What changed in this filing

/stocks — the workspaceLOADING

Item 2. Properties

2025-02-28 compared with 2024-02-26 · 77 added, 86 removed, 200 unchanged (45% of the section changed)

10 unchanged sentences

CONSOLIDATED CENTERS:

1 50.1% Chandler Fashion Center(4) 2001/2002 2023 1,402,000 683,000 97.8 % Dillard's, Macy's, Scheels All Sports —

Chandler, Arizona

1 100% Arrowhead Towne Center 1993/2002 2015 1,078,000 472,000 99.1 % Dillard's, JCPenney, Macy's Dick's Sporting Goods

Glendale, Arizona

2 100% Danbury Fair Mall(4) 1986/2005 2016 1,272,000 590,000 96.6 % JCPenney, Macy's Dick's Sporting Goods, Primark, Target

4 unchanged sentences

Evansville, Indiana

5 100% Fashion District Philadelphia 1977/2014 2019 802,000 575,000 80.9 % — Burlington, Primark, Shoppers World

5 100% Fashion District Philadelphia(4) 1977/2014 2019 802,000 574,000 79.4 % — Burlington, Primark

Philadelphia, Pennsylvania

3 unchanged sentences

Niagara Falls, New York

8 100% Freehold Raceway Mall(4) 1990/2005 2007 1,546,000 857,000 95.1 % JCPenney, Macy's Dick's Sporting Goods, Primark

8 100% Freehold Raceway Mall 1990/2005 2007 1,537,000 849,000 94.0 % JCPenney, Macy's Dick's Sporting Goods, Manor House, Primark

Freehold, New Jersey

1 unchanged sentence

Fresno, California

10 100% Green Acres Mall(4)(6)(7) 1956/2013 2016 2,058,000 952,000 97.7 % — BJ's Wholesale Club, Dick's Sporting Goods, Macy's (two), Primark, Shoppers World, Walmart

10 100% Green Acres Mall(4)(5)(6) 1956/2013 Ongoing 2,058,000 956,000 96.5 % — BJ's Wholesale Club, Dick's Sporting Goods, Macy's (two), Primark, Walmart

Valley Stream, New York

5 unchanged sentences

Santa Barbara, California

14 100% Lakewood Center 1953/1975 2008 2,048,000 983,000 92.6 % — Costco, Forever 21, Home Depot, JCPenney, Macy's, Target

Lakewood, California

15 100% Los Cerritos Center(6) 1971/1999 2016 1,012,000 537,000 95.2 % Macy's, Nordstrom Dick's Sporting Goods, Forever 21

Cerritos, California

16 100% NorthPark Mall(4) 1973/1998 2001 855,000 320,000 95.9 % Dillard's, JCPenney, Von Maur —

Davenport, Iowa

15 100% Oaks, The 1978/2002 2017 1,207,000 605,000 90.0 % JCPenney, Macy's (two) Dick's Sporting Goods, Nordstrom

Thousand Oaks, California

17 100% Pacific View 1965/1996 2001 884,000 400,000 80.0 % JCPenney, Target Macy's

Ventura, California

17 100% Queens Center(6) 1973/1995 2004 968,000 412,000 98.9 % JCPenney, Macy's —

Queens, New York

18 100% Santa Monica Place(4) 1980/1999 Ongoing 534,000 358,000 85.8 % — Nordstrom

Santa Monica, California

Count Company's

7 unchanged sentences

GLA Leased Non-Owned Anchors (3) Company-Owned Anchors (3)

18 100% Queens Center(5) 1973/1995 2004 967,000 410,000 99.5 % JCPenney, Macy's —

Queens, New York

19 100% Santa Monica Place(4) 1980/1999 Ongoing 533,000 357,000 84.0 % — Nordstrom

Santa Monica, California

20 84.9% SanTan Village Regional Center 2007/— 2018 1,200,000 793,000 96.8 % Dillard's, Macy's Dick's Sporting Goods

Gilbert, Arizona

21 100% South Plains Mall(4) 1972/1998 2017 1,315,000 493,000 91.7 % Dillard's, Home Depot JCPenney

Lubbock, Texas

22 100% SouthPark Mall(4) 1974/1998 2015 802,000 290,000 64.8 % Dillard's, Von Maur Dick's Sporting Goods, JCPenney

12 unchanged sentences

Modesto, California

29 100% Washington Square(6) 1974/1999 2005 1,300,000 577,000 97.1 % Macy's Dick's Sporting Goods, JCPenney, Nordstrom

