NYSE: MAC

The Company was organized as a Maryland corporation in September 1993. All references to the Company in this Annual Report on Form 10-K include the Company, those entities owned or controlled by the Company and predecessors of the Company, unless the context indicates otherwise.

Financial information regarding the Company for each of the last three fiscal years is contained in the Company's Consolidated Financial Statements included in "Item 15. Exhibits and Financial Statement Schedules."

Recent Developments

Acquisitions:

On June 23, 2025, the Company acquired Crabtree Mall, a 1,321,000 square foot regional retail center in Raleigh, North Carolina, for a total purchase price of $290.0 million. The acquisition was initially funded with cash on hand and $100.0 million of borrowings on the Company's credit facility (See "Financing Activities" and Note 15—Acquisitions in the Notes to the Consolidated Financial Statements).

Dispositions:

On March 27, 2025, the Company sold Wilton Mall, a 740,000 square foot regional retail center in Saratoga Springs, New York, for $24.8 million, which resulted in a loss on sale of assets of $2.9 million. The Company used the net proceeds to pay down debt and for other general corporate purposes.

On April 16, 2025, the Company sold a parcel at SanTan Adjacent in Gilbert, Arizona for $3.0 million, which resulted in a loss on sale of assets of $0.2 million. On April 28, 2025, the Company sold various parcels at SanTan Adjacent in Gilbert, Arizona for $24.5 million, which resulted in a gain on sale of assets of $0.1 million. The Company used the net proceeds from these sales to pay down debt and for other general corporate purposes.

On April 30, 2025, the Company sold SouthPark Mall, an 802,000 square foot regional retail center in Moline, Illinois, for $10.5 million, which resulted in a loss on sale of assets of $4.3 million. The Company used the net proceeds for general corporate purposes. This asset was unencumbered.

On May 28, 2025, the Company sold Paradise Village Office Park in Phoenix, Arizona for $6.2 million, which resulted in a loss on sale of assets of $0.6 million. The Company used the net proceeds for general corporate purposes.

On June 11, 2025, the Company sold a former department store parcel located in Petaluma, California, for $2.6 million, which resulted in a gain on sale of assets of $2.0 million. The Company used the net proceeds for general corporate purposes.

On June 30, 2025, the Company sold 1010-1016 Market Street parcels at Fashion District Philadelphia in Philadelphia, Pennsylvania for $10.8 million, which resulted in a gain on sale of assets of $2.4 million. The Company used the net proceeds for general corporate purposes.

On June 30, 2025, the Company sold its remaining 5% effective interest in Paradise Valley Mall in Phoenix, Arizona for $5.5 million, which resulted in a loss on sale of assets of $1.2 million. The Company used the proceeds for general corporate purposes.

On July 30, 2025, the Company's joint venture sold Atlas Park, a 374,000 square foot community center in Queens, New York, for $72.0 million. Concurrent with the sale, the $65.0 million loan ($32.5 million at the Company's share) owed by the joint venture was paid off in full. The Company's share of the gain from this transaction was approximately $12.0 million. The Company used its share of the net proceeds for general corporate purposes.

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On August 18, 2025, the Company closed on the sale of Lakewood Center in Lakewood, California, for $332.1 million, including the assumption by the buyer of the $317.1 million loan on the property that had a June 2026 maturity date. The Company recognized a gain on sale of assets of $21.1 million. The Company used its share of net proceeds from this sale, totaling approximately $5.0 million for general corporate purposes.

On August 20, 2025, the Company closed on the sale of Valley Mall in Harrisburg, Virginia, for $22.1 million, which resulted in a gain on sale of assets of $0.3 million. This asset was unencumbered. The Company used the net proceeds of approximately $20.9 million from this sale for general corporate purposes.

On November 17, 2025, the Company sold an outparcel at Los Cerritos Mall in Los Cerritos, California for $5.0 million, which resulted in a loss on sale of assets of $0.2 million. The Company used the net proceeds to pay down a portion of the debt at the property of $4.5 million.

On December 10, 2025, the Company sold an outparcel at Washington Square in Portland, Oregon for $5.4 million which resulted in a gain on sale of assets of $2.6 million; and on December 19, 2025, the Company sold the retail strip center at Washington Square for $25.8 million, which resulted in a loss on sale of assets of $2.7 million. The Company used the total net proceeds of $29.7 million from these two transactions for general corporate purposes.

For the twelve months ended December 31, 2025, the Company and certain joint venture partners sold various land parcels in separate transactions, resulting in the Company's share of the gain on sale of land of $7.1 million. The Company used its share of the proceeds from these sales of $20.1 million to pay down debt and for other general corporate purposes.

On January 15, 2026, the Company sold an additional outparcel at Washington Square in Portland, Oregon for $13.0 million and used the net proceeds of approximately $12.4 million for general corporate purposes.

The Company is under contract to sell La Cumbre Plaza, located in Santa Barbara, California, for $11.0 million, which is expected to close in the second quarter of 2026, subject to customary closing conditions. This asset is unencumbered.

Financing Activities:

On February 7, 2025, the Company's joint venture in Flatiron Crossing repaid in full the $14.5 million mezzanine loan and $14.5 million of the first mortgage, and obtained a 90-day extension for the remaining $140.5 million of the first mortgage. The mezzanine loan had an interest rate of SOFR plus 12.25% and the first mortgage had an interest rate of SOFR plus 2.90% for a weighted average aggregate interest rate of SOFR plus 3.70%. The interest rate on the first mortgage was SOFR plus 2.90% during the extension period. On March 28, 2025, the Company's joint venture in Flatiron Crossing repaid in full the remaining $140.5 million ($71.6 million at the Company's share) of the first mortgage, as discussed below.

On March 27, 2025, the Company closed a $340.0 million, ten-year loan on Washington Square, which matures on April 6, 2035. The loan bears interest at a fixed rate of 5.58% and is interest only during the entire loan term. The Company used a portion of the net proceeds from this refinancing to repay the remaining first mortgage on Flatiron Crossing, which was $71.6 million at the Company’s share, and to repay the balance outstanding on the Company’s revolving credit facility of $110.0 million.

On July 30, 2025, the Company's joint venture in Atlas Park repaid in full the $65.0 million loan ($32.5 million at the Company's pro rata share) concurrent with the sale of the property (See "Dispositions").

On August 7, 2025, the Company closed on an initial $159.1 million two-year term loan with two one-year extension options on Crabtree Mall. The term loan also allows for additional requested advances of up to $51.2 million based on defined conditions for capital expenditures and leasing costs for a maximum total term loan of $210.3 million. The term loan bears interest at a rate of SOFR plus 2.50%. The Company has purchased a SOFR interest rate cap for the initial term loan advance with a strike rate of 5.0% for the two-year base term of the term loan. The Company used a portion of the net proceeds from this term loan to fully repay borrowings outstanding on the Company's revolving credit facility (See Note 15 – Acquisitions and Note 11 – Bank and Other Notes Payable).

On August 18, 2025, as part of the sale of Lakewood Center, the Company's remaining loan of $317.1 million on the property was assumed by the purchaser (See "Dispositions").

On February 6, 2026, the Company extended the loan maturity on the $200.0 million loan at South Plains Mall to November 6, 2029, at the existing rate of 4.22%. The loan was previously in default as of November 6, 2025.

Effective February 6, 2026, the $76.5 million loan (at the Company’s pro rata share) at Twenty Ninth Street is in default. The Company’s joint venture is in negotiations with the lender on the terms of this loan.

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Redevelopment and Development Activities:

The Company’s joint venture in Scottsdale Fashion Square, a 1,879,000 square foot regional retail center in Scottsdale, Arizona, is redeveloping a two-level Nordstrom wing with luxury-focused retail and restaurant uses. The total cost of the project is estimated to be between $84.0 million and $90.0 million, with $42.0 million to $45.0 million estimated to be the Company’s pro rata share. The Company has incurred approximately $34.0 million of the total $68.0 million incurred by the joint venture as of December 31, 2025. The opening will be in phases which began in 2024, with anticipated completion in 2027. The majority of tenants are expected to be open in 2026, with a few remaining tenants expected to open in early 2027.

The Company is redeveloping the northeast quadrant of Green Acres Mall, a 1,913,000 square foot regional retail center in Valley Stream, New York. The project will include new exterior shops and facade totaling approximately 375,000 square feet of leasing, including new grocery use, redevelopment of a vacant anchor building and demolition of another vacant anchor building. The total cost of the project is estimated to be between $130.0 million and $150.0 million. The Company has incurred approximately $43.2 million as of December 31, 2025. The majority of the tenants are expected to open in 2026 or 2027.

