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Schedule III - Real Estate And Accumulated Depreciation
 12 Months Ended
Dec. 31, 2025
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]  
Schedule III - Real Estate and Accumulated Depreciation
Initial Cost (A)Gross amount at which carried at end of period
Property Name
Location		EncumbranceLandBuildings and Improvements Adjustments to Land Basis (B)Adjustments to Basis (B)LandBuildings and Improvements (C)Total (D)Accumulated Depreciation (E,F)Year Acquired
Antoine Town Center
Houston, TX		$— $5,327 $14,333 $— $(1,377)$5,327 $12,956 $18,283 $2,777  2020
Asheville Market
Asheville, NC		22,160 7,986 33,696 — 82 7,986 33,778 41,764 554 2025
Bay Colony
Houston, TX		— 8,287 41,714 — 4,622 8,287 46,336 54,623 5,969 2023
Bay Landing
Bonita Springs, FL		— 1,687 9,283 — 112 1,687 9,395 11,082 1,480 2022
Bent Tree Plaza
Raleigh, NC		— 1,983 7,093 — 839 1,983 7,932 9,915 4,200 2009
Blackhawk Town Center
Houston, TX		— 10,265 6,156 — (40)10,265 6,116 16,381 1,272 2023
Buckhead Crossing
Atlanta, GA		— 7,565 27,104 — 4,898 7,565 32,002 39,567 14,600 2009
Carmel Village
Charlotte, NC		— 3,244 15,551 — 105 3,244 15,656 18,900 440 2025
Cary Park Town Center
Cary, NC		— 5,555 17,280 — 130 5,555 17,410 22,965 5,394 2017
Commons at
University Place
Durham, NC		— 3,198 17,909 — (8)3,198 17,901 21,099 4,268 2019
Coweta Crossing
Newnan, GA		— 1,143 4,590 — (685)1,143 3,905 5,048 2,234 2009
Custer Creek Village
Richardson, TX		— 4,750 12,245 (177)1,389 4,573 13,634 18,207 7,787 2007
Cyfair Town Center
Houston, TX		— 16,184 48,566 — 2,026 16,184 50,592 66,776 6,398 2023
Daniels Marketplace
Fort Myers, FL		30,250 6,527 60,905 — (63)6,527 60,842 67,369 185 2025
Eastfield Village
Charlotte, NC		— 2,327 14,321 — 175 2,327 14,496 16,823 1,594 2022
Eldorado Marketplace
Frisco, TX		— 15,732 49,311 — 940 15,732 50,251 65,983 11,302 2019
Eldridge Town Center
Houston, TX		— 3,200 16,687 1,761 6,208 4,961 22,895 27,856 11,485 2005
Escarpment Village
Austin, TX		26,000 19,641 51,763 — 1,035 19,641 52,798 72,439 7,637 2022
Garden Village
San Pedro, CA		— 3,188 16,522 3,268 609 6,456 17,131 23,587 9,056 2009
Gateway Market Center
St. Petersburg, FL		— 13,600 4,992 — 4,090 13,600 9,082 22,682 3,407 2010
Kennesaw Marketplace
Kennesaw, GA		— 12,587 51,860 — 737 12,587 52,597 65,184 13,955 2018
Initial Cost (A)Gross amount at which carried at end of period
Property Name
Location		EncumbranceLandBuildings and Improvements Adjustments to Land Basis (B)Adjustments to Basis (B)LandBuildings and Improvements (C)Total (D)Accumulated Depreciation (E,F)Year Acquired
Kyle Marketplace
Kyle, TX		$— $6,076 $48,220 $711 $599 $6,787 $48,819 $55,606 $14,077 2017
Lakeside &
Lakeside Crossing
Winter Park, FL		— 16,594 41,085 — (100)16,594 40,985 57,579 9,982 2019
Market at Mill Creek
Mount Pleasant, SC		— 2,435 20,324 — 57 2,435 20,381 22,816 901 2024
Market at Westlake
Westlake Hills, TX		— 1,200 6,274 (64)(34)1,136 6,240 7,376 3,825 2007
Mesa Shores
Mesa, AZ		— 13,056 19,378 — (6)13,056 19,372 32,428 71 2025
Moores Mill
Atlanta, GA		— 5,180 17,653 — 10 5,180 17,663 22,843 1,154 2024
Nexton Square
Summerville, SC		— 9,531 41,546 — 226 9,531 41,772 51,303 1,796 2024
Northcross Commons