Portland, Oregon

30 100% Wilton Mall(4) 1990/2005 2020 740,000 421,000 95.2 % JCPenney, BJ's Wholesale Club Dick's Sporting Goods

2 unchanged sentences

UNCONSOLIDATED JOINT VENTURE CENTERS:

28 60% Arrowhead Towne Center 1993/2002 2015 1,078,000 472,000 99.6 % Dillard's, JCPenney, Macy's Dick's Sporting Goods

Glendale, Arizona

29 50% Biltmore Fashion Park 1963/2003 2020 611,000 306,000 93.1 % — Macy's, Saks Fifth Avenue

Phoenix, Arizona

31 50% Broadway Plaza(4)(6) 1951/1985 2016 996,000 451,000 96.0 % Macy's Nordstrom

Walnut Creek, California

32 50.1% Chandler Fashion Center(4) 2001/2002 2023 1,401,000 682,000 97.2 % Dillard's, Macy's, Scheels All Sports —

Chandler, Arizona

33 50.1% Corte Madera, The Village at 1985/1998 2020 501,000 265,000 97.7 % Macy's, Nordstrom —

Corte Madera, California

32 50% Country Club Plaza 1922/2016 2015 971,000 971,000 83.7 % — —

Kansas City, Missouri

34 51% Deptford Mall 1975/2006 2020 1,008,000 435,000 97.7 % JCPenney, Macy's Boscov's, Dick's Sporting Goods

Deptford, New Jersey

34 51% FlatIron Crossing(4) 2000/2002 2009 1,393,000 694,000 93.7 % Dillard's, Macy's Dick's Sporting Goods, Forever 21

35 51% FlatIron Crossing(4) 2000/2002 Ongoing 1,390,000 690,000 93.6 % Dillard's, Macy's Dick's Sporting Goods, Forever 21

Broomfield, Colorado

1 unchanged sentence

Phoenix, Arizona

36 60% Lakewood Center 1953/1975 2008 2,050,000 985,000 96.0 % — Costco, Forever 21, Home Depot, JCPenney, Macy's, Target

Lakewood, California

37 60% Los Cerritos Center(7) 1971/1999 2016 1,011,000 536,000 96.7 % Macy's, Nordstrom Dick's Sporting Goods, Forever 21

Cerritos, California

37 50% Scottsdale Fashion Square 1961/2002 Ongoing 1,875,000 915,000 96.7 % Dillard's Dick's Sporting Goods, Macy's, Neiman Marcus, Nordstrom

Scottsdale, Arizona

39 60% South Plains Mall(4) 1972/1998 2017 1,243,000 494,000 91.1 % Home Depot Dillard's (two)(8), JCPenney

Lubbock, Texas

38 51% Twenty Ninth Street(5) 1963/1979 2007 683,000 541,000 95.3 % — Home Depot

Boulder, Colorado

39 50% Tysons Corner Center(6) 1968/2005 2014 1,846,000 1,106,000 96.2 % — Bloomingdale's, Macy's, Nordstrom, Primark

Tysons Corner, Virginia

Count Company's

7 unchanged sentences

GLA Leased Non-Owned Anchors (3) Company-Owned Anchors (3)

41 50% Tysons Corner Center(7) 1968/2005 2014 1,848,000 1,108,000 97.3 % — Bloomingdale's, Macy's, Nordstrom, Primark(9)

Tysons Corner, Virginia

42 60% Washington Square(7) 1974/1999 2005 1,301,000 578,000 97.0 % Macy's Dick's Sporting Goods, JCPenney, Nordstrom

Portland, Oregon

40 19% West Acres 1972/1986 2001 673,000 408,000 98.0 % Macy's JCPenney

1 unchanged sentence

Total Unconsolidated Joint Ventures 10,811,000 5,931,000 95.0 %

43 Total Regional Town Centers 42,842,000 22,359,000 93.5 %

40 Total Regional Retail Centers 39,977,000 20,334,000 94.1 %

COMMUNITY/POWER SHOPPING CENTERS

3 unchanged sentences

Chandler, Arizona

3 100% Southridge Center(4)(11) 1975/1998 2013 801,000 519,000 73.3 % Des Moines Area Community College Target

Des Moines, Iowa

2 Total Community/Power Shopping Centers 579,000 579,000 97.0 %

4 unchanged sentences

Scottsdale, Arizona

50% Scottsdale Fashion Square-Caesar's Republic Hotel(7) 2024 2024 245,000 — — — —

