Item 2. Properties
ITEM 2. PROPERTIES
The following table sets forth certain information regarding the Centers and other locations that are wholly owned or partly owned by the Company as of December 31, 2025.
Count Company's
Ownership(1) Name of
Center/Location(2) Year of
Original
Construction/
Acquisition Year of Most
Recent
Expansion/
Renovation Total
GLA(3) Mall and
Freestanding
GLA Percentage
of Mall and
Freestanding
GLA Leased Non-Owned Anchors (3) Company-Owned Anchors (3)
CONSOLIDATED CENTERS:
1 100% Arrowhead Towne Center 1993/2002 2015 1,078,000 472,000 99.6 % Dillard's, JCPenney, Macy's Dick's Sporting Goods
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
4 100% Desert Sky Mall 1981/2002 2007 638,000 271,000 98.6 % Dillard's La Curacao, Mercado de los Cielos
Phoenix, Arizona
5 100% Eastland Mall(5) 1978/1998 1996 1,013,000 524,000 91.1 % Dillard's, Macy's JCPenney
Evansville, Indiana
6 100% Fashion District Philadelphia(4) 1977/2014 2019 723,000 496,000 89.4 % — Burlington, Primark
Philadelphia, Pennsylvania
7 100% Fashion Outlets of Chicago 2013/— - 529,000 529,000 100.0 % — —
Rosemont, Illinois
8 100% Fashion Outlets of Niagara Falls USA 1982/2011 2014 685,000 685,000 73.1 % — —
Niagara Falls, New York
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
10 100% Fresno Fashion Fair(4) 1970/1996 2006 974,000 419,000 95.5 % Macy's JCPenney, Macy's
Fresno, California
11 100% Green Acres Mall(4)(5)(6) 1956/2013 Ongoing 1,913,000 989,000 94.2 % — BJ's Wholesale Club, Dick's Sporting Goods, Macy's (two), Primark, Walmart
Valley Stream, New York
12 100% Inland Center(4) 1966/2004 2016 894,000 323,000 97.4 % Macy's JCPenney
San Bernardino, California
13 100% Kings Plaza Shopping Center(5) 1971/2012 2018 1,097,000 396,000 93.4 % Macy's Burlington, Lowe's, Primark, Target
Brooklyn, New York
14 100% La Cumbre Plaza(5) 1967/2004 1989 325,000 175,000 87.6 % Macy's —
Santa Barbara, California
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
16 100% NorthPark Mall(4) 1973/1998 2001 900,000 365,000 84.0 % Dillard's, JCPenney, Von Maur —
Davenport, Iowa
17 100% Pacific View 1965/1996 2001 883,000 398,000 79.7 % JCPenney, Target Macy's
Ventura, California
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Count Company's
Ownership(1) Name of
Center/Location(2) Year of
Original
Construction/
Acquisition Year of Most
Recent
Expansion/
Renovation Total
GLA(3) Mall and
Freestanding
GLA Percentage
of Mall and
Freestanding
GLA Leased Non-Owned Anchors (3) Company-Owned Anchors (3)
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 1980/1999 Ongoing 357,000 357,000 71.2 % — —
Santa Monica, California
20 84.9% SanTan Village Regional Center 2007/— 2018 1,187,000 780,000 96.8 % Dillard's, Macy's Dick's Sporting Goods
Gilbert, Arizona
21 100% South Plains Mall(4) 1972/1998 2017 1,313,000 492,000 91.7 % Dillard's, Home Depot JCPenney
Lubbock, Texas
22 100% Stonewood Center(4)(5) 1953/1997 1991 925,000 355,000 98.0 % — JCPenney, Kohl's, Macy's
Downey, California
23 100% Superstition Springs Center(4) 1990/2002 2002 794,000 375,000 90.2 % Dillard's, JCPenney Going, Going, Gone!
