What changed in this filing

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Item 1. Financial Statements

2026-07-30 compared with 2026-04-29 · 295 added, 132 removed, 701 unchanged (38% of the section changed)

27 unchanged sentences

200,346,933 and 208,979,900 shares issued and outstanding at

March 31, 2026 and December 31, 2025, respectively

June 30, 2026 and December 31, 2025, respectively

Additional paid-in capital 4,355,759 4,612,280

9 unchanged sentences

(in thousands, except share and per share data)

Three Months Ended March 31,

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

2026 2025 2026 2025

Rental income $ 193,314 $ 211,182 $ 391,356 $ 430,354

13 unchanged sentences

Net gains from outlot sales 1,364 — 2,403 —

Gain on deconsolidation of joint venture 60,625 — 60,625 —

Equity in loss of unconsolidated joint ventures ( 1,344 ) ( 3,238 ) ( 3,560 ) ( 3,845 )

3 unchanged sentences

Net income attributable to common shareholders $ 161,304 $ 110,318 $ 172,698 $ 134,048

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

Net income per common share – basic $ 0.80 $ 0.50 $ 0.85 $ 0.61

Net income per common share – diluted $ 0.79 $ 0.50 $ 0.84 $ 0.61

Weighted average common shares outstanding – basic 202,231,374 219,835,322 203,949,318 219,775,829

3 unchanged sentences

Total comprehensive income 163,707 108,608 173,739 128,592

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

Comprehensive income attributable to noncontrolling

( 4,187 ) ( 2,200 ) ( 4,552 ) ( 2,759 )

Comprehensive income attributable to the Company $ 159,520 $ 106,408 $ 169,187 $ 125,833

11 unchanged sentences

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

Shares repurchased through Share Repurchase Program ( 6,046,401 ) ( 60 ) ( 152,362 ) — — ( 152,422 )

Shares repurchased through Share Repurchase

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

Other comprehensive loss — — — ( 1,727 ) — ( 1,727 )

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

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

Adjustment to redeemable noncontrolling interests — — ( 16,178 ) — — ( 16,178 )

Net income attributable to common

— — — — 11,394 11,394

Adjustment to redeemable noncontrolling

— — ( 16,178 ) — — ( 16,178 )

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

Stock compensation activity 41,007 — 3,547 — — 3,547

Shares repurchased through Share Repurchase

( 2,753,051 ) ( 28 ) ( 75,685 ) — — ( 75,713 )

Other comprehensive loss — — — ( 1,784 ) — ( 1,784 )

Distributions to common shareholders — — — — ( 58,101 ) ( 58,101 )

Net income attributable to common

— — — — 161,304 161,304

Adjustment to redeemable noncontrolling

— — ( 17,453 ) — — ( 17,453 )

Balance at June 30, 2026 200,346,933 $ 2,003 $ 4,355,759 $ 19,568 $ ( 1,508,134 ) $ 2,869,196

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

2 unchanged sentences

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 )

Net income attributable to common

— — — — 23,730 23,730

Adjustment to redeemable noncontrolling

— — ( 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

— — — — 110,318 110,318

Adjustment to redeemable noncontrolling

— — ( 462 ) — — ( 462 )

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

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

2 unchanged sentences

(in thousands)

Three Months Ended March 31,

Six Months Ended June 30,

Cash flows from operating activities:

4 unchanged sentences

Net gains from outlot sales ( 2,403 ) —

Gain on deconsolidation of joint venture ( 60,625 ) —

Impairment charges 6,868 —

15 unchanged sentences

Net proceeds from sales of operating properties 315,987 232,523

Investments in unconsolidated joint ventures — ( 253,924 )

Proceeds from short-term deposits — 350,000

Change in cash from deconsolidation of joint venture ( 2,029 ) —

Distributions from unconsolidated joint ventures 386 2,780

Capital contributions to unconsolidated joint ventures ( 310 ) ( 2,205 )

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

Net cash provided by investing activities 107,236 178,030

Cash flows from financing activities:

14 unchanged sentences

Accrued capital expenditures and tenant improvements $ 42 $ 2,697

Accrued share repurchase through Share Repurchase Program $ 30,000 $ —

Reduction in consolidated indebtedness from deconsolidation of joint venture $ 95,095 $ —

Contribution of land to unconsolidated joint venture $ 6,939 $ —

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.

