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Item 1. Financial Statements

2026-04-29 compared with 2025-10-30 · 218 added, 357 removed, 615 unchanged (48% of the section changed)

3 unchanged sentences

(in thousands, except share and per share data)

September 30,

2026 December 31,

8 unchanged sentences

Deferred costs, net 172,805 181,553

Short-term deposits — 350,000

Prepaid and other assets 98,560 93,913

Investments in unconsolidated subsidiaries 374,868 19,511

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

Investments in unconsolidated joint ventures 356,555 364,407

Assets associated with investment properties held for sale 54,073 71,105

Total assets $ 6,350,260 $ 6,664,497

3 unchanged sentences

Deferred revenue and other liabilities 207,603 221,813

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

Liabilities associated with investment properties held for sale 3,754 4,314

Total liabilities 3,360,654 3,472,723

3 unchanged sentences

203,058,977 and 208,979,900 shares issued and outstanding at

September 30, 2025 and December 31, 2024, respectively

March 31, 2026 and December 31, 2025, respectively

Additional paid-in capital 4,445,350 4,612,280

7 unchanged sentences

KITE REALTY GROUP TRUST

Consolidated Statements of Operations and Comprehensive Income (Loss)

Consolidated Statements of Operations and Comprehensive Income

(in thousands, except share and per share data)

Three Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

Three Months Ended March 31,

Rental income $ 198,042 $ 219,172

11 unchanged sentences

Income tax expense of taxable REIT subsidiaries ( 395 ) ( 10 )

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

Gain on sales of operating properties, net — 91

Net gains from outlot sales 1,039 —

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

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

Equity in loss of unconsolidated joint ventures ( 2,216 ) ( 607 )

Other income, net 2,572 4,743

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 )

Net income 11,732 24,264

Net income attributable to noncontrolling interests ( 338 ) ( 534 )

Net income attributable to common shareholders $ 11,394 $ 23,730

Net income per common share – basic and diluted $ 0.06 $ 0.11

Weighted average common shares outstanding – basic 205,686,342 219,715,674

Weighted average common shares outstanding – diluted 206,063,468 219,827,298

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

Net income $ 11,732 $ 24,264

Change in fair value of derivatives ( 1,700 ) ( 4,280 )

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

Comprehensive loss (income) attributable to noncontrolling

261 ( 175 ) ( 2,498 ) 197

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

Total comprehensive income 10,032 19,984

Comprehensive income attributable to noncontrolling interests ( 365 ) ( 559 )

Comprehensive income attributable to the Company $ 9,667 $ 19,425

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

10 unchanged sentences

Stock compensation activity 125,478 1 1,610 — — 1,611

Other comprehensive loss — — — ( 4,305 ) — ( 4,305 )

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

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

Stock compensation activity 45,893 — 3,178 — — 3,178

Other comprehensive loss — — — ( 3,910 ) — ( 3,910 )

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

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 ( 6,046,401 ) ( 60 ) ( 152,362 ) — — ( 152,422 )

1 unchanged sentence

Distributions to common shareholders — — — — ( 58,891 ) ( 58,891 )

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

Stock compensation activity 155,433 2 1,991 — — 1,993

Other comprehensive income — — — 2,456 — 2,456

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

Net income attributable to common shareholders — — — — 11,394 11,394

1 unchanged sentence

Balance at March 31, 2026 203,058,977 $ 2,031 $ 4,445,350 $ 21,352 $ ( 1,611,337 ) $ 2,857,396

Stock compensation activity 51,091 1 3,077 — — 3,078

Other comprehensive loss — — — ( 4,636 ) — ( 4,636 )

Distributions to common shareholders — — — — ( 54,917 ) ( 54,917 )

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

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

Balance at December 31, 2024 219,667,067 $ 2,197 $ 4,868,554 $ 36,612 $ ( 1,595,253 ) $ 3,312,110

Stock compensation activity 145,233 1 1,449 — — 1,450

3 unchanged sentences

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

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

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

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

2 unchanged sentences

(in thousands)

Nine Months Ended September 30,

Three Months Ended March 31,

Cash flows from operating activities:

Net income (loss) $ 120,453 $ ( 17,814 )

Adjustments to reconcile net income (loss) to net cash provided by operating activities:

Net income $ 11,732 $ 24,264

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization 84,250 99,875

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

Gain on sales of operating properties, net — ( 91 )

Net gains from outlot sales ( 1,039 ) —

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

Impairment charges 5,888 —

4 unchanged sentences

Equity in loss of unconsolidated joint ventures 2,216 607

Distributions from unconsolidated joint ventures 5,183 280

Changes in assets and liabilities:

4 unchanged sentences

Cash flows from investing activities:

Acquisitions of interests in properties ( 67,854 ) ( 39,561 )

Acquisition of real estate ( 7,931 ) ( 78,254 )

Capital expenditures ( 32,430 ) ( 42,119 )

1 unchanged sentence

Net proceeds from sales of operating properties 12,263 —

Investments in unconsolidated subsidiaries ( 253,924 ) —

Investment in short-term deposits — ( 615,000 )

Proceeds from short-term deposits — 350,000

1 unchanged sentence

Capital contributions to unconsolidated joint ventures — ( 1,952 )

Net cash provided by (used in) investing activities 179,814 ( 469,459 )

Net cash (used in) provided by investing activities ( 24,521 ) 227,837

Cash flows from financing activities:

8 unchanged sentences

Distributions to noncontrolling interests ( 86 ) ( 62 )

