Mortgage Notes Payable (Tables)

9 Months Ended

Sep. 30, 2025

Mortgage notes payable at September 30, 2025 and December 31, 2024 consist of the following:


	Carrying Amount of Mortgage Notes(1)
Property Pledged as Collateral	September 30, 2025		December 31, 2024		Effective Interest Rate(2)		Monthly Debt Service(3)		Maturity Date(4)
Arrowhead Towne Center(5)	$	352,588	$	351,905	6.75	%	$	1,921	2028

Crabtree Mall(6)	155,656		—		7.15	%	891		2029
Danbury Fair Mall(7)	152,376		152,149		6.59	%	836		2034

Fashion Outlets of Chicago	299,531		299,465		4.61	%	1,145		2031
Fashion Outlets of Niagara Falls USA(8)	77,849		80,775		6.52	%	727		2026
Freehold Raceway Mall	399,335		399,210		3.94	%	1,300		2029
Fresno Fashion Fair	324,801		324,652		3.67	%	971		2026

Green Acres Mall	363,961		361,948		6.62	%	1,819		2028
Kings Plaza Shopping Center	531,289		537,471		3.71	%	2,436		2030
Lakewood Center(9)	—		304,557		—	%	—		—
Los Cerritos Center(10)	470,902		472,745		5.77	%	2,506		2027

Pacific View	69,913		70,560		5.45	%	399		2032
Queens Center(11)	523,238		522,945		5.45	%	2,349		2029
Santa Monica Place(12)	300,000		298,791		6.11	%	1,418		2024
SanTan Village Regional Center	219,666		219,595		4.34	%	788		2029

South Plains Mall(13)	198,880		193,870		7.97	%	703		2025
Victor Valley, Mall of(14)	84,005		83,928		6.85	%	476		2034
Vintage Faire Mall	214,565		219,959		3.55	%	1,256		2026
Washington Square(15)	338,353		—		5.63	%	1,580		2035
	$	5,076,908	$	4,894,525

(1)The mortgage notes payable balances include the unamortized debt discounts. Debt discounts represent the deficiency of the fair value of debt under the principal value of debt assumed in various acquisitions. The debt discounts are being amortized into interest expense over the term of the related debt in a manner which approximates the effective interest method. The debt discounts as of September 30, 2025 and December 31, 2024 consisted of the following:


Property Pledged as Collateral	September 30, 2025		December 31, 2024
Arrowhead Towne Center	$	21,026	$	27,552
Lakewood Center(9)	—		19,723
Los Cerritos Center	16,560		22,521
South Plains Mall	1,115		6,130
Total	$	38,701	$	75,926

The mortgage notes payable also include unamortized deferred finance costs that are amortized into interest expense over the remaining term of the related debt in a manner that approximates the effective interest method. Unamortized deferred finance costs were $21,843 and $22,042 at September 30, 2025 and December 31, 2024, respectively.

(2)The interest rate disclosed represents the effective interest rate, including the impact of debt discounts and deferred finance costs.

(3)The monthly debt service represents the payment of principal and interest.

(4)The maturity date assumes that all extension options are fully exercised and that the Company does not opt to refinance the debt prior to these dates. These extension options are at the Company's discretion, subject to certain conditions, which the Company believes will be met.

(5)On May 14, 2024, the Company acquired the remaining 40% ownership interest in Arrowhead Towne Center that it did not previously own and has consolidated its 100% interest (See Note 15—Acquisitions). In connection with the acquisition, the Company assumed the partner's share of the loan on the property.

(6)On August 7, 2025, the Company closed on an initial $159,100 two-year term loan with two one-year extension options on Crabtree Mall. The term loan also allows for additional requested advances of up to $51,180 based on defined conditions for capital expenditures and leasing costs for a maximum total term loan of $210,280. The term loan bears interest at a rate of SOFR plus 2.50%. The Company has purchased a SOFR interest rate cap for the initial term loan advance with a strike rate of 5.0% for the two-year base term of the term loan. The Company used a portion of the net proceeds from this term loan to fully repay borrowings outstanding on the Company's revolving credit facility (See Note 15—Acquisitions).

(7)On January 25, 2024, the Company replaced the existing loan with a $155,000 loan that bears interest at a fixed rate of 6.39%, is interest only during the majority of the loan term and matures on February 6, 2034.

(8)On March 19, 2024, the Company closed on a three-year extension of the loan to October 6, 2026. The interest rate remained unchanged at 5.90%.

(9)On October 24, 2024, the Company acquired the remaining 40% ownership interest in Lakewood Center that it did not previously own and has consolidated its 100% interest (See Note 15—Acquisitions). In connection with the acquisition, the Company assumed the partner's share of the loan on the property. On August 18, 2025, the Company sold Lakewood Center and the buyer assumed the mortgage loan (See Note 16—Dispositions).

(10)On October 24, 2024, the Company acquired the remaining 40% ownership interest in Los Cerritos that it did not previously own and has consolidated its 100% interest (See Note 15—Acquisitions). In connection with the acquisition, the Company assumed the partner's share of the loan on the property.

(11)On October 28, 2024, the Company closed a $525,000, five-year refinance of the loan on Queens Center. The new loan bears interest at a fixed rate of 5.37%, is interest only during the entire loan term and matures November 6, 2029.

(12)Effective April 9, 2024, the loan is in default and accrues incremental default interest of 4%. On March 18, 2025, a court appointed receiver assumed operational control and managerial responsibility for Santa Monica Place. The Company anticipates the disposition of the asset, which is under the control of the receiver, will be executed through foreclosure, deed-in-lieu of foreclosure, or by some other means, and is expected to be completed in the near future. Although the Company is no longer funding any cash shortfall, it will continue to record the operations of the property until the title for the Center is transferred and its obligation for the loan is discharged. Once title to the property is transferred, the Company will remove the net assets and liabilities from the Company's consolidated balance sheets. The loan is non-recourse to the Company.

(13)On May 14, 2024, the Company acquired the remaining 40% ownership interest in South Plains Mall that it did not previously own and has consolidated its 100% interest (See Note 15—Acquisitions). In connection with the acquisition, the Company assumed the partner's share of the loan on the property. The Company expects that this loan will be in technical default as of November 6, 2025, as the Company continues negotiations with the lender on the terms of the loan.

(14)On August 22, 2024, the Company replaced the existing loan with an $85,000 loan that bears interest at a fixed rate of 6.72%, is interest only during the entire loan term and matures on September 6, 2034.

(15)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.