27 unchanged sentences

Common equity, 200,346,933 and 208,979,900 units issued and outstanding

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

at June 30, 2026 and December 31, 2025, respectively

2,849,628 3,050,530

9 unchanged sentences

(in thousands, except unit and per unit data)

Three Months Ended March 31,

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

2026 2025 2026 2025

Rental income $ 193,314 $ 211,182 $ 391,356 $ 430,354

13 unchanged sentences

Net gains from outlot sales 1,364 — 2,403 —

Gain on deconsolidation of joint venture 60,625 — 60,625 —

Equity in loss of unconsolidated joint ventures ( 1,344 ) ( 3,238 ) ( 3,560 ) ( 3,845 )

7 unchanged sentences

$ 165,474 $ 112,518 $ 177,136 $ 136,712

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

Net income per common unit – basic $ 0.80 $ 0.50 $ 0.85 $ 0.61

Net income per common unit – diluted $ 0.79 $ 0.50 $ 0.84 $ 0.61

Weighted average common units outstanding – basic 207,539,135 224,684,910 209,131,933 224,451,187

3 unchanged sentences

Total comprehensive income 163,707 108,608 173,739 128,592

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

Comprehensive income attributable to noncontrolling

( 56 ) ( 81 ) ( 126 ) ( 151 )

Comprehensive income attributable to common unitholders $ 163,651 $ 108,527 $ 173,613 $ 128,441

16 unchanged sentences

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

Stock compensation activity 3,547 — 3,547

Units repurchased in connection with Share Repurchase Program ( 75,713 ) — ( 75,713 )

Other comprehensive loss attributable to Parent Company — ( 1,784 ) ( 1,784 )

Distributions to Parent Company ( 58,101 ) — ( 58,101 )

Net income attributable to Parent Company 161,304 — 161,304

Adjustment to redeemable noncontrolling interests ( 17,453 ) — ( 17,453 )

Balance at June 30, 2026 $ 2,849,628 $ 19,568 $ 2,869,196

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

5 unchanged sentences

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

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

3 unchanged sentences

(in thousands)

Three Months Ended March 31,

Six Months Ended June 30,

Cash flows from operating activities:

4 unchanged sentences

Net gains from outlot sales ( 2,403 ) —

Gain on deconsolidation of joint venture ( 60,625 ) —

Impairment charges 6,868 —

15 unchanged sentences

Net proceeds from sales of operating properties 315,987 232,523

Investments in unconsolidated joint ventures — ( 253,924 )

Proceeds from short-term deposits — 350,000

Change in cash from deconsolidation of joint venture ( 2,029 ) —

Distributions from unconsolidated joint ventures 386 2,780

Capital contributions to unconsolidated joint ventures ( 310 ) ( 2,205 )

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

Net cash provided by investing activities 107,236 178,030

Cash flows from financing activities:

14 unchanged sentences

Accrued capital expenditures and tenant improvements $ 42 $ 2,697

Accrued Unit repurchase in connection with Share Repurchase Program $ 30,000 $ —

Reduction in consolidated indebtedness from deconsolidation of joint venture $ 95,095 $ —

Contribution of land to unconsolidated joint venture $ 6,939 $ —

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)

March 31, 2026

June 30, 2026

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

6 unchanged sentences

We believe the Company qualifies as a 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 Parent Company is the sole general partner of the Operating Partnership and, as of June 30, 2026, owned approximately 97.4 % of the common partnership interests in the Operating Partnership (the “General Partner Units”).

The remaining 2.6 % 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 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 as of June 30, 2026 and for the three and six months ended June 30, 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.

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

As of June 30, 2026, the Company’s portfolio consisted of the following:

Properties Square Footage

6 unchanged sentences

One Loudoun Expansion — 119,000

One Loudoun Phase 2 Apartments — —

Hamilton Crossing Centre 1 —

1 unchanged sentence

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

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.

Excludes 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.

