in July 2029, both of which bear interest at a rate of SOFR plus a credit spread based on a ratings-based pricing grid.

In July 2025, the Operating Partnership entered into the Third Amendment (the “Third Amendment”) to the term loan agreement related to the $ 250 M Term Loan that eliminated an additional 0.10 % SOFR spread adjustment.

The Fourth Amendment to the Credit Agreement described above also eliminated an additional 0.10 % SOFR spread adjustment applicable to the $ 300 M Term Loan.

In addition, the Fourth Amendment reduced the ratings-based pricing credit spread on the $ 300 M Term Loan from a range of 1.15 % to 2.20 % to a range of 0.75 % to 1.60 %.

The greenhouse gas emission reduction targets have not been achieved as of September 30, 2025.

The following table summarizes the key terms of the unsecured term loans as of September 30, 2025 (dollars in thousands) :

Unsecured Term Loans

Maturity Date Leverage-Based Pricing

Credit Spread Investment-Grade Pricing

Credit Spread SOFR Adjustment

Maturity Date Investment-Grade Pricing

Credit Spread

$ 250,000 unsecured term loan due 2027

October 24, 2027 (1)

0.75 % – 1.60 %

N/A 0.75 % – 1.60 %

$ 300,000 unsecured term loan due 2029

7/29/2029 N/A 1.15 % – 2.20 %

July 29, 2029 0.75 % – 1.60 %

(1) The maturity date may be extended by one one-year period at the Operating Partnership’s option, subject to certain conditions.

7 unchanged sentences

The following amounts of amortization of debt issuance costs are included as a component of “Interest expense” in the accompanying consolidated statements of operations and comprehensive income (loss) (in thousands) :

Six Months Ended June 30,

Nine Months Ended September 30,

Amortization of debt issuance costs $ 5,124 $ 2,978

2 unchanged sentences

The following amounts of amortization are included as a component of “Interest expense” in the accompanying consolidated statements of operations and comprehensive income (loss) (in thousands) :

Six Months Ended June 30,

Nine Months Ended September 30,

Amortization of debt discounts, premiums and hedge instruments $ 5,623 $ 10,581

In addition, the estimated amounts of the reduction to interest expense as of June 30, 2025 for each of the next five years and thereafter related to the amortization of debt discounts, premiums and assumed hedge instruments, assuming these instruments are held to maturity, are as follows (in thousands) :

July 2025 through December 2025 $ 3,197

In addition, the estimated amounts of the reduction to interest expense as of September 30, 2025 for each of the next five years and thereafter related to the amortization of debt discounts, premiums and assumed hedge instruments, assuming these instruments are held to maturity, are as follows (in thousands) :

October 2025 through December 2025 $ 1,598

Thereafter ( 53 )

Total unamortized debt discounts, premiums and hedge instruments $ 20,512

The following table reconciles total unamortized debt discounts, premiums and hedge instruments as of June 30, 2025 to the balance of unamortized discounts and premiums, net (in thousands) :

The following table reconciles total unamortized debt discounts, premiums and hedge instruments as of September 30, 2025 to the balance of unamortized discounts and premiums, net (in thousands) :

Unamortized discounts and premiums on mortgages payable, senior unsecured notes and unsecured term loans $ 19,755

2 unchanged sentences

Unamortized hedge instruments (included in accumulated other comprehensive income) ( 757 )

Fair value of variable interest rate swaps ( 1,191 )

Unamortized discounts and premiums, net $ 19,755

Fair Value of Fixed and Variable Rate Debt

As of June 30, 2025, the estimated fair value of fixed rate debt was $ 2.5 billion compared to the book value of $ 2.5 billion.

As of September 30, 2025, the estimated fair value of fixed rate debt was $ 2.4 billion compared to the book value of $ 2.4 billion.

The fair value was estimated using Level 2 and Level 3 inputs with cash flows discounted at current borrowing rates for similar instruments, which ranged from 5.28 % to 6.71 %.

As of June 30, 2025, the estimated fair value of variable rate debt was $ 564.9 million compared to the book value of $ 563.4 million.

As of September 30, 2025, the estimated fair value of variable rate debt was $ 564.1 million compared to the book value of $ 562.8 million.

The fair value was estimated using Level 2 and Level 3 inputs with cash flows discounted at a current borrowing rate for similar instruments of 5.28 %.

3 unchanged sentences

The agreements with each of our derivative counterparties provide that in the event of default on any of our indebtedness, we could also be declared in default on our derivative obligations.

