Based on its analysis, the Company determined that the dispositions described below do not meet the criteria for classification as discontinued operations and are not considered to be significant disposals based on its quantitative and qualitative evaluation. Thus, the results of operations of the properties described below, as well as any related gains or losses, are included in net income (loss) for all periods presented, as applicable.

During the three months ended September 30, 2026, the Company realized a gain of $5,394 related to the sale of an outparcel (September 2026). During the nine months ended September 30, 2026, the Company realized a gain of $20,429 related to the sale of nine outparcels (January 2026, April 2026, June 2026 and September 2026). For the three and nine months ended September 30, 2026, gross proceeds from sales of real estate assets were $6,276 and $26,972, respectively.

During the three months ended September 30, 2025, the Company realized a gain of $51,228 primarily related to the sale of The Promenade (July 2025) and a land parcel (September 2025). During the nine months ended September 30, 2025, the Company realized a gain of $74,099 primarily related to the sales of The Promenade (July 2025), Imperial Valley Mall (February 2025), Annex at Monroeville (January 2025), Monroeville Mall (January 2025), three outparcels associated with the Monroeville Mall properties (January 2025), a land parcel associated with Imperial Valley Mall (February 2025), an outparcel (April 2025) and a land parcel (September 2025). For the three and nine months ended September 30, 2025, gross proceeds from sales of real estate assets were $92,663 and $169,763, respectively, which were primarily used to partially paydown the secured term loan by $41,116 and the 2032 non-recourse bank loan (previously referred to as the "open-air centers and outparcels loan") by $7,107, and to fund approximately $83,100 towards the acquisition of the four malls in July 2025. See Note 9 for more information. The Company recorded loss on impairment related to the sales of 840 Greenbrier Circle and a land parcel. See Note 5 for more information.

The Company may sell properties from time to time for various reasons. The Company classifies long-lived assets as held-for-sale once certain criteria have been met. The Company classifies a real estate property as held-for-sale when: (i) management has approved the disposal, (ii) the property is available for sale in its present condition, (iii) an active program to locate a buyer has been initiated, (iv) it is probable that the property will be disposed of within one year, (v) the property is being marketed at a reasonable price relative to its fair value and (vi) it is unlikely that the disposal plan will significantly change or be withdrawn. Following the classification of a property as held-for-sale, no further depreciation or amortization is recorded and the assets and liabilities are recorded at the lower of carrying value or fair market value, less cost to sell.

The following properties were classified as held-for-sale as of September 30, 2026:


Property	Location	Property Type	Total Assets		Total Liabilities (1)
Old Hickory Mall (2)	Jackson, TN	Mall	$	2,248	$	448
Eastland Mall	Bloomington, IL	Mall		5,203		667
Total			$	7,451	$	1,115

(1)

Included within accounts payable and accrued liabilities on the condensed consolidated balance sheet.

(2)

Subsequent to September 30, 2026, the property was sold. See Note 15 for more information.

As of December 31, 2025, there were no properties that met the criteria to be classified as held-for-sale.