1 unchanged sentence

Components of Investment Properties

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

The following table summarizes the composition of the Company’s investment properties as of June 30, 2026 and December 31, 2025 (in thousands) :

June 30, 2026 December 31, 2025

Land, buildings and improvements $ 6,783,659 $ 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 months ended March 31, 2026 and 2025 (in thousands) :

Three Months Ended March 31,

Rental income related to the Company’s operating leases is comprised of the following for the three and six months ended June 30, 2026 and 2025 (in thousands) :

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

2026 2025 2026 2025

Fixed contractual lease payments – operating leases $ 155,614 $ 167,569 $ 310,696 $ 336,408

8 unchanged sentences

An allowance for uncollectible accounts, including future credit losses of the accrued straight-line rent receivables, is maintained for estimated losses resulting from the inability of certain tenants to meet contractual obligations under their lease agreements.

Short-Term Deposits

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 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.

primary beneficiary.

As of June 30, 2026, we owned investments in one consolidated joint venture that was a VIE in which the partner did not have substantive participating rights, and we were the primary beneficiary.

As of June 30, 2026, this consolidated VIE had mortgage debt of $ 11.0 million, which was secured by assets of the VIE.

The Operating Partnership guarantees the mortgage debt of this VIE.

The Operating Partnership is considered a VIE as the limited partners do not hold kick-out rights or substantive participating rights.

26 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 three months ended March 31, 2026 and 2025 (in thousands) :

Three Months Ended March 31,

The following table summarizes the non-redeemable noncontrolling interests in consolidated properties for the six months ended June 30, 2026 and 2025 (in thousands) :

Six Months Ended June 30,

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

1 unchanged sentence

Distributions to noncontrolling interests ( 155 ) ( 127 )

Noncontrolling interests balance as of March 31,

Deconsolidation of joint venture ( 1,193 ) —

Noncontrolling interests balance as of June 30,

$ 698 $ 1,917

1 unchanged sentence

Prior to the merger with Retail Properties of America, Inc.

(“RPAI”) in October 2021, RPAI entered into a joint venture related to the development, ownership, and operation of the multifamily rental portion of the expansion project at One Loudoun Downtown – Pads G & H.

The Company owns 90 % of the joint venture.

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 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.

The Company is considered the primary beneficiary as it has a controlling financial interest in the joint venture.

As such, the Company has consolidated this joint venture and presented the joint venture partner’s interests as noncontrolling interests.

(“RPAI”) in October 2021, RPAI entered into a joint venture (the “One Loudoun Residential Joint Venture”), which initially related to the development, ownership, and operation of the multifamily rental portion of the expansion project at One Loudoun Downtown – Pads G & H in the Washington, D.C.

MSA (the “One Loudoun Phase 1 Apartments”).

The Company owned 90 % of the One Loudoun Residential Joint Venture through May 28, 2026.

Under terms defined in the joint venture agreement, after construction completion and stabilization of the One Loudoun Phase 1 Apartments, the Company had the ability to call, and the joint venture partner had the ability to put to the Company, subject to certain conditions, the joint venture partner’s interest in the joint venture at fair value.

Although the conditions for exercising the put and call options had been met, neither the Company nor the joint venture partner exercised their respective options.

Prior to May 28, 2026, the joint venture was considered a VIE primarily because the Company’s joint venture partner did not have substantive kick-out rights or substantive participating rights.

The Company was considered the primary beneficiary as it had a controlling financial interest in the joint venture.

As such, the Company consolidated this joint venture and presented the joint venture partner’s interests as noncontrolling interests through May 28, 2026.

On May 28, 2026, the Company and the joint venture partner amended the joint venture agreement to form a new wholly owned subsidiary entity of the One Loudoun Residential Joint Venture that will develop, construct, and operate a second multifamily rental building consisting of 429 apartment units and ground-floor retail space (the “One Loudoun Phase 2 Apartments”) while continuing to own and operate the One Loudoun Phase 1 Apartments.

Under the terms of the amended joint venture agreement, substantive participating rights were granted to the joint venture partner, including approval rights over annual operating budgets, construction contracts, and project schedules, including any material amendments.

As a result, the Company concluded that it no longer had a controlling financial interest in the joint venture.

Accordingly, the Company deconsolidated the One Loudoun Residential Joint Venture effective May 28, 2026 and began accounting for its retained ownership interest in this joint venture under the equity method of accounting.

Upon deconsolidation, the Company derecognized the assets;

liabilities, including the $ 95.1 million mortgage payable associated with the One Loudoun Phase 1 Apartments;

and noncontrolling interests of the joint venture, recognized its retained investment at fair value, and recognized a gain on deconsolidation of $ 60.6 million during the three months ended June 30, 2026, which is reflected in “Gain on deconsolidation of joint venture” in the accompanying consolidated statements of operations and comprehensive income.