Net cash (used in) provided by financing activities ( 543,962 ) 243,238

Net cash used in financing activities ( 280,492 ) ( 380,317 )

Net change in cash, cash equivalents and restricted cash ( 255,246 ) ( 78,420 )

3 unchanged sentences

Accrued capital expenditures and tenant improvements $ 1,738 $ 95

Contribution of real estate and working capital in exchange for equity investment in unconsolidated joint venture $ 122,622 $ —

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

3 unchanged sentences

(in thousands, except unit data)

September 30,

2026 December 31,

8 unchanged sentences

Deferred costs, net 172,805 181,553

Short-term deposits — 350,000

Prepaid and other assets 98,560 93,913

Investments in unconsolidated subsidiaries 374,868 19,511

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

Investments in unconsolidated joint ventures 356,555 364,407

Assets associated with investment properties held for sale 54,073 71,105

Total assets $ 6,350,260 $ 6,664,497

3 unchanged sentences

Deferred revenue and other liabilities 207,603 221,813

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

Liabilities associated with investment properties held for sale 3,754 4,314

Total liabilities 3,360,654 3,472,723

3 unchanged sentences

Common equity, 203,058,977 and 208,979,900 units issued and outstanding

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

at March 31, 2026 and December 31, 2025, respectively

2,836,044 3,050,530

7 unchanged sentences

AND SUBSIDIARIES

Consolidated Statements of Operations and Comprehensive Income (Loss)

Consolidated Statements of Operations and Comprehensive Income

(in thousands, except unit and per unit data)

Three Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

Three Months Ended March 31,

Rental income $ 198,042 $ 219,172

11 unchanged sentences

Income tax expense of taxable REIT subsidiaries ( 395 ) ( 10 )

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

Gain on sales of operating properties, net — 91

Net gains from outlot sales 1,039 —

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

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

Equity in loss of unconsolidated joint ventures ( 2,216 ) ( 607 )

Other income, net 2,572 4,743

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

Net income 11,732 24,264

Net income attributable to noncontrolling interests ( 70 ) ( 70 )

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

Allocation of net (loss) income:

Net income attributable to common unitholders $ 11,662 $ 24,194

Allocation of net income:

Limited Partners $ 268 $ 464

1 unchanged sentence

$ 11,662 $ 24,194

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

Net income per common unit – basic and diluted $ 0.06 $ 0.11

Weighted average common units outstanding – basic 210,742,420 224,214,867

Weighted average common units outstanding – diluted 211,119,546 224,326,491

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

Net income $ 11,732 $ 24,264

Change in fair value of derivatives ( 1,700 ) ( 4,280 )

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

Comprehensive income attributable to noncontrolling

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

Comprehensive (loss) income attributable to common

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

Total comprehensive income 10,032 19,984

Comprehensive income attributable to noncontrolling interests ( 70 ) ( 70 )

Comprehensive income attributable to common unitholders $ 9,962 $ 19,914

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

9 unchanged sentences

Stock compensation activity 1,611 — 1,611

Other comprehensive loss attributable to Parent Company — ( 4,305 ) ( 4,305 )

Distributions to Parent Company ( 59,349 ) — ( 59,349 )

Net income attributable to Parent Company 23,730 — 23,730

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

Balance at March 31, 2025 $ 3,235,646 $ 32,307 $ 3,267,953

Stock compensation activity 3,178 — 3,178

Other comprehensive loss attributable to Parent Company — ( 3,910 ) ( 3,910 )

Distributions to Parent Company ( 59,361 ) — ( 59,361 )

Net income attributable to Parent Company 110,318 — 110,318

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

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 ( 152,422 ) — ( 152,422 )

1 unchanged sentence

Distributions to Parent Company ( 58,891 ) — ( 58,891 )

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

Stock compensation activity 1,993 — 1,993

Other comprehensive income attributable to Parent Company — 2,456 2,456

Distributions to Parent Company ( 54,901 ) — ( 54,901 )

Net income attributable to Parent Company 11,394 — 11,394

1 unchanged sentence

Balance at March 31, 2026 $ 2,836,044 $ 21,352 $ 2,857,396

Stock compensation activity 3,078 — 3,078

Other comprehensive loss attributable to Parent Company — ( 4,636 ) ( 4,636 )

Distributions to Parent Company ( 54,917 ) — ( 54,917 )

Net loss attributable to Parent Company ( 48,638 ) — ( 48,638 )

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

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

Balance at December 31, 2024 $ 3,275,498 $ 36,612 $ 3,312,110

Stock compensation activity 1,450 — 1,450

3 unchanged sentences

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

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

Balance at March 31, 2025 $ 3,235,646 $ 32,307 $ 3,267,953

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

3 unchanged sentences

(in thousands)

Nine Months Ended September 30,

Three Months Ended March 31,

Cash flows from operating activities:

Net income (loss) $ 120,453 $ ( 17,814 )

Adjustments to reconcile net income (loss) to net cash provided by operating activities:

Net income $ 11,732 $ 24,264

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization 84,250 99,875

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

Gain on sales of operating properties, net — ( 91 )

Net gains from outlot sales ( 1,039 ) —

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

Impairment charges 5,888 —

4 unchanged sentences

Equity in loss of unconsolidated joint ventures 2,216 607

Distributions from unconsolidated joint ventures 5,183 280

Changes in assets and liabilities:

4 unchanged sentences

Cash flows from investing activities:

Acquisition of interests in properties ( 67,854 ) ( 39,561 )

Acquisition of real estate ( 7,931 ) ( 78,254 )

