What changed in this filing

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Item 1. Business

2026-02-17 compared with 2025-02-12 · 73 added, 71 removed, 152 unchanged (49% of the section changed)

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Therefore, our operating results depend materially on, among other things, the ability of our tenants to make required lease payments, the health and resilience of the U.S.

retail sector, interest rate volatility, stability in the banking sector, job growth, the real estate market, and overall economic conditions.

As of December 31, 2024, we owned interests in 179 operating retail properties totaling approximately 27.7 million square feet, excluding one operating retail property classified as held for sale as of December 31, 2024, and two office properties with 0.4 million square feet.

Of the 179 operating retail properties, 10 contain an office component.

We also owned two development projects under construction as of this date and an additional two properties with future redevelopment opportunities.

retail sector, particularly in light of increased tariffs in 2025, interest rate volatility, job growth, the real estate market, and overall economic conditions.

As of December 31, 2025, we owned interests in a portfolio of 167 operating retail/mixed-use properties, including 159 wholly owned properties and eight properties owned through four unconsolidated joint ventures, totaling approximately 26.9 million square feet, excluding (i) two operating retail properties classified as held for sale as of December 31, 2025, (ii) Eastgate Crossing, a 152,682 square foot multi-tenant retail property in the Durham-Chapel Hill 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, and (iii) two standalone office properties with 0.4 million square feet.

Of the 167 operating retail/mixed-use properties, 10 contain an office component.

We also own interests in one development project that is under construction as of December 31, 2025 and an additional two properties with future redevelopment opportunities.

Our operating retail portfolio was 95.1% leased to a diversified retail tenant base, with no single retail tenant accounting for more than 2.6% of our total annualized base rent (“ABR”).

In the aggregate, our largest 25 tenants accounted for 25.5% of our ABR.

“Properties” for a list of our top 25 tenants by ABR.

See Item 2, “Properties,” for a list of our top 25 tenants by ABR.

Significant 2025 Activities

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• The Company realized net income attributable to common shareholders of $298.7 million for the year ended December 31, 2025;

• The Company generated Funds From Operations (“FFO”), as defined by NAREIT, of $463.7 million;

• Same Property Net Operating Income (“Same Property NOI”) grew by 3.0% in 2024 compared to 2023 primarily due to contractual rent growth, higher base rent driven by positive new and renewal leasing spreads, and higher specialty leasing income, partially offset by higher bad debt expense;

• The Company generated NAREIT Funds From Operations (“FFO”) of $468.6 million and Core Funds From Operations (“Core FFO”) of $460.4 million;

• Same Property Net Operating Income (“Same Property NOI”) grew by 2.9% in 2025 compared to 2024 primarily due to contractual rent growth and higher base rent driven by positive new and renewal leasing spreads, partially offset by higher bad debt expense;

• In 2025, we executed new and renewal leases on 683 individual spaces representing approximately 4.6 million square feet of retail space, achieving a blended cash leasing spread of 13.8% on 501 comparable leases.

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Financing and Capital Activities

• We ended the year with full borrowing capacity on our $1.1 billion unsecured revolving credit facility (the “Revolving Facility”);

• In January 2024, we completed a public offering of $350.0 million aggregate principal amount of 5.50% senior unsecured notes due 2034 (the “Notes Due 2034”), the proceeds of which were used to repay the $149.6 million principal balance of the 4.58% senior unsecured notes that matured on June 30, 2024 and the $120.0 million unsecured term loan that matured on July 17, 2024;

• In August 2024, we completed a public offering of $350.0 million aggregate principal amount of 4.95% senior unsecured notes due 2031 (the “Notes Due 2031”);

• In October 2024, we extended the maturity date of the Revolving Facility to October 3, 2028, and we have the ability to obtain more favorable pricing in certain circumstances related to our total leverage ratio;

• In October 2024, we extended the maturity date of our $250.0 million unsecured term loan (the “$250M Term Loan”) to October 24, 2027 and amended the terms to be priced on a ratings-based pricing grid;

• We acquired Parkside West Cobb, a grocery-anchored, multi-tenant retail property in the Atlanta MSA, for a gross purchase price of $40.1 million in August 2024;

• We began development activities on the retail and office portions of the expansion project at One Loudoun Downtown (the “One Loudoun Expansion”) in the Washington, D.C.

