Item 2. Properties
ITEM 2. PROPERTIES
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/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)
Total
Weighted ABR (3)
% of
Weighted ABR (3)
South
Texas 40 7,503 $ 170,956 28.1 %
Florida 30 3,476 69,565 11.4 %
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 %
Oklahoma 2 309 4,850 0.8 %
South Carolina 2 262 3,827 0.6 %
Total South 110 17,903 389,587 64.1 %
West
Washington 10 1,627 32,416 5.3 %
Nevada 5 846 30,131 5.0 %
Arizona 3 395 10,209 1.7 %
Utah 2 388 8,776 1.4 %
California 1 292 5,402 0.9 %
Total West 21 3,548 86,934 14.3 %
Midwest
Indiana 15 1,928 39,804 6.5 %
Illinois 7 1,222 27,422 4.5 %
Michigan 1 308 7,106 1.2 %
Missouri 1 453 4,258 0.7 %
Ohio 1 236 2,189 0.4 %
Total Midwest 25 4,147 80,779 13.3 %
Northeast
New York 6 748 27,157 4.5 %
New Jersey 4 342 12,153 2.0 %
Massachusetts 1 264 4,816 0.8 %
Connecticut 1 206 4,084 0.7 %
Pennsylvania 1 136 1,982 0.3 %
Total Northeast 13 1,696 50,192 8.3 %
Total (4)
169 27,294 $ 607,492 100.0 %
(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 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.
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Development and Redevelopment Projects
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
Ownership % Projected
Completion Date (1)
Total
Owned GLA Total
Multifamily Units Total Project Costs – at KRG's Share KRG Equity
Requirement KRG
Remaining Spend Estimated
Stabilized NOI
to KRG Estimated Remaining
NOI to Come Online (2)
Active Projects
One Loudoun Expansion (3)
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 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.
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Tenant Diversification
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 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/
Number of Stores Number of Stores (1)
Total Leased GLA (2)
ABR (3)
% of Weighted ABR (4)
The TJX Companies, Inc. T.J. 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. Ross Dress for Less (28), dd’s DISCOUNTS (1) 29 824 11,468 1.9 %
PetSmart, Inc. 29 593 9,861 1.6 %
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 (10), Foot Locker (3), Golf Galaxy (2) 15 613 8,646 1.4 %
Publix Super Markets, Inc. 15 720 7,725 1.3 %
Gap Inc. 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. Kroger (6), Harris Teeter (2),
QFC (1), Smith’s (1) 10 356 5,962 1.0 %
Lowe’s Companies, Inc. 6 — 5,958 1.0 %
BJ’s Wholesale Club, Inc. 3 115 5,892 1.0 %
Ulta Beauty, Inc. 24 246 5,134 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 %
Five Below, Inc. 26 237 4,429 0.7 %
Trader Joe’s 10 137 4,216 0.7 %
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 %
NYC Department of Education 1 76 3,826 0.6 %
Total Top Tenants 405 9,213 $ 155,561 25.5 %
(1) Number of stores represents stores at consolidated and unconsolidated properties.
(2) Total leased GLA excludes the square footage of structures located on land owned by the Company and ground-leased to tenants.
(3) ABR represents the monthly contractual rent for December 31, 2025, for each applicable tenant multiplied by 12 and does not include tenant reimbursements. ABR represents 100% of the ABR at consolidated properties and the Company’s share of the ABR at unconsolidated properties, including ground lease rent.
(4) Percent of weighted ABR includes ground lease rent and represents the Company’s share of the ABR at consolidated and unconsolidated properties.
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Lease Expirations
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. Ft. (3)
Number of
Expiring Leases (1)
Shop Tenants Anchor Tenants Office Tenants Expiring ABR
(Pro rata) Expiring Ground Lease ABR
(Pro rata) % of
Total ABR
(Pro rata) Shop Tenants Anchor Tenants Total
2026 380 852,116 720,775 118,995 $ 40,930 $ 1,493 7.0 % $ 32.52 $ 15.24 $ 24.60
2027 542 1,168,106 2,045,496 157,140 72,096 5,354 12.7 % 35.02 15.16 22.38
2028 579 1,223,758 2,369,763 323,920 84,978 6,228 15.0 % 37.18 14.56 22.26
2029 557 1,167,579 2,595,330 185,070 85,449 3,581 14.7 % 36.99 15.45 22.13
2030 438 1,054,896 1,629,174 121,401 59,462 5,696 10.7 % 33.87 13.26 21.36
2031 322 739,740 1,572,658 245,981 54,087 3,977 9.6 % 36.08 14.54 21.43
2032 219 532,388 1,232,573 179,104 39,079 536 6.5 % 34.39 14.11 20.23
2033 202 519,194 699,678 30,589 30,851 4,156 5.8 % 38.67 15.59 25.42
2034 178 357,536 673,807 79,914 28,016 2,230 5.0 % 43.06 17.22 26.18
2035 165 381,653 770,845 49,784 27,030 899 4.6 % 36.63 16.40 23.10
Beyond 210 395,915 1,379,446 191,147 46,443 4,920 8.4 % 44.51 19.04 24.72
3,792 8,392,881 15,689,545 1,683,045 $ 568,421 $ 39,070 100.0 % $ 36.35 $ 15.29 $ 22.63
(1) Lease expirations table reflects rents in place as of December 31, 2025 and does not include option periods; 2026 expirations include 27 month-to-month tenants. This column also excludes ground leases.
(2) Expiring GLA excludes the square footage of structures located on land owned by the Company and ground-leased to tenants.
(3) ABR represents the monthly contractual rent as of December 31, 2025 for each applicable tenant multiplied by 12. Excludes tenant reimbursements and ground lease revenue.
Lease Activity – New and Renewal
During 2025, the Company executed new and renewal leases on 683 individual spaces totaling 4.6 million square feet (13.8% cash leasing spread on 501 comparable leases). New leases were signed on 226 individual spaces for 1.2 million square feet of GLA (24.3% cash leasing spread on 123 comparable leases), while non-option renewal leases were signed on 289 individual spaces for 1.2 million square feet of GLA (16.9% cash leasing spread on 210 comparable leases) and option renewals were signed on 168 individual spaces for 2.2 million square feet of GLA (7.4% cash leasing spread). The blended cash spread for comparable new and non-option renewal leases was 20.3%. Comparable new and renewal leases are defined as those for which the space was occupied by a tenant within the last 12 months.