Charlotte, NC		— 7,591 21,303 — 931 7,591 22,234 29,825 7,249 2016
Peachland Promenade
Port Charlotte, FL		— 1,742 6,502 4,158 10,856 5,900 17,358 23,258 4,992 2009
PGA Plaza
Palm Beach Gardens, FL		— 10,414 75,730 — 1,419 10,414 77,149 87,563 19,730 2018
Plantation Grove &
Maguire Grove
Ocoee, FL		— 5,791 19,037 — 1,280 5,791 20,317 26,108 4,002 2014 & 2024
Plaza Escondida
Oro Valley, AZ		7,695 2,713 19,541 — 84 2,713 19,625 22,338 574 2025
Plaza Midtown
Atlanta, GA		— 5,295 23,946 — 1,219 5,295 25,165 30,460 6,882 2017
Prestonwood Town Center
Dallas, TX		— 22,055 22,140 — 1,302 22,055 23,442 45,497 4,696 2021
Rea Farms
Charlotte, NC		— 7,814 61,785 — 98 7,814 61,883 69,697 791 2025
Renaissance Center
Durham, NC		— 26,713 96,141 — 7,336 26,713 103,477 130,190 37,093 2016
Rio Pinar Plaza
Orlando, FL		— 5,171 26,903 676 2,073 5,847 28,976 34,823 10,207 2015
Riverview Village
Arlington, TX		— 6,000 9,649 — 448 6,000 10,097 16,097 6,303 2007
Riverwalk Market
Flower Mound, TX		— 5,931 23,922 — 268 5,931 24,190 30,121 8,082 2016
Rose Creek
Woodstock, GA		— 1,443 5,630 — 102 1,443 5,732 7,175 3,038 2009
Initial Cost (A)Gross amount at which carried at end of period
Property Name
Location		EncumbranceLandBuildings and Improvements Adjustments to Land Basis (B)Adjustments to Basis (B)LandBuildings and Improvements (C)Total (D)Accumulated Depreciation (E,F)Year Acquired
Sandy Plains Centre
Marietta, GA		$— $12,364 $27,270 $652 $5,702 $13,016 $32,972 $45,988 $7,294 2018
Sarasota Pavilion
Sarasota, FL		— 12,000 25,823 — 18,507 12,000 44,330 56,330 14,776 2010
Scofield Crossing
Austin, TX		— 8,100 4,992 (576)2,923 7,524 7,915 15,439 3,693 2007
Scottsdale North Marketplace
Scottsdale, AZ		— 6,505 14,683 — 328 6,505 15,011 21,516 1,069 2024
Shops at Arbor Trails
Austin, TX		31,500 28,233 76,769 — 2,404 28,233 79,173 107,406 12,040 2022
Shops at
Fairview Town Center
Fairview, TX		— 7,299 25,233 — 1,335 7,299 26,568 33,867 6,061 2019
Shops at the Galleria
Bee Cave, TX		— 52,104 75,651 (597)5,024 51,507 80,675 132,182 27,881 2016
Sonterra Village
San Antonio, TX		— 5,150 15,095 (181)689 4,969 15,784 20,753 5,562 2015
Southern Palm Crossing
Royal Palm Beach, FL		— 37,735 49,843 (745)3,010 36,990 52,853 89,843 13,200 2019
Stables Town Center
Houston, TX		— 5,899 20,439 — 270 5,899 20,709 26,608 2,814 2023
Stonehenge Village
Midlothian, VA		— 10,534 44,971 — 17 10,534 44,988 55,522 2,843 2024
Stone Ridge Market
San Antonio, TX		— 8,935 38,754 — (5,093)8,935 33,661 42,596 4,576 2022
Suncrest Village
Orlando, FL		— 6,742 6,403 — 11,364 6,742 17,767 24,509 3,833 2014
Sycamore Commons
Matthews, NC		— 12,500 31,265 — 4,024 12,500 35,289 47,789 15,722 2010
The Centre on
Hugh Howell
Tucker, GA		— 2,250 11,091 — 1,821 2,250 12,912 15,162 6,960 2007
The Forum
Fort Myers, FL		— 9,939 21,943 — 387 9,939 22,330 32,269 1,145 2024
The Highlands of
Flower Mound
Flower Mound, TX		— 6,330 24,374 — (718)6,330 23,656 29,986 3,344 2022
The Marketplace at
Encino Park
San Antonio, TX		— 6,069 27,289 — 181 6,069 27,470 33,539 630 2025
The Parke
Cedar Park, TX		— 9,271 83,078 — 2,570 9,271 85,648 94,919 25,607 2017
Initial Cost (A)Gross amount at which carried at end of period
Property Name
