Financial Analysis

9. Commitments and Contingencies The Company is involved in various matters of litigation arising out of, or incidental to, its business. While the Company is unable to predict with certainty the outcome of any particular matter, management does not expect, when such litigation is resolved, that the Companys resulting exposure to loss contingencies, if any, will have a material adverse effect on its consolidated financial position or results of operations. Commitments and Guaranties The Operating Partnership is jointly and severally liable for the obligations under the Fund IV Term Loan, which may result in an obligation for the payment of principal, interest, and any other amounts due. As of June 30, 2026, the Company did not expect the Operating Partnership to make any payments under this arrangement. The outstanding balance of the facility was $ 52.3 million as of June 30, 2026 ( Note 7 ). Additionally, in connection with the refinancing of the La Frontera Village ( Note 4 ) propert y mortgage loan of $ 57.0 m illion, which is collateralized by the investment property, Fund V guaranteed the joint ventures obligation under the loan. Fund V acted as guarantor under the non-recourse carveout guaranty. At June 30, 2026 and December 31, 2025, $ 0.1 millio n and $ 0.1 million related to the guarantee was recorded as a liability in the Companys Condensed Consolidated Balance Sheets, respectively. Construction and Tenant Improvement Commitments In conjunction with the development …

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"7. Debt A summary of the Companys consolidated indebtedness is as follows (dollars in thousands): Carrying Value as of Interest Rate as of Maturity Date as of June 30, December 31, June 30, 2026 June 30, 2026 2026 2025 Mortgages Payable REIT Portfolio 3.99 % - 6.05 % Nov 2026 - Apr 2035 $ 226,501 $ 227,684 Fund II (a) 137,500 Fund IV 5.62 % Jun 2028 25,939 27,249 Fund V SOFR+ 1.40 % - SOFR+ 3.10 % Dec 2026 - Apr 2030 229,311 505,184 Net unamortized debt issuance costs ( 2,180 ) ( 4,599 ) Unamortized premium 474 926 Total Mortgages Payable $ 480,045 $ 893,944 Unsecured Notes Payable Term Loans (b, c) SOFR+ 1.15 % - SOFR+ 1.20 % May 2030 - Apr 2031 $ 837,500 $ 725,000 Senior Notes 5.86 % - 5.94 % Aug 2027 - Aug 2029 100,000 100,000 Term Loan A-3 SOFR+ 1.15 % Apr 2031 137,500 Fund IV Term Loan SOFR+ 1.20 % Dec 2028 52,250 61,250 Net unamortized debt issuance costs ( 13,600 ) ( 6,788 ) Total Unsecured Notes Payable $ 1,113,650 $ 879,462 Unsecured Line of Credit Revolving Credit Facility (c, d) SOFR+ 1.00 % Apr 2030 $ 43,323 $ 89,500 Total Debt (e)(f) $ 1,652,324 $ 1,873,367 Net unamortized debt issuance costs ( 15,780 ) ( 11,387 ) Unamortized premium 474 926 Total Indebtedness $ 1,637,018 $ 1,862,906 (a) In connection with the refinance of the secured mortgage loan related to a Fund II asset during the three months ended June 30, 2026, the Operating Partnership's $ 20.0 million recourse guarantee of principal payments associated with this mortgage loan was extinguished. (b) The …

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13. Share Incentive a nd Other Compensation The Amended and Restated 2020 Share Incentive Plan (the Amended and Restated 2020 Plan), as approved by the Board and the Companys shareholders, authorizes the issuance of up to 3,883,564 Common Shares. The Amended and Restated 2020 Plan allows for the issuance of options, Restricted Shares, LTIP Units, and other securities (collectively, the Awards) to, among others, the Companys officers, trustees, and employees. As of June 30, 2026 a total of 1,269,950 shares remained available for issuance under the Amended and Restated 2020 Plan. As of June 30, 2026, there was $ 27.3 million of total unrecognized compensation cost related to unvested share-based compensation arrangements granted under the Amende d and Restated 2020 Plan. That cost is expected to be recognized over a weighted-average period of 1.6 years. The total fair value of Restricted Shares that vested during the six months ended June 30, 2026 and the year ended December 31, 2025 , was $ 0.7 million and $ 0.7 million, respectively. The total fair value of LTIP Units that vested (LTIP units vest primarily during the first quarter) during the six months ended June 30, 2026 and the year ended December 31, 2025 , was $ 15.6 million and $ 9.9 mill ion, respectively. During the six months ended June 30, 2026 , the Company issued 593,577 time-based LTIP Units and 25,350 time-based restricted share units (Restricted Share Units), to employees of the Company pursuant to the Amended …