Redeemable Noncontrolling Interests – Limited Partners

2 unchanged sentences

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

As of 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.

As of June 30, 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.

1 unchanged sentence

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

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,

For the three and six months ended June 30, 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 June 30, Six Months Ended June 30,

2026 2025 2026 2025

Parent Company’s weighted average interest in the Operating Partnership 97.4 % 97.8 % 97.5 % 97.9 %

Limited partners’ weighted average interests in the Operating Partnership 2.6 % 2.2 % 2.5 % 2.1 %

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 June 30, 2026, the Parent Company’s interest and the limited partners’ redeemable noncontrolling ownership interests in the Operating Partnership were 97.4 % and 2.6 %, 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 5,307,761 and 4,849,588 Limited Partner Units outstanding as of March 31, 2026 and December 31, 2025, respectively.

There were 5,307,761 and 4,849,588 Limited Partner Units outstanding as of June 30, 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 three months ended March 31, 2026 and 2025 were as follows (in thousands) :

Three Months Ended March 31,

The redeemable noncontrolling interests in the Operating Partnership for the six months ended June 30, 2026 and 2025 were as follows (in thousands) :

Six Months Ended June 30,

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

2 unchanged sentences

Other, net including adjustments to redemption value 33,619 6,089

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

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

$ 150,634 $ 102,891

11 unchanged sentences

Disaggregation of Income Statement Expenses .

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.

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 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

The Company closed on the following wholly owned asset acquisitions via Code Section 1031 tax-deferred exchanges (a “1031 Exchange”) during the six months ended June 30, 2026 (dollars in thousands) :

Date Property Name Ownership Interest MSA Property Type Retail

Square Footage Acquisition

May 11, 2026 Chastain Market (1)

100 % Atlanta Multi-tenant retail

& office 79,517 $ 71,000

May 21, 2026 Founders Square 100 % Naples, FL Multi-tenant retail 66,360 65,000

145,877 $ 136,000

(1) Chastain Market also contains 27,699 square feet of office space.

In addition, on March 23, 2026, the Company acquired vacant land in the Indianapolis MSA for a purchase price of $ 7.8 million.

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

Date Property Name Ownership Interest MSA Property Type Retail

Square Footage Acquisition

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 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 %.

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 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.

Substantially all of the purchase price was allocated to investment properties and lease-related intangible assets and liabilities based on their estimated fair values.

In March 2025, the Company entered into a joint venture with a leading global investment firm (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, 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.

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 disposition during the three months ended March 31, 2026 (dollars in thousands) :

The Company closed on the following dispositions during the six months ended June 30, 2026 (dollars in thousands) :

Date Property Name MSA Property Type Square

1 unchanged sentence

March 5, 2026 Coram Plaza New York Multi-tenant retail 138,385 $ 12,500 $ 62

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.

June 5, 2026 Estero Town Commons – Lowe’s (1)

Fort Myers, FL Ground lease interest — 9,500 5,748

June 10, 2026 Commons at Temecula (2)

Riverside, CA Multi-tenant retail 292,078 77,000 23,478

June 10, 2026 Gateway Station (2)

College Station, TX Multi-tenant retail 125,406 31,500 12,216

June 10, 2026 Grapevine Crossing Dallas/Ft.

Worth Multi-tenant retail 125,488 19,500 3,720

June 10, 2026 La Plaza Del Norte (2)

San Antonio Multi-tenant retail 320,102 72,709 25,914

June 10, 2026 Perimeter Woods Charlotte Multi-tenant retail 127,067 36,620 10,005

June 10, 2026 Winchester Commons (2)

Memphis Multi-tenant retail 93,077 17,171 8,384

June 25, 2026 City Center New York Multi-tenant retail 362,278 50,000 ( 1,630 )

1,583,881 $ 326,500 $ 87,897

(1) The Company sold the ground lease interest in one tenant at this existing multi-tenant operating retail property.

The total number of properties in the Company’s portfolio was not affected by this transaction.

(2) Disposition proceeds, or a portion of the proceeds, are temporarily restricted related to a potential 1031 Exchange.