MSA during the three months ended September 30, 2024;

• We completed the major redevelopment construction activities at Carillon medical office building (“Carillon MOB”) in 2023 and reclassified the property from active redevelopment into our office portfolio in December 2024;

• We received gross proceeds of $30.6 million from the sale of Ashland & Roosevelt in the Chicago MSA in May 2024;

• We received gross proceeds of $7.6 million in connection with the sale of the first phase of a land parcel and the rights to develop 24 residential units at One Loudoun Expansion in the Washington, D.C.

MSA in December 2024;

• We ended the year with $1.0 billion of borrowing capacity on our $1.1 billion unsecured revolving credit facility (the “Revolving Facility”);

• In June 2025, we completed a public offering of $300.0 million in aggregate principal amount of 5.20% senior unsecured notes due 2032 (the “Notes Due 2032”), the proceeds of which were used to repay the $150.0 million unsecured term loan that was scheduled to mature on July 17, 2026, borrowings on the Revolving Facility, and the $80.0 million principal balance of the 4.47% senior unsecured notes that matured on September 10, 2025;

• In July 2025, we amended the credit agreement related to the Revolving Facility and $300.0 million unsecured term loan that matures in July 2029 (the “$300M Term Loan”) to eliminate an additional 0.10% Secured Overnight Financing Rate (“SOFR”) spread adjustment applicable to both instruments.

In addition, the amendment reduced the ratings-based pricing credit spread on the $300M Term Loan.

We also amended the term loan agreement related to the $250.0 million unsecured term loan that matures in October 2027 (the “$250M Term Loan”) to eliminate an additional 0.10% SOFR spread adjustment;

• We acquired Village Commons, a grocery-anchored, multi-tenant retail property in the Miami MSA, for a gross purchase price of $68.4 million in January 2025;

• We entered into a joint venture with a leading global investment firm, and in April 2025, the joint venture acquired Legacy West, a mixed-use asset in the Dallas/Ft.

Worth MSA, for a gross purchase price of $785.0 million, including the assumption of $304.0 million of debt with an interest rate of 3.80%.

The Company owns 52% of the equity in the joint venture;

• In June 2025, we entered into a second joint venture with the global investment firm, contributing three previously wholly owned properties valued at $233.0 million in the aggregate and receiving $112.1 million in gross proceeds for the 48% interest in the joint venture acquired by the joint venture partner;

• We completed the major development construction activities at The Corner – IN and reclassified the property from active development into our operating portfolio in March 2025;

• We received gross proceeds of $621.7 million from the sale of 13 properties, a portion of Hamilton Crossing Centre (Indianapolis MSA), and a parcel and the related building at Northpointe Plaza (Spokane MSA) in 2025;

• We repurchased 10.9 million common shares at an average price per share of $22.82 for a total of $247.7 million;

• We declared cash dividends totaling $1.245 per share during 2025.

We have $430.0 million of debt principal scheduled to mature through December 31, 2025, the majority of which will be satisfied with proceeds from the Notes Due 2031, a net debt to EBITDA ratio of 4.7x, and approximately $128.1 million in cash on hand as of December 31, 2024.

We have $410.6 million of debt principal scheduled to mature through December 31, 2026, a net debt to EBITDA ratio of 4.9x, approximately $36.8 million in cash on hand, and approximately $441.6 million in restricted cash and escrow deposits as of December 31, 2025.

We have investment-grade corporate credit ratings from three nationally recognized credit rating agencies;

During 2024, we received a credit rating upgrade with a stable outlook from two of the rating agencies and a positive credit rating outlook from the third rating agency.

these ratings did not change in 2025.

Business Objectives and Strategies

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• Operating Strategy :

Maximize the internal growth in revenue from our operating properties by leasing and re-leasing to a strong and diverse group of retail and mixed-use tenants at increasing rental rates, when possible , through embedded contractual rent escalations and redeveloping or renovating certain properties to make them more attractive to existing and prospective tenants and customers;

embedded contractual rent escalations and redeveloping or renovating certain properties to make them more attractive to existing and prospective tenants and customers;

• Financing and Capital Preservation Strategy :

Maintain a strong balance sheet with the flexibility to fund our operating and investment activities.