Scottsdale, Arizona

50% Tysons Corner Center-Office(7) 1999/2005 2012 171,000 — — — —

7 unchanged sentences

OTHER ASSETS UNDER DEVELOPMENT:

5% Paradise Valley Mall(10)(13) 1979/2002 Ongoing 303,000 — — JCPenney, Costco —

5% Paradise Valley Mall(7)(10) 1979/2002 Ongoing 356,000 53,000 — Costco JCPenney

Phoenix, Arizona

7 unchanged sentences

See “Item 1A.—Risks Related to Our Organizational Structure—Outside partners in Joint Venture Centers result in additional risks to our stockholders.”

(2) The Company owned or had an ownership interest in 43 Regional Town Centers (including office, hotel and residential space adjacent to these shopping centers), three community/power shopping centers and one redevelopment property.

(2) The Company owned or had an ownership interest in 40 Regional Retail Centers (including office, hotel and residential space adjacent to these shopping centers), two community/power shopping centers and one redevelopment property.

With the exception of the seven Centers indicated with footnote (5) in the table above, the underlying land controlled by the Company is owned in fee entirely by the Company or, in the case of Joint Venture Centers, by the joint venture property partnership or limited liability company.

6 unchanged sentences

The Company is actively seeking replacement tenants or has entered into replacement leases for many of these vacant sites and/or is currently executing or considering redevelopment opportunities for these locations.

The Company continues to collect rent under the terms of an agreement regarding three of these vacant Anchors.

(5) Target has announced plans to open a two-level, 126,000 square foot store at Danbury Fair Mall.

The Company continues to collect rent under the terms of an agreement regarding two of these vacant Anchors.

(5) Portions of the land on which the Center is situated are subject to one or more long-term ground leases.

(6) The Center has a vacant former anchor store that is owned by the Company or its joint venture, which is to be demolished for redevelopment.

(8) Dillard's owns and is currently redeveloping the former Sears parcel at South Plains Mall.

They plan to open this store in fall 2024 and vacate their two existing stores at the property.

(9) Primark has announced plans to open a new two-level store at Tysons Corner Center.

(7) Included in Unconsolidated Joint Venture Centers.

(8) Included in Consolidated Centers.

(12) The Company owns an office building and three stores located at shopping centers not owned by the Company.

Of the three stores, one has been leased to Kohl's and two have been leased for non-Anchor uses.

With respect to the office building and one of the three stores, the underlying land is owned in fee entirely by the Company.

With respect to the remaining two stores, the underlying land is owned by third parties and leased to the Company pursuant to long-term building or ground leases.

(9) The Company owns an office building and two stores located at shopping centers not owned by the Company.

Of the two stores, one has been leased to Kohl's and one has been leased for non-Anchor use.

With respect to the office building, the underlying land is owned in fee entirely by the Company.

With respect to the two stores, the underlying land is owned by third parties and leased to the Company pursuant to long-term building or ground leases.

Under the terms of a typical building or ground lease, the Company pays rent for the use of the building or land and is generally responsible for all costs and expenses associated with the building and improvements.

1 unchanged sentence

The two ground leases terminate in years 2027 and 2028.

(13) Construction started in summer 2021 on the first phase of a multi-phase, multi-year project to convert the former regional town center Paradise Valley Mall into a mixed-used development with high-end grocery, restaurants, multi-family residences, offices, retail shops and other elements on the 92-acre site.

The existing Costco and JCPenney stores remain open, while all of the other stores at the property have closed.

(10) Construction started in summer 2021 on the first phase of a multi-phase, multi-year project to convert the former regional retail center Paradise Valley Mall into a mixed-used development with high-end grocery, restaurants, multi-family residences, offices, retail shops and other elements on the 92-acre site.

The first phase began opening in the fourth quarter of 2024.

The existing Costco and JCPenney stores currently remain open and have been open during the entire construction period.

