Based on its analysis, the Company determined that the dispositions described below do not meet the criteria for classification as discontinued operations and are not considered to be significant disposals based on its quantitative and qualitative evaluation. Thus, the results of operations of the properties described below, as well as any related gains or losses, are included in net income (loss) for all periods presented, as applicable.

During the three months ended September 30, 2025, the Company realized a gain of $51,228 primarily related to the sale of The Promenade (July 2025) and a land parcel (September 2025). During the nine months ended September 30, 2025, the Company realized a gain of $74,099 primarily related to the sales of The Promenade (July 2025), Imperial Valley Mall (February 2025), Annex at Monroeville (January 2025), Monroeville Mall (January 2025), three outparcels associated with the Monroeville Mall properties (January 2025), a land parcel associated with Imperial Valley Mall (February 2025), an outparcel (April 2025) and a land parcel (September 2025). For the three and nine months ended September 30, 2025, gross proceeds from sales of real estate assets were $92,663 and $169,763, respectively, which were primarily used to partially paydown the secured term loan by $41,116 and the 2032 non-recourse bank loan (previously referred to as the "open-air centers and outparcels loan") by $7,107, and to fund approximately $83,100 towards the acquisition of the four malls in July 2025. See Note 9 for more information. The Company recorded loss on impairment related to the sales of 840 Greenbrier Circle and a land parcel. See Note 5 for more information.

During the three months ended September 30, 2024, the Company realized a gain of $12,816 related to the sales of Layton Hills Mall, Layton Hills Convenience Center, Layton Hills Plaza, 10 outparcels, of which 9 outparcels were associated with the Layton Hills properties, and a land parcel. During the nine months ended September 30, 2024, the Company realized a gain of $16,487 related to the sales of Layton Hills Mall, Layton Hills Convenience Center, Layton Hills Plaza, 10 outparcels, of which 9 outparcels were associated with the Layton Hills properties, a land parcel and an anchor parcel. In addition, the Company recorded a loss on impairment related to an outparcel that was sold. See Note 5 for more information. For the three and nine months ended September 30, 2024, gross proceeds from sales of real estate assets were $66,463 and $74,208, respectively, which were used to partially paydown the secured term loan and the 2032 non-recourse bank loan (previously referred to as the "open-air centers and outparcels loan"). See Note 9 for more information.

As of September 30, 2025, there were no properties that met the criteria to be classified as held-for-sale.

The following properties were classified as held-for-sale as of December 31, 2024:


Property	Location	Property Type	Total Assets		Total Liabilities (1)
Monroeville Mall	Pittsburgh, PA	Mall	$	30,189	$	4,306
Annex at Monroeville	Pittsburgh, PA	Open-Air Center		3,075		218
Imperial Valley	El Centro, CA	Mall		22,811		1,286
Total			$	56,075	$	5,810

(1)

Included within accounts payable and accrued liabilities on the condensed consolidated balance sheets.