14 unchanged sentences
Georgia 46,857 8.6 % 14.78 3,247 9.5 % 97.6 % 33
−Removed: Illinois 30,362 5.9 % 16.69 1,934 5.7 % 94.1 % 17
Ohio 35,081 6.4 % 12.79 2,852 8.4 % 96.2 % 21
+Added: Illinois 32,311 5.9 % 17.12 1,934 5.7 % 97.6 % 17
Colorado 31,019 5.6 % 19.78 1,600 4.7 % 98.0 % 15
4 unchanged sentences
Pennsylvania 13,040 2.4 % 13.09 1,000 2.9 % 99.6 % 6
−Removed: Wisconsin 12,157 2.4 % 11.70 1,057 3.1 % 98.3 % 9
−Removed: Arizona 11,508 2.2 % 15.56 750 2.2 % 98.5 % 7
South Carolina 12,901 2.4 % 12.94 1,010 3.0 % 98.7 % 10
+Added: Arizona 11,949 2.2 % 16.14 750 2.2 % 98.8 % 7
Maryland 11,857 2.2 % 22.61 541 1.6 % 97.0 % 5
North Carolina 10,435 1.9 % 14.65 722 2.1 % 98.6 % 12
−Removed: Connecticut 8,418 1.6 % 16.95 522 1.6 % 95.1 % 5
+Added: Wisconsin 10,230 1.9 % 12.81 807 2.4 % 98.9 % 7
Tennessee 8,804 1.6 % 11.25 802 2.4 % 97.6 % 5
+Added: Connecticut 8,736 1.6 % 17.38 515 1.5 % 97.5 % 5
+Added: Washington 8,030 1.5 % 22.85 380 1.1 % 92.4 % 4
Indiana 7,654 1.4 % 9.67 832 2.5 % 95.2 % 5
1 unchanged sentence
Michigan 6,617 1.2 % 9.86 724 2.1 % 92.7 % 5
−Removed: New Mexico 6,035 1.2 % 15.27 404 1.2 % 97.9 % 3
Oregon 5,303 1.0 % 17.41 315 0.9 % 96.8 % 4
1 unchanged sentence
New Jersey 4,393 0.8 % 25.92 169 0.5 % 100.0 % 1
−Removed: Washington 3,480 0.7 % 20.13 173 0.5 % 100.0 % 2
+Added: New Mexico 3,393 0.6 % 13.72 255 0.7 % 97.0 % 2
Missouri 2,957 0.5 % 13.47 246 0.7 % 89.3 % 3
12 unchanged sentences
Sacramento 23,187 4.3 %
−Removed: Minneapolis 21,158 4.2 %
−Removed: Houston 21,109 4.1 %
Denver 22,414 4.2 %
−Removed: Washington, D.C.
+Added: Houston 22,025 4.1 %
+Added: Minneapolis 21,786 4.0 %
Las Vegas 16,037 3.0 %
+Added: Washington D.C.
Tampa 14,808 2.7 %
10 unchanged sentences
While we cannot predict what rental rates we will achieve in 2026 as we renew or replace these expiring leases, the comparable rent spread of new leases signed during 2025 was 30.9%, and the comparable rent spread for lease renewals executed in 2025 was 20.7%.
−Removed: Further, during the 2024 fiscal year, our occupancy improved 30 basis points to 97.7%, indicating continued demand for leasing spaces at our centers.
+Added: Further, during the 2025 fiscal year, our occupancy remained above 97%, indicating continued demand for leasing spaces at our centers.
See “Part II, Item 7.
21 unchanged sentences
Dollar Tree 4,480 0.8 % 399 1.2 % 39
+Added: Planet Fitness, Inc.
+Added: 3,894 0.7 % 315 1.0 % 16
Starbucks Corporation 3,890 0.7 % 82 0.2 % 42
−Removed: Big Y 3,487 0.7 % 167 0.5 % 3
UNFI (SuperValu) 3,500 0.6 % 336 1.0 % 5
−Removed: Trader Joe's 2,798 0.5 % 122 0.4 % 9
+Added: Big Y 3,487 0.6 % 167 0.5 % 3
+Added: United Parcel Service 3,118 0.6 % 104 0.3 % 83
Subway Group 3,091 0.6 % 100 0.3 % 69
−Removed: Planet Fitness 2,766 0.5 % 214 0.7 % 10
Pet Supplies Plus 3,010 0.6 % 185 0.6 % 24
−Removed: United Parcel Service 2,585 0.5 % 88 0.3 % 71
−Removed: H&R Block, Inc.
−Removed: 2,532 0.5 % 98 0.3 % 58
Great Clips, Inc.
2,879 0.5 % 95 0.3 % 84
+Added: Trader Joe's 2,860 0.5 % 122 0.4 % 9
+Added: Lowe's 2,748 0.5 % 369 1.1 % 4
Total $ 163,912 30.0 % 14,954 45.3 % 618
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.