Financial Analysis

ACQUISITIONS AND DISPOSITIONS Acquisitions During the three months ended March 31, 2026, the Company closed on the following acquisition: Date Purchased Property Name City State Square Feet Purchase Price (1) (in thousands) March 30, 2026 The Village at Bridgewater Commons Bridgewater NJ 92,000 $ 54,312 (1) The total purchase price for the property acquired during the three months ended March 31, 2026 includes less than $0.1 million of credits, net of transaction costs. On March 30, 2026, the Company closed on the acquisition of The Village at Bridgewater Commons, located in Bridgewater, NJ, for a purchase price of $54.3 million, including credits net of transaction costs. The center comprises 92,000 sf and was funded with cash on hand. In connection with the acquisition of The Village at Bridgewater Commons, the Company entered into a reverse like-kind exchange under Section 1031 of the Internal Revenue Code with a third-party intermediary, which allows us, for tax purposes, to defer gains on the sale of other properties sold within 180 days after the acquisition date. In addition to the VIEs mentioned in Note 2 , pursuant to the exchange agreement, the property is in possession of an Exchange Accommodation Titleholder (EAT) and is classified as a VIE until the earlier of the termination of the agreement or 180 days after the acquisition date. The EAT is the legal owner of the property, however, we control the activities that most significantly impact the entity and retain a …

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COMMITMENTS AND CONTINGENCIES Legal Matters From time to time, we are a party to various legal proceedings, claims or regulatory inquiries and investigations arising out of, or incident to, our ordinary course of business. While we are unable to predict with certainty the outcome of any particular matter, management does not currently expect, when such matters are resolved, that our resulting exposure to loss contingencies, if any, will have a material adverse effect on our results of operations or consolidated financial position. Redevelopment and Anchor Repositioning The Company has 19 active development, redevelopment or anchor repositioning projects with total estimated costs of $157.3 million, of which $66.8 million remains to be funded as of March 31, 2026. We continue to monitor the stabilization dates of these projects, which can be impacted from economic conditions affecting our tenants, vendors and supply chains. We have identified future projects in our development pipeline, but we are under no obligation to execute and fund any of these projects and each of these projects is being further evaluated based on market conditions. Insurance On January 1, 2025, the Company established SC Risk Solutions LLC (the Captive), a wholly-owned captive insurance company, which provides excess flood and general liability insurance for our properties. The Captive establishes annual premiums based on projections derived from past loss experience, actuarial analysis of future projec …

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MORTGAGES PAYABLE The following is a summary of mortgages payable as of March 31, 2026 and December 31, 2025. (Amounts in thousands) Maturity Interest Rate at March 31, 2026 March 31, 2026 December 31, 2025 Mortgages secured by: Town Brook Commons 12/1/2026 3.78% 28,800 28,965 Rockaway River Commons 12/1/2026 3.78% 25,500 25,645 Hanover Commons 12/10/2026 4.03% 58,620 58,935 Tonnelle Commons 4/1/2027 4.18% 92,888 93,377 Manchester Plaza 6/1/2027 4.32% 12,500 12,500 Millburn Gateway Center 6/1/2027 3.97% 20,879 21,013 Totowa Commons 12/1/2027 4.33% 50,800 50,800 Woodbridge Commons 12/1/2027 4.36% 22,100 22,100 Brunswick Commons 12/6/2027 4.38% 63,000 63,000 Rutherford Commons 1/6/2028 4.49% 23,000 23,000 Hackensack Commons 3/1/2028 4.36% 66,400 66,400 Marlton Commons 12/1/2028 3.86% 35,108 35,295 Yonkers Gateway Center 4/10/2029 6.30% 50,000 50,000 Ledgewood Commons 5/5/2029 6.03% 50,000 50,000 The Shops at Riverwood 6/24/2029 4.25% 20,476 20,577 Shops at Bruckner 7/1/2029 6.00% 36,710 36,848 Shoppers World (1) 8/15/2029 5.12% 123,600 123,600 Greenbrook Commons 9/1/2029 6.03% 31,000 31,000 Huntington Commons 12/5/2029 6.29% 43,580 43,704 Bergen Town Center 4/10/2030 6.30% 286,922 287,779 The Outlets at Montehiedra 6/1/2030 5.00% 70,864 71,412 Montclair (2) 8/15/2030 3.15% 7,164 7,201 Garfield Commons 12/1/2030 4.14% 37,941 38,134 Shops at Caguas 1/31/2031 6.15% 79,586 79,983 The Village at Waugh Chapel (3) 12/1/2031 3.76% 55,963 55,784 Brick Commons 12/10/2031 5.20% 50,000 50, …

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SHARE-BASED COMPENSATION Share-Based Compensation Expense Share-based compensation expense, which is included in general and administrative expenses on our consolidated statements of income and comprehensive income, is summarized as follows: Three Months Ended March 31, (Amounts in thousands) 2026 2025 Share-based compensation expense components: Time-based LTIP expense (1) $ 1,692 $ 1,535 Performance-based LTIP expense (2) 1,780 1,121 Restricted share expense 184 21 Deferred share unit (DSU) expense 30 Total Share-based compensation expense $ 3,656 $ 2,707 (1) Expense for the three months ended March 31, 2026 includes the 2026, 2025, 2024, 2023, and 2022 LTI Plans. (2) Expense for the three months ended March 31, 2026 includes the 2026, 2025, 2024, 2023, 2022, and 2021 LTI Plans. Equity award activity during the three months ended March 31, 2026 included: (i) 731,013 LTIP Units vested, (ii) 524,516 LTIP Units granted, (iii) 360,306 LTIP Units earned upon completion of the 2023 LTI Plan, (iv) 34,470 restricted shares vested, (v) 27,656 restricted shares granted, and (vi) 1,916 restricted shares forfeited. 2026 Long-Term Incentive Plan On January 27, 2026, the Company established the 2026 Long-Term Incentive Plan (2026 LTI Plan) under the 2024 Omnibus Share Plan. The plan is a multi-year, equity compensation program under which participants, including our Chairman and Chief Executive Officer, receive awards in the form of LTIP Units that, with respect to one half of the progra …