Funding sources include the public equity and debt markets, our Revolving Facility with $1.1 billion of borrowing capacity as of December 31, 2024, secured debt, internally generated funds, proceeds from selling land and properties that no longer fit our strategy, and potential strategic joint ventures;

Funding sources include the public equity and debt markets, our Revolving Facility with $1.0 billion of borrowing capacity as of December 31, 2025, secured debt, internally generated funds, proceeds from selling land and properties that no longer fit our strategy, and strategic joint ventures;

• Growth Strategy :

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• maintaining a diverse tenant mix that limits our exposure to the financial condition of any one tenant or category of retail tenants;

• maintaining and improving the physical appearance, condition, layout, and design of our properties and other improvements located on our properties to enhance our ability to attract customers;

• maintaining and improving the physical appearance, condition, layout, and design of our properties, as well as other improvements on these properties, to enhance our ability to attract customers;

• implementing offensive and defensive strategies against e-commerce competition;

• actively managing properties to minimize overhead and operating costs;

• actively managing our properties to minimize overhead and operating costs;

• maintaining strong tenant and retailer relationships to avoid rent interruptions and reduce marketing, leasing, and tenant improvement costs that result from re-leasing space to new tenants;

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We have placed significant emphasis on maintaining a strong and diverse tenant mix, which has resulted in no tenant accounting for more than 2.6% of our ABR.

“Properties” for a list of our top tenants by gross leasable area (“GLA”) and ABR.

See Item 2, “Properties,” for a list of our top tenants by gross leasable area (“GLA”) and ABR.

Financing and Capital Strategy.

We finance our acquisition, development, redevelopment, leasing, and re-leasing activities using the most advantageous sources of capital available to us at the time.

These sources may include (i) the reinvestment of cash flows generated by operations, (ii) the reinvestment of net proceeds from the disposition of assets, (iii) the incurrence of additional indebtedness through secured or unsecured borrowings, (iv) entering into real estate joint ventures, and (v) the sale of common or preferred shares through public offerings or private placements.

We finance our acquisition, development, redevelopment, share repurchases, leasing, and re-leasing activities using the most advantageous sources of capital available to us at the time.

These sources may include (i) cash flows generated by operations, (ii) net proceeds from the disposition of assets, (iii) the incurrence of additional indebtedness through secured or unsecured borrowings, (iv) real estate joint ventures, and (v) the sale of common or preferred shares through public offerings or private placements.

Our primary financing and capital strategy is to maintain a strong balance sheet and enhance our flexibility to fund operating and investment activities in the most cost-effective way.

We consider a number of factors when evaluating the amount and type of additional indebtedness we may elect to incur.

Among these factors are (i) the construction costs or purchase price of properties to be developed or acquired, (ii) the estimated market value of our properties and the Company as a whole upon consummation of the financing, and (iii) the ability to generate durable cash flows to cover expected debt service.

Among these factors are (i) the construction costs or

purchase price of properties to be developed or acquired, (ii) the estimated market value of our properties and the Company as a whole upon consummation of the financing, and (iii) the ability to generate durable cash flows to cover expected debt service.

Maintaining a strong balance sheet continues to be one of our top priorities.

We maintain an investment-grade credit rating that we expect will continue to enable us to opportunistically access the public unsecured bond market and allow us to lower our cost of capital and provide greater flexibility in managing the acquisition and disposition of assets in our operating portfolio.

We maintain an investment-grade credit rating, which enables us to opportunistically access the public unsecured bond market, lower our cost of capital, and enhance our flexibility in managing asset acquisitions and dispositions in our operating portfolio.

We intend to continue implementing our financing and capital strategies in a number of ways, which may include one or more of the following actions:

• prudently managing our balance sheet, including maintaining sufficient availability under our Revolving Facility so that we have additional capacity to fund our development and redevelopment projects and pay down maturing debt if refinancing that debt is not desired or practical;

• prudently managing our balance sheet, including maintaining sufficient availability under our Revolving Facility to ensure we have additional capacity to fund our development and redevelopment projects and pay down maturing debt if refinancing that debt is not desired or practical;

• extending the scheduled maturity dates of and/or refinancing our near-term mortgage, construction, and other indebtedness;

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• issuing unsecured bonds in the public markets and securing property-specific long-term, non-recourse financing;

• entering into joint venture arrangements in order to access less expensive capital and mitigate risk.