The Company’s joint venture in FlatIron Crossing, a 1,399,000 square foot regional retail center in Broomfield, Colorado, is developing luxury, multi-family residential units, new/repurposed retail and food and beverage uses, and a community plaza, in addition to the redevelopment of the vacant former Nordstrom store located on the property. The Company's ownership percentage is 43.4% in the residential portion of the development and 51.0% in the remainder of the property. The total cost of the project is estimated to be between $245.0 million and $265.0 million, with $125.0 million to $135.0 million estimated to be the Company’s pro rata share. The Company has incurred approximately $30.6 million of the total $64.2 million incurred by the joint venture as of December 31, 2025. The anticipated opening will be in phases beginning in 2027.

Other Transactions and Events:

The Company declared a cash dividend of $0.17 per share of its common stock for each quarter in the year ended December 31, 2025. On February 12, 2026, the Company announced a first quarter cash dividend of $0.17 per share of its common stock, which will be paid on March 30, 2026 to stockholders of record on March 16, 2026. The dividend amount will be reviewed by the Board on a quarterly basis.

In connection with the commencement of an “at the market” offering program on November 12, 2024, which is referred to as the “2024 ATM Program,” the Company entered into an equity distribution agreement with certain sales agents pursuant to which the Company may issue and sell shares of its common stock having an aggregate offering price of up to $500.0 million. During the twelve months ended December 31, 2025, the Company sold 3.1 million shares of common stock for approximately $53.9 million of net proceeds through the 2024 ATM Program at a weighted average price of $18.04. As of December 31, 2025, the Company had approximately $374.1 million of gross sales of its common stock available under the 2024 ATM Program.

See “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources” for a further discussion of the Company’s anticipated liquidity needs, and the measures taken by the Company to meet those needs.

The Shopping Center Industry

General:

There are several types of retail shopping centers, which are differentiated primarily based on size and marketing strategy. Regional shopping centers generally contain in excess of 400,000 square feet of GLA and are typically anchored by two or more department or large retail stores ("Anchors") and are referred to as "Regional Retail Centers" or "Malls." Regional Retail Centers also typically contain numerous diversified retail stores ("Mall Stores"), most of which are national or regional retailers typically located along corridors connecting the Anchors. "Strip centers", "urban villages" or "specialty centers" ("Community/Power Shopping Centers") are retail shopping centers that are designed to attract local or neighborhood customers and are typically anchored by one or more supermarkets, discount department stores and/or drug stores. Community/Power Shopping Centers typically contain 100,000 to 400,000 square feet of GLA. Outlet Centers generally contain a wide variety of designer and manufacturer stores, often located in an open-air center, and typically range in size from 200,000 to 850,000 square feet of GLA ("Outlet Centers"). In addition, freestanding retail stores are located along the perimeter of the shopping centers ("Freestanding Stores"). Mall Stores and Freestanding Stores over 10,000 square feet of GLA are also referred to as "Big Box." Anchors, Mall Stores, Freestanding Stores and other tenants typically contribute funds for the maintenance of the common areas, property taxes, insurance, advertising and other expenditures related to the operation of the shopping center.

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Regional Retail Centers:

A Regional Retail Center draws from its trade area by offering a variety of fashion merchandise, hard goods and services and entertainment, often in an enclosed, climate controlled environment with convenient parking. Regional Retail Centers provide an array of retail shops and entertainment facilities and often serve as the town center and a gathering place for community, charity and promotional events.

Regional Retail Centers have generally provided owners with relatively stable income despite the cyclical nature of the retail business. This stability is due both to the diversity of tenants and to the typical dominance of Regional Retail Centers in their trade areas.

Regional Retail Centers have different strategies with regard to price, merchandise offered and tenant mix, and are generally tailored to meet the needs of their trade areas. Anchors are located along common areas in a configuration designed to maximize consumer traffic for the benefit of the Mall Stores. Mall GLA, which generally refers to GLA contiguous to the Anchors for tenants other than Anchors, is leased to a wide variety of smaller retailers. Mall Stores typically account for the majority of the revenues of a Regional Retail Center.

Business of the Company

Strategy:

In the second quarter of 2024, the Company unveiled the Path Forward Plan, which is a multi-pronged strategy to improve the Company’s balance sheet, while also making inward-facing enhancements to both bolster company culture and improve key business processes to gain operating efficiencies. Essential goals of the Path Forward Plan include:

•Deleverage the capital structure, with a focus on reducing the Company’s Net Debt to Adjusted EBITDA leverage ratio over the next two to three years;

•Invest in and fortify the Company’s key assets in the portfolio;

•Proactively consolidate selected joint venture assets over time that are core to the Company’s overall strategy;

•Deliver a post-deleveraging Funds From Operations launch point goal over the next two to three years;

•Achieve outstanding operational results through rigorous internal process improvements; and

•Position the Company to take an offensive stance on strategic acquisitions, reinvestment and targeted development.

