Financial Analysis

COMMITMENTS AND CONTINGENCIES Other Commitments and Contingencies We are obligated under various completion guarantees with certain lenders and lease agreements with tenants to complete all or portions of a development project and tenant-specific space that are currently under construction. We believe we currently have sufficient financing in place to fund these projects and expect to do so primarily through free cash flow or borrowings on the Revolving Facility. In 2021, we provided repayment and completion guarantees on loans totaling $66.2 million associated with the development of The Corner mixed-use project in the Indianapolis MSA. As of June 30, 2026, the outstanding balance of the loans was $69.9 million, of which our share was $34.9 million. As of June 30, 2026, we had outstanding letters of credit totaling $6.9 million with no amounts advanced against these instruments. In July 2025, Eastgate Crossing, a 152,682 square foot multi-tenant retail property in the Durham-Chapel Hill MSA, experienced severe flooding as a result of Tropical Storm Chantal. During the three months ended March 31, 2026, the Company completed all remediation and reconstruction activities. The Company has third-party insurance coverage, including business interruption coverage, related to this event, and based on the coverage available and reimbursements received or expected, we do not believe the flood had a material adverse effect on our consolidated results of operations or financial conditi …

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MORTGAGE AND OTHER INDEBTEDNESS The following table summarizes the Companys indebtedness as of June 30, 2026 and December 31, 2025 (in thousands) : June 30, 2026 December 31, 2025 Mortgages payable $ 45,169 $ 142,937 Senior unsecured notes 2,250,000 2,250,000 Unsecured term loans 550,000 550,000 Unsecured revolving line of credit 85,000 2,845,169 3,027,937 Unamortized discounts and premiums, net 15,672 18,394 Unamortized debt issuance costs, net (18,083) (20,853) Mortgage and other indebtedness, net $ 2,842,758 $ 3,025,478 Consolidated indebtedness, including weighted average interest rates and weighted average maturities as of June 30, 2026, considering the impact of interest rate swaps, is summarized below (dollars in thousands) : Amount Outstanding Ratio Weighted Average Interest Rate Weighted Average Years to Maturity Fixed rate debt (1) $ 2,434,169 86 % 4.24 % 3.9 Variable rate debt 411,000 14 % 4.55 % 1.9 Debt discounts, premiums and issuance costs, net (2,411) N/A N/A N/A Mortgage and other indebtedness, net $ 2,842,758 100 % 4.29 % 3.6 (1) Fixed rate debt includes the portion of variable rate debt that has been hedged by interest rate swaps. As of June 30, 2026, $150.0 million in variable rate debt is hedged to a fixed rate through July 17, 2026. Mortgages Payable The following table summarizes the Companys mortgages payable (dollars in thousands) : June 30, 2026 December 31, 2025 Balance Weighted Average Interest Rate Weighted Average Years to Maturity Balance Weight …

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New Accounting Pronouncements In November 2024, the FASB issued Accounting Standards Update 2024-03, Income StatementReporting Comprehensive IncomeExpense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses . This guidance requires public entities to disclose, in a tabular format, the amounts of certain natural expenses included within relevant expense captions presented on the face of the income statement and provide additional disclosures about selling expenses. The disclosure requirements are effective for annual reporting periods beginning after December 15, 2026 and interim periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted, and may be applied either prospectively or retrospectively. The Company is currently evaluating the impact of this guidance on its consolidated financial statements and related disclosures. …

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SEGMENT REPORTING An operating segment is a component of a public entity that engages in business activities from which it may earn revenues and incur expenses and has discrete financial information available that is regularly reviewed by the chief operating decision maker (the CODM). The Companys primary business is the ownership and operation of high-quality, open-air shopping centers and mixed-use assets that are primarily grocery-anchored and located in high-growth Sun Belt markets and select strategic gateway markets in the United States. We derive our revenue primarily from the collection of contractual rents and reimbursement payments from tenants under existing lease agreements at each of our properties. The Companys CODM, which is its Chief Executive Officer, regularly reviews operating and financial information for each property on an individual basis; therefore, each property represents an individual operating segment. The CODM does not distinguish or group our operations on a geographical or any other basis for purposes of measuring performance and allocating capital. Across our properties, the financial performance, revenue generating activities, and customer base is determined to be economically similar; therefore, all operating segments have been aggregated into one reportable segment. The CODM measures and evaluates the financial performance of our portfolio of properties and decides how resources are allocated based on net operating income. The CODM uses net …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

SHAREHOLDERS EQUITY Distributions Our Board of Trustees declared a cash distribution of $0.29 per common share and Common Unit for the second quarter of 2026. This distribution was paid on July 16, 2026 to common shareholders and common unitholders of record as of July 9, 2026. For the six months ended June 30, 2026, we declared cash distributions totaling $0.58 per common share and Common Unit. In January 2026, in addition to the payment of the fourth quarter 2025 distribution of $0.29 per common share and Common Unit, to meet certain REIT distribution requirements, we paid a special cash distribution of $0.145 per common share and Common Unit to common shareholders and common unitholders of record as of January 9, 2026, totaling $30.7 million. For the three and six months ended June 30, 2025, we declared cash distributions of $0.27 and $0.54 per common share and Common Unit, respectively. Share Repurchase Program In February 2021, our Board of Trustees approved a share repurchase program under which the Company may repurchase, from time to time, up to an aggregate of $150.0 million of our common shares. In April 2022, our Board of Trustees increased the size of the program from $150.0 million to $300.0 million of our common shares, and in February 2026, further increased the size of the program from $300.0 million to $600.0 million of our common shares (the Share Repurchase Program). The Company intends to fund any future repurchases under the Share Repurchase Program with …

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SUBSEQUENT EVENTS Subsequent to June 30, 2026: the Operating Partnership issued the 2026 Exchangeable Notes and entered into the capped call transactions related to the exercise of the option granted by the Operating Partnership to the initial purchasers to purchase up to an additional $45.0 million aggregate principal amount of 2026 Exchangeable Notes. In conjunction with the closing of the offering on July 2, 2026, approximately $30.0 million of the proceeds were used to settle the repurchase of 1.0 million common shares, which were repurchased in conjunction with the pricing of the 2026 Exchangeable Notes on June 29, 2026. See Note 8 to the consolidated financial statements for further details; we repaid the $300.0 million principal balance of the 4.00% senior unsecured notes, which was scheduled to mature on October 1, 2026; we closed on the disposition of Tysons Corner, a 36,942 square foot retail property in the Washington, D.C. MSA, for a gross sales price of $25.9 million; and we closed on the sale of the fourth phase of a land parcel and the rights to develop 22 residential units at the One Loudoun Expansion in the Washington, D.C. MSA for a sales price of $6.2 million. …

SubsequentEventsTextBlock · excerpt; the full note is in the filing