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:


	September 30, 2026		December 31, 2025
Assets:
Property, net	$	3,162,755	$	3,206,517
Other assets	430,709		407,271
Total assets	$	3,593,464	$	3,613,788
Liabilities and partners' capital:
Mortgage and other notes payable	$	3,049,001	$	3,145,872
Other liabilities	335,316		308,150
Company's capital	149,220		140,911
Outside partners' capital	59,927		18,855
Total liabilities and partners' capital	$	3,593,464	$	3,613,788
Investments in unconsolidated joint ventures:
Company's capital	$	149,220	$	140,911
Basis adjustment(1)	359,104		371,776
	$	508,324	$	512,687

Assets—Investments in unconsolidated joint ventures	$	705,571	$	707,075
Liabilities—Distributions in excess of investments in unconsolidated joint ventures	(197,247)		(194,388)
	$	508,324	$	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 $4,434 and $6,172 for the three months ended September 30, 2026 and 2025, respectively, and $15,069 and $16,834 for the nine months ended September 30, 2026 and 2025, respectively.


	Total
Three Months Ended September 30, 2026
Revenues:
Leasing revenue	154,746
Other	8,052
Total revenues	162,798
Expenses:
Shopping center and operating expenses	51,745
Leasing expenses	1,311
Interest expense	41,492
Depreciation and amortization	48,455
Total expenses	143,003
Loss on sale or write down of assets, net	(971)

Other income, net(1)	5,000
Net income	$	23,824
Company's equity in net income	$	7,013

	Total
Three Months Ended September 30, 2025
Revenues:
Leasing revenue	147,958
Other	4,674
Total revenues	152,632
Expenses:
Shopping center and operating expenses	54,604
Leasing expenses	1,163
Interest expense	41,323
Depreciation and amortization	47,821
Total expenses	144,911
Gain on sale or write down of assets, net	27,107


Net income	$	34,828
Company's equity in net income	$	9,759


	Total
Nine Months Ended September 30, 2026
Revenues:
Leasing revenue	451,561
Other	10,083
Total revenues	461,644
Expenses:
Shopping center and operating expenses	150,933
Leasing expenses	4,201
Interest expense	123,633
Depreciation and amortization	143,707
Total expenses	422,474
Loss on sale or write down of assets, net	(24,332)
Other income, net(1)	11,447

Net income	$	26,285
Company's equity in net loss(2)	$	(8,090)

	Total
Nine Months Ended September 30, 2025
Revenues:
Leasing revenue	443,517
Other	14,909
Total revenues	458,426
Expenses:
Shopping center and operating expenses	164,738
Leasing expenses	4,400
Interest expense	129,062
Depreciation and amortization	142,343
Total expenses	440,543
Gain on sale or write down of assets, net	26,469
Other income, net(1)	13,313
Net income	57,665
Company's equity in net income	$	8,485