The Company may achieve these goals through a variety of methods and the timing, extent and impact of any transactions that the Company has or will undertake while implementing the Path Forward Plan may vary and evolve. In order to deleverage its capital structure, the Company may pursue asset dispositions and acquisitions, experience organic growth in EBITDA as tenants in its lease pipeline open for business, be selective about undertaking new development and redevelopment projects, and/or issue common stock. Asset sales will focus on whether a property is core to the Company’s strategy and may include defaulting on certain mortgage debts on the Company’s properties and giving possession of such secured properties to the lender. Additionally, as part of the Path Forward Plan, the Company is targeting for disposition certain outparcels, freestanding retail assets, non-enclosed mall assets and vacant land. The Company also began acquiring properties in June 2025 with the acquisition of Crabtree Mall and will continue to look for other strategic acquisition opportunities that would complement the Company's portfolio.

As a further update to the Company’s Path Forward Plan and to provide a strategic disposition plan that refines the portfolio and creates a more focused platform for growth, the Company identified the following Centers as the go-forward portfolio Centers as of the date of this Annual Report on Form 10-K (the “Go-Forward Portfolio Centers”). The Go-Forward Portfolio Centers are subject to change.

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Arrowhead Towne Center (a) Kierland Commons (b)

Broadway Plaza (b) Kings Plaza Shopping Center (a)

Chandler Fashion Center (b) Los Cerritos Center (a)

Corte Madera, The Village at (b) NorthPark Mall (a)

Crabtree Mall (a) Pacific View (a)

Danbury Fair Mall (a) Queens Center (a)

Deptford Mall (b) SanTan Village Regional Center (a)

Desert Sky Mall (a) Scottsdale Fashion Square (b)

Eastland Mall (a) South Plains Mall (a)

Fashion District Philadelphia (a) Stonewood Center (a)

Fashion Outlets of Chicago (a) Superstition Springs Center (a)

Flatiron Crossing (b) Tysons Corner Center (b)

Freehold Raceway Mall (a) Valley River Center (a)

Fresno Fashion Fair (a) Victor Valley, Mall of (a)

Green Acres Mall (a) Vintage Faire Mall (a)

Inland Center (a) Washington Square (a)

(a) Included in Consolidated Centers

(b) Included in Unconsolidated Joint Venture Centers

Further, the Company has a long-term four-pronged business strategy that focuses on the acquisition, leasing and management, redevelopment and development of Regional Retail Centers.

Acquisitions. The Company principally focuses on well-located, quality Regional Retail Centers that can be dominant in their trade area and have strong revenue enhancement potential. In addition, the Company pursues other opportunistic acquisitions of property that include retail and will complement the Company's portfolio. The Company subsequently seeks to improve operating performance and returns from these properties through leasing, management and redevelopment. Since its initial public offering, the Company has acquired interests in shopping centers nationwide. The Company believes that it is geographically well positioned to cultivate and maintain ongoing relationships with potential sellers and financial institutions and to act quickly when acquisition opportunities arise.

As part of its implementation of the Path Forward Plan, the Company acquired its joint venture partner's interest in several key assets throughout 2024 that are core to the Company's overall strategy, including Arrowhead Towne Center, South Plains Mall, Lakewood Center, Los Cerritos Center and Washington Square.

Leasing and Management. The Company believes that the shopping center business requires specialized skills across a broad array of disciplines for effective and profitable operations. For this reason, the Company has developed a fully integrated real estate organization with in-house acquisition, accounting, development, finance, information technology, leasing, legal, marketing, property management and redevelopment expertise. In addition, the Company emphasizes a philosophy of decentralized property management, leasing and marketing performed by on-site professionals. The Company believes that this strategy results in the optimal operation, tenant mix and drawing power of each Center, as well as the ability to quickly respond to changing competitive conditions of the Center's trade area.

The Company believes that on-site property managers can most effectively operate the Centers. Each Center's property manager is responsible for overseeing the operations, marketing, maintenance and security functions at the Center. Property managers focus special attention on controlling operating costs, a key element in the profitability of the Centers, and seek to develop strong relationships with, and be responsive to, the needs of retailers.