During the three months ended March 31, 2026 and June 30, 2026, the Company received net proceeds of $ 3.2 million and $ 3.5 million, respectively, and recognized gains of $ 1.0 million and $ 1.4 million, respectively, in connection with the sale of the second and third phases of a land parcel, including rights to develop 14 residential units for each phase, at the expansion project at One Loudoun Downtown (the “One Loudoun Expansion”) in the Washington, D.C.

The Company closed on the following dispositions during the six months ended June 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 20,295

June 27, 2025 Denton Crossing (1)

Worth Multi-tenant retail 343,345 81,593 35,636

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 23,710

1,246,401 $ 361,000 $ 102,576

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

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 (the “Seed Asset 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 Seed Asset Joint Venture acquired by the joint venture partner.

The Company calculated the gain on sale from the Seed Asset Joint Venture 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 the joint venture partner) 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.

Investment Properties Held for Sale

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.

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 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

As of June 30, 2026, no properties qualified for held-for-sale accounting treatment.

As of December 31, 2025, City Center and Coram Plaza were classified as held for sale and the assets and liabilities associated with these properties were separately classified as held for sale in the accompanying consolidated balance sheets as of December 31, 2025.

Coram Plaza and City Center were both sold subsequent to December 31, 2025.

The following table presents the assets and liabilities associated with City Center and Coram Plaza, the investment properties that were classified as held for sale as of December 31, 2025 (in thousands) :

December 31, 2025

Investment properties, net $ 64,899

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Liabilities associated with investment properties held for sale $ 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.

There were no discontinued operations for the six months ended June 30, 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 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.

As of March 31, 2026, in connection with the preparation and review of the first quarter 2026 financial statements and in conjunction with classifying 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.

City Center was sold on June 25, 2026.

INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES

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

The following table summarizes the Company’s investments in unconsolidated joint ventures as of June 30, 2026 and December 31, 2025 (dollars in thousands) :

Date of Investment Ownership Interest Investment at

Joint Venture March 31, 2026 December 31, 2025

Joint Venture June 30, 2026 December 31, 2025

Embassy Suites at Eddy Street Commons (1)

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September 2021 50 % — —

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

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

Legacy West Joint Venture (5)

April 2025 52 % 217,903 230,093

Seed Asset Joint Venture (6)

June 2025 52 % 112,568 117,056

One Loudoun Residential Joint Venture (7)

May 2026 76.7 % 63,053 —

Other investments 2,500 2,500

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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.

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.

(5) In March 2025, the Company entered into the Legacy West Joint Venture with a leading global investment firm, and on April 28, 2025, 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 Seed Asset Joint Venture, for which it earns fees.

(7) In May 2026, the Company and its joint venture partner amended the joint venture agreement of the One Loudoun Residential Joint Venture to form a new wholly owned subsidiary entity of the joint venture that will develop, construct, and operate a second multifamily project, One Loudoun Phase 2 Apartments.

The Company contributed land and committed to fund estimated future proffer costs of $ 21.6 million as well as its equity in the One Loudoun Phase 1 Apartments.

As part of the amended joint venture agreement and agreed upon contributions from the joint venture partner, the Company’s ownership percentage of the One Loudoun Residential Joint Venture decreased from 90 % to 76.7 % as of June 30, 2026, and its ownership percentage is expected to be reduced to 55 % over time as additional equity for the One Loudoun Phase 2 Apartments is required to be contributed by the joint venture partner.

In addition, the joint venture entered into a $ 107.5 million construction loan to fund the One Loudoun Phase 2 Apartments.

The Company’s partner is the managing member of the joint venture;

however, the consent of both partners is required for major operating and financial decisions of the joint venture.

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.

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

March 31, 2026 December 31, 2025

As of June 30, 2026 and December 31, 2025, deferred costs consisted of the following (in thousands) :

June 30, 2026 December 31, 2025

Acquired lease intangible assets $ 231,506 $ 260,108

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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,

Six Months Ended June 30,

Amortization of deferred leasing costs, lease intangibles and other $ 20,913 $ 35,742

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

As of 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

As of June 30, 2026 and December 31, 2025, deferred revenue, intangibles, net and other liabilities consisted of the following (in thousands) :

June 30, 2026 December 31, 2025

Unamortized in-place lease liabilities $ 101,628 $ 110,038

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Deferred revenue and other liabilities $ 232,622 $ 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 and totaled $ 2.7 million and $ 9.1 million for the three months ended March 31, 2026 and 2025, respectively.