Mesa, Arizona
24 100% Valley River Center 1969/2006 2007 813,000 414,000 96.1 % Macy's JCPenney
Eugene, Oregon
25 100% Victor Valley, Mall of(4) 1986/2004 2012 576,000 336,000 98.0 % Macy's Dick's Sporting Goods, JCPenney
Victorville, California
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
27 100% Washington Square 1974/1999 2005 1,129,000 406,000 95.7 % Macy's Dick's Sporting Goods, JCPenney, Nordstrom
Portland, Oregon
Total Consolidated Centers 26,315,000 13,103,000 93.7 %
UNCONSOLIDATED JOINT VENTURE CENTERS:
28 50% Broadway Plaza(4)(6) 1951/1985 2016 993,000 448,000 90.9 % Macy's Nordstrom
Walnut Creek, California
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
30 50.1% Corte Madera, The Village at 1985/1998 2020 502,000 266,000 98.2 % Macy's, Nordstrom —
Corte Madera, California
31 51% Deptford Mall 1975/2006 2020 1,011,000 438,000 98.3 % JCPenney, Macy's Boscov's, Dick's Sporting Goods
Deptford, New Jersey
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
33 50% Kierland Commons 1999/2005 2003 439,000 439,000 98.2 % — —
Phoenix, Arizona
34 50% Scottsdale Fashion Square 1961/2002 Ongoing 1,879,000 919,000 94.9 % Dillard's Dick's Sporting Goods, Macy's, Neiman Marcus, Nordstrom
Scottsdale, Arizona
35 51% Twenty Ninth Street(5) 1963/1979 2007 685,000 543,000 95.2 % — Home Depot
Boulder, Colorado
36 50% Tysons Corner Center(4)(6) 1968/2005 2014 1,918,000 1,059,000 96.4 % — Bloomingdale's, Macy's, Nordstrom, Primark
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 %
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Count Company's
Ownership(1) Name of
Center/Location(2) Year of
Original
Construction/
Acquisition Year of Most
Recent
Expansion/
Renovation Total
GLA(3) Mall and
Freestanding
GLA Percentage
of Mall and
Freestanding
GLA Leased Non-Owned Anchors (3) Company-Owned Anchors (3)
COMMUNITY/POWER SHOPPING CENTER
1 50% Boulevard Shops(7) 2001/2002 2004 205,000 205,000 99.5 % — —
Chandler, Arizona
1 Total Community/Power Shopping Center 205,000 205,000 97.0 %
38 Total before Other Assets 37,431,000 19,221,000
OTHER ASSETS:
100% Various(8)(9) - - 83,000 83,000 — — Kohl's
50% Scottsdale Fashion Square-Office(7) 1984/2002 2016 121,000 — — — —
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 — — — —
Tysons Corner, Virginia
50% Hyatt Regency Tysons Corner Center(7) 2015 2015 290,000 — — — —
Tysons Corner, Virginia
50% VITA Tysons Corner Center(7) 2015 2015 399,000 — — — —
Tysons Corner, Virginia
50% Tysons Tower(7) 2014 2014 547,000 — — — —
Tysons Corner, Virginia
Total Other Assets 1,856,000 83,000
Grand Total 39,287,000 19,304,000
________________________
(1) The Company's ownership interest in this table reflects its direct or indirect legal ownership interest. Legal ownership may, at times, not equal the Company's economic interest in the listed properties because of various provisions in certain joint venture agreements regarding distributions of cash flow based on capital account balances, allocations of profits and losses and payments of preferred returns. As a result, the Company's actual economic interest (as distinct from its legal ownership interest) in certain of the properties could fluctuate from time to time and may not wholly align with its legal ownership interests. Substantially all of the Company's joint venture agreements contain rights of first refusal, buy-sell provisions, exit rights, default dilution remedies and/or other break up provisions or remedies which are customary in real estate joint venture agreements and which may, positively or negatively, affect the ultimate realization of cash flow and/or capital or liquidation proceeds. 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 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. With respect to these seven Centers, portions of the underlying land controlled by the Company are owned by third parties and leased to the Company, or the joint venture property partnership or limited liability company, pursuant to long-term ground leases. The termination dates of the ground leases range from 2038 to 2078.
(3) Total GLA includes GLA attributable to Anchors (whether owned or non-owned) and Mall and Freestanding Stores as of December 31, 2025. “Non-owned Anchors” is space not owned by the Company (or, in the case of Joint Venture Centers, by the joint venture property partnership or limited liability company) which is occupied by Anchor tenants. “Company-owned Anchors” is space owned (or leased) by the Company (or, in the case of Joint Venture Centers, by the joint venture property partnership or limited liability company) and leased (or subleased) to Anchor.
(4) These Centers have vacant Anchor locations that are owned by the Company or its joint venture. 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 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.
(7) Included in Unconsolidated Joint Venture Centers.
(8) Included in Consolidated Centers.
(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
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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 ground lease terminates in 2027.
