InvenTrust Properties Corp. (IVT)

CIK: 0001307748. SIC: 6798 Real Estate Investment Trusts. Latest 10-K as of: 2026-02-12.

SIC breadcrumb: Finance, Insurance, And Real Estate > Holding And Other Investment Offices > SIC 6798 Real Estate Investment Trusts

SEC company page: https://www.sec.gov/edgar/browse/?CIK=1307748. Latest filing source: 0001307748-26-000045.

Selected Fundamentals

Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-12. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001307748.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

Flow metrics use full-year FY periods from 10-K/10-K/A filings; balance-sheet metrics use FY-end instants. Free cash flow = operating cash flow - capital expenditures. Missing metrics are omitted rather than fabricated.

Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

Financial Charts

Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-04-28. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001307748.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

Quarterly Charts

Macro Cross-References

• CPIAUCSL - Consumer Price Index for All Urban Consumers: All Items in U.S. City Average
• UNRATE - Unemployment Rate
• FEDFUNDS - Federal Funds Effective Rate
• CES0500000003 - Average Hourly Earnings of All Employees, Total Private
• DFEDTARU - Federal Funds Target Range - Upper Limit
• DFEDTARL - Federal Funds Target Range - Lower Limit
• DGS3MO - Market Yield on U.S. Treasury Securities at 3-Month Constant Maturity
• DGS2 - Market Yield on U.S. Treasury Securities at 2-Year Constant Maturity
• DGS10 - Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
• DGS30 - Market Yield on U.S. Treasury Securities at 30-Year Constant Maturity
• T10Y2Y - 10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity
• CPILFESL - Consumer Price Index for All Urban Consumers: All Items Less Food and Energy
• CPIUFDSL - Consumer Price Index for All Urban Consumers: Food
• CPIENGSL - Consumer Price Index for All Urban Consumers: Energy
• CUSR0000SAH1 - Consumer Price Index for All Urban Consumers: Shelter
• PCEPI - Personal Consumption Expenditures: Chain-type Price Index
• PCEPILFE - Personal Consumption Expenditures Excluding Food and Energy: Chain-type Price Index
• PPIACO - Producer Price Index by Commodity: All Commodities
• T10YIE - 10-Year Breakeven Inflation Rate
• U6RATE - Total Unemployed, Plus All Marginally Attached Workers Plus Total Employed Part Time for Economic Reasons
• PAYEMS - All Employees, Total Nonfarm
• CIVPART - Labor Force Participation Rate
• EMRATIO - Employment-Population Ratio
• UNEMPLOY - Unemployed
• CE16OV - Employment Level
• ICSA - Initial Claims
• JTSJOL - Job Openings: Total Nonfarm
• JTSQUR - Quits: Total Nonfarm
• GDPC1 - Real Gross Domestic Product
• A191RL1Q225SBEA - Real Gross Domestic Product: Percent Change from Preceding Period
• INDPRO - Industrial Production: Total Index
• TCU - Capacity Utilization: Total Index
• HOUST - New Privately-Owned Housing Units Started: Total Units
• PERMIT - New Privately-Owned Housing Units Authorized in Permit-Issuing Places: Total Units
• RSAFS - Advance Retail Sales: Retail Trade
• PCE - Personal Consumption Expenditures
• DSPIC96 - Real Disposable Personal Income
• PSAVERT - Personal Saving Rate
• M2SL - M2
• BOPGSTB - U.S. International Trade in Goods and Services: Balance
• MSPUS - Median Sales Price of Houses Sold for the United States
• HSN1F - New One Family Houses Sold: United States
• RHORUSQ156N - Homeownership Rate in the United States
• TTLCONS - Total Construction Spending: Total Construction in the United States
• RRVRUSQ156N - Rental Vacancy Rate in the United States
• TOTALSL - Total Consumer Credit Owned and Securitized
• REVOLSL - Revolving Consumer Credit Owned and Securitized
• DRCCLACBS - Delinquency Rate on Credit Card Loans, All Commercial Banks
• GDP - Gross Domestic Product
• GPDI - Gross Private Domestic Investment
• GCE - Government Consumption Expenditures and Gross Investment
• PCEC - Personal Consumption Expenditures
• NETEXP - Net Exports of Goods and Services
• GFDEBTN - Federal Debt: Total Public Debt
• GFDEGDQ188S - Federal Debt: Total Public Debt as Percent of Gross Domestic Product
• FYFSD - Federal Surplus or Deficit
• FGRECPT - Federal Government Current Receipts
• FGEXPND - Federal Government: Current Expenditures
• MANEMP - All Employees, Manufacturing
• USCONS - All Employees, Construction
• USTRADE - All Employees, Retail Trade
• USFIRE - All Employees, Financial Activities
• USGOVT - All Employees, Government
• AWHAETP - Average Weekly Hours of All Employees, Total Private
• DGORDER - Manufacturers' New Orders: Durable Goods
• NEWORDER - Manufacturers' New Orders: Nondefense Capital Goods Excluding Aircraft
• BUSINV - Total Business Inventories
• EXPGS - Exports of Goods and Services
• IMPGS - Imports of Goods and Services
• IR - Import Price Index (End Use): All Commodities
• PPIFIS - Producer Price Index by Commodity: Final Demand

Latest quarter (10-Q)

Latest 10-Q source: 0001307748-26-000112.

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Confidence: high. Filing date: 2026-04-28. Report date: 2026-03-31.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Certain statements in this "Management’s Discussion and Analysis of Financial Condition and Results of Operations" and elsewhere in this Quarterly Report on Form 10-Q for the quarter ended March 31, 2026 (this "Quarterly Report"), other than purely historical information, are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended ("Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended ("Exchange Act"). These statements include statements about InvenTrust Properties Corp.'s (the "Company", "InvenTrust", "we", "our", or "us") plans, objectives, strategies, financial performance and outlook, trends, the amount and timing of future cash distributions, prospects or future events; and involve known and unknown risks that are difficult to predict.

As a result, our actual financial results, performance, achievements, or prospects may differ materially from those expressed or implied by these forward-looking statements. In some cases, forward-looking statements can be identified by the use of words such as "may," "could," "expect," "intend," "plan," "seek," "anticipate," "believe," "estimate," "guidance," "predict," "potential," "continue," "likely," "will," "would," "illustrative," and "should" and variations of these terms and similar expressions, or the negatives of these terms or similar expressions. Such forward-looking statements are necessarily based upon estimates and assumptions that, while we consider reasonable based on our knowledge and understanding of the business and industry, are inherently uncertain. These statements are expressed in good faith and are not guarantees of future performance or results. Our actual results could differ materially from those expressed in the forward-looking statements and readers should not rely on forward-looking statements in making investment decisions.

There are a number of risks, uncertainties and other important factors, many of which are beyond our control, that could cause our actual results to differ materially from the forward-looking statements contained in this Quarterly Report. Such risks, uncertainties and other important factors include, among others, the risks, uncertainties, and factors set forth in our filings with the Securities and Exchange Commission ("SEC"), including our Annual Report on Form 10-K for the year ended December 31, 2025 (the "Annual Report"), and as updated in this Quarterly Report and other quarterly and current reports, which are on file with the SEC and are available at the SEC's website (www.sec.gov).

Our operations are subject to a number of risks and uncertainties including, but not limited to:

•our ability to collect rent from tenants or to rent space on favorable terms or at all;

•declaration of bankruptcy by our retail tenants;

•the economic success and viability of our anchor retail tenants;

•our ability to identify, execute and complete acquisition opportunities and to integrate and successfully operate any retail properties acquired in the future and manage the risks associated with such retail properties;

•our ability to manage the risks of expanding, developing or redeveloping our retail properties;

•loss of members of our senior management team or other key personnel;

•changes in the competitive environment in the leasing market and any other market in which we operate;

•shifts in consumer retail shopping from brick-and-mortar stores to e-commerce;

•the impact of leasing and capital expenditures to improve our retail properties to retain and attract tenants;

•our ability to refinance or repay maturing debt or to obtain new or additional financing on attractive terms;

•the impact on our business and financial condition of incurring additional debt or issuing new debt or equity securities in the future;

•future increases in interest rates;

•rising inflation;

•the effects of uncertain and evolving tariff activity and changes in global trade policies on the overall state of the economy and on our business, including the impact on our tenants' business, operations and ability to pay rent;

•natural or man-made disasters, severe weather and climate-related events, such as hurricanes, wildfires, earthquakes, tsunamis, tornadoes, droughts, blizzards, severe freezes and winter storms, hailstorms, floods, mudslides, oil spills, nuclear incidents, and outbreaks of pandemics or contagious diseases, or fear of such outbreaks;

•our status as a real estate investment trust ("REIT") for federal tax purposes; and

•changes in federal, state or local tax law, including legislative, administrative, regulatory or other actions affecting REITs.