The Company generally utilizes regionally located leasing managers to better understand the market and the community in which a Center is located. In addition, the Company may utilize third party leasing brokers on a selective basis. The Company continually assesses and fine tunes each Center's tenant mix, identifies and replaces underperforming tenants and seeks to optimize existing tenant sizes and configurations.

On a selective basis, the Company provides property management and leasing services for third parties. The Company currently manages one community center for a third-party owner on a fee basis.

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Redevelopment. One component of the Company's growth strategy is its ability to redevelop acquired properties. On a selective basis, the Company's business strategy may include mixed-use densification to maximize space at the Company’s Regional Retail Centers, including by developing available land at the Regional Retail Centers or by demolishing underperforming department store boxes and redeveloping the land. For this reason, the Company has built a staff of redevelopment professionals who have primary responsibility for identifying redevelopment opportunities that they believe will result in enhanced long-term financial returns and market position for the Centers. The redevelopment professionals oversee the design and construction of the projects in addition to obtaining required governmental approvals (See "Redevelopment and Development Activities" in Recent Developments).

Development. The Company pursues ground-up development projects on a selective basis. The Company has supplemented its strong acquisition, operations and redevelopment skills with its ground-up development expertise to further increase growth opportunities.

The Company will be very selective in undertaking any future redevelopment or development projects and may choose to pause existing projects if the Company believes they are no longer economically viable.

The Centers:

As of December 31, 2025, the Centers primarily included 37 Regional Retail Centers (including office, hotel and residential space adjacent to these shopping centers) and one Community/Power Shopping Center totaling approximately 39 million square feet of GLA. These 38 Centers average approximately 1,000,000 square feet of GLA and range in size from 3.3 million square feet of GLA at Tysons Corner Center to 205,000 square feet of GLA at Boulevard Shops. As of December 31, 2025, the Centers primarily included 127 Anchors totaling approximately 18.3 million square feet of GLA and approximately 4,600 Mall Stores and Freestanding Stores totaling approximately 19.2 million square feet of GLA.

Competition:

Numerous owners, developers and managers of malls, shopping centers and other retail-oriented real estate compete with the Company for the acquisition of properties and in attracting tenants or Anchors to occupy space. There are other publicly traded mall companies and several large private mall companies in the United States, any of which under certain circumstances could compete against the Company for an Anchor or a tenant. In addition, these companies, as well as other REITs, private real estate companies or investors compete with the Company in terms of property acquisitions. This results in competition both for the acquisition of properties or centers and for tenants or Anchors to occupy space. Competition for property acquisitions may result in increased purchase prices and may adversely affect the Company's ability to make suitable property acquisitions on favorable terms. The existence of competing shopping centers could have a material adverse impact on the Company's ability to lease space and on the level of rents that can be achieved. There is also increasing competition from other retail formats and technologies, such as lifestyle centers, power centers, outlet centers and online retail shopping that could adversely affect the Company's revenues.

In making leasing decisions, the Company believes that retailers consider the following material factors relating to a center: quality, design and location, including consumer demographics; rental rates; type and quality of Anchors and retailers at the center; and management and operational experience and strategy of the center. The Company believes it is able to compete effectively for retail tenants in its local markets based on these criteria in light of the overall size, quality and diversity of its Centers.

Major Tenants:

For the year ended December 31, 2025, the Centers derived approximately 73% of their total rents from Mall Stores and Freestanding Stores under 10,000 square feet and 27% of their total rents from Big Box and Anchor tenants. Total rents as set forth in "Item 1. Business" include minimum rents and percentage rents.

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The following retailers (including their subsidiaries) represent the 10 largest tenants in the Centers based upon total rents in place as of December 31, 2025:

Tenant Primary DBAs Number of

Locations

in the

Portfolio % of Total

Rents

Dick's Sporting Goods, Inc. Champs Sports, Dick's House of Sport, Dick's Sporting Goods, fly zone by Kids Foot Locker, Foot Locker, Going Going Gone!, House of Hoops by Foot Locker, Kids Foot Locker, Moosejaw 67 4.0 %

Victoria's Secret & Co. Pink, Victoria's Secret 37 2.2 %

Signet Jewelers Limited Banter by Piercing Pagoda, Blue Nile, Jared, Kay Jewelers, Kay Jewelers Outlet, Zales, Zales Outlet 82 1.9 %

Abercrombie & Fitch Co. Abercrombie & Fitch, Abercrombie kids, Hollister Co. 46 1.8 %

The Gap, Inc. Athleta, Banana Republic, Banana Republic Factory Store, Gap, Gap Kids, Gap Factory Store, Old Navy, Old Navy Outlet 36 1.7 %

