What changed in this filing

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Item 2. Properties

2026-02-17 compared with 2025-02-12 · 54 added, 54 removed, 107 unchanged (50% of the section changed)

As of December 31, 2024, we own interests in a portfolio of 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 in 24 states.

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

We also own interests in two development projects that are under construction as of December 31, 2024 and an additional two properties with future redevelopment opportunities.

As of December 31, 2025, we own 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 in 24 states, 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.

See “Schedule III – Consolidated Real Estate and Accumulated Depreciation” for a list of encumbrances on our properties.

Operating Properties

The following table summarizes the geographic diversity of the Company’s retail operating properties by region and state, ranked by ABR, as of December 31, 2024 (GLA and ABR in thousands) :

The following table summarizes the geographic diversity of the Company’s retail/mixed-use operating properties and standalone office properties by region and state, ranked by ABR, as of December 31, 2025 (GLA and ABR in thousands) :

Region/State Number of Properties (1)

Owned GLA (2)

Retail ABR (3)

Weighted ABR (3)

Texas 40 7,503 $ 170,956 28.1 %

Florida 30 3,476 69,565 11.4 %

Maryland 8 1,410 35,017 5.9 %

North Carolina 8 1,535 33,700 5.7 %

Virginia 7 1,307 39,553 6.5 %

Maryland 9 1,541 34,528 5.7 %

Georgia 11 1,849 31,428 5.2 %

North Carolina 6 1,076 25,421 4.2 %

Tennessee 3 580 9,459 1.6 %

5 unchanged sentences

Arizona 3 395 10,209 1.7 %

California 2 531 12,712 2.2 %

Utah 2 388 8,776 1.4 %

California 1 292 5,402 0.9 %

Total West 21 3,548 86,934 14.3 %

12 unchanged sentences

169 27,294 $ 607,492 100.0 %

(1) Number of properties represents consolidated and unconsolidated retail properties.

(1) Number of properties represents consolidated and unconsolidated retail/mixed-use properties and standalone office properties.

(2) Owned GLA represents gross leasable area owned by the Company and excludes the square footage of development and redevelopment projects.

(3) Total weighted retail ABR and percent of weighted retail ABR includes ground lease rent and represents the Company’s share of the ABR at consolidated and unconsolidated properties.

(4) Excludes one operating retail property classified as held for sale as of December 31, 2024.

(3) Total weighted ABR and percent of weighted ABR includes ground lease rent and represents the Company’s share of the ABR at consolidated and unconsolidated properties.

(4) Excludes two operating retail properties classified as held for sale as of December 31, 2025 and Eastgate Crossing.

Development and Redevelopment Projects

In addition to our operating properties, as of December 31, 2024, we own interests in two development projects that are currently under construction.

The following table sets forth information with respect to the Company’s active development projects as of December 31, 2024:

In addition to our operating properties, as of December 31, 2025, we own an interest in one development project that is currently under construction.

The following table sets forth information with respect to the Company’s active development project as of December 31, 2025:

Project MSA KRG

1 unchanged sentence

Completion Date (1)

Commercial GLA Total

Owned GLA Total

Multifamily Units Total Project Costs – at KRG's Share KRG Equity

5 unchanged sentences

Active Projects

The Corner – IN (3)

Indianapolis, IN 50% Q1 2025 24,000 285 $31.9M $ — $ — $1.7M–$1.9M $1.7M–$1.9M

One Loudoun Expansion (3)

Washington, D.C./Baltimore 100% Q4 2026 119,000 — $81.0M–$91.0M $65.0M–$75.0M $65.0M–$75.0M $4.7M–$6.2M $3.2M–$4.7M

Total 143,000 285 $112.9M–$122.9M $65.0M–$75.0M $65.0M–$75.0M $6.4M–$8.1M $4.9M–$6.6M

Washington, D.C./Baltimore 100% Q4 2026–

Q2 2027 119,000 — $81.0M–$91.0M $65.0M–$75.0M $50.0M–$60.0M $4.7M–$6.2M $2.0M–$3.5M

(1) Projected completion date represents the earlier of one year after completion of project construction or substantial occupancy of the property.

The range for the One Loudoun Expansion represents a staggered stabilization schedule for the various buildings.

(2) Estimated remaining NOI to come online excludes in-place NOI and NOI related to tenants that have signed leases but have not yet commenced paying rent.

(3) The Company does not have any equity requirements related to this development.

Total project costs are at the Company’s share and are net of the Company’s share of a $13.5 million TIF.

(3) The One Loudoun Expansion project is expected to consist of retail, office, multifamily, and a hotel.

The Company’s equity requirement is shown net of land sale net proceeds of $15.9 million.

1 unchanged sentence

No individual retail tenant accounted for more than 2.6% of the portfolio’s ABR for the year ended December 31, 2025.

The following table summarizes the top 25 tenants at the Company’s retail properties based on minimum rents in place as of December 31, 2024 (GLA and dollars in thousands) :

The following table summarizes the top 25 tenants at the Company’s operating retail/mixed-use properties and standalone office properties based on minimum rents in place as of December 31, 2025 (GLA and dollars in thousands) :

Tenant Primary DBA/

3 unchanged sentences

The TJX Companies, Inc.