Capital expenditures ( 32,430 ) ( 42,119 )

1 unchanged sentence

Net proceeds from sales of operating properties 12,263 —

Investments in unconsolidated subsidiaries ( 253,924 ) —

Investment in short-term deposits — ( 615,000 )

Proceeds from short-term deposits — 350,000

1 unchanged sentence

Capital contributions to unconsolidated joint ventures — ( 1,952 )

Net cash provided by (used in) investing activities 179,814 ( 469,459 )

Net cash (used in) provided by investing activities ( 24,521 ) 227,837

Cash flows from financing activities:

8 unchanged sentences

Distributions to noncontrolling interests ( 86 ) ( 62 )

Net cash (used in) provided by financing activities ( 543,962 ) 243,238

Net cash used in financing activities ( 280,492 ) ( 380,317 )

Net change in cash, cash equivalents and restricted cash ( 255,246 ) ( 78,420 )

3 unchanged sentences

Accrued capital expenditures and tenant improvements $ 1,738 $ 95

Contribution of real estate and working capital in exchange for equity investment in unconsolidated joint venture $ 122,622 $ —

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

2 unchanged sentences

Notes to Consolidated Financial Statements (Unaudited)

September 30, 2025

March 31, 2026

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

ORGANIZATION AND BASIS OF PRESENTATION

Kite Realty Group Trust (the “Parent Company”), through its majority-owned subsidiary, Kite Realty Group, L.P.

Kite Realty Group Trust (the “Parent Company”) is a publicly held real estate investment trust (“REIT”) that, through its majority-owned subsidiary, Kite Realty Group, L.P.

(the “Operating Partnership”), owns interests in various operating subsidiaries and joint ventures engaged in the ownership, operation, acquisition, development, and redevelopment of high-quality, open-air, grocery-anchored shopping centers and vibrant mixed-use assets that are primarily located in high-growth Sun Belt markets and select strategic gateway markets in the United States.

2 unchanged sentences

The Parent Company was organized in Maryland in 2004 to succeed in the acquisition, development, construction, and real estate businesses of its predecessor.

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 September 30, 2025, owned approximately 97.8 % of the common partnership interests in the Operating Partnership (the “General Partner Units”).

We believe the Company qualifies as a 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 March 31, 2026, owned approximately 97.5 % of the common partnership interests in the Operating Partnership (the “General Partner Units”).

The remaining 2.5 % 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 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 as of March 31, 2026 and for the three months ended March 31, 2026 and 2025 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, 2025.

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.

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:

As of March 31, 2026, the Company’s portfolio consisted of the following:

Properties Square Footage

9 unchanged sentences

(1) Included within the operating retail/mixed-use properties are 10 properties that contain an office component.

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.

Excludes one operating retail property classified as held for sale as of March 31, 2026, 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.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Components of Investment Properties

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

The following table summarizes the composition of the Company’s investment properties as of March 31, 2026 and December 31, 2025 (in thousands) :

March 31, 2026 December 31, 2025

Land, buildings and improvements $ 6,957,812 $ 6,938,588

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 nine months ended September 30, 2025 and 2024 (in thousands) :

Three Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

Rental income related to the Company’s operating leases is comprised of the following for the three months ended March 31, 2026 and 2025 (in thousands) :

Three Months Ended March 31,

Fixed contractual lease payments – operating leases $ 155,082 $ 168,839

2 unchanged sentences

Straight-line rent adjustments 2,250 2,787

Straight-line rent (reserve) recovery for uncollectibility ( 98 ) ( 309 ) ( 520 ) 279

Straight-line rent reserve for uncollectibility ( 481 ) ( 206 )

Amortization of in-place lease liabilities, net 1,495 3,538

4 unchanged sentences

Short-Term Deposits

In August 2024, the Company invested $ 350.0 million in short-term deposits at Goldman Sachs Bank USA and KeyBank National Association.

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

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).

In August 2024, the Company invested $ 350.0 million in short-term deposits, which earned interest at a weighted average interest rate of 5.05 % with a maturity date of February 2025.

During the three months ended March 31, 2025, the Company earned $ 2.5 million of interest income on the short-term deposits, which is recorded within “Other income, net” in the accompanying consolidated statements of operations and comprehensive income.

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 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.

As of March 31, 2026, 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 March 31, 2026, these consolidated VIEs had mortgage debt totaling $ 106.7 million, which was secured by assets of the VIEs totaling $ 221.7 million.

The Operating Partnership guarantees the mortgage debt of these VIEs.

3 unchanged sentences

Parent Company

The Parent Company has been organized and operated, and intends to continue to operate, in a manner that will enable it to maintain its qualification as a REIT for U.S.

The Parent Company has been organized and operated, and it intends to continue to operate, in a manner that will enable it to maintain its qualification as a REIT for U.S.

federal income tax purposes.

21 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 nine months ended September 30, 2025 and 2024 (in thousands) :

Nine Months Ended September 30,

The following table summarizes the non-redeemable noncontrolling interests in consolidated properties for the three months ended March 31, 2026 and 2025 (in thousands) :

Three Months Ended March 31,

Noncontrolling interests balance as of January 1, $ 1,920 $ 1,893

1 unchanged sentence

Distributions to noncontrolling interests ( 86 ) ( 62 )

Noncontrolling interests balance as of September 30,

Noncontrolling interests balance as of March 31,

$ 1,904 $ 1,901

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 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.

As of March 31, 2026, 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.

3 unchanged sentences

Limited Partner Units are redeemable noncontrolling interests in the Operating Partnership.