The following table summarizes the terms and fair values of the Company’s derivative financial instruments that were designated and qualified as part of a hedging relationship as of June 30, 2025 and December 31, 2024 (dollars in thousands) :

The following table summarizes the terms and fair values of the Company’s derivative financial instruments that were designated and qualified as part of a hedging relationship as of September 30, 2025 and December 31, 2024 (dollars in thousands) :

Fair Value Assets (Liabilities) (1)

Type of Hedge Number of Instruments Aggregate Notional Reference Rate Interest Rate Effective Date Maturity Date June 30, 2025 December 31, 2024

Type of Hedge Number of Instruments Aggregate Notional Reference Rate Interest Rate Effective Date Maturity Date September 30, 2025 December 31, 2024

Cash Flow Four $ 250,000 SOFR 2.99 % 12/1/2022 10/24/2025 $ 184 $ 2,307

8 unchanged sentences

(1) Derivatives in an asset position are included within “Prepaid and other assets” and derivatives in a liability position are included within “Accounts payable and accrued expenses” in the accompanying consolidated balance sheets.

(2) These interest rate swaps are expected to be assigned to the Company’s $ 300 M Term Loan effective August 1, 2025.

(3) The derivative agreements swap a blended fixed rate of 4.52 % for a blended floating rate of three-month SOFR plus 3.70 %.

(2) These interest rate swaps were assigned to the Company’s $ 300 M Term Loan effective August 1, 2025.

(3) The derivative agreements swapped a blended fixed rate of 4.52 % for a blended floating rate of three-month SOFR plus 3.70 % through September 10, 2025.

In June 2025, we entered into three intraday interest rate lock agreements with notional amounts totaling $ 150.0 million that fixed the interest rate on a portion of the Notes Due 2032, which were issued in June 2025, at 4.21 %.

5 unchanged sentences

We have determined that the majority of the inputs used to value our derivatives fall within Level 2 of the fair value hierarchy, although the credit valuation adjustments associated with our derivatives use Level 3 inputs such as estimates of current credit spreads to evaluate the likelihood of default by us and our counterparties.

As of June 30, 2025 and December 31, 2024, we assessed the significance of the impact of the credit valuation adjustments on the overall valuation of our derivative positions and determined that the credit valuation adjustments were not significant to the overall valuation of our derivatives.

As of September 30, 2025 and December 31, 2024, we assessed the significance of the impact of the credit valuation adjustments on the overall valuation of our derivative positions and determined that the credit valuation adjustments were not significant to the overall valuation of our derivatives.

As a result, we have determined that our derivative valuations are classified within Level 2 of the fair value hierarchy.

Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to earnings over time as the hedged items are recognized in earnings.

Approximately $ 2.6 million and $ 5.2 million was reclassified as a reduction to interest expense during the three and six months ended June 30, 2025, respectively.

Approximately $ 4.9 million and $ 9.8 million was reclassified as a reduction to interest expense during the three and six months ended June 30, 2024, respectively.

Approximately $ 2.0 million and $ 7.2 million were reclassified as a reduction to interest expense during the three and nine months ended September 30, 2025, respectively.

Approximately $ 4.1 million and $ 13.9 million were reclassified as a reduction to interest expense during the three and nine months ended September 30, 2024, respectively.

As interest payments on our derivatives are made over the next 12 months, we estimate the decrease to interest expense to be approximately $ 6.4 million, assuming the current SOFR curve.

13 unchanged sentences

The CODM does not regularly review total assets for our single reportable segment as total assets are not used to assess performance or allocate resources.

The following table presents information on the Company’s reported segment revenue, net operating income, and significant segment expenses for the three and six months ended June 30, 2025 and 2024 that are provided to the CODM and included within the Company’s single reportable operating segment measure of profit or loss:

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

The following table presents information on the Company’s reported segment revenue, net operating income, and significant segment expenses for the three and nine months ended September 30, 2025 and 2024 that are provided to the CODM and included within the Company’s single reportable operating segment measure of profit or loss:

Three Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

11 unchanged sentences

Other (expense) income:

Net gains from outlot sales 6,096 — 6,096 1,858

Other general and administrative expenses ( 14,183 ) ( 13,259 ) ( 39,831 ) ( 39,009 )

8 unchanged sentences

Gain (loss) on sales of operating properties, net 5,742 602 108,855 ( 864 )

Net income (loss) 112,599 ( 49,303 ) 136,863 ( 34,867 )

Net (income) loss attributable to noncontrolling interests ( 2,281 ) 665 ( 2,815 ) 385

Net income (loss) attributable to common shareholders $ 110,318 $ ( 48,638 ) $ 134,048 $ ( 34,482 )

Net (loss) income ( 16,410 ) 17,053 120,453 ( 17,814 )

Net loss (income) attributable to noncontrolling interests 203 ( 324 ) ( 2,612 ) 61

Net (loss) income attributable to common shareholders $ ( 16,207 ) $ 16,729 $ 117,841 $ ( 17,753 )

SHAREHOLDERS’ EQUITY

Distributions

Our Board of Trustees declared a cash distribution of $ 0.27 per common share and Common Unit for the second quarter of 2025.

This distribution was paid on July 16, 2025 to common shareholders and common unitholders of record as of July 9, 2025.

For the six months ended June 30, 2025, we declared cash distributions totaling $ 0.54 per common share and Common Unit.