Maxx (18), Marshalls (13), HomeGoods (11), Homesense (4), T.J.

Maxx & HomeGoods combined (2), Sierra (2) 50 1,450 $ 16,615 2.8 %

Best Buy Co., Inc.

Best Buy (15), Pacific Sales (1) 16 633 11,447 1.9 %

Maxx (16), Marshalls (12), HomeGoods (10), Homesense (5), Sierra (4), T.J.

Maxx & HomeGoods combined (2) 49 1,398 $ 15,647 2.6 %

Ross Stores, Inc.

2 unchanged sentences

29 593 9,861 1.6 %

Michaels Stores, Inc.

Michaels 28 631 8,346 1.4 %

Old Navy (25), The Gap (3),

Athleta (3), Banana Republic (2) 33 448 8,137 1.4 %

Best Buy Co., Inc.

Best Buy (14), Pacific Sales (1) 15 593 9,002 1.5 %

Dick’s Sporting Goods, Inc.

Dick’s Sporting Goods (12), Golf Galaxy (1) 13 625 7,956 1.3 %

Dick’s Sporting Goods (10), Foot Locker (3), Golf Galaxy (2) 15 613 8,646 1.4 %

Publix Super Markets, Inc.

15 720 7,725 1.3 %

Ulta Beauty, Inc.

28 286 6,303 1.1 %

Total Wine & More 15 355 6,152 1.0 %

Old Navy (22), Athleta (3),

The Gap (3), Banana Republic (2) 30 399 7,137 1.2 %

Michaels Stores, Inc.

Michaels 22 483 6,096 1.0 %

The Kroger Co.

3 unchanged sentences

6 — 5,958 1.0 %

Fitness International, LLC LA Fitness (5), XSport Fitness (1) 6 241 5,696 1.0 %

Five Below, Inc.

32 291 5,684 1.0 %

BJ’s Wholesale Club, Inc.

3 115 5,892 1.0 %

Petco Health and Wellness

Company, Inc.

Ulta Beauty, Inc.

24 246 5,134 0.8 %

Nordstrom, Inc.

Nordstrom Rack 9 272 5,015 0.8 %

Kohl’s Corporation 7 265 4,980 0.8 %

Fitness International, LLC LA Fitness (4), XSport Fitness (1) 5 206 5,098 0.8 %

Burlington Stores, Inc.

12 456 5,030 0.8 %

Total Wine & More 12 287 4,992 0.8 %

Whole Foods Market, Inc.

7 238 4,917 0.8 %

The Container Store Group, Inc.

7 151 4,650 0.8 %

Designer Brands Inc.

DSW Designer Shoe Warehouse 16 313 4,630 0.8 %

KnitWell Group Chico’s (7), Talbots (7), LOFT (5), Soma (4), Ann Taylor (4), White House Black Market (4) 31 134 4,571 0.8 %

Five Below, Inc.

26 237 4,429 0.7 %

Trader Joe’s 10 137 4,216 0.7 %

Burlington Stores, Inc.

Albertsons Companies, Inc.

Safeway (3), Tom Thumb (2), Jewel-Osco (1) 6 281 4,198 0.7 %

Petco Health and Wellness

Company, Inc.

15 218 3,986 0.7 %

Dollar Tree, Inc.

24 281 3,940 0.6 %

KnitWell Group Chico’s (6), Talbots (6), Ann

Taylor (4), White House Black

Market (4), LOFT (3), Soma (3) 26 111 3,897 0.6 %

Sprouts Farmers Market, Inc.

7 194 3,854 0.6 %

Office Depot, Inc.

Office Depot (11), OfficeMax (3) 14 308 4,369 0.7 %

NYC Department of Education 1 76 3,826 0.6 %

Total Top Tenants 405 9,213 $ 155,561 25.5 %

5 unchanged sentences

Lease Expirations

In 2025, leases representing 8.1% of total retail ABR are scheduled to expire.

The following table summarizes the scheduled lease expirations for retail tenants as of December 31, 2024, assuming none of the tenants exercise renewal options (dollars in thousands, except per square foot data) :

Expiring Retail GLA (2)

Expiring ABR per Sq.

In 2026, leases representing 7.0% of total ABR are scheduled to expire.

The following table summarizes the scheduled lease expirations for tenants at the Company’s operating retail/mixed-use properties and standalone office properties as of December 31, 2025, assuming none of the tenants exercise renewal options (dollars in thousands, except per square foot data) :

Expiring GLA (2)

Expiring Retail ABR per Sq.

Expiring Leases (1)

Shop Tenants Anchor Tenants Expiring ABR

Shop Tenants Anchor Tenants Office Tenants Expiring ABR

(Pro rata) Expiring Ground Lease ABR

14 unchanged sentences

(1) Lease expirations table reflects rents in place as of December 31, 2025 and does not include option periods;

2025 expirations include 34 month-to-month retail tenants.

2026 expirations include 27 month-to-month tenants.

This column also excludes ground leases.

8 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 2. Properties