On January 10, 2024, the Company's joint venture in Boulevard Shops replaced the existing $23,000 mortgage loan on the property with a new $24,000 loan that bears interest at a variable rate of SOFR plus 2.50%, is interest only during the entire loan term, and matures on December 5, 2028. The new loan has a required interest rate cap throughout the term of the loan at a strike rate of 7.5%.

The Company has a 50/50 joint venture with Simon Property Group, which was initially formed to develop Los Angeles Premium Outlets, a premium outlet center in Carson, California. During the three months ended March 31, 2024, the Company evaluated its investment and concluded that due to certain conditions, the Company should not continue to invest capital in this development project. As a result, the Company determined the investment was impaired on an other-than-temporary basis and wrote-off its entire investment of $57,686 in the first quarter of 2024 through equity in loss of unconsolidated joint ventures.

On May 14, 2024, the Company acquired the remaining 40% ownership interest in Arrowhead Towne Center in the New River Associates LLC joint venture that it did not previously own for a total purchase price of $36,447 and the assumption of its joint venture partner's share of debt on the property. Effective as of May 14, 2024, the Company now owns and has consolidated its 100% interest in Arrowhead Towne Center (See Note 15—Acquisitions).

On May 14, 2024, the Company acquired the remaining 40% ownership interest in South Plains Mall in the Pacific Premier Retail LLC joint venture that it did not previously own for no cash consideration and the assumption of its joint venture partner's share of debt on the property. Effective as of May 14, 2024, the Company now owns and has consolidated its 100% interest in South Plains Mall (See Note 15—Acquisitions).

On June 13, 2024, the partnership agreement between the Company and its joint venture partner was amended and as a result, the Company no longer accounts for its investment in Chandler Fashion Center as a financing arrangement. Effective

On June 27, 2024, the Company's joint venture in Chandler Fashion Center refinanced the existing $256,000 loan on the property with a $275,000 loan that bears interest at a fixed rate of 7.06%, is interest only during the entire loan term and matures on July 1, 2029. The Company received a distribution of $17,700 in connection with this transaction.

On June 28, 2024, the Company's joint venture in Country Club Plaza sold the property for $175,600. Concurrent with the transaction, the remaining amount owed by the joint venture under the $295,470 loan ($147,735 at the Company's pro rata share) was forgiven by the lender.

On July 31, 2024, the Company sold its 50% interest in Biltmore Fashion Park, a 611,000 square foot regional retail center in Phoenix, Arizona, for $110,000. The Company used the net proceeds to pay down debt. The Company recognized a gain of approximately $42,815 in connection with this transaction (See Note 6—Property, net).

On October 24, 2024, the Company acquired its joint venture partner's 40% interest in the Pacific Premier Retail Trust portfolio, which includes Los Cerritos Center, Washington Square and Lakewood Center, for a net purchase price of approximately $122,132, which includes the assumption of the partner's share of property level indebtedness. As a result of this transaction and the shortening of holding periods, an impairment loss was recorded by the joint venture. The Company's share of the impairment loss was $117,031. The Company now owns and consolidates its 100% interests in these properties (See Note 15—Acquisitions).

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 $140,479 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 $140,479 ($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).

Combined and Condensed Balance Sheets of Unconsolidated Joint Ventures:


	June 30, 2025		December 31, 2024
Assets:
Property, net	$	3,294,977	$	3,519,602
Other assets	431,356		459,468
Total assets	$	3,726,333	$	3,979,070
Liabilities and partners' capital:
Mortgage and other notes payable	$	3,221,712	$	3,461,032
Other liabilities	321,711		324,799
Company's capital	152,769		100,684
Outside partners' capital	30,141		92,555
Total liabilities and partners' capital	$	3,726,333	$	3,979,070
Investments in unconsolidated joint ventures:
Company's capital	$	152,769	$	100,684
Basis adjustment(1)	359,759		361,303
	$	512,528	$	461,987

Assets—Investments in unconsolidated joint ventures	$	718,917	$	654,667
Liabilities—Distributions in excess of investments in unconsolidated joint ventures	(206,389)		(192,680)
	$	512,528	$	461,987

(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) income. The amortization of this difference was $5,314 and $107,378 for the three months ended June 30, 2025 and 2024, respectively, and $10,662 and $182,561 for the six months ended June 30, 2025 and 2024, respectively.


	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)

	PPR Portfolio(1)		Other Joint Ventures		Total
Three Months Ended June 30, 2024
Revenues:
Leasing revenue	$	39,277	$	152,984	$	192,261
Other	891		6,265		7,156
Total revenues	40,168		159,249		199,417
Expenses:
Shopping center and operating expenses	9,660		57,668		67,328
Leasing expenses	294		1,081		1,375
Interest expense	20,499		50,048		70,547
Depreciation and amortization	19,718		53,492		73,210
Total expenses	50,171		162,289		212,460
Gain (loss) on sale or write down of assets, net	7,588		(225,830)		(218,242)

Net loss	$	(2,415)	$	(228,870)	$	(231,285)
Company's equity in net loss(2)	$	(50,949)	$	(5,888)	$	(56,837)


	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	13,313

Net income	$	22,837
Company's equity in net loss	(1,274)

	PPR Portfolio(1)		Other Joint Ventures		Total
Six Months Ended June 30, 2024
Revenues:
Leasing revenue	$	82,288	$	303,046	$	385,334
Other	1,208		6,930		8,138
Total revenues	83,496		309,976		393,472
Expenses:
Shopping center and operating expenses	20,223		115,612		135,835
Leasing expenses	873		2,466		3,339
Interest expense	42,626		101,584		144,210
Depreciation and amortization	41,675		109,689		151,364
Total expenses	105,397		329,351		434,748
Loss on sale or write down of assets, net	(92,684)		(347,024)		(439,708)

Net loss	$	(114,585)	$	(366,399)	$	(480,984)
Company's equity in net loss(2)	$	(60,270)	$	(69,843)	$	(130,113)