• entering into joint venture arrangements to access less expensive capital and mitigate risk.

Growth Strategy.

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We implement our growth strategy in a number of ways, including:

• continually evaluating our operating properties for redevelopment and renovation opportunities that we believe will make them more attractive for leasing to new tenants, rightsizing of anchor spaces while increasing rental rates, and re-leasing spaces to existing tenants at increased rental rates;

• completing our two active development and redevelopment projects at The Corner – IN and One Loudoun Expansion;

• evaluating the entitled land holdings to determine the optimal real estate use and capital allocation decisions;

• disposing of select assets that no longer meet our long-term investment criteria and recycling the net proceeds into properties that provide attractive returns and rent growth potential in targeted markets or using the proceeds to repay debt, thereby reducing our leverage;

• continually evaluating our operating properties for redevelopment and renovation opportunities that we believe will make them more attractive for leasing to new tenants, optimizing anchor spaces while raising rental rates, and re-leasing spaces to existing tenants at higher rental rates;

• completing our active development project at One Loudoun Expansion;

• evaluating our entitled land holdings to determine the optimal real estate use and capital allocation decisions;

• disposing of select non-core, large-format assets that no longer meet our long-term investment criteria, reducing our exposure to at-risk tenants and elevating the overall quality of our portfolio;

• recycling the net proceeds from dispositions into properties that provide attractive returns and rent growth potential in targeted markets or using the proceeds to repay debt, thereby reducing our leverage, or repurchasing our common shares;

• selectively pursuing the acquisition of retail operating properties, portfolios, and companies in markets with strong demographics.

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• the expected returns and related risks associated with the investments relative to our weighted cost of capital to make such investments;

• the current and projected cash flows and market value of the property and the potential to increase cash flows and market value if the property were to be successfully re-leased or redeveloped;

• the current and projected cash flows, the market value of the property, and the potential for increasing both cash flows and market value if the property is successfully re-leased or redeveloped;

• the price being offered for the property, the current and projected operating performance of the property, the tax consequences of the transaction, and other related factors;

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• the level of success of existing properties in the same or nearby markets.

During 2024, we acquired one operating retail property for a gross purchase price of $40.1 million and generated gross proceeds of $30.6 million from one property disposition and net proceeds of $13.2 million from the sale of land parcels.

During 2025, we acquired one operating retail property for a gross purchase price of $68.4 million, invested $253.9 million, net of mortgage debt assumed, in the acquisition of 52% of Legacy West through an unconsolidated joint venture, generated gross proceeds of $721.8 million from the disposition of 13 operating retail properties and the contribution of three previously wholly owned properties into an unconsolidated joint venture, and received net proceeds of $12.9 million from outlot sales.

commercial real estate market continues to be highly competitive.

We face competition from other REITs, including other retail REITs, and other owner-operators engaged in the ownership, leasing, acquisition, and development of shopping centers, as well as from numerous local, regional, and national real estate developers and owners in each of our markets.

Some of these competitors may have greater capital resources than we do, although we do not believe that any single competitor or group of competitors is dominant in any of the markets in which we own properties.

Some of these competitors may have greater capital resources than we do, although we do not believe that any one competitor or group of competitors is dominant in any of the markets where we own properties.

We face significant competition in our efforts to lease available space to prospective tenants at our properties.

The nature of the competition for tenants varies based on the characteristics of each local market in which we own properties.

We believe that the principal competitive factors in attracting tenants in our market areas are location, demographics, rental rates, the presence of anchor tenants, competitor shopping centers in the same geographic area, and the maintenance, appearance, access, and traffic patterns of our properties.

We believe that the main competitive factors in attracting tenants in our markets are location, demographics, rental rates, anchor tenants, competitor shopping centers in the same geographic area, and the maintenance, appearance, access, and traffic patterns of our properties.

There can be no assurance that in the future we will be able to compete successfully with our competitors in our development, acquisition, and leasing activities.

Government Regulation

We are subject to a variety of federal, state, and local environmental, health, safety, and similar laws, including:

Americans with Disabilities Act and Other Regulations.