For the three and six months ended June 30, 2024, we declared cash distributions of $ 0.25 and $ 0.50 per common share and Common Unit, respectively.

Our Board of Trustees declared a cash distribution of $ 0.27 per common share and Common Unit for the third quarter of 2025.

This distribution was paid on October 16, 2025 to common shareholders and common unitholders of record as of October 9, 2025.

For the nine months ended September 30, 2025, we declared cash distributions totaling $ 0.81 per common share and Common Unit.

For the three and nine months ended September 30, 2024, we declared cash distributions of $ 0.26 and $ 0.76 per common share and Common Unit, respectively.

Share Repurchase Program

1 unchanged sentence

The Company intends to fund any future repurchases under the Share Repurchase Program with cash on hand or availability under the Revolving Facility, subject to any applicable restrictions.

The timing of share repurchases and the number of common shares to be repurchased under the Share Repurchase Program will depend upon prevailing market conditions, regulatory requirements, and other factors.

2025, the Company extended the Share Repurchase Program for an additional year to February 28, 2026, if not terminated or extended prior to that date.

As of June 30, 2025, the Company has no t repurchased any shares under the Share Repurchase Program.

The timing of share repurchases and the number of common shares to be repurchased under the Share

Repurchase Program will depend upon prevailing market conditions, regulatory requirements, and other factors.

In January 2025, the Company extended the Share Repurchase Program for an additional year to February 28, 2026, if not terminated or extended prior to that date.

During the three months ended September 30, 2025, the Company repurchased 3.1 million common shares at an average price per share of $ 22.36 for a total of $ 70.0 million.

As of September 30, 2025, $ 230.0 million remained available for repurchases of common shares under the Company’s Share Repurchase Program.

EARNINGS PER SHARE OR UNIT

7 unchanged sentences

Limited Partner Units have been omitted from the Parent Company’s denominator for the purpose of computing diluted earnings per share since the effect of including those amounts in the denominator would have no dilutive impact.

Weighted average Limited Partner Units outstanding were 4.8 million and 4.7 million for the three and six months ended June 30, 2025, respectively, and 3.7 million for the three and six months ended June 30, 2024.

Due to the net loss allocable to common shareholders and common unitholders for the three and six months ended June 30, 2024, no securities had a dilutive impact for those periods.

Weighted average Limited Partner Units outstanding were 4.8 million and 4.7 million for the three and nine months ended September 30, 2025, respectively, and 3.9 million for the three and nine months ended September 30, 2024.

Due to the net loss allocable to common shareholders and common unitholders for the three months ended September 30, 2025 and the nine months ended September 30, 2024, no securities had a dilutive impact for those periods.

COMMITMENTS AND CONTINGENCIES

3 unchanged sentences

In 2021, we provided repayment and completion guarantees on loans totaling $ 66.2 million associated with the development of The Corner mixed-use project in the Indianapolis MSA.

As of June 30, 2025, the outstanding balance of the loans was $ 68.4 million, of which our share was $ 34.2 million.

As of June 30, 2025, we had outstanding letters of credit totaling $ 4.5 million with no amounts advanced against these instruments.

As of September 30, 2025, the outstanding balance of the loans was $ 68.5 million, of which our share was $ 34.2 million.

As of September 30, 2025, we had outstanding letters of credit totaling $ 4.2 million with no amounts advanced against these instruments.

In July 2025, Eastgate Crossing, a 152,682 square foot multi-tenant retail property in the Durham-Chapel Hill MSA, experienced severe flooding as a result of Tropical Storm Chantal.

We believe that we have adequate third-party insurance, subject to a $ 0.3 million deductible, including business interruption coverage, to address this matter, and at this time, we do not believe that the flood will have a significant adverse impact on our results of operations or financial condition on a consolidated basis.

Legal Proceedings

3 unchanged sentences

SUBSEQUENT EVENTS

Subsequent to June 30, 2025:

• one of our properties experienced severe flooding.

• we closed on the disposition of Humblewood Shopping Center, an 85,682 square foot multi-tenant retail property in the Houston MSA, which was classified as held for sale as of June 30, 2025, for a gross sales price of $ 18.3 million with an anticipated gain on sale.

The proceeds are restricted for 180 days related to a potential 1031 Exchange;

• the Operating Partnership amended the pricing terms of the Revolving Facility, $ 300 M Term Loan, and $ 250 M Term Loan to remove the 0.10 % SOFR spread adjustment;

in addition, the credit ratings-based pricing credit spread on the $ 300 M Term Loan decreased from a range of 1.15 % to 2.20 % to a range of 0.75 % to 1.60 %.

Subsequent to September 30, 2025, we:

• repurchased 0.2 million common shares at an average price per share of $ 22.28 for a total of $ 5.0 million;

• closed on the disposition of DePauw University Bookstore and Café, an 11,974 square foot retail property in the Indianapolis MSA, for a gross sales price of $ 0.6 million with an anticipated gain on sale.

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