The amortization of below-market lease liabilities is included as a component of “Rental income” in the accompanying consolidated statements of operations and comprehensive income and totaled $ 5.4 million and $ 12.9 million for the six months ended June 30, 2026 and 2025, respectively.

MORTGAGE AND OTHER INDEBTEDNESS

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

The following table summarizes the Company’s indebtedness as of June 30, 2026 and December 31, 2025 (in thousands) :

June 30, 2026 December 31, 2025

Mortgages payable $ 45,169 $ 142,937

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Mortgage and other indebtedness, net $ 2,842,758 $ 3,025,478

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) :

Consolidated indebtedness, including weighted average interest rates and weighted average maturities as of June 30, 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 March 31, 2026, $ 150.0 million in variable rate debt is hedged to a fixed rate through July 17, 2026.

As of June 30, 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) :

March 31, 2026 December 31, 2025

June 30, 2026 December 31, 2025

Balance Weighted Average

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Total mortgages payable $ 45,169 $ 142,937

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

(1) The fixed rate mortgages had interest rates ranging from 3.75 % to 5.73 % as of June 30, 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 3.66 % and 3.69 % as of March 31, 2026 and December 31, 2025, respectively.

The one-month SOFR rate was 3.65 % and 3.69 % as of June 30, 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 three months ended March 31, 2026, we made scheduled principal payments of $ 1.3 million related to amortizing loans.

During the six months ended June 30, 2026, we made scheduled principal payments of $ 2.7 million related to amortizing loans.

In addition, as a result of the deconsolidation of the One Loudoun Residential Joint Venture on May 28, 2026, the Company derecognized the $ 95.1 million mortgage payable associated with the One Loudoun Phase 1 Apartments from the Company’s balance sheet.

Unsecured Notes

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

March 31, 2026 December 31, 2025

June 30, 2026 December 31, 2025

Maturity Date Balance Interest Rate Balance Interest Rate

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

Exchangeable Senior Notes

Subsequent to June 30, 2026, the Operating Partnership issued $ 345.0 million aggregate principal amount of 3.25 % exchangeable senior notes due April 2032 (the “2026 Exchangeable Notes”), which includes $ 45.0 million aggregate principal amount of 2026 Exchangeable Notes issued pursuant to the full exercise by the initial purchasers of the option granted by the Operating Partnership to purchase up to an additional $ 45.0 million aggregate principal amount of 2026 Exchangeable Notes.

The 2026 Exchangeable Notes are governed by an indenture between the Operating Partnership, the Company, and U.S.

Bank Trust Company, National Association, as trustee.

The 2026 Exchangeable Notes were sold in a private placement to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”).

The net proceeds from the offering of the 2026 Exchangeable Notes were approximately $ 335.7 million after deducting the underwriting discounts and commissions and estimated offering expenses paid by the Company.

The 2026 Exchangeable Notes bear interest at a rate of 3.25 % per annum, payable semi-annually in arrears beginning on April 15, 2027, and will mature on April 15, 2032.

Prior to the close of business on the business day immediately preceding January 15, 2032, the 2026 Exchangeable Notes are exchangeable into cash up to the principal amount of the 2026 Exchangeable Notes exchanged and, if applicable, cash or common shares or a combination thereof only upon certain circumstances and during certain periods.

On or after January 15, 2032, the 2026 Exchangeable Notes will be exchangeable into cash up to the principal amount of the 2026 Exchangeable Notes exchanged and, if applicable, cash or common shares or a combination thereof at the option of the holders at any time prior to the close of business on the second scheduled trading day preceding the maturity date.

The exchange rate initially equals 28.2466 common shares per $1,000 principal amount of 2026 Exchangeable Notes, which is equivalent to an exchange price of approximately $ 35.40 per common share and an exchange premium of approximately 22.5 % based on the closing price of $ 28.90 per common share on June 29, 2026.

The exchange rate is subject to adjustment upon the occurrence of certain events, but it will not be adjusted for any accrued and unpaid interest.

The Operating Partnership may redeem the 2026 Exchangeable Notes, at its option, in whole or in part, on any business day on or after July 20, 2029, if the last reported sale price of the common shares has been at least 130 % of the exchange price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period ending on, and including, the trading day immediately preceding the date on which the Operating Partnership provides notice of redemption at a redemption price equal to 100 % of the principal amount of the 2026 Exchangeable Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date (the “redemption price”).