We are subject to various federal, state, and local environmental, health, safety, and similar laws, including:

The Americans with Disabilities Act and Other Regulations.

Our properties must comply with Title III of the Americans with Disabilities Act (the “ADA”) to the extent that such properties are public accommodations as defined by the ADA.

The ADA may require removal of structural barriers to allow access by persons with disabilities in certain public areas of our properties where such removal is readily achievable.

The ADA may require removal of structural barriers to allow access by individuals with disabilities in certain public areas of our properties where such removal is readily achievable.

We believe our existing properties are in substantial compliance with the ADA and that we will not be required to make substantial capital expenditures to address the requirements of the ADA.

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Environmental Regulations.

Under various laws, ordinances, and regulations, as an owner or operator of real property, we may be or may become liable for the costs of investigation, removal, or remediation of releases of certain hazardous or toxic substances (including petroleum products) at or from our currently or formerly owned or operated properties, or for property damage or bodily injury (including third-party claims), fines, liens, or natural resource damages arising from the presence of such hazardous or toxic substances.

Under various laws, ordinances, and regulations, as an owner or operator of real property, we may be or may become liable for the costs of investigation, removal, or remediation of certain hazardous or toxic substances (including petroleum products) released on, from or in our properties (potentially including former properties), or for property damage or bodily injury (including third-party claims), fines, liens, or natural resource damages arising from the presence of such hazardous or toxic substances.

In addition, we could be liable for the costs of investigating or remediating contamination at off-site waste disposal facilities to which we have arranged for the disposal or treatment of hazardous or toxic substances.

Under certain laws, such liability may be imposed without regard to whether or not we knew of, or caused, the presence of these hazardous or toxic substances, or whether we complied with environmental laws, and the liability may be joint and several.

Under certain laws, such liability may be imposed regardless of our knowledge whether we released the hazardous or toxic substances, or compliance with environmental laws;

and the liability may be joint and several.

Some properties in our portfolio contain, may have contained, or are adjacent to or near other properties that have contained or currently contain underground storage tanks for petroleum products or other hazardous or toxic substances.

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In addition, some of our properties have tenants that may use hazardous or toxic substances in the routine course of their business.

In general, these tenants have covenanted in their lease agreements with us to use these substances, if any, in compliance with all environmental laws and agreed to indemnify us for any damages we may suffer as a result of their use of such substances and any contamination they cause.

In general, these tenants have covenanted in their lease agreements with us to use these substances, if any, in compliance with all environmental laws and have agreed to indemnify us for any damages we may suffer as a result of their use and any contamination they cause.

However, these lease provisions may not fully protect us if a tenant responsible for environmental noncompliance or contamination becomes insolvent.

Also, certain of our properties have confirmed asbestos-containing building materials (“ACBM”), and other properties may contain such materials.

Environmental

laws require that ACBM be properly managed and maintained, and fines and penalties may be imposed on building owners or operators for failure to comply with these requirements.

Furthermore, certain of our properties have confirmed asbestos-containing building materials (“ACBM”), and other properties may contain such materials.

Environmental laws require that ACBM be properly managed and maintained, and fines and penalties may be imposed on building owners or operators for failure to comply with these requirements.

In addition, third parties may be allowed to seek recovery from owners or operators for personal injury associated with exposure to asbestos fibers.

In addition, our operations and those of our tenants are also subject to various federal, state, and local laws and regulations governing air emissions, wastewater, stormwater, and the use, storage, and disposal of hazardous and toxic substances.

Neither existing environmental, health, safety, and similar laws nor the costs of our compliance with these laws have had a material adverse effect on our financial condition or results of operations, and management does not believe that they will in the future.

In addition, we have not incurred, and do not expect to incur, any material costs or liabilities due to environmental contamination at properties we currently own or operate or have owned or operated in the past.

Neither current environmental, health, safety, and similar laws nor the costs of our compliance with these laws have had a material adverse effect on our financial condition or results of operations, and management does not believe that they will in the future.

In addition, we have not incurred, and do not expect to incur, any material costs or liabilities from environmental contamination at properties we currently own or operate or have owned or operated in the past.

However, we cannot predict the impact of new or changed laws or regulations on properties we currently own or operate or may acquire or operate in the future.