Location		EncumbranceLandBuildings and Improvements Adjustments to Land Basis (B)Adjustments to Basis (B)LandBuildings and Improvements (C)Total (D)Accumulated Depreciation (E,F)Year Acquired
The Plant
Chandler, AZ		$— $3,864 $21,423 $— $8 $3,864 $21,431 $25,295 $1,695 2024
The Pointe at Creedmoor
Raleigh, NC		— 7,507 5,454 — 82 7,507 5,536 13,043 2,121 2016
The Shoppes at Davis Lake
Charlotte, NC		— 6,232 12,901 — 630 6,232 13,531 19,763 1,338 2023
The Shops at Town Center
Germantown, MD		— 19,998 29,776 — 1,300 19,998 31,076 51,074 9,822 2017
Thomas Crossroads
Newnan, GA		— 1,622 8,322 — 1,293 1,622 9,615 11,237 4,835 2009
Travilah Square
Rockville, MD		— 8,964 39,836 — 1,540 8,964 41,376 50,340 8,725 2019
Twelve Oaks
Shopping Center
Savannah, GA		— 5,318 28,416 — 34 5,318 28,450 33,768 584 2025
University Oaks
Shopping Center
Round Rock, TX		— 7,250 25,326 (170)6,334 7,080 31,660 38,740 16,464 2010
West Ashley Station
Charleston, SC		— — 19,137 — 11,134 — 30,271 30,271 569 2025
West Broad Marketplace
Richmond, VA		— 19,619 39,167 — 23 19,619 39,190 58,809 819 2025
Westfork Plaza &
Paraiso Parc
Pembroke Pines, FL		— 28,267 124,019 — 8,266 28,267 132,285 160,552 40,742 2017
Westpark Shopping Center
Glen Allen, VA		— 7,462 24,164 (4)6,358 7,458 30,522 37,980 10,445 2015
Windward Commons
Alpharetta, GA		— 12,823 13,779 (171)852 12,652 14,631 27,283 5,205 2016
Total corporate assets— — — — 3,985 — 3,985 3,985 1,977 -
Total$117,605 $693,606 $2,145,276 $8,541 $150,576 $702,147 $2,295,852 $2,997,999 $525,830 
Construction in progress— — — 7,473 — 7,473 7,473 — 
Total investment properties$693,606 $2,145,276 $8,541 $158,049 $702,147 $2,303,325 $3,005,472 $525,830 
Notes to Schedule III
The aggregate cost of real estate owned as of December 31, 2025, for federal income tax purposes was approximately $3,391,192 (unaudited).
(A)The initial cost to the Company represents the original purchase price of the asset, including amounts incurred subsequent to acquisition which were contemplated at the time the property was acquired.
(B)Cost capitalized subsequent to acquisition includes additional tangible costs associated with investment properties. Amount also includes impairment charges recorded subsequent to acquisition to reduce basis.
(C)Buildings and improvements includes a finance lease right of use asset of $8,965, inclusive of an initial fair value adjustment of $2,008, related to the long-term ground lease of the land underlying West Ashley Station.
(D)Reconciliation of total investment properties:
202520242023
Balance as of January 1$2,838,870 $2,656,674 $2,481,662 
Acquisitions and capital improvements447,045 277,912 191,666 
Disposals, impairment, and write-offs of assets no longer in service(280,443)(95,716)(16,654)
Balance as of December 31$3,005,472 $2,838,870 $2,656,674 
(E)Reconciliation of accumulated depreciation:
202520242023
Balance at January 1,$511,969 $461,352 $389,361 
Depreciation expense88,689 82,603 78,560 
Disposal, impairment, and write-offs of assets no longer in service(74,828)(31,986)(6,569)
Balance at December 31,$525,830 $511,969 $461,352 
(F)Depreciation is computed based upon the following estimated lives:
Buildings and other improvements5-30 years
Tenant improvementsLife of the lease
Furniture, fixtures and equipment3-20 years