Basis of Presentation

3 Months Ended

Mar. 31, 2026

The accompanying condensed consolidated financial statements have been prepared in accordance with GAAP, which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Significant estimates, judgments, and assumptions are required in a number of areas, including, but not limited to, evaluating the impairment of long-lived assets, allocating the purchase price of acquired retail properties, determining the fair value of debt, and evaluating the collectability of accounts receivable. The Company bases these estimates, judgments, and assumptions on historical experience and various other factors that the Company believes to be reasonable under the circumstances. Actual results may differ from these estimates.

Recently Issued Accounting Pronouncements Not Yet Adopted

The following table summarizes recently issued accounting pronouncements and the potential impact on the Company:

Standard

Description

Effective date

Effect on the financial statements
or other significant matters

ASU No. 2024-03
Disaggregation of Income Statement Expenses (Subtopic 220-40) and related updates

The Accounting Standards Update ("ASU") is intended to improve financial reporting by requiring more granular disclosures about an entity’s expenses so investors can better understand performance, prospects for future cash flows and comparability over time.

The primary goal is to improve the decision-usefulness of expense information through disaggregation of relevant expense captions in the notes to the financial statements.

Annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027.

The Company continues to evaluate this guidance and expects the impact to be limited
to incremental disclosure.

The Company does not expect the standard to have an impact on the Company's financial position, results of operations, or cash flows.

ASU No. 2025-11
Interim Reporting (Topic 270) and related updates

The ASU is intended to improve the navigability of the interim guidance by clarifying when it applies and creating a comprehensive list of required interim disclosures.

The ASU incorporates an interim disclosure principle requiring entities to disclose material events and changes that occur after the end of the most recent annual reporting period.

Interim reporting periods within annual reporting periods beginning after December 15, 2027.

The ASU states that U.S. Securities and Exchange Commission ("SEC") registrants should refer to the relevant form and content requirements under Reg S-X, Rule 10-01 and Reg S-X, Rule 8-03.

As the Company is already in compliance
with the aforementioned requirements, the Company does not expect this guidance to
result in meaningful changes in the
Company's interim disclosure.

Other recently issued accounting standards or pronouncements not disclosed in the foregoing table have been excluded because they are either not relevant to the Company, or are not expected to have, or did not have, a material effect on the condensed consolidated financial statements of the Company.