We have continued to demonstrate our strong commitment to being a responsible corporate citizen through resource reduction and employee training that has resulted in reductions of energy consumption and waste and improved maintenance cycles.

We have continued to demonstrate our strong commitment to being a responsible corporate citizen through resource reduction and employee training, which has resulted in reductions in energy consumption and waste and improved maintenance cycles.

We have a wholly owned captive insurance company, Birch Property and Casualty, LLC (“Birch”), which insures the first layer of general liability insurance for our properties subject to certain limitations.

Birch was formed as part of our overall risk management program and to stabilize insurance costs, manage exposure, and recoup expenses through the function of the captive program.

Birch was formed as part of our overall risk management program to stabilize insurance costs, manage exposure, and recoup expenses through the function of the captive program.

We have capitalized Birch in accordance with the applicable regulatory requirements.

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We believe the policy specifications and insured limits are appropriate and adequate given the relative risk of loss, cost of the coverage, geographic locations of our assets, and industry practice.

Certain risks, such as loss from riots, war, or acts of God, and, in some cases, flooding, are not insurable, or the cost to insure against these events is cost prohibitive;

therefore, we do not carry insurance for these losses.

Certain risks, such as loss from riots, war, acts of God, and, in some cases, flooding, are either uninsurable or the cost to insure against these events is too cost prohibitive;

therefore, we do not carry insurance for these types of losses.

Some of our policies, such as those covering losses due to terrorism and floods, are insured subject to limitations involving large deductibles or co-payments and policy limits that may not be sufficient to cover losses.

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We are committed to providing a work environment that attracts, develops, and retains high-performing individuals and treats employees with dignity and respect.

Diversity, Equity and Inclusion

Our policies are designed to promote fairness, equal opportunities, and diversity within the Company.

Promote Fairness, Equal Opportunities, and Diversity of Experience

Our policies are designed to promote fairness, equal opportunities, and diversity of experience within the Company.

When attracting, developing, and retaining talent, we seek individuals who hold varied experiences and viewpoints and embody our core values to create an inclusive and diverse culture and workplace that allows each employee to do their best work and drive our collective success.

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These policies set forth our goal to provide equal employment opportunity without discrimination or harassment on the basis of age, gender (including identity or expression), marital status, civil partnership status, sexual orientation, disability, color, nationality, race or ethnic origin, or religion or belief.

All of our employees must adhere to a Code of Business Conduct and Ethics that sets standards for appropriate behavior, and all employees must also complete required internal training on respect in the workplace and diversity to further enhance our cultural behaviors.

In 2023, we achieved our targets of at least 30% diverse representation on our Board of Trustees and at least one female-chaired committee with the chairing of our Corporate Governance and Nominating Committee by a female trustee.

December 31, 2024, approximately 51% of our workforce was female, and minorities represented approximately 23% of our team.

All employees must follow a Code of Business Conduct and Ethics that sets standards for appropriate behavior and complete mandatory training on respect in the workplace and diversity to further enhance our cultural behaviors.

Professional Development and Training

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We use the following tools to recognize our employees, advance our talent pool, and create a sustainable and long-term enterprise:

(i) performance plans, (ii) Level Up award that recognizes employees who have made an extraordinary effort to help the Company achieve success, (iii) FOCUSED award that acknowledges employees who have embodied our FOCUSED values (forward-thinking, optimistic, collaborative, urgent, sound, empowered, and dedicated) throughout the year, and (iv) individual development planning, along with reward packages.

(i) performance plans, (ii) talent recognition via our digital employee-to-employee Recognition Wall, (iii) the Level Up award that recognizes employees who have made an extraordinary effort to help the Company achieve success, (iv) the FOCUSED award that acknowledges employees who have embodied our FOCUSED values (forward-thinking, optimistic, collaborative, urgent, sound, empowered, and dedicated) throughout the year, and (v) individual development planning, along with reward packages.

The Company also provides reimbursement opportunities for employees pursuing educational degrees or certification programs that are relevant to their roles or professional development, and we have a learning management system to enhance our employees’ technical and professional development.

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• construction of a youth community center.

In addition, our employees have donated and coordinated substantial fundraising and have spent many hours volunteering to support a variety of charities with which we partner.

In addition, our employees have donated and coordinated substantial fundraising and have spent many hours volunteering to support various charities with which we partner.

