On March 6, 2026, we entered into an agreement to sell our Rego Park I shopping center, located in Queens, New York, for $235,500,000. The sale, which is subject to customary closing conditions, is expected to be completed by the third quarter of 2026. The Company expects to receive overall proceeds of approximately $202,000,000, net of estimated costs. As of March 31, 2026, $20,800,000 of such costs had already been paid. Therefore, we expect to receive proceeds of approximately $222,800,000 at closing of the sale. The financial statement gain is expected to be approximately $147,000,000.

As of March 31, 2026, the $54,654,000 carrying value of the property was classified as “Property held for sale” on our consolidated balance sheet. Components of the property held for sale consisted of the following:


(Amounts in thousands)	March 31, 2026
Land	$	1,647
Building and leasehold improvements	105,328
Total	106,975
Accumulated depreciation and amortization	(52,321)
Real estate, net	$	54,654