On February 7, 2025, the Company's joint venture in Flatiron Crossing repaid in full the $14,532 mezzanine loan and $14,532 of the first mortgage, and obtained a 90-day extension for the remaining $140,480 of the first mortgage. The mezzanine loan had an interest rate of SOFR plus 12.25% and the first mortgage had an interest rate of SOFR plus 2.90% for a weighted average aggregate interest rate of SOFR plus 3.70%. The interest rate on the first mortgage was SOFR plus 2.90% during the extension period. On March 28, 2025, the Company's joint venture in Flatiron Crossing repaid in full the remaining $140,480 ($71,644 at the Company's pro rata share) of the first mortgage.

On June 30, 2025, the Company sold its remaining 5% effective interest in Paradise Valley Mall in Phoenix, Arizona for $5,532. The Company used the proceeds for general corporate purposes. The Company recognized a loss of approximately $1,157 in connection with this transaction (See Note 6 – Property, net).

On July 30, 2025, the Company’s joint venture closed on the sale of Atlas Park for $72,000. Concurrent with the sale, the $65,000 loan ($32,500 at the Company’s share) owed by the joint venture was paid off in full. The Company used its share of net proceeds for general corporate purposes. The Company's share of the gain from this transaction was $11,953.

Effective February 6, 2026, the $150,000 ($76,500 at the Company's pro rata share) loan on Twenty Ninth Street is in default. The Company's joint venture is in negotiations with the lender on the terms of this loan.

On April 7, 2026, the Company’s joint venture in Deptford Mall replaced the existing $131,212 ($66,918 at the Company’s pro rata share) loan with a $115,000 interest only loan ($58,650 at the Company’s pro rata share) that bears interest at a fixed rate of 6.95% and matures on May 6, 2031.

On June 18, 2026, the Company sold its 19% interest in West Acres, a 673,000 square foot regional retail center in Fargo, North Dakota, for $1,400, which included the buyer's assumption of the $12,850 in outstanding loans at the Company's pro rata share. The Company used the proceeds for general corporate purposes. The Company recognized a gain of $6,565 in connection with this transaction (See Note 6 – Property, net).

Combined and Condensed Balance Sheets of Unconsolidated Joint Ventures:


	June 30, 2026		December 31, 2025
Assets:
Property, net	$	3,134,795	$	3,206,517
Other assets	420,229		407,271
Total assets	$	3,555,024	$	3,613,788
Liabilities and partners' capital:
Mortgage and other notes payable	$	3,048,066	$	3,145,872
Other liabilities	314,865		308,150
Company's capital	141,966		140,911
Outside partners' capital	50,127		18,855
Total liabilities and partners' capital	$	3,555,024	$	3,613,788
Investments in unconsolidated joint ventures:
Company's capital	$	141,966	$	140,911
Basis adjustment(1)	362,607		371,776
	$	504,573	$	512,687

Assets—Investments in unconsolidated joint ventures	$	703,858	$	707,075
Liabilities—Distributions in excess of investments in unconsolidated joint ventures	(199,285)		(194,388)
	$	504,573	$	512,687

(1) The Company amortizes the difference between the cost of its investments in unconsolidated joint ventures and the book value of the underlying equity and adjusts the basis adjustment for impairment and disposition transactions that may occur, into the Company's share of net loss. The amortization of this difference was $5,654 and $5,314 for the three months ended June 30, 2026 and 2025, respectively, and $10,635 and $10,662 for the six months ended June 30, 2026 and 2025, respectively.


	Total
Three Months Ended June 30, 2026
Revenues:
Leasing revenue	151,187
Other	6,146
Total revenues	157,333
Expenses:
Shopping center and operating expenses	48,758
Leasing expenses	889
Interest expense	41,653
Depreciation and amortization	47,789
Total expenses	139,089
Loss on sale or write down of assets, net	(22,504)

Other income, net(1)	6,447
Net income	$	2,187
Company's equity in net loss(2)	$	(5,237)

	Total
Three Months Ended June 30, 2025
Revenues:
Leasing revenue	149,376
Other	7,465
Total revenues	156,841
Expenses:
Shopping center and operating expenses	54,444
Leasing expenses	1,501
Interest expense	42,616
Depreciation and amortization	48,436
Total expenses	146,997
Loss on sale or write down of assets, net	(4,214)


Net income	$	5,630
Company's equity in net loss	$	(475)


	Total
Six Months Ended June 30, 2026
Revenues:
Leasing revenue	296,815
Other	2,031
Total revenues	298,846
Expenses:
Shopping center and operating expenses	99,187
Leasing expenses	2,891
Interest expense	82,141
Depreciation and amortization	95,252
Total expenses	279,471
Loss on sale or write down of assets, net	(23,361)
Other income, net(1)	6,447

Net income	$	2,461
Company's equity in net loss(2)	$	(15,103)

	Total
Six Months Ended June 30, 2025
Revenues:
Leasing revenue	295,559
Other	10,235
Total revenues	305,794
Expenses:
Shopping center and operating expenses	110,134
Leasing expenses	3,237
Interest expense	87,739
Depreciation and amortization	94,522
Total expenses	295,632
Loss on sale or write down of assets, net	(638)
Other income, net(1)	13,313
Net income	22,837
Company's equity in net loss	$	(1,274)