LVMH, Inc. Bulgari, Dior, Louis Vuitton, Marc Jacobs, Sephora, Tiffany & Co. 28 1.6 %

Primark US Corp Primark 7 1.6 %

AE Outfitters Retail Co. Aerie, Offline by Aerie, American Eagle Outfitters 40 1.5 %

H & M Hennes & Mauritz L.P. H&M 21 1.5 %

Zara USA, Inc. Zara 7 1.5 %

Mall Stores and Freestanding Stores:

Mall Store and Freestanding Store leases generally provide for tenants to pay rent comprised of a base (or "minimum") rent and a percentage rent based on sales. In some cases, tenants pay only minimum rent, and in other cases, tenants pay only percentage rent. The Company generally enters into leases for Mall Stores and Freestanding Stores that also require tenants to pay their pro rata share of property taxes and to pay a stated amount for operating expenses, excluding property taxes, regardless of the expenses the Company actually incurs at any Center. However, certain leases for Mall Stores and Freestanding Stores contain provisions that require tenants to pay their pro rata share of maintenance of the common areas, property taxes, insurance, advertising and other expenditures related to the operations of the Center.

Tenant space of 10,000 square feet and under in the Company's portfolio at December 31, 2025 comprises approximately 60% of all Mall Store and Freestanding Store space. The Company uses tenant spaces of 10,000 square feet and under for comparing rental rate activity because this space is more consistent in terms of shape and configuration and, as such, the Company is able to provide a meaningful comparison of rental rate activity for this space. Mall Store and Freestanding Store space greater than 10,000 square feet is inconsistent in size and configuration throughout the Company's portfolio and as a result does not lend itself to a meaningful comparison of rental rate activity with the Company's other space. Much of the non-Anchor space over 10,000 square feet is not physically connected to the mall, does not share the same common area amenities and does not benefit from the foot traffic in the mall. As a result, space greater than 10,000 square feet has a unique rent structure that is inconsistent with mall space under 10,000 square feet.

Cost of Occupancy:

A major factor contributing to tenant profitability is cost of occupancy, which consists of tenant occupancy costs charged by the Company. Tenant occupancy costs include tenant expenses such as minimum rents, percentage rents and recoverable expenditures, which consist primarily of property operating expenses and real estate taxes. These costs are then compared to tenant sales to present tenant occupancy costs as a percentage of tenant sales. A low cost of occupancy percentage shows more potential capacity for the Company to increase rents at the time of lease renewal than a high cost of occupancy percentage. The following table summarizes occupancy costs for Mall Store and Freestanding Store tenants in the Centers as a percentage of total sales for the years ended December 31, 2025, 2024 and 2023:

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For the Years Ended December 31,

2025 2024 2023

Consolidated Centers:

Minimum rents 8.1 % 8.1 % 7.9 %

Percentage rents 0.6 % 0.6 % 0.8 %

Expense recoveries(1) 3.1 % 3.1 % 3.4 %

11.8 % 11.8 % 12.1 %

Unconsolidated Joint Venture Centers:

Minimum rents 7.4 % 7.6 % 7.1 %

Percentage rents 0.9 % 1.0 % 1.1 %

Expense recoveries(1) 3.3 % 3.2 % 2.9 %

11.6 % 11.8 % 11.1 %

(1)Represents real estate tax and common area maintenance charges.

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The following tables set forth the average base rent per square foot for the Centers, as of December 31 for each of the past three years:

Mall Stores and Freestanding Stores under 10,000 square feet:

For the Years Ended December 31, Avg. Base

Rent Per

Sq. Ft.(1)(2) Avg. Base Rent

Per Sq. Ft. on

Leases Executed

During the Year(2)(3) Avg. Base Rent

Per Sq. Ft.

on Leases Expiring

During the Year(2)(4)

Consolidated Centers (at the Company's pro rata share):

2025 $ 66.92 $ 66.54 $ 64.94

2024 $ 65.62 $ 61.16 $ 61.45

2023 $ 61.66 $ 58.97 $ 50.14

Unconsolidated Joint Venture Centers (at the Company's pro rata share):

2025 $ 79.47 $ 86.41 $ 67.92

2024 $ 76.11 $ 86.78 $ 64.79

2023 $ 70.42 $ 64.42 $ 55.74

Big Box and Anchors:

For the Years Ended December 31, Avg. Base

Rent Per

Sq. Ft.(1)(2) Avg. Base Rent

Per Sq. Ft. on

Leases Executed

During the Year(2)(3) Number of

Leases

Executed

During

the Year Avg. Base Rent

Per Sq. Ft.

on Leases Expiring

During the Year(2)(4) Number of

Leases

Expiring

During

the Year

Consolidated Centers (at the Company's pro rata share):

2025 $ 17.20 $ 16.48 55 $ 12.08 27

2024 $ 14.85 $ 13.59 18 $ 21.14 23

2023 $ 16.65 $ 21.85 34 $ 29.67 15

Unconsolidated Joint Venture Centers (at the Company's pro rata share):

2025 $ 26.16 $ 37.81 21 $ 27.72 18

2024 $ 24.83 $ 87.30 12 $ 41.53 13

2023 $ 16.40 $ 30.90 25 $ 13.60 21

_____________________

(1)Average base rent per square foot is based on spaces occupied as of December 31 for each of the Centers and gives effect to the terms of each lease in effect, as of such date, including any concessions, abatements and other adjustments or allowances that have been granted to the tenants.

(2)Centers under development and redevelopment are excluded from average base rents.

(3)The average base rent per square foot on leases executed during the year represents the actual rent paid on a per square foot basis during the first twelve months of the lease.

(4)The average base rent per square foot on leases expiring during the year represents the actual rent to be paid on a per square foot basis during the final twelve months of the lease.

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Lease Expirations:

The following tables show scheduled lease expirations for Centers owned as of December 31, 2025 for the next ten years, assuming that none of the tenants exercise renewal options:

Mall Stores and Freestanding Stores under 10,000 square feet:

Year Ending December 31, Number of

Leases

Expiring Approximate

GLA of Leases

Expiring(1) % of Total Leased

GLA Represented

by Expiring

Leases(1) Ending Base Rent

per Square Foot of

Expiring Leases(1) % of Base Rent

Represented

by Expiring

Leases(1)

Consolidated Centers (at the Company's pro rata share):

2026 289 720,097 15.60 % $ 70.67 14.95 %

2027 318 749,474 16.24 % $ 66.58 14.66 %

2028 261 650,852 14.10 % $ 65.56 12.53 %

2029 369 842,276 18.25 % $ 70.28 17.39 %

2030 252 550,185 11.92 % $ 76.69 12.39 %

2031 123 329,944 7.15 % $ 78.40 7.60 %

2032 69 171,140 3.71 % $ 80.07 4.03 %

2033 74 229,077 4.96 % $ 72.91 4.91 %

2034 60 124,002 2.69 % $ 126.81 4.62 %

2035 84 248,065 5.38 % $ 95.18 6.94 %

Unconsolidated Joint Venture Centers (at the Company's pro rata share):

2026 108 121,918 10.75 % $ 72.91 8.75 %

2027 117 157,779 13.92 % $ 91.44 14.19 %

2028 118 180,453 15.92 % $ 78.77 13.98 %

2029 120 139,384 12.29 % $ 82.59 11.33 %

2030 104 135,444 11.95 % $ 91.87 12.24 %

2031 56 89,931 7.93 % $ 75.28 6.66 %

2032 59 85,555 7.55 % $ 102.96 8.67 %

2033 39 58,832 5.19 % $ 87.83 5.08 %

2034 43 78,517 6.93 % $ 101.18 7.82 %

2035 63 85,889 7.58 % $ 133.48 11.28 %

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Big Boxes and Anchors:

Year Ending December 31, Number of

Leases

Expiring Approximate

GLA of Leases

Expiring(1) % of Total Leased

GLA Represented

by Expiring

Leases(1) Ending Base Rent

per Square Foot of

Expiring Leases(1) % of Base Rent

Represented

by Expiring

Leases(1)

Consolidated Centers (at the Company's pro rata share):

2026 11 324,348 4.61 % $ 27.31 6.80 %

2027 27 1,103,053 15.66 % $ 19.57 16.57 %

2028 18 638,272 9.06 % $ 18.05 8.84 %

2029 23 580,967 8.25 % $ 27.07 12.07 %

2030 24 1,247,306 17.71 % $ 9.70 9.29 %

2031 17 958,132 13.60 % $ 14.65 10.77 %

2032 10 381,159 5.41 % $ 22.46 6.57 %

2033 12 419,623 5.96 % $ 24.94 8.03 %

2034 11 443,815 6.30 % $ 22.16 7.55 %

2035 14 946,635 13.44 % $ 18.64 13.54 %

Unconsolidated Joint Venture Centers (at the Company's pro rata share):

