During the six months ended June 30, 2025, no acquisitions were completed by the Company. During the six months ended June 30, 2024, the Company closed on the following acquisitions:

Date Purchased

Property Name

City

State

Square Feet

Purchase Price(1)

(in thousands)

February 8, 2024

Heritage Square

Watchung

87,000

33,838

April 5, 2024

Ledgewood Commons

Roxbury Township

448,000

83,211

2024 Total

117,049

(1) The total purchase price for the properties acquired during the six months ended June 30, 2024 includes $2.1 million of transaction costs.

On February 8, 2024, the Company acquired Heritage Square, an unencumbered 87,000 sf shopping center located in Watchung, NJ, for a purchase price of $33.8 million, including transaction costs. The property is anchored by Ulta and two TJX Companies concepts, HomeSense and Sierra Trading, and includes four outparcels occupied by Chick-Fil-A, CityMD, Miller’s Ale House and Starbucks. The acquisition was funded using cash on hand.

On April 5, 2024, the Company closed on the acquisition of Ledgewood Commons, located in Roxbury Township, NJ, for a purchase price of $83.2 million, including transaction costs. The center, aggregating 448,000 sf, is anchored by a grocer and includes two pre-approved but undeveloped outparcels. The purchase was initially funded using cash on hand. On May 3, 2024, the Company obtained a 5-year, $50 million mortgage secured by the property that bears interest at a fixed rate of 6.03%.


(amounts in thousands) Property Name	Land		Buildings and Improvements		Identified Intangible Assets(1)		Identified Intangible Liabilities(1)		Total Purchase Price





Heritage Square	$	7,343	$	24,643	$	4,763	$	(2,911)	$	33,838
Ledgewood Commons	24,313		56,352		15,137		(12,591)		83,211
2024 Total	$	31,656	$	80,995	$	19,900	$	(15,502)	$	117,049

(1) As of June 30, 2025, the remaining weighted average amortization periods of the identified intangible assets and identified intangible liabilities acquired in 2024 were 9.7 years and 17.5 years, respectively.

During the six months ended June 30, 2025, the Company disposed of two properties and one property parcel and received proceeds of $64.4 million, net of selling costs, resulting in a $49.5 million gain on sale of real estate.

On June 23, 2025, the Company completed the sale of MacDade Commons, located in Glenolden, PA, for a gross sales price of $18.0 million and recognized a gain on sale of real estate of $16.1 million. In connection with the sale, we entered into a forward Section 1031 Exchange agreement with third-party intermediaries which allows us to defer, for tax purposes, the gain on sale of the property until the earlier of the satisfaction of the Section 1031 Exchange requirements or 180 days after the date of disposition.

On June 9, 2025, the Company completed the sale of Kennedy Commons, located in North Bergen, NJ, for a gross sales price of $23.2 million and recognized a gain on sale of real estate of $20.4 million. In connection with the sale, we entered into a forward Section 1031 Exchange agreement with third-party intermediaries which allows us to defer, for tax purposes, the gain on sale of the property until the earlier of the satisfaction of the Section 1031 Exchange requirements or 180 days after the date of disposition.

On April 25, 2025, the Company completed the sale of a parcel of its Bergen Town Center East property, located in Paramus, NJ, for a gross sales price of $25 million and recognized a gain on sale of real estate of $12.9 million. The sale was structured as part of a reverse Section 1031 Exchange with the acquisition of The Village at Waugh Chapel which closed on October 29, 2024, allowing for the deferral of capital gains resulting from the sale for income tax purposes.

The total gain on sale of real estate of $49.5 million for the six months ended June 30, 2025 includes amounts related to properties disposed of in prior periods.

During the six months ended June 30, 2024, the Company disposed of two properties and received proceeds of $34.8 million, net of selling costs, resulting in a $15.3 million gain on sale of real estate.

On April 26, 2024, the Company completed the sale of its 127,000 sf industrial property located in Lodi, NJ for a gross sales price of $29.2 million and recognized a gain on sale of real estate of $13.1 million. The sale was structured as part of a reverse Section 1031 exchange with the acquisition of Heritage Square which closed on February 8, 2024, allowing for the deferral of capital gains resulting from the sale for income tax purposes.

On March 14, 2024, the Company completed the sale of its 95,000 sf property located in Hazlet, NJ for a gross sales price of $8.7 million and recognized a gain on sale of real estate of $1.5 million.

The total gain on sale of real estate of $15.3 million for the six months ended June 30, 2024 includes amounts related to properties disposed of in prior periods.