What changed in this filing

/stocks — the workspaceLOADING

Item 2. Properties

2026-02-20 compared with 2025-02-28 · 48 added, 68 removed, 209 unchanged (36% of the section changed)

12 unchanged sentences

Glendale, Arizona

2 100% Crabtree Mall 1972/2025 Ongoing 1,321,000 697,000 95.0 % Macy's Belk, Belk Men's, Dick's House of Sport

Raleigh, North Carolina

3 100% Danbury Fair Mall(4) 1986/2005 2016 1,275,000 592,000 95.2 % JCPenney, Macy's Dick's Sporting Goods, Primark, Target

Danbury, Connecticut

3 100% Desert Sky Mall 1981/2002 2007 737,000 271,000 95.8 % Burlington, Dillard's La Curacao, Mercado de los Cielos

4 100% Desert Sky Mall 1981/2002 2007 638,000 271,000 98.6 % Dillard's La Curacao, Mercado de los Cielos

Phoenix, Arizona

7 unchanged sentences

Niagara Falls, New York

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

9 100% Freehold Raceway Mall(4) 1990/2005 2007 1,653,000 844,000 97.9 % Dick's House of Sport, JCPenney, Macy's Primark

Freehold, New Jersey

9 100% Fresno Fashion Fair 1970/1996 2006 974,000 419,000 96.0 % Macy's Forever 21, JCPenney, Macy's

10 100% Fresno Fashion Fair(4) 1970/1996 2006 974,000 419,000 95.5 % Macy's JCPenney, Macy's

Fresno, California

1 unchanged sentence

Valley Stream, New York

11 100% Inland Center 1966/2004 2016 670,000 270,000 95.4 % Macy's Forever 21, JCPenney

12 100% Inland Center(4) 1966/2004 2016 894,000 323,000 97.4 % Macy's JCPenney

San Bernardino, California

3 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

15 100% Los Cerritos Center(4)(6) 1971/1999 2016 1,287,000 534,000 96.1 % Macy's, Nordstrom Dick's Sporting Goods

Cerritos, California

12 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 —

18 100% Queens Center(5) 1973/1995 2004 964,000 407,000 98.6 % Burlington, JCPenney, Macy's —

Queens, New York

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

19 100% Santa Monica Place 1980/1999 Ongoing 357,000 357,000 71.2 % — —

Santa Monica, California

3 unchanged sentences

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

Moline, Illinois

22 100% Stonewood Center(4)(5) 1953/1997 1991 925,000 355,000 98.0 % — JCPenney, Kohl's, Macy's

Downey, California

24 100% Superstition Springs Center(4) 1990/2002 2002 954,000 382,000 87.7 % Dillard's, JCPenney, Macy's —

23 100% Superstition Springs Center(4) 1990/2002 2002 794,000 375,000 90.2 % Dillard's, JCPenney Going, Going, Gone!

Mesa, Arizona

25 100% Valley Mall 1978/1998 1992 507,000 192,000 89.5 % Target Belk, Dick's Sporting Goods, JCPenney

Harrisonburg, Virginia

24 100% Valley River Center 1969/2006 2007 813,000 414,000 96.1 % Macy's JCPenney

2 unchanged sentences

Victorville, California

28 100% Vintage Faire Mall 1977/1996 2020 916,000 472,000 98.1 % Macy's Dick's Sporting Goods, JCPenney, Macy's

26 100% Vintage Faire Mall 1977/1996 2020 1,069,000 472,000 97.3 % Furniture City, Macy's Dick's Sporting Goods, JCPenney, Macy's

Modesto, California

1 unchanged sentence

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

Saratoga Springs, New York

Total Consolidated Centers 26,315,000 13,103,000 93.7 %

2 unchanged sentences

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 —

29 50.1% Chandler Fashion Center 2001/2002 2023 1,412,000 693,000 96.1 % Dillard's, Macy's, Scheels All Sports Seafood City Supermarket

Chandler, Arizona

3 unchanged sentences

Deptford, New Jersey

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

32 51% FlatIron Crossing(4) 2000/2002 Ongoing 1,399,000 700,000 94.3 % Dillard's, Macy's Dick's Sporting Goods

Broomfield, Colorado

7 unchanged sentences

Tysons Corner, Virginia

37 19% West Acres 1972/1986 2001 673,000 408,000 93.4 % Macy's JCPenney

Fargo, North Dakota

Total Unconsolidated Joint Ventures 10,911,000 5,913,000 95.0 %

37 Total Regional Retail Centers 37,226,000 19,016,000 94.0 %

Count Company's

7 unchanged sentences

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

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

Fargo, North Dakota

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

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

COMMUNITY/POWER SHOPPING CENTERS

1 50% Atlas Park, The Shops at(7) 2006/2011 2013 374,000 374,000 96.6 % — —

Queens, New York

COMMUNITY/POWER SHOPPING CENTER

1 50% Boulevard Shops(7) 2001/2002 2004 205,000 205,000 99.5 % — —

Chandler, Arizona

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

1 Total Community/Power Shopping Center 205,000 205,000 97.0 %

38 Total before Other Assets 37,431,000 19,221,000

13 unchanged sentences

Tysons Corner, Virginia

OTHER ASSETS UNDER DEVELOPMENT:

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

Phoenix, Arizona

Total Other Assets 1,856,000 83,000

6 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 40 Regional Retail Centers (including office, hotel and residential space adjacent to these shopping centers), two community/power shopping centers and one redevelopment property.