The Company supports these efforts with dedicated paid volunteer time off given annually to all employees and a 100% match of employee donations, subject to certain limits, to charitable causes.

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In addition, to enhance the well-being of our employees, we provide them with access to health and wellness programs that support physical, mental, and financial health, such as Lunch & Learns and Wellness Wednesdays.

Environmental, Social and Governance Matters

The Company strives to be a responsible corporate citizen, and we recognize the importance that environmental, social, and governance (“ESG”) initiatives play in our ability to generate long-term, sustainable returns.

In 2020, we established a cross-functional task force (the “ESG Task Force”) that is comprised of senior leadership and members from a variety of functional areas and is led by our Chief Executive Officer.

The ESG Task Force meets quarterly and focuses on setting, implementing, monitoring, and communicating to our investors and other stakeholders our ESG strategy and related initiatives and regularly reports to the Board of Trustees.

In June 2024, the ESG Task Force issued the Company’s annual Corporate Responsibility Report, which is published on our website and provides a comprehensive overview of our ESG strategies and initiatives.

Corporate Responsibility

The Company strives to be a responsible corporate citizen, and we recognize the importance that corporate responsibility initiatives play in our ability to generate long-term, sustainable returns.

We maintain a cross-functional task force (the “Corporate Responsibility Task Force”) that is comprised of senior leadership and members from various functional areas and is led by our Chief Executive Officer.

The Corporate Responsibility Task Force meets quarterly to set, implement, monitor, and communicate our corporate responsibility strategy and related initiatives to our investors and other stakeholders, and it regularly reports to the Board of Trustees.

In June 2025, the Corporate Responsibility Task Force issued the Company’s annual Corporate Responsibility Report, which is published on our website and provides a comprehensive overview of our corporate responsibility strategies and initiatives.

The Company is committed to implementing sustainable business practices at our properties and is actively undertaking multiple projects to make our operations more energy efficient and reduce our environmental impact.

These current projects include:

• installing LED lighting in parking lots (78% of our properties have installed such LED lighting as of December 31, 2024, with a goal of 80% of the portfolio by the end of 2026);

• installing LED lighting in parking lots (82% of our properties have installed such LED lighting as of December 31, 2025, which has surpassed our goal of 80% of the portfolio by the end of 2026);

• implementing smart meters and other initiatives aimed at water conservation, recycling, and waste diversion (24% of our properties have implemented smart irrigation controls as of December 31, 2025, with a goal of 25% of the portfolio by the end of 2026);

• installing electric vehicle (“EV”) charging stations (388 charging stations have been installed across 30 properties for a total of 18% of the portfolio as of December 31, 2025, with a goal of 20% of the portfolio by the end of 2026);

• receiving IREM certifications (100 properties or 56% of the portfolio have received such certifications as of December 31, 2024, with a goal of 75% of the portfolio by the end of 2026).

• receiving IREM certifications (135 properties, or 80% of the portfolio, have received such certifications as of December 31, 2025, which has surpassed our goal of 75% of the portfolio by the end of 2026).

In addition, we implemented a policy to transition landscaping in all future redevelopment projects to drought-tolerant landscaping where permitted by code.

Recent business initiatives encourage tenants to adopt green leases, also referred to as “high-performance” or “energy-aligned” leases, to equitably align the costs and benefits of energy and water efficiency investments for building owners and tenants based on principles and best practices from the Green Lease Leaders Reference Guide by the Institute for Market Transformation and the U.S.

Recent business efforts encourage tenants to adopt green leases, which are also called “high-performance” or “energy-aligned” leases, to equitably share the costs and benefits of energy and water-saving improvements between building owners and tenants based on principles and best practices from the Green Lease Leaders Reference Guide by the Institute for Market Transformation and the U.S.

Department of Energy.

The Company has continued its partnership with One Tree Planted, a non-profit organization committed to reforestation and has planted over 47,000 new trees through its Project Green reforestation effort.

The Company has continued its partnership with One Tree Planted, a nonprofit organization committed to reforestation, and has planted over 59,000 new trees through its Project Green reforestation effort.

We continue to evaluate potential actions that might reduce our carbon footprint or otherwise mitigate our environmental impact.

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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 1. Business