23 unchanged sentences
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−Removed: (1) On February 7, 2025, the Company’s joint venture in FlatIron Crossing repaid $29.1 million ($14.8 million at the Company's pro rata share) on the mortgage loan and obtained a 90-day extension on the remaining $140.5 million ($71.6 million at the Company's pro rata share) loan (See “Financing Activity” in Management’s Overview and Summary).
−Removed: The Consolidated Centers' total fixed rate debt at December 31, 2024 and 2023 was $4.7 billion and $3.8 billion, respectively.
+Added: (1) 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%.
+Added: The loan was previously in default as of November 6, 2025.
+Added: The Consolidated Centers' total fixed rate debt at December 31, 2025 and 2024 was $4.7 billion.
The average interest rate on such fixed rate debt at December 31, 2025 and 2024 was 4.56% and 4.40%, respectively.
6 unchanged sentences
The Company uses derivative financial instruments in the normal course of business to manage or hedge interest rate risk and records all derivatives on the balance sheet at fair value.
−Removed: Interest rate cap agreements offer protection against floating rates on the notional amount from exceeding the rates noted in the above schedule, and interest rate swap agreements effectively
−Removed: replace a floating rate on the notional amount with a fixed rate as noted above.
+Added: Interest rate cap agreements offer protection against floating rates on the notional amount from exceeding the rates noted in the above schedule, and interest rate swap agreements effectively replace a floating rate on the notional amount with a fixed rate as noted above.
As of December 31, 2025, the Company has interest rate cap agreements in place (See Note 4—Investments in Unconsolidated Joint Ventures and Note 5—Derivative Instruments and Hedging Activities in the Company's Notes to the Consolidated Financial Statements).
The respective loans each require an interest rate cap agreement to be in place at all times, which limits how high the prevailing floating loan rate index (i.e., SOFR) for the loans can rise.
−Removed: As of the date of this Annual Report on Form 10-K, SOFR for each of these loans exceeded the strike interest rate (the "Strike Rate") within the required interest rate cap agreement.
+Added: As of the date of this Annual Report on Form 10-K, SOFR for each of these loans did not exceed the strike interest rate (the "Strike Rate") within the required interest rate cap agreement.
If SOFR does exceed the Strike Rate, each of these loans would then be considered fixed rate debt.
7 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.