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Recent Accounting Pronouncements In November 2024, the FASB issued ASU 2024-03, Income StatementReporting Comprehensive IncomeExpense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (ASU 2024-03) which requires disaggregated disclosure of income statement expenses for public business entities (PBEs). Additionally, in January 2025, the FASB issued ASU 2025-01 to clarify the effective date of ASU 2024-03. The ASU does not change the expense captions an entity presents on the face of the income statement; rather, it requires disaggregation of certain expense captions into specified categories in disclosures within the footnotes to the financial statements. This guidance applies to all PBEs and is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027, with early adoption permitted. The Company has elected not to early adopt and the requirements will be applied prospectively with the option for retrospective application. The Company is currently evaluating the expected impact of the adoption of ASU 2024-03 on disclosures within the Companys Condensed Consolidated Financial Statements. In November 2025, the FASB issued ASU 2025-09, Derivatives and Hedging (Topic 815): Hedge Accounting Improvements (ASU 2025-09 ) that more closely aligns hedge accounting with the economics of an entitys risk management activities. ASU 2025-09 is effective for fiscal years begi …

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12. Segmen t Reporting The Company has identified three reportable segments: REIT Portfolio, Investment Management and Structured Financing. The Companys Chief Operating Decision Maker (CODM), its Chief Executive Officer , evaluates the performance of these segments and allocates resources based on financial information presented at the segment level. The CODM primarily uses net income as the key measure of segment profitability, as it reflects a comprehensive view of the segments financial performance, including all revenues and expenses. The Companys REIT Portfolio segment consists primarily of high-quality retail properties located primarily in high-barrier-to-entry, densely-populated metropolitan areas with a long-term investment horizon. The Companys Investment Management segment holds primarily retail real estate in which the Company co-invests with high-quality institutional investors. The Companys Structured Financing segment consists of earnings and expenses related to notes and mortgages receivable ( Note 3 ). Fees earned by the Company as the general partner or managing member through consolidated Investment Management entities are eliminated in the Companys Condensed Consolidated Financial Statements and are not presented in the Companys segments. The following tables present selected financial information for each reportable segment (in thousands): For the Three Months Ended June 30, 2026 REIT Portfolio Investment Management Structured Financing Unallocated Total …

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10. Shareholders Equity, Noncontrolling Interests and Other Comprehensive Loss Public Offerings From time to time, the Company may offer its shares of beneficial interest through public offerings registered with the SEC or through private offerings pursuant to one or more exemptions from registration under the Securities Act. In connection with such offerings, the Company may issue and sell the offered shares upon settlement of the offering or, alternatively, enter into forward sale agreements with respect to all or a portion of the sold in such public offerings, pursuant to which the offered shares are borrowed by the forward sale purchasers and the issuance of such shares takes place upon settlement of the applicable forward sale agreement in accordance with its terms. On June 11, 2026, the Company c ompleted an offering of 9,000,000 Common Shares at an initial forward sale price of $ 21.80 per share. These shares are subject to forward sale agreements, which require settlement within one-year of the various effective dates. In connection with the offering, in July 2026, the underwriters partially exercised their over-allotment option, resulting in the issuance of an additional 242,996 Common Shares for an aggregate of 9,242,996 Common Shares subject to forward sale agreements. The Company did not initially receive any proceeds from the sale of Common Shares in the offering, which were sold to the underwriters by the forward purchasers or their respective affiliates. Assumi …

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16. Subsequent Events In July 2026, the Company acquired a single-tenant retail building at 8800-8804 Melrose Avenue in West Hollywood, California for $ 29.0 million, which was added to the REIT Portfolio. During the same period, the Company disposed of the parking garage at 1035 Third Avenue in New York, New York, a consolidated Fund IV Investment Management property, for $ 8.3 million. In July 2026, through its Structured Financing segment, the Company originated a note receivable and funded an initial advance of $ 54.0 million at closing. The note matures in July 2029 , subject to extension options .

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