We classify redeemable noncontrolling interests in the Operating Partnership in the accompanying consolidated balance sheets outside of permanent equity because we may be required to pay cash to holders of Limited Partner Units upon redemption of their interests in the Operating Partnership or deliver registered shares upon their conversion.

We classify redeemable noncontrolling interests in the Operating Partnership outside of permanent equity in the accompanying consolidated balance sheets because we may be required to pay cash to holders of Limited Partner Units upon redemption of their interests in the Operating Partnership or deliver registered shares upon their conversion.

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 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.

As of March 31, 2026 and December 31, 2025, 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 interests.

We adjust the redeemable noncontrolling interests in the Operating Partnership at the end of each reporting period to reflect their interests in the Operating Partnership or redemption value.

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

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

For the three months ended March 31, 2026 and 2025, the weighted average interests of the Parent Company and the limited partners in the Operating Partnership were as follows:

Three Months Ended March 31,

Parent Company’s weighted average interest in the Operating Partnership 97.6 % 98.0 %

Limited partners’ weighted average interests in the Operating Partnership 2.4 % 2.0 %

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 March 31, 2026, the Parent Company’s interest and the limited partners’ redeemable noncontrolling ownership interests in the Operating Partnership were 97.5 % and 2.5 %, respectively.

As of December 31, 2025, the Parent Company’s interest and the limited partners’ redeemable noncontrolling ownership interests in the Operating Partnership were 97.7 % and 2.3 %, 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 September 30, 2025 and December 31, 2024, respectively.

There were 5,307,761 and 4,849,588 Limited Partner Units outstanding as of March 31, 2026 and December 31, 2025, respectively.

The increase in Limited Partner Units outstanding from December 31, 2025 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 nine months ended September 30, 2025 and 2024 were as follows (in thousands) :

Nine Months Ended September 30,

The redeemable noncontrolling interests in the Operating Partnership for the three months ended March 31, 2026 and 2025 were as follows (in thousands) :

Three Months Ended March 31,

Redeemable noncontrolling interests balance as of January 1, $ 116,245 $ 98,074

Net income (loss) allocable to redeemable noncontrolling interests 2,379 ( 265 )

Net income allocable to redeemable noncontrolling interests 268 464

Distributions declared to redeemable noncontrolling interests ( 2,413 ) ( 2,627 )

Other, net including adjustments to redemption value 16,206 5,708

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

Total limited partners’ interests in the Operating Partnership balance as of March 31,

$ 130,306 $ 101,619

Fair Value Measurements

We follow the framework established under Financial Accounting Standards Board Accounting Standards Codification (“ASC”) 820, Fair Value Measurements and Disclosures , for measuring fair value of non-financial assets and liabilities that are not required or permitted to be measured at fair value on a recurring basis but only in certain circumstances, such as a business combination or upon determination of an impairment.

We follow the framework established under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 820, Fair Value Measurements and Disclosures , for measuring the fair value of non-financial assets and liabilities that are not required or permitted to be measured at fair value on a recurring basis but only in certain circumstances, such as a business combination or upon determination of an impairment.

Assets and liabilities recorded at fair value in the accompanying consolidated balance sheets are categorized based on the inputs to the valuation techniques as follows:

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New Accounting Pronouncements

In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40):

In November 2024, the FASB issued Accounting Standards Update 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40):

Disaggregation of Income Statement Expenses .

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.

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.

This 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 and provide additional disclosures about selling expenses.

The 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 nine months ended September 30, 2025 (dollars in thousands) :

Date Property Name Ownership Interest MSA Property Type Retail

Square Footage Acquisition

January 15, 2025 Village Commons 100 % Miami Multi-tenant retail 170,976 $ 68,400

April 28, 2025 Legacy West (1)

52 % Dallas/Ft.

Worth Multi-tenant retail, office & multifamily 342,011 408,200

512,987 $ 476,600

(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) :

The Company did not acquire any operating properties during the three months ended March 31, 2026.

The Company acquired vacant land in the Indianapolis MSA for a purchase price of $ 7.8 million during the three months ended March 31, 2026.

The Company closed on the following wholly owned asset acquisition during the three months ended March 31, 2025 (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.

January 15, 2025 Village Commons 100 % Miami Multi-tenant retail 170,976 $ 68,400

The above acquisition was funded using a combination of available cash on hand and borrowings on the Company’s unsecured revolving line of credit.

Substantially all of the purchase price was allocated to investment properties.

In March 2025, the Company entered into a joint venture with GIC (the “Legacy West Joint Venture”), and on April 28, 2025, the joint venture acquired Legacy West 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 Legacy West Joint Venture.

In March 2025, the Company entered into a joint venture with a leading global investment firm, and on April 28, 2025, the joint venture acquired Legacy West, a 342,011 square foot operating retail property in the Dallas/Ft.

Worth MSA (the “Legacy West Joint Venture”), 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 Legacy West Joint Venture, which is being accounted for pursuant to the equity method of accounting.

The Company’s share of the purchase price is $ 408.2 million, and the acquisition was initially funded with borrowings of $ 255.0 million on the Company’s unsecured revolving line of credit.

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

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

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

DISPOSITIONS AND IMPAIRMENT CHARGES

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

Footage Sales Price Gain (Loss)

April 4, 2025 Stoney Creek Commons Indianapolis Multi-tenant retail 84,094 $ 9,500 $ 4,802

June 25, 2025 Fullerton Metrocenter Los Angeles Multi-tenant retail 241,027 118,500 20,294

June 27, 2025 Denton Crossing (1)

Worth Multi-tenant retail 343,345 81,593 35,626

June 27, 2025 Parkway Towne Crossing (1)

Worth Multi-tenant retail 180,736 57,653 18,133

June 27, 2025 The Landing at Tradition (1)

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.