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FAIR VALUE MEASUREMENTS ASC 820, Fair Value Measurement and Disclosures defines fair value and establishes a framework for measuring fair value. The objective of fair value is to determine the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (the exit price). ASC 820 establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three levels: Level 1 - quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities; Level 2 - observable prices based on inputs not quoted in active markets, but corroborated by market data; and Level 3 - unobservable inputs used when little or no market data is available. The fair value hierarchy gives the highest priority to Level 1 inputs and the lowest priority to Level 3 inputs. In determining fair value, we utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible as well as consider counterparty credit risk in our assessment of fair value. Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis Financial assets and liabilities that are measured at fair value on our consolidated balance sheets consist of three interest rate swaps as of March 31, 2026 and two interest rate swaps as of December 31, 2025. We rely on third-pa …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

INCOME TAXES The Company elected to be taxed as a REIT under sections 856-860 of the Internal Revenue Code of 1986, as amended (the Code), commencing with the filing of its 2015 tax return for its tax year ended December 31, 2015. So long as the Company qualifies as a REIT under the Code, the Company will not be subject to U.S. federal income tax on net taxable income that it distributes annually to its shareholders. If we fail to qualify as a REIT for any taxable year, we will be subject to federal income taxes at regular corporate rates and may not be able to qualify as a REIT for the four subsequent taxable years. The Company is subject to certain foreign and state and local income taxes, in particular income taxes arising from its operating activities in Puerto Rico, which are included in income tax expense on the consolidated statements of income and comprehensive income. In addition, the Companys taxable REIT subsidiaries (TRSs) are subject to income tax at regular corporate rates. For U.S. federal income tax purposes, the REIT and other minority members are partners in the Operating Partnership. As such, the partners are required to report their share of taxable income on their respective tax returns. However, during the three months ended March 31, 2026 and 2025, certain non-real estate operating activities that could not be performed by the REIT, occurred through the Companys TRSs, which are subject to federal, state and local income taxes. These income taxes are inc …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

Recently Issued Accounting Literature The following table provides a brief description of recently issued Accounting Standards Updates (ASUs) and the expected impact on the Companys consolidated financial statements: Standard Description Date of adoption Effect on the consolidated financial statements or other significant matters Recently adopted: ASU 2023-09 Income Tax (Topic 740): Improvements to Income Tax Disclosures Requires public business entities to provide additional information related to tax rate reconciliations, disaggregation of income taxes paid, and other disclosures. December 31, 2025 The adoption of this ASU did not have a material impact on the Companys consolidated financial statements other than additional annual disclosure. Recently issued: ASU 2024-03 Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosure (Subtopic 220-40): Disaggregation of Income Statement Expenses Requires public business entities to provide disaggregation of relevant expense captions if they contain certain natural expense categories including purchases of inventory, employee compensation, depreciation, and intangible asset amortization. Fiscal years beginning January 1, 2027 and interim periods for fiscal years beginning January 1, 2028 The Company is evaluating the impact of this ASU and will adopt the required disclosures in its Annual Report on Form 10-K for the year ended December 31, 2027. The ASU is to be applied prospectively with a retrospectiv …

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SEGMENT REPORTING Our primary business is the ownership, management, acquisition, development, and redevelopment of retail shopping centers and malls. Substantially all of our revenues are derived from contractual rents and tenant expense reimbursements as outlined within individual lease agreements. We do not distinguish our primary business or group our operations on a geographical basis for purposes of measuring performance and allocating resources. We review operating and financial information for each property on an individual basis and therefore each property represents an individual operating segment. Our properties are aggregated into a single reportable segment due to the similarities with regard to the nature and economics of the properties, tenants and operations, as well as long-term average financial performance and the fact that they are operated using consistent business strategies. The Companys CODM, its Chief Executive Officer, reviews operating and financial information at the individual operating segment using property net operating income (Property NOI) as the key measure to assess performance and allocate resources. Property NOI is defined as all revenues and expenses incurred at the property level excluding non-cash rental income and expenses, impairments on depreciable real estate, lease termination income, interest and debt expense, and gains or losses from sale of real estate and debt extinguishments. Property NOI excludes corporate level transactions …

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Real Estate Real estate is carried at cost, net of accumulated depreciation and amortization. Expenditures for ordinary maintenance and repairs are expensed to operations as they are incurred. Significant renovations that improve or extend the useful lives of assets are capitalized. As real estate is undergoing redevelopment activities, all property operating expenses directly associated with and attributable to the redevelopment, including interest, are capitalized to the extent the capitalized costs of the property do not exceed the estimated fair value of the property when completed. If the cost of the redeveloped property, including the net book value of the existing property, exceeds the estimated fair value of redeveloped property, the excess is charged to impairment expense. The capitalization period begins when redevelopment activities are under way and ends when the project is substantially complete and ready for its intended use. Depreciation is recognized on a straight-line basis over estimated useful lives which range from one to 40 years. Upon the acquisition of real estate, we assess the fair value of acquired assets (including land, buildings and improvements, identified intangibles, such as acquired above and below-market leases, acquired in-place leases and tenant relationships) and assumption of liabilities and we allocate the purchase price based on these assessments on a relative fair value basis. We assess fair v …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing