On May 14, 2024, the Company acquired the remaining 40% ownership interest in Arrowhead Towne Center 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 the debt on the property. Effective as of May 14, 2024, the Company now owns and has consolidated its 100% interest in Arrowhead Towne Center.


Property	$	426,097
Deferred charges	22,307

Other assets	2,973
Total assets acquired	451,377
Mortgage note payable	383,881
Discount on mortgage note payable	(33,062)
Other accrued liabilities	9,439
Total liabilities assumed	360,258
Fair value of acquired net assets (at 100% ownership)	$	91,119

The net assets acquired upon consolidation of Arrowhead Towne Center were initially recorded at their relative fair values as shown in the table above. The carrying value of the property was then reduced by the remaining negative basis of $58,683 from the equity method investment previously held by the Company.

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


Property	$	183,434
Deferred charges	19,223
Other assets	4,114
Total assets acquired	206,771
Mortgage note payable	200,000
Discount on mortgage note payable	(10,372)
Other accrued liabilities	8,553
Total liabilities assumed	198,181
Fair value of acquired net assets (at 100% ownership)	$	8,590

The net assets acquired upon consolidation of South Plains Mall were initially recorded at their relative fair values as shown in the table above. The carrying value of the property was then reduced by the remaining negative basis of $80,750 from the equity method investment previously held by the Company.

On October 24, 2024, the Company acquired the remaining 40% ownership interest in the Pacific Premier Retail LLC joint venture that owns Lakewood Center, Los Cerritos Center and Washington Square that it did not previously own for a total purchase price of $129,000 less the assumption of the partner's share of certain cash balances of $6,868 for a net purchase price of $122,132, and the assumption of its joint venture partner's share of debt on the properties. Effective as of October 24, 2024, the Company now owns and has consolidated its 100% interest in Lakewood Center, Los Cerritos Center and Washington Square.

The following is a summary of the allocation of the fair value of Lakewood Center, Los Cerritos Center and Washington Square:


Property	$	1,526,515
Deferred charges	85,661
Other assets	19,635
Total assets acquired	1,631,811
Mortgage note payable	1,312,718
Discount on mortgage note payable	(31,119)
Other accrued liabilities	27,711
Total liabilities assumed	1,309,310
Fair value of acquired net assets (at 100% ownership)	$	322,501

The net assets acquired upon consolidation of Lakewood Center, Los Cerritos Center and Washington Square were initially recorded at their relative fair values as shown in the table above. The carrying value of the property was then reduced by the remaining negative basis of $98,800 from the equity method investment previously held by the Company.

On December 2, 2024, the Company paid off the remaining loan balance assumed on Washington Square with the proceeds from the Company's public offering on November 27, 2024 (See Note 14 – Stockholders' Equity) and recognized a gain on extinguishment of debt of $14,403 for the year ended December 31, 2024.

On March 27, 2025, the Company closed a $340,000, ten-year loan on Washington Square, which matures on April 6, 2035. The loan bears interest at a fixed rate of 5.58% and is interest only during the entire loan term (See Note 10 – Mortgage Notes Payable). The Company used a portion of the net proceeds from this refinancing to repay the remaining first mortgage on Flatiron Crossing, which was $71,644 at the Company’s share (See Note 4 – Investments in Unconsolidated Joint Ventures), and to repay the balance outstanding on the Company’s credit facility of $110,000.

On June 23, 2025, the Company acquired Crabtree Mall, a regional retail center totaling approximately 1.3 million square feet in Raleigh, North Carolina, for a total purchase price of $290,000, excluding transaction costs and credits received at closing. The acquisition was initially funded with cash on hand and $100,000 of borrowings on the Company's credit facility (See Note 22 – Subsequent Events).

The following is a summary of the allocation of the fair value of Crabtree Mall, exclusive of closing costs and credits received:


Property	$	252,011
Deferred charges	38,446
Other assets	8,666
Total assets acquired	299,123


Other accrued liabilities	9,123
Total liabilities assumed	9,123
Fair value of acquired net assets (at 100% ownership)	$	290,000


Fair value of acquired net assets (at 100% ownership)	$	290,000
Credits received at closing	(24,612)
Closing and other transaction costs	1,538
Total cash paid	$	266,926