Mortgage Debt

9 unchanged sentences

Consolidated Centers:

Chandler Fashion Center(5) Fixed $ 255,924 4.18 % $ 10,496 7/5/24 $ 256,000 Any Time

Danbury Fair Mall(6) Fixed 122,502 8.51 % 21,272 7/1/24 107,124 Any Time

Fashion District Philadelphia(7) Floating 70,820 9.50 % 6,333 1/22/24 68,320 Any Time

Arrowhead Towne Center(5) Fixed $ 351,905 6.75 % 23,055 2/1/28 354,259 Any Time

Danbury Fair Mall(6) Fixed 152,149 6.59 % 10,036 2/6/34 144,667 6/7/2026

Fashion Outlets of Chicago Fixed 299,465 4.61 % 13,740 2/1/31 300,000 Any Time

4 unchanged sentences

Kings Plaza Shopping Center Fixed 537,471 3.71 % 19,543 1/1/30 540,000 Any Time

Oaks, The(10) Fixed 151,496 5.74 % 12,456 6/5/24 149,947 Any Time

Pacific View Fixed 70,976 5.45 % 3,936 5/6/32 62,877 11/23/2024

Queens Center Fixed 600,000 3.49 % 20,922 1/1/25 600,000 Any Time

Lakewood Center(9) Fixed 304,557 8.00 % 21,907 6/1/26 308,844 Any Time

Los Cerritos Center(10) Fixed 472,745 5.77 % 30,077 11/1/27 464,519 Any Time

Pacific View Fixed 70,560 5.45 % 4,792 5/6/32 62,877 Any Time

Queens Center(11) Fixed 522,945 5.45 % 28,193 11/6/29 525,000 11/5/2027

Santa Monica Place(12) Floating 298,791 6.35 % 17,757 12/9/24 300,000 Any Time

SanTan Village Regional Center Fixed 219,595 4.34 % 9,460 7/1/29 220,000 Any Time

Victor Valley, Mall of Fixed 114,966 4.00 % 4,560 9/1/24 115,000 Any Time

South Plains Mall(13) Fixed 193,870 7.97 % 8,441 11/6/25 200,000 Any Time

Victor Valley, Mall of(14) Fixed 83,928 6.85 % 5,715 9/6/34 85,000 11/21/2026

Vintage Faire Mall Fixed 219,959 3.55 % 15,069 3/6/26 211,507 Any Time

7 unchanged sentences

Unconsolidated Joint Venture Centers (at the Company's Pro Rata Share):

Arrowhead Towne Center(60%) Fixed $ 232,187 4.05 % $ 13,833 2/1/28 $ 212,555 Any Time

Atlas Park, The Shops at(50%) Floating $ 32,431 9.49 % 2,843 11/9/26 32,500 Any Time

1 unchanged sentence

Broadway Plaza(50%) Fixed 214,120 4.19 % 13,172 4/1/30 189,724 Any Time

Chandler Fashion Center(50.1%)(16) Fixed 137,189 7.15 % 9,727 7/1/29 137,775 7/5/2025

Corte Madera, The Village at(50.1%) Fixed 107,415 3.53 % 6,074 9/1/28 98,753 Any Time

Country Club Plaza(50%)(14) Fixed 147,628 3.88 % 9,001 4/1/26 137,525 Any Time

Deptford Mall(51%) Fixed 71,199 3.98 % 5,795 4/3/26 67,503 Any Time

FlatIron Crossing(51%)(15)(16) Fixed 88,455 8.55 % 6,874 2/9/25 89,250 Any Time

FlatIron Crossing(51%)(17) Floating 86,407 9.14 % 7,176 2/9/25 86,467 Any Time

Kierland Commons(50%) Fixed 94,915 3.98 % 6,407 4/1/27 88,724 Any Time

Lakewood Center(60%) Fixed 197,389 4.15 % 13,144 6/1/26 185,306 Any Time

Los Cerritos Center(60%) Fixed 303,188 4.00 % 18,046 11/1/27 278,711 Any Time

Paradise Valley I(5%) Fixed 1,307 5.00 % 65 9/29/24 1,307 Any Time

Paradise Valley I(5%) Floating 1,219 8.30 % 101 10/29/26 1,219 Any Time

Paradise Valley II(5%) Fixed 945 6.95 % 66 7/21/26 945 Any Time

Paradise Valley Retail(5%) Floating 736 7.53 % 55 2/3/27 736 Any Time

Paradise Valley Residential(2.5%) Floating 999 8.10 % 81 2/3/2028 999 Any Time

Scottsdale Fashion Square(50%) Fixed 349,227 6.28 % 22,052 3/6/28 350,000 8/4/2025

South Plains Mall(60%) Fixed 120,000 4.22 % 5,065 11/6/25 120,000 Any Time

Twenty Ninth Street(51%) Fixed 76,500 4.10 % 3,137 2/6/26 76,500 Any Time

2 unchanged sentences

Tysons Vita(50%) Fixed 44,672 3.43 % 1,485 12/1/30 45,000 Any Time

Washington Square(60%)(15)(19) Fixed 291,218 8.18 % 23,423 11/1/26 286,785 Any Time

West Acres - Development(19%) Fixed 1,150 3.72 % 42 10/10/29 1,154 Any Time

6 unchanged sentences

Property Pledged as Collateral

Unconsolidated Joint Venture Centers (at the Company's Pro Rata Share):

Consolidated Centers:

Arrowhead Towne Center $ 27,552

Lakewood Center 19,723

Los Cerritos Center 22,521

South Plains 6,130

The mortgage notes payable balances also include unamortized deferred finance costs that are amortized into interest expense over the remaining term of the related debt in a manner that approximates the effective interest method.

Unamortized deferred finance costs at December 31, 2024 were $22.0 million for Consolidated Centers and $7.1 million for Unconsolidated Joint Venture Centers (at the Company's pro rata share).

(2) The interest rate disclosed represents the effective interest rate, including the debt discounts and deferred finance costs.

(2) The interest rate disclosed represents the effective interest rate, including the impact of debt discounts and deferred finance costs.

(3) The annual debt service represents the annual payment of principal and interest.

1 unchanged sentence

These extension options are at the Company's discretion, subject to certain conditions, which the Company believes will be met.

(5) A 49.9% interest in the loan has been assumed by a third party in connection with a financing arrangement.

(5) On May 14, 2024, the Company acquired the remaining 40% ownership interest in Arrowhead Towne Center that it did not previously own and has consolidated its 100% interest (See Note 15—Acquisitions).

In connection with the acquisition, the Company assumed the partner's share of the loan on the property.

(6) On January 25, 2024, the Company replaced the existing $116.9 million mortgage loan on Danbury Fair Mall with a new $155.0 million loan that bears interest at a fixed rate of 6.39%, is interest only during the majority of the loan term and matures on February 6, 2034.

(7) On January 20, 2023, the Company repaid $26.1 million of the outstanding loan balance and exercised its one-year extension option of the loan to January 22, 2024.

The interest rate was SOFR plus 3.60%.

On January 22, 2024, the Company repaid the majority of the loan balance.

The remaining $8.2 million matures on April 21, 2024.

(8) Effective October 6, 2023, the loan is in default.

The Company is in negotiations with the lender on the terms of this non-recourse loan.

(7) On March 19, 2024, the Company closed on a three-year extension of the loan to October 6, 2026.

The interest rate remained unchanged at 5.90%.

(8) On January 3, 2023, the Company closed on a five-year $370.0 million combined refinance of Green Acres Mall and Green Acres Commons.

The new interest only loan bears interest at a fixed rate of 5.90% and matures on January 6, 2028.

(10) On May 6, 2022, the Company closed on a two-year extension of the loan to June 5, 2024 at a new fixed interest rate of 5.25%.

The Company repaid $5.0 million of the outstanding loan balance at closing.

On June 5, 2023, the Company repaid $10,000 of the outstanding loan balance.

(9) On October 24, 2024, the Company acquired the remaining 40% ownership interest in Lakewood Center that it did not previously own and has consolidated its 100% interest (See Note 15—Acquisitions).

In connection with the acquisition, the Company assumed the partner's share of the loan on the property.

(10) On October 24, 2024, the Company acquired the remaining 40% ownership interest in Los Cerritos Center that it did not previously own and has consolidated its 100% interest (See Note 15—Acquisitions).

In connection with the acquisition, the Company assumed the partner's share of the loan on the property.

(11) On October 28, 2024, the Company closed a $525.0 million, five-year refinance of the loan on Queens Center.

The new loan bears interest at a fixed rate of 5.37%, is interest only during the entire loan term and matures November 6, 2029.

(12) On December 9, 2022, the Company closed on a three-year extension of the loan to December 9, 2025, including extension options.

The interest rate remained unchanged at LIBOR plus 1.48%, and has converted to 1-month Term SOFR plus 1.52% effective July 9, 2023.

The loan is covered by an interest rate cap agreement that effectively prevented LIBOR from exceeding 4.0% during the period ending December 9, 2023.

The interest rate cap agreement was converted to 1-month Term SOFR effective July 9, 2023 and has since been extended with a 4% strike rate to December 9, 2024.

(12) This loan is covered by an interest rate cap agreement that effectively prevents SOFR from exceeding 5.76% through November 7, 2024.

The loan was covered by an interest rate cap agreement that effectively prevented LIBOR from exceeding 4.0% during the period ending December 9, 2023.

The interest rate cap agreement was converted to 1-month Term SOFR effective July 9, 2023.

The interest rate cap agreement was extended with a 4% strike rate to December 9, 2024 and was not renewed upon its maturity.

Effective April 9, 2024, the loan is in default and accrues incremental default interest of 4%.

The Company is in negotiations with the lender on the terms of this non-recourse loan.

(13) On May 14, 2024, the Company acquired the remaining 40% ownership interest in South Plains Mall that it did not previously own and has consolidated its 100% interest (See Note 15—Acquisitions).

In connection with the acquisition, the Company assumed the partner's share of the loan on the property.

(14) On August 22, 2024, the Company replaced the existing loan with an $85.0 million loan that bears interest at a fixed rate of 6.72%, is interest only during the entire loan term and matures on September 6, 2034.

(15) On January 10, 2024, the Company's joint venture in Boulevard Shops replaced the existing $23.0 million mortgage loan on the property with a new $24.0 million loan that bears interest at a variable rate of SOFR plus 2.50%, is interest only during the entire loan term and matures on December 5, 2028.

The new loan has a required interest rate cap throughout the term of the loan at a strike rate of 7.5%.

(14) Effective May 9, 2023, the loan is in default.

The Company's joint venture is in negotiations with the lender on the terms of this non-recourse loan.

(15) This loan requires an interest rate cap agreement to be in place at all times, which limits how high the prevailing floating rate index (i.e.

SOFR) for the loan can rise.

As of the date of this report, SOFR for this loan exceeded the strike interest rate within the required interest rate cap agreement and as a result, the loan is considered fixed rate debt.

(16) The loan bears interest at SOFR plus 3.70%, and is covered by an interest rate cap agreement that effectively prevents SOFR from exceeding 4.0% through February 15, 2024.

The interest rate cap agreement has since been extended with a strike rate of 5.0% to February 9, 2025.

(17) On March 3, 2023, the Company’s joint venture in Scottsdale Fashion Square replaced the existing $403.9 million mortgage loan on the property with a new $700.0 million loan that bears interest at a fixed rate of 6.21%, is interest only during the entire loan term and matures on March 6, 2028.

(18) On December 4, 2023, the Company's joint venture in Tysons Corner Center replaced the existing $666.5 million mortgage loan on the property with a new $710.0 million loan that bears interest at a fixed rate of 6.60%, is interest only during the entire loan term and matures on December 6, 2028.

(19) The loan bears interest at SOFR plus 4.0% and is covered by an interest rate cap agreement that effectively prevents SOFR from exceeding 4.0% through November 1, 2024.

On November 1, 2023, the Company's joint venture repaid $15.0 million ($9.0 million at the Company's pro rata share) of the outstanding loan balance.

(16) On June 13, 2024, the partnership agreement between the Company and its joint venture partner was amended and as a result, the Company no longer accounts for its investment in Chandler Fashion Center as a financing arrangement.

Effective June 13, 2024, the Company accounts for its investment in Chandler Fashion Center under the equity method of accounting (See Note 12—Financing Arrangement and Note 16—Dispositions).

On June 27, 2024, the Company's joint venture in Chandler Fashion Center refinanced the existing $256.0 million loan on the

property with a $275.0 million loan that bears interest at a fixed rate of 7.06%, is interest only during the entire loan term and matures on July 1, 2029.

(17) The loan bore interest at SOFR plus 3.70%, and was covered by an interest rate cap agreement that effectively prevented SOFR from exceeding 4.0% through February 15, 2024 and 5.0% through February 9, 2025.

On February 7, 2025, the Company's joint venture in Flatiron Crossing repaid in full the $14.5 million mezzanine loan and $14.5 million of the first mortgage, and obtained a 90-day extension for the remaining $140.5 million of the first mortgage.

The mezzanine loan had an interest rate of SOFR plus 12.25% and the first mortgage has an interest rate of SOFR plus 2.90% for a weighted average aggregate interest rate of SOFR plus 3.70%.

The interest rate on the first mortgage is SOFR plus 2.90% during the extension period.

LEGAL PROCEEDINGS

3 unchanged sentences

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

What changed 10-K

Item 2. Properties