The Company calculated the gain on sale in accordance with ASC 606, Revenue from Contracts with Customers , and ASC 610-20, Gains and Losses from the Derecognition of Nonfinancial Assets , which requires full gain recognition upon deconsolidation of a nonfinancial asset.

The gain on sale was calculated as the fair value of each of the three properties (based upon the sales price for the 48 % interest acquired by GIC) less the aggregate carrying value.

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 nine months ended September 30, 2024 (dollars in thousands) :

The Company closed on the following disposition during the three months ended March 31, 2026 (dollars in thousands) :

Date Property Name MSA Property Type Square

Footage Sales Price Gain (Loss)

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

March 5, 2026 Coram Plaza New York Multi-tenant retail 138,385 $ 12,500 $ 60

During the three months ended March 31, 2026, the Company received net proceeds of $ 3.2 million and recognized a gain of $ 1.0 million in connection with the sale of the second phase of a land parcel and the rights to develop 14 residential units at the expansion project at One Loudoun Downtown (the “One Loudoun Expansion”) in the Washington, D.C.

The Company did not sell any properties during the three months ended March 31, 2025.

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.

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 September 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 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

City Center, a 362,278 square foot multi-tenant retail property in the New York MSA, remains held for sale as of March 31, 2026.

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 March 31, 2026 and December 31, 2025.

The following table presents the assets and liabilities associated with City Center, the investment property classified as held for sale as of March 31, 2026 and December 31, 2025.

In addition, Coram Plaza was classified as held for sale as of December 31, 2025 (in thousands) :

March 31, 2026 December 31, 2025

Investment properties, net $ 47,177 $ 64,899

Tenant and other receivables 2,627 2,676

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Prepaid and other assets 747 417

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

Assets associated with investment properties held for sale $ 54,073 $ 71,105

Accounts payable and accrued expenses $ 761 $ 811

Deferred revenue and other liabilities 2,993 3,503

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.

Liabilities associated with investment properties held for sale $ 3,754 $ 4,314

There were no discontinued operations for the three months ended March 31, 2026 and 2025 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;

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 nine months ended September 30, 2024.

As of March 31, 2026, in connection with the preparation and review of the first quarter 2026 financial statements and in conjunction with continuing to classify City Center as held for sale, we evaluated City Center for impairment and recorded a $ 5.9 million impairment charge based upon the terms and conditions of purchase offers received, indicating an estimated carrying value of $ 50.0 million, excluding working capital accounts, less estimated selling costs of $ 0.5 million.

INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES

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

The following table summarizes the Company’s investments in unconsolidated joint ventures as of March 31, 2026 and December 31, 2025 (dollars in thousands) :

Date of Investment Ownership Interest Investment at

Joint Venture September 30, 2025 December 31, 2024

Joint Venture March 31, 2026 December 31, 2025

Embassy Suites at Eddy Street Commons (1)

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Legacy West Joint Venture April 2025 52 % 224,605 230,093

GIC Portfolio Joint Venture June 2025 52 % 119,431 —

Seed Asset Joint Venture June 2025 52 % 114,948 117,056

Other investments 2,500 2,500

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(1) The Company formed a joint venture with an unrelated third party to develop and own an Embassy Suites hotel next to Eddy Street Commons, our operating retail property at the University of Notre Dame.

(2) The Company formed a joint venture with Nuveen Real Estate, formerly known as TH Real Estate, and sold three properties (Livingston Shopping Center, Plaza Volente and Tamiami Crossing) to the joint venture.

The Company contributed $ 1.4 million in cash to the joint venture in return for a 35 % ownership interest.

In 2017, the joint venture entered into a $ 33.8 million construction loan, which was repaid during the year ended December 31, 2025, of which the Company contributed $ 10.2 million, representing our 35 % share of the debt repaid.

(2) The Company formed a joint venture with Nuveen Real Estate, formerly known as TH Real Estate, and contributed three properties (Livingston Shopping Center, Plaza Volente, and Tamiami Crossing) to the joint venture, valued at $ 99.8 million in the aggregate, and, after considering third-party debt obtained by the joint venture upon formation, the Company contributed $ 10.0 million for a 20 % noncontrolling ownership interest in the joint venture.

The Company is the operating member of the joint venture and earns fees for providing property management and leasing services.

(3) The Company formed a joint venture with an unrelated third party for the planned development of a multifamily project adjacent to Glendale Town Center, our operating retail property in the Indianapolis MSA.

The Company contributed land valued at $ 1.6 million to the joint venture and retained an 11.5 % ownership interest in the joint venture.

The Company’s partner is the operating member of the joint venture.

(4) The Company formed a joint venture with an unrelated third party for the planned redevelopment of The Corner in the Indianapolis MSA into a mixed-use, multifamily, and retail project.

During the three months ended March 31, 2025, we completed major development construction activities at The Corner – IN and reclassified the property from active development into our operating portfolio in March 2025.

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 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 recognized its share of the gain from the sale of unconsolidated property of $ 2.3 million and received a $ 1.6 million distribution upon the disposition of the property during 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.

In March 2025, the Company entered into a joint venture with GIC, and on April 28, 2025, the joint venture acquired Legacy West in the Dallas/Fort Worth MSA.

(4) The Company formed a joint venture with an unrelated third party for the planned redevelopment of The Corner in the Indianapolis MSA into a mixed-use, multifamily, and retail project.

The Company contributed land valued at $ 4.0 million to the joint venture and retained a 50 % ownership interest in the joint venture.

In March 2025, the Company entered into a joint venture with a leading global investment firm, and on April 28, 2025, the joint venture acquired Legacy West in the Dallas/Fort Worth MSA.

See Note 3 to the accompanying consolidated financial statements for details on the acquisition.

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The Company provides leasing, construction, and property management services to the Legacy West Joint Venture, for which it earns fees.

In June 2025, the Company entered into a second joint venture with GIC and contributed three previously wholly owned properties valued at $ 233.0 million in the aggregate for a 52 % noncontrolling interest in the GIC Portfolio Joint Venture.

See Note 4 to the accompanying consolidated financial statements for details on the disposition.

In June 2025, the Company entered into a second joint venture with the global investment firm and contributed three previously wholly owned properties valued at $ 233.0 million in the aggregate for a 52 % noncontrolling interest in the Seed Asset Joint Venture.

The Company is the operating member of the joint venture, and an affiliate of the Company is the property manager responsible for the day-to-day management of the three properties.

The Company provides leasing, construction, and property management services to the GIC Portfolio Joint Venture, for which it earns fees.

Both members of these investments have substantive participating rights over major decisions that impact the economics and operations of the joint ventures.

The Company provides leasing, construction, and property management services to the Seed Asset Joint Venture, for which it earns fees.

The Company and our joint venture partners each have substantive participating rights over major decisions that impact the economics and operations of the joint ventures.

The Company has the ability to exercise significant influence but does not have financial or operating control over these investments, and as a result, the Company accounts for these investments pursuant to the equity method of accounting.

Under the equity method, the net equity investment of the Company is reflected in the accompanying consolidated balance sheets, and the Company’s share of net income or loss from each unconsolidated joint venture is included in the accompanying consolidated statements of operations and comprehensive income (loss).

Distributions from these investments that are related to income from operations are included as operating activities, and distributions that are related to capital transactions are included in investing activities in the Company’s consolidated statements of cash flows.

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

September 30, 2025 December 31, 2024

As of March 31, 2026 and December 31, 2025, deferred costs consisted of the following (in thousands) :

March 31, 2026 December 31, 2025

Acquired lease intangible assets $ 237,653 $ 260,108

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$ 176,302 $ 184,641

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

deferred costs associated with investment properties held for sale ( 3,497 ) ( 3,088 )

Deferred costs, net $ 172,805 $ 181,553

The amortization of deferred leasing costs, lease intangibles and other is included within “Depreciation and amortization” in the accompanying consolidated statements of operations and comprehensive income (loss).

The amortization of above-market lease intangibles is included as a reduction to “Rental income” in the accompanying consolidated statements of operations and comprehensive income (loss).

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

Nine Months Ended September 30,

The amortization of above-market lease intangibles is included as a reduction to “Rental income” in the accompanying consolidated statements of operations and comprehensive income.

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

Three Months Ended March 31,

Amortization of deferred leasing costs, lease intangibles and other $ 10,814 $ 18,081

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DEFERRED REVENUE, INTANGIBLES, NET AND OTHER LIABILITIES

Deferred revenue and other liabilities consist of (i) the unamortized fair value of below-market lease liabilities recorded in connection with purchase accounting, (ii) retainage payables for development and redevelopment projects, (iii) tenant rent payments received in advance of the month in which they are due, and (iv) lease liabilities recorded upon adoption of ASU 2016-02, Leases (Topic 842) .

The amortization of below-market lease liabilities is recognized as revenue over the remaining life of the leases (including option periods for leases with below-market renewal options) through 2085.

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 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

As of March 31, 2026 and December 31, 2025, deferred revenue, intangibles, net and other liabilities consisted of the following (in thousands) :

March 31, 2026 December 31, 2025

Unamortized in-place lease liabilities $ 107,013 $ 110,038

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$ 210,596 $ 225,316

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

deferred revenue associated with investment properties held for sale ( 2,993 ) ( 3,503 )

Deferred revenue and other liabilities $ 207,603 $ 221,813

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.

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 and totaled $ 2.7 million and $ 9.1 million for the three months ended March 31, 2026 and 2025, respectively.

MORTGAGE AND OTHER INDEBTEDNESS

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

The following table summarizes the Company’s indebtedness as of March 31, 2026 and December 31, 2025 (in thousands) :

March 31, 2026 December 31, 2025

Mortgages payable $ 141,605 $ 142,937

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Mortgage and other indebtedness, net $ 2,992,389 $ 3,025,478

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) :

Consolidated indebtedness, including weighted average interest rates and weighted average maturities as of March 31, 2026, considering the impact of interest rate swaps, is summarized below (dollars in thousands) :

Outstanding Ratio Weighted Average

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

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.

As of March 31, 2026, $ 150.0 million in variable rate debt is hedged to a fixed rate through July 17, 2026.

Mortgages Payable

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

September 30, 2025 December 31, 2024

March 31, 2026 December 31, 2025

Balance Weighted Average

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Total mortgages payable $ 141,605 $ 142,937

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

(1) The fixed rate mortgages had interest rates ranging from 3.75 % to 5.73 % as of March 31, 2026 and December 31, 2025.

(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 4.13 % and 4.33 % as of September 30, 2025 and December 31, 2024, respectively.