(2) The Company owned or had an ownership interest in 37 Regional Retail Centers (including office, hotel and residential space adjacent to these shopping centers) and one community/power shopping center.

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.

11 unchanged sentences

(8) Included in Consolidated Centers.

(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.

(9) The Company owns one store located at a shopping center not owned by the Company, which has been leased to Kohl's.

With respect to the one store, the underlying land is owned by a third party and leased to the Company pursuant to a long-term building or ground lease.

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.

In some cases, the Company has an option or right of first refusal to purchase the land.

The two ground leases terminate in years 2027 and 2028.

(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.

The ground lease terminates in 2027.

Mortgage Debt

10 unchanged sentences

Arrowhead Towne Center(5) Fixed $ 352,776 6.75 % 23,055 2/1/28 354,259 Any Time

Crabtree Mall(6) Floating 155,793 6.74 % 9,998 8/6/29 159,100 Any Time

Danbury Fair Mall(7) Fixed 152,455 6.59 % 10,036 2/6/34 144,667 6/27/2026

3 unchanged sentences

Fresno Fashion Fair Fixed 324,851 3.67 % 11,658 11/1/26 325,000 Any Time

Green Acres Mall(8) Fixed 361,948 6.62 % 21,826 1/6/28 370,000 8/17/2025

Green Acres Mall Fixed 364,632 6.62 % 21,826 1/6/28 370,000 Any Time

Kings Plaza Shopping Center Fixed 528,906 3.71 % 28,973 1/1/30 487,000 Any Time

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

Los Cerritos Center(9) Fixed 465,727 5.77 % 30,077 11/1/27 459,667 Any Time

6 unchanged sentences

Vintage Faire Mall Fixed 212,728 3.55 % 15,069 3/6/26 211,507 Any Time

Washington Square(14) Fixed 338,396 5.63 % 18,962 4/6/35 340,000 5/6/2028

Property Pledged as Collateral Fixed or

6 unchanged sentences

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

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

Boulevard Shops(50%)(15) Floating 11,861 6.67 % 754 12/5/28 12,000 Any Time

Broadway Plaza(50%) Fixed 209,881 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

Chandler Fashion Center(50.1%)(16) Fixed 137,319 7.15 % 9,727 7/1/29 137,775 Any Time

Corte Madera, The Village at(50.1%) Fixed 105,108 3.53 % 6,074 9/1/28 98,753 Any Time

Deptford Mall(51%) Fixed 67,931 4.00 % 5,795 4/3/26 67,185 Any Time

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

Kierland Commons(50%) Fixed 92,232 3.98 % 6,407 4/1/27 88,724 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

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

Scottsdale Fashion Square(50%) Fixed 349,471 6.28 % 22,052 3/6/28 350,000 Any Time

Twenty Ninth Street(51%)(17) Fixed 76,500 4.10 % 3,137 2/6/26 76,500 Any Time

12 unchanged sentences

Arrowhead Towne Center $ 18,851

Lakewood Center 19,723

Los Cerritos Center 14,573

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.

6 unchanged sentences

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.

(6) On August 7, 2025, the Company closed on an initial $159.1 million two-year term loan with two one-year extension options on Crabtree Mall.

The term loan also allows for additional requested advances of up to $51.2 million based on defined conditions for capital expenditures and leasing costs for a maximum total term loan of $210.3 million.

The term loan bears interest at a rate of SOFR plus 2.50%.

The Company has purchased a SOFR interest rate cap for the initial term loan advance with a strike rate of 5.0% for the two-year base term of the term loan.

The Company used a portion of the net proceeds from this term loan to fully repay borrowings outstanding on the Company's revolving credit facility (See Note 15—Acquisitions).

(7) On January 25, 2024, the Company replaced the existing loan with a $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.

(8) 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.

(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.

(9) 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).

2 unchanged sentences

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 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.

(11) 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.

On March 18, 2025, a court appointed receiver assumed operational control and managerial responsibility for Santa Monica Place.

The Company anticipates the disposition of the asset, which is under the control of the receiver, will be executed through foreclosure, deed-in-lieu of foreclosure, or by some other means, and is expected to be completed in the near future.

Although the Company is no longer funding any cash shortfall, it will continue to record the operations of the property until the title for the Center is transferred and its obligation for the loan is discharged.

Once title to the property is transferred, the Company will remove the net assets and liabilities from the Company's consolidated balance sheets.

The loan is non-recourse to the Company.

(12) 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.

Effective November 6, 2025, the loan was in default and accrued incremental default interest of 4%.

On February 6, 2026, the Company extended the loan maturity on the $200.0 million loan at South Plains Mall to November 6, 2029, at the existing rate of 4.22%.

(13) 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.

(14) On March 27, 2025, the Company closed a $340.0 million, ten-year loan on Washington Square, which matures on April 6, 2035.

The loan bears interest at a fixed rate of 5.58% and is interest only during the entire loan term.

(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.

2 unchanged sentences

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.

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) Effective February 6, 2026, the loan is in default.

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

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