2026 9 62,803 4.48 % $ 49.26 7.65 %

2027 6 103,667 7.39 % $ 32.02 8.21 %

2028 8 205,678 14.66 % $ 22.13 11.26 %

2029 8 189,901 13.54 % $ 18.71 8.79 %

2030 11 215,793 15.38 % $ 17.18 9.17 %

2031 11 339,184 24.18 % $ 22.19 18.61 %

2032 2 17,959 1.28 % $ 52.56 2.33 %

2033 7 58,263 4.15 % $ 58.94 8.49 %

2034 4 60,304 4.30 % $ 31.01 4.62 %

2035 11 149,112 10.63 % $ 56.59 20.87 %

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(1)The ending base rent per square foot on leases expiring during the period represents the final year minimum rent, on a cash basis, for tenant leases expiring during the year.

Anchors:

Anchors have traditionally been a major factor in the public's identification with Regional Retail Centers. Anchors are generally department stores whose merchandise appeals to a broad range of shoppers. Although the Centers receive a smaller percentage of their operating income from Anchors than from Mall Stores and Freestanding Stores, strong Anchors play an important part in maintaining customer traffic and making the Centers desirable locations for Mall Store and Freestanding Store tenants.

Anchors either own their stores, the land under them and in some cases adjacent parking areas, or enter into long-term leases with an owner at rates that are lower than the rents charged to tenants of Mall Stores and Freestanding Stores. Each Anchor that owns its own store and certain Anchors that lease their stores enter into reciprocal easement agreements with the owner of the Center covering, among other things, operational matters, initial construction and future expansion.

Anchors accounted for approximately 6.9% of the Company's total rents for the year ended December 31, 2025.

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The following table identifies each Anchor, each parent company that owns multiple Anchors and the number of square feet owned or leased by each such Anchor or parent company in the Company's portfolio at December 31, 2025.

Name Number of

Anchor

Stores GLA Owned

by Anchor GLA Leased

by Anchor Total Anchor GLA

Macy's Inc.

Macy's 30 4,157,000 1,355,000 5,512,000

Bloomingdale's 1 — 253,000 253,000

31 4,157,000 1,608,000 5,765,000

JCPenney 18 1,195,000 1,682,000 2,877,000

Dillard's 10 2,011,000 — 2,011,000

Nordstrom 6 266,000 819,000 1,085,000

Dick's Sporting Goods 11 — 765,000 765,000

Target 3 180,000 217,000 397,000

Primark 6 — 351,000 351,000

Belk 2 — 305,000 305,000

Dick's House of Sport 2 121,000 144,000 265,000

Scheels All Sports 1 253,000 — 253,000

Home Depot 2 102,000 141,000 243,000

Burlington 3 68,000 140,000 208,000

Walmart 1 — 173,000 173,000

Curacao 1 — 165,000 165,000

Boscov's 1 — 161,000 161,000

Furniture City 1 155,000 — 155,000

BJ's Wholesale Club 1 — 123,000 123,000

Lowe's 1 — 114,000 114,000

Neiman Marcus 1 — 100,000 100,000

Von Maur 1 86,000 — 86,000

Kohl's 1 — 81,000 81,000

Mercado de los Cielos 1 — 78,000 78,000

Seafood City Supermarket 1 — 66,000 66,000

Going, Going, Gone! 1 — 41,000 41,000

Vacant Anchors(1) 19 — 2,343,000 2,343,000

Total 126 8,594,000 9,617,000 18,211,000

Anchor at Center not owned by the Company(2):

Kohl's 1 83,000 — 83,000

Total 127 8,677,000 9,617,000 18,294,000

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(1)The Company is actively seeking replacement tenants or has entered into replacement leases for many of these vacant sites and/or is currently executing on or considering redevelopment opportunities for these locations. The Company continues to collect rent under the terms of an agreement regarding two of these vacant Anchors.

(2)The Company owns one store located at a shopping center not owned by the Company, which is leased to Kohl's.

Governmental Regulations

Compliance with various governmental regulations has an impact on the Company’s business, including its capital expenditures, earnings and competitive position, which can be material. The Company incurs costs to monitor, and takes actions to comply with, governmental regulations that are applicable to its business, which include, among others, federal securities laws and regulations, applicable stock exchange requirements, REIT and other tax laws and regulations, environmental and health and safety laws and regulations, local zoning, usage and other regulations relating to real property, the Americans with Disabilities Act of 1990 (the "ADA") and related laws and regulations.

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