The one-month SOFR rate was 3.66 % and 3.69 % as of March 31, 2026 and December 31, 2025, 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 nine months ended September 30, 2025, we made scheduled principal payments of $ 3.9 million related to amortizing loans.

During the three months ended March 31, 2026, we made scheduled principal payments of $ 1.3 million related to amortizing loans.

Unsecured Notes

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

September 30, 2025 December 31, 2024

March 31, 2026 December 31, 2025

Maturity Date Balance Interest Rate Balance Interest Rate

Senior notes – 4.08 % due 2026

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

Senior notes – 4.47 % due 2025 (1)

September 30, 2026 $ 100,000 4.08 % $ 100,000 4.08 %

Senior notes – 4.00 % due 2026

September 30, 2026 100,000 4.08 % 100,000 4.08 %

Senior notes – 4.00 % due 2026

October 1, 2026 300,000 4.00 % 300,000 4.00 %

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

(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.

(1) The coupon rate is 5.50 %;

however, as a result of hedging activities, the Company’s interest rate is 4.60 %.

In March 2025, the Company repaid the $ 350.0 million principal balance of the 4.00 % senior unsecured notes due 2025 using proceeds from the August 2024 public offering of $ 350.0 million in aggregate principal amount of 4.95 % senior unsecured notes due 2031.

In June 2025, the Company 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 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, 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) :

September 30, 2025 December 31, 2024

March 31, 2026 December 31, 2025

Maturity Date Balance Interest Rate Balance Interest Rate

Unsecured term loan due 2026 – fixed rate (1)

July 17, 2026 $ — — % $ 150,000 2.73 %

Unsecured term loan due 2027 – fixed rate (2)

Unsecured term loan due 2027 – variable rate (1)

October 24, 2027 $ 250,000 4.53 % $ 250,000 4.72 %

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October 3, 2028 $ 53,000 4.73 % $ 85,000 4.92 %

(1) As of December 31, 2024, $ 150,000 of SOFR -based variable rate debt had 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 1.05 % as of December 31, 2024.

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 0.85 % and 0.95 % as of September 30, 2025 and December 31, 2024, respectively.

(1) 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) 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.

(2) $ 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 March 31, 2026 and December 31, 2025.

The interest rate shown is the weighted average rate as of March 31, 2026.

(3) 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.

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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.

The Revolving Facility had an outstanding balance of $ 53.0 million and $ 85.0 million as of March 31, 2026 and December 31, 2025, respectively.

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.

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.

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

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

As of March 31, 2026, 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.

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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) :

The greenhouse gas emission reduction targets have not been achieved as of March 31, 2026.

The following table summarizes the key terms of the Revolving Facility as of March 31, 2026 (dollars in thousands) :

Leverage-Based Pricing Investment-Grade Pricing

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and (v) a minimum unencumbered interest coverage ratio.

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.

As of March 31, 2026, we were in compliance with all such covenants.

As of March 31, 2026, we had outstanding letters of credit totaling $ 4.2 million with no amounts advanced against these instruments.

Unsecured Term Loans

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

As of March 31, 2026, 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 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 Credit Agreement.

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) :

The greenhouse gas emission reduction targets have not been achieved as of March 31, 2026.

The following table summarizes the key terms of the unsecured term loans as of March 31, 2026 (dollars in thousands) :

Unsecured Term Loans

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Debt issuance costs are amortized over the terms of the respective loans.

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) :

Nine Months Ended September 30,

Three Months Ended March 31,

Amortization of debt issuance costs $ 1,759 $ 1,644

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Debt discounts and premiums, including the related value of interest rate swaps that were assumed in the October 2021 merger with RPAI, are amortized over the terms of the respective loans.

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) :

Nine Months Ended September 30,

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

Three Months Ended March 31,

Amortization of debt discounts, premiums and hedge instruments $ 1,597 $ 2,756

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

In addition, the estimated amounts of the reduction to interest expense as of March 31, 2026 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) :

April 2026 through December 2026 $ 4,187

Thereafter ( 2,084 )

Total unamortized debt discounts, premiums and hedge instruments $ 17,315

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) :

The following table reconciles total unamortized debt discounts, premiums and hedge instruments as of March 31, 2026 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 $ 17,033

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Fair Value of Fixed and Variable Rate Debt

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.

As of March 31, 2026, 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 4.85 % to 6.63 %.

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 %.

As of March 31, 2026, the estimated fair value of variable rate debt was $ 615.0 million compared to the book value of $ 614.6 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, which ranged from 4.51 % to 5.81 %.

DERIVATIVE INSTRUMENTS, HEDGING ACTIVITIES AND OTHER COMPREHENSIVE INCOME

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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 September 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 March 31, 2026 and December 31, 2025 (dollars in thousands) :

Fair Value Assets (Liabilities) (1)

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

Cash Flow Two — SOFR 2.66 % 8/1/2022 8/1/2025 — 884

Cash Flow Two — SOFR 2.37 % 11/22/2023 8/1/2025 — 2,101

Type of Hedge Number of Instruments Aggregate Notional Reference Rate Interest Rate Effective Date Maturity Date March 31, 2026 December 31, 2025

Cash Flow (2)

Three $ 150,000 SOFR 1.68 % 8/15/2022 7/17/2026 $ 877 $ 1,503

$ 400,000 $ 2,522 $ 10,608

Fair Value (3)

Two $ — SOFR SOFR + 3.70 %

4/23/2021 9/10/2025 $ — $ ( 3,937 )

(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 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 %.