The Operating Partnership also has the right, at its election, to redeem all or any portion of the 2026 Exchangeable Notes at any time and from time to time at the redemption price to the extent necessary to preserve the Company’s status as a REIT for U.S.

federal income tax purposes, as reasonably determined by the Company’s Board of Trustees.

The Operating Partnership may also redeem the 2026 Exchangeable Notes, in whole but not in part, at any time in cash at the redemption price if the aggregate principal amount of 2026 Exchangeable Notes that remains outstanding at such time is less than 10 % of the aggregate principal amount of 2026 Exchangeable Notes initially issued under the indenture.

In connection with the 2026 Exchangeable Notes, on June 29, 2026 and July 1, 2026, the Operating Partnership entered into privately negotiated capped call transactions (the “2026 Capped Call Transactions”) with certain financial institutions, including an affiliate of one of the initial purchasers of the 2026 Exchangeable Notes.

The 2026 Capped Call Transactions cover, subject to anti-dilution adjustments substantially similar to those applicable to the 2026 Exchangeable Notes, the number of common shares underlying the 2026 Exchangeable Notes.

The 2026 Capped Call Transactions are generally expected to reduce the potential dilution to holders of the common shares upon exchange of the 2026 Exchangeable Notes and/or offset the potential cash payments the Operating Partnership could be required to make in excess of the principal amount of any exchanged 2026 Exchangeable Notes upon exchange thereof, with such reduction and/or offset subject to a cap.

The cap price of the 2026 Capped Call Transactions is initially approximately $ 41.91 , which represents a premium of approximately 45 % over the last reported sale price of the common shares on June 29, 2026, and is subject to anti-dilution adjustments under the terms of the 2026 Capped Call Transactions.

We incurred approximately $ 14.1 million of costs related to the 2026 Capped Call Transactions, which will be included within “Additional paid-in capital” in the accompanying consolidated balance sheets as part of the closing of the transaction on July 2, 2026.

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) :

March 31, 2026 December 31, 2025

June 30, 2026 December 31, 2025

Maturity Date Balance Interest Rate Balance Interest Rate

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(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.

The applicable credit spread was 0.85 % as of June 30, 2026 and December 31, 2025.

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

The Revolving Facility was undrawn as of June 30, 2026 and had an outstanding balance of $ 85.0 million as of December 31, 2025.

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.

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

As of March 31, 2026, making such an election would have resulted in a lower interest rate;

As of June 30, 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.

1 unchanged sentence

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 March 31, 2026.

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

The greenhouse gas emission reduction targets have not been achieved as of June 30, 2026.

The following table summarizes the key terms of the Revolving Facility as of June 30, 2026 (dollars in thousands) :

Leverage-Based Pricing Investment-Grade Pricing

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and (v) a minimum unencumbered interest coverage ratio.

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.

As of June 30, 2026, we were in compliance with all such covenants.

As of June 30, 2026, we had outstanding letters of credit totaling $ 6.9 million with no amounts advanced against these instruments.

Unsecured Term Loans

As of March 31, 2026, the Operating Partnership has the following unsecured term loans:

As of June 30, 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.

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 March 31, 2026.

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

The greenhouse gas emission reduction targets have not been achieved as of June 30, 2026.

The following table summarizes the key terms of the unsecured term loans as of June 30, 2026 (dollars in thousands) :

Unsecured Term Loans

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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 (in thousands) :

Three Months Ended March 31,

Six Months Ended June 30,

Amortization of debt issuance costs $ 3,561 $ 3,333

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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,

Six Months Ended June 30,

Amortization of debt discounts, premiums and hedge instruments $ 3,195 $ 4,025

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

In addition, the estimated amounts of the reduction to interest expense as of June 30, 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) :

July 2026 through December 2026 $ 2,589

Thereafter ( 2,084 )

Total unamortized debt discounts, premiums and hedge instruments $ 15,717

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) :

The following table reconciles total unamortized debt discounts, premiums and hedge instruments as of June 30, 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 $ 15,672

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Fair Value of Fixed and Variable Rate Debt

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.

As of June 30, 2026, the estimated fair value of fixed rate debt was $ 2.3 billion compared to the book value of $ 2.3 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 4.95 % to 6.73 %.