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Mortgage Debt
The following table sets forth certain information regarding the mortgages encumbering the Centers, including those Centers in which the Company has less than a 100% interest. The information set forth below is as of December 31, 2025 (dollars in thousands):
Property Pledged as Collateral Fixed or
Floating Carrying
Amount(1) Effective Interest
Rate(2) Annual
Debt
Service(3) Maturity
Date(4) Balance
Due on
Maturity Earliest Date
Notes Can Be
Defeased or
Be Prepaid
Consolidated Centers:
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
Fashion Outlets of Chicago Fixed 299,554 4.61 % 13,740 2/1/31 300,000 Any Time
Fashion Outlets of Niagara Falls USA(8) Fixed 76,995 6.52 % 8,719 10/6/26 74,355 Any Time
Freehold Raceway Mall Fixed 399,376 3.94 % 15,600 11/1/29 386,013 Any Time
Fresno Fashion Fair Fixed 324,851 3.67 % 11,658 11/1/26 325,000 Any Time
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
Los Cerritos Center(9) Fixed 465,727 5.77 % 30,077 11/1/27 459,667 Any Time
Pacific View Fixed 69,691 5.45 % 4,792 5/6/32 62,877 Any Time
Queens Center(10) Fixed 523,346 5.45 % 28,193 11/6/29 525,000 4/1/2027
Santa Monica Place(11) Floating 300,000 5.27 % 15,816 12/9/24 300,000 Any Time
SanTan Village Regional Center Fixed 219,687 4.34 % 9,460 7/1/29 220,000 Any Time
South Plains Mall(12) Fixed 200,000 4.22 % 8,441 11/6/25 200,000 Any Time
Victor Valley, Mall of(13) Fixed 84,033 6.85 % 5,715 9/6/34 85,000 11/21/2026
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
$ 5,068,946
Property Pledged as Collateral Fixed or
Floating Carrying
Amount(1) Effective Interest
Rate(2) Annual
Debt
Service(3) Maturity
Date(4) Balance
Due on
Maturity Earliest Date
Notes Can Be
Defeased or
Be Prepaid
Unconsolidated Joint Venture Centers (at the Company's Pro Rata Share):
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 137,319 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
Kierland Commons(50%) Fixed 92,232 3.98 % 6,407 4/1/27 88,724 Any Time
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
Tysons Corner Center(50%) Fixed 352,028 6.89 % 23,758 12/6/28 355,000 5/7/2026
Tysons Tower(50%) Fixed 94,763 3.38 % 3,164 10/11/29 95,000 Any Time
Tysons Vita(50%) Fixed 44,738 3.43 % 1,485 12/1/30 45,000 Any Time
West Acres - Development(19%) Fixed 1,399 3.72 % 52 10/10/29 1,405 Any Time
West Acres(19%) Fixed 11,681 4.61 % 1,025 3/1/32 8,256 Any Time
$ 1,554,912
_______________________________________________________________________________
(1) The mortgage notes payable balances include the unamortized debt discounts. Debt discounts represent the deficiency of the fair value of debt under the principal value of debt assumed in various acquisitions. The debt discounts are being amortized into interest expense over the term of the related debt in a manner which approximates the effective interest method.
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The debt discounts as of December 31, 2025 consisted of the following:
Property Pledged as Collateral
Consolidated Centers:
Arrowhead Towne Center $ 18,851
Los Cerritos Center 14,573
$ 33,424
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, 2025 were $20.3 million for Consolidated Centers and $5.1 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 impact of debt discounts and deferred finance costs.
(3) The annual debt service represents the annual payment of principal and interest.
(4) The maturity date assumes that all extension options are fully exercised and that the Company does not opt to refinance the debt prior to these dates. These extension options are at the Company's discretion, subject to certain conditions, which the Company believes will be met.
(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 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%.
(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). In connection with the acquisition, the Company assumed the partner's share of the loan on the property.
(10) 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.
(11) Effective April 9, 2024, the loan is in default and accrues incremental default interest of 4%. 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. The new loan has a required interest rate cap throughout the term of the loan at a strike rate of 7.5%.
(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) 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.
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ITEM 3. LEGAL PROCEEDINGS
None of the Company, the Operating Partnership, the Management Companies or their respective affiliates is currently involved in any material legal proceedings.
ITEM 4. MINE SAFETY DISCLOSURES
Not applicable.
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PART II