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 August 18, 2025, the Company sold Lakewood Center (See Note 16—Dispositions).

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).

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.

Combined and Condensed Balance Sheets of Unconsolidated Joint Ventures:


	September 30, 2025		December 31, 2024
Assets:
Property, net	$	3,276,606	$	3,519,602
Other assets	411,363		459,468
Total assets	$	3,687,969	$	3,979,070
Liabilities and partners' capital:
Mortgage and other notes payable	$	3,152,304	$	3,461,032
Other liabilities	310,925		324,799
Company's capital	168,254		100,684
Outside partners' capital	56,486		92,555
Total liabilities and partners' capital	$	3,687,969	$	3,979,070
Investments in unconsolidated joint ventures:
Company's capital	$	168,254	$	100,684
Basis adjustment(1)	359,577		361,303
	$	527,831	$	461,987

Assets—Investments in unconsolidated joint ventures	$	727,139	$	654,667
Liabilities—Distributions in excess of investments in unconsolidated joint ventures	(199,308)		(192,680)
	$	527,831	$	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 $6,172 and $178,179 for the three months ended September 30, 2025 and 2024, respectively, and $16,834 and $360,740 for the nine months ended September 30, 2025 and 2024, respectively.


	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

	PPR Portfolio(1)		Other Joint Ventures		Total
Three Months Ended September 30, 2024
Revenues:
Leasing revenue	$	40,781	$	147,824	$	188,605
Other	165		5,709		5,874
Total revenues	40,946		153,533		194,479
Expenses:
Shopping center and operating expenses	9,909		53,684		63,593
Leasing expenses	298		1,324		1,622
Interest expense	19,842		47,130		66,972
Depreciation and amortization	18,601		49,922		68,523
Total expenses	48,650		152,060		200,710
(Loss) gain on sale or write down of assets, net	(559,906)		146,915		(412,991)

Net (loss) income	$	(567,610)	$	148,388	$	(419,222)
Company's equity in net loss(2)	$	(69,779)	$	(5,152)	$	(74,931)


	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	13,313

Net income	$	57,665
Company's equity in net income	8,485

	PPR Portfolio(1)		Other Joint Ventures		Total
Nine Months Ended September 30, 2024
Revenues:
Leasing revenue	$	123,068	$	450,871	$	573,939
Other	1,373		12,639		14,012
Total revenues	124,441		463,510		587,951
Expenses:
Shopping center and operating expenses	30,132		169,297		199,429
Leasing expenses	1,173		3,788		4,961
Interest expense	62,467		148,715		211,182
Depreciation and amortization	60,276		159,611		219,887
Total expenses	154,048		481,411		635,459
Loss on sale or write down of assets, net	(652,590)		(200,099)		(852,689)

Net loss	$	(682,197)	$	(218,000)	$	(900,197)
Company's equity in net loss(2)	$	(130,713)	$	(74,331)	$	(205,044)