We paid $ 0.2 million upon termination, which is included as a component of “Accumulated other comprehensive income” in the accompanying consolidated balance sheets and is being reclassified as an increase to interest expense over the term of the debt.

These interest rate derivative agreements are the only assets or liabilities that we record at fair value on a recurring basis.

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These techniques consider the contractual terms of the derivatives (including the period to maturity) and use observable market-based inputs such as interest rate curves and implied volatilities.

We also incorporate credit valuation adjustments into the fair value measurements to reflect non-performance risk on both our part and that of the respective counterparties.

We also incorporate credit valuation adjustments into the fair value measurements to reflect nonperformance risk on both our part and that of the respective counterparties.

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 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 of March 31, 2026 and December 31, 2025, 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 $ 2.0 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.

Approximately $ 1.6 million and $ 2.6 million was reclassified as a reduction to interest expense during the three months ended March 31, 2026 and 2025, respectively.

As interest payments on our derivatives are made over the next 12 months, we estimate the decrease to interest expense to be approximately $ 4.3 million, assuming the current SOFR curve.

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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 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

The following table presents information on the Company’s reported segment revenue, net operating income, and significant segment expenses for the three months ended March 31, 2026 and 2025 that are provided to the CODM and included within the Company’s single reportable operating segment measure of profit or loss:

Three Months Ended March 31,

Minimum rent $ 153,150 $ 173,988

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Net operating income 143,461 163,065

Other (expense) income:

Other income (expense):

Net gains from outlot sales 1,039 —

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Equity in loss of unconsolidated subsidiaries ( 2,216 ) ( 607 )

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

Income tax expense of taxable REIT subsidiaries ( 395 ) ( 10 )

Other income, net 2,572 4,743

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

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 )

Gain on sales of operating properties, net — 91

Net income 11,732 24,264

Net income attributable to noncontrolling interests ( 338 ) ( 534 )

Net income attributable to common shareholders $ 11,394 $ 23,730

SHAREHOLDERS’ EQUITY

Distributions

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.

Our Board of Trustees declared a cash distribution of $ 0.29 per common share and Common Unit for the first quarter of 2026.

This distribution was paid on April 16, 2026 to common shareholders and common unitholders of record as of April 9, 2026.

In January 2026, in addition to the payment of the fourth quarter 2025 distribution of $ 0.29 per common share and Common Unit, to meet certain REIT distribution requirements, we paid a special cash distribution of $ 0.145 per common share and Common Unit to common shareholders and common unitholders of record as of January 9, 2026, totaling $ 30.7 million.

For the three months ended March 31, 2025, we declared a cash distribution of $ 0.27 per common share and Common Unit.

Share Repurchase Program

The Company has an existing share repurchase program under which it may repurchase, from time to time, up to a maximum of $ 300.0 million of its common shares (the “Share Repurchase Program”).

In February 2021, our Board of Trustees approved a share repurchase program under which the Company may repurchase, from time to time, up to an aggregate of $ 150.0 million of our common shares.

In April 2022, our Board of Trustees increased the size of the program from $ 150.0 million to $ 300.0 million of our common shares, and in February 2026, further increased

the size of the program from $ 300.0 million to $ 600.0 million of our common shares (the “Share Repurchase Program”).

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.

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.

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 November 2025, the Company extended the Share Repurchase Program for an additional year to February 28, 2027, if not terminated or extended prior to that date.

During the three months ended March 31, 2026 , the Company repurchased approximately 6.0 million common shares at an average price per share of $ 25.19 for a total of $ 152.3 million.

As of March 31, 2026, $ 200.0 million remained available for repurchases of common shares under the Company’s Share Repurchase Program.

The Company did not repurchase any shares during the three months ended March 31, 2025 .

EARNINGS PER SHARE OR UNIT

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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 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.

Weighted average Limited Partner Units outstanding were 5.1 million and 4.5 million for the three months ended March 31, 2026 and 2025, respectively.

The following table summarizes the calculation of basic and diluted earnings per share for the Parent Company for the three months ended March 31, 2026 and 2025.

We have omitted the calculation of basic and diluted earnings per unit since the dilutive securities for the Operating Partnership are the same as those for the Parent Company (dollars in thousands, except per share data) :

Three Months Ended March 31,

Net income attributable to common shareholders – basic and diluted $ 11,394 $ 23,730

Weighted average common shares outstanding – basic 205,686,342 219,715,674

Effect of dilutive securities:

AO LTIP Units — 40,303

Deferred common share units 89,013 71,321

Exchangeable Notes 288,113 —

Weighted average common shares outstanding – diluted 206,063,468 219,827,298

Net income per common share – basic $ 0.06 $ 0.11

Net income per common share – diluted $ 0.06 $ 0.11

COMMITMENTS AND CONTINGENCIES

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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 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.

As of March 31, 2026, the outstanding balance of the loans was $ 69.7 million, of which our share was $ 34.9 million.

As of March 31, 2026, 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.

During the three months ended March 31, 2026, the Company completed all remediation and reconstruction activities.

The Company has third-party insurance coverage, including business interruption coverage, related to this event, and based on the coverage available and reimbursements received or expected, we do not believe the flood had a material adverse effect on our consolidated results of operations or financial condition.

Legal Proceedings

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SUBSEQUENT EVENTS

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.

In connection with the preparation of our financial statements, we have evaluated events and transactions that occurred subsequent to March 31, 2026 for recognition and/or disclosure purposes.

Based on this evaluation, there were no subsequent events from March 31, 2026 through the date the financial statements were issued warranting recognition and/or disclosure.

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