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.

As of June 30, 2026, the estimated fair value of variable rate debt was $ 561.0 million compared to the book value of $ 561.0 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 4.50 % to 5.80 %.

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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 March 31, 2026 and December 31, 2025 (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 June 30, 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 March 31, 2026 December 31, 2025

Type of Hedge Number of Instruments Aggregate Notional Reference Rate Interest Rate Effective Date Maturity Date June 30, 2026 December 31, 2025

Cash Flow (2)

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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 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 of June 30, 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 $ 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.

Approximately $ 1.6 million and $ 3.2 million was reclassified as a reduction to interest expense during the three and six months ended June 30, 2026, respectively.

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

As interest payments on our derivatives are made over the next 12 months, we estimate the decrease to interest expense to be approximately $ 3.3 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 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,

The following table presents information on the Company’s reported segment revenue, net operating income, and significant segment expenses for the six months ended June 30, 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 June 30, Six Months Ended June 30,

2026 2025 2026 2025

Minimum rent $ 151,998 $ 165,965 $ 305,148 $ 339,953

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Gain on sales of operating properties, net 87,727 103,022 87,727 103,113

Gain on deconsolidation of joint venture 60,625 — 60,625 —

Net income 165,530 112,599 177,262 136,863

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Distributions

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.

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

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

For the six months ended June 30, 2026, we declared cash distributions totaling $ 0.58 per common share and Common Unit.

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.

For the three and six months ended June 30, 2025, we declared cash distributions of $ 0.27 and $ 0.54 per common share and Common Unit, respectively.

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”).

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.

1 unchanged sentence

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 .

During the six months ended June 30, 2026 , the Company repurchased approximately 8.8 million common shares at an average price per share of $ 25.91 for a total of $ 228.0 million, excluding commissions.

The common shares repurchased during the six months ended June 30, 2026 include approximately 1.0 million common shares repurchased in conjunction with the pricing of the 2026 Exchangeable Notes on June 29, 2026, at a price of $ 28.90 per share, for a total of approximately $ 30.0 million.

This amount is included in “Deferred revenue and other liabilities” in the accompanying consolidated balance sheets and was settled on July 2, 2026.

As of June 30, 2026, $ 124.3 million remained available for repurchases of common shares under the Company’s Share Repurchase Program.

The Company did not repurchase any shares during the six months ended June 30, 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 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.

Weighted average Limited Partner Units outstanding were 5.3 million and 5.2 million for the three and six months ended June 30, 2026, respectively, and 4.8 million and 4.7 million for the three and six months ended June 30, 2025, respectively.

The following table summarizes the calculation of basic and diluted earnings per share for the Parent Company for the three months ended June 30, 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,

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

2026 2025 2026 2025

Net income attributable to common shareholders – basic and diluted $ 161,304 $ 110,318 $ 172,698 $ 134,048

12 unchanged sentences

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

As of 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.

As of June 30, 2026, the outstanding balance of the loans was $ 69.9 million, of which our share was $ 34.9 million.

As of June 30, 2026, we had outstanding letters of credit totaling $ 6.9 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.

6 unchanged sentences

SUBSEQUENT EVENTS

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.

Subsequent to June 30, 2026:

• the Operating Partnership issued the 2026 Exchangeable Notes and entered into the capped call transactions related to the exercise of the option granted by the Operating Partnership to the initial purchasers to purchase up to an additional $ 45.0 million aggregate principal amount of 2026 Exchangeable Notes.

In conjunction with the closing of the offering on July 2, 2026, approximately $ 30.0 million of the proceeds were used to settle the repurchase of 1.0 million common shares, which were repurchased in conjunction with the pricing of the 2026 Exchangeable Notes on June 29, 2026.

See Note 8 to the consolidated financial statements for further details;

• we repaid the $ 300.0 million principal balance of the 4.00 % senior unsecured notes, which was scheduled to mature on October 1, 2026;

• we closed on the disposition of Tysons Corner, a 36,942 square foot retail property in the Washington, D.C.

MSA, for a gross sales price of $ 25.9 million;

• we closed on the sale of the fourth phase of a land parcel and the rights to develop 22 residential units at the One Loudoun Expansion in the Washington, D.C.

MSA for a sales price of $ 6.2 million.

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