9. Commitments and Contingencies

The Company is involved in various matters of litigation arising out of, or incidental to, its business. While the Company is unable to predict with certainty the outcome of any particular matter, management does not expect, when such litigation is resolved, that the Company’s resulting exposure to loss contingencies, if any, will have a material adverse effect on its consolidated financial position or results of operations.

Commitments and Guaranties

The Operating Partnership is jointly and severally liable for the obligations under the Fund IV Term Loan, which may result in an obligation for the payment of principal, interest, and any other amounts due. As of September 30, 2026, the Company did not expect the Operating Partnership to make any payments under this arrangement. The outstanding balance of the facility was $45.3 million as of September 30, 2026 (Note 7).

Additionally, in connection with the refinancing of the La Frontera Village (Note 4) property mortgage loan of $57.0 million, which is collateralized by the investment property, Fund V guaranteed the joint venture’s obligation under the loan. Fund V acted as guarantor under the non-recourse carveout guaranty.

In connection with an acquisition in the third quarter (Note 2), the Company recorded, as part of the purchase price allocation, a $5.3 million liability for certain pre-acquisition leasing matters affecting a portion of the property. This estimate is based on currently available information and is subject to change. The Company does not currently expect amounts in excess of this liability to be material.

As of September 30, 2026, the Company had an unfunded loan commitment of $21.1 million related to a note receivable originated during the nine months ended September 30, 2026. The remaining commitment may be advanced to fund certain capital expenditures, tenant improvements and leasing commissions, subject to the terms and conditions of the loan agreement. The loan is collateralized by the Whitestone Shopping Center and supported by guarantees from affiliates of the borrower (Note 3).

Construction and Tenant Improvement Commitments

In conjunction with the development and expansion of various properties, the Company has entered into agreements with general contractors for the construction or development of properties aggregating approximately $37.2 million and $68.6 million, of which the Company’s share is $33.7 million and $64.8 million as of September 30, 2026 and December 31, 2025, respectively.

Additionally, the Company has committed to fund tenant improvements under executed leases totaling approximately $71.5 million and $44.1 million, as of September 30, 2026 and December 31, 2025, respectively. The Company’s share of these obligations is approximately $54.0 million and $37.1 million, respectively. The timing and amounts of these payments are uncertain and are subject to the satisfaction of certain performance conditions.

Insurance Coverage

The Company maintains insurance coverage on its properties in different types and amounts, with deductibles, that management believes are consistent with coverage typically carried by owners of similar properties.