19

These factors are not necessarily all of the important factors that could cause our actual results, performance or achievements to differ materially from those expressed in or implied by any of our forward-looking statements. Other unknown or unpredictable factors also could harm our business, financial condition, results of operations, cash flows and overall value.

All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements set forth above. Forward-looking statements are only as of the date they are made; we do not undertake or assume any obligation to update publicly any of these forward-looking statements to reflect actual results, new information, future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable law. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.

The following discussion and analysis should be read in conjunction with our condensed consolidated financial statements and the related notes included in this Quarterly Report. All square feet and dollar amounts are stated in thousands, except per share amounts and per square foot metrics, unless otherwise noted.

Overview

Strategy and Outlook

InvenTrust Properties Corp. is a premier Sun Belt, multi-tenant essential retail REIT that owns, leases, redevelops, acquires, and manages grocery-anchored neighborhood and community centers, as well as high-quality power centers that often have a grocery component. We pursue our business strategy by acquiring retail properties in Sun Belt markets, opportunistically disposing of retail properties, and maintaining a flexible capital structure.

InvenTrust focuses on Sun Belt markets with favorable demographics, including above-average growth in population, employment, income, and education levels. We believe these conditions create favorable demand characteristics for grocery-anchored and necessity-based retail centers, which will position us to capitalize on potential future rent increases while enjoying sustained occupancy at our centers. Our strategically located field offices support hands-on property oversight, enabling responsive tenant engagement and strong local market knowledge across our portfolio. We believe that our Sun Belt portfolio of high quality grocery-anchored assets is a distinct differentiator for us in the marketplace.

Macroeconomic Trends

Our business, and the business and operations of our tenants, depend on the overall state of the economy, and we and they could be negatively impacted by slower economic growth and the potential for a recession. Although certain indicators suggest that inflation has moderated, the economic outlook remains uncertain due to ongoing geopolitical tensions, evolving global trade policies and tariff actions, and continued supply chain disruptions. These factors, along with volatility in energy prices and interest rates, may contribute to broader economic uncertainty and could adversely impact our tenants' operations. Additionally, other challenging macroeconomic conditions, and the resulting impact on the economy and consumer spending, could negatively impact our business and that of our tenants.

Evaluation of Operating Performance and Financial Condition

In addition to measures of operating performance determined in accordance with U.S. generally accepted accounting principles ("GAAP"), management evaluates our operating performance and financial condition by focusing on the following non-GAAP financial measures and operating metrics, discussed in further detail herein:

Non-GAAP Financial Measures

Operating Metrics

•Net Operating Income ("NOI") and Same Property NOI

•Nareit Funds From Operations ("Nareit FFO") Applicable to Common Shares and Dilutive Securities

•Core Funds From Operations ("Core FFO") Applicable to Common Shares and Dilutive Securities

•Earnings Before Interest, Taxes, Depreciation, and Amortization ("EBITDA")

•Adjusted EBITDA

•Economic and leased occupancy and rental rates

•Leasing activity and lease rollover

•Operating expense levels and trends

•General and administrative expense levels and trends

•Debt maturities and leverage ratios

•Liquidity levels.

20

Recent Developments

Acquisitions

On February 13, 2026, the Company acquired Marketplace at Hudson Station, a 60,000 square foot neighborhood center shadow-anchored by Fry's Marketplace in the Phoenix, Arizona market, for a gross acquisition price of $31.25 million. The Company used available liquidity to fund the acquisition.

On February 20, 2026, the Company acquired Nashville West, a 324,000 square foot power center shadow-anchored by Target, Costco, and Publix in Nashville, Tennessee, for a gross acquisition price of $88.0 million. The Company used available liquidity to fund the acquisition.

On March 12, 2026, the Company acquired a 7,000 square foot single-tenant outparcel adjacent to its neighborhood center, The Centre on Hugh Howell, in the Atlanta, Georgia market, for a gross acquisition price of $3.7 million. The Company used available liquidity to fund the acquisition.

Our Retail Portfolio

The following table summarizes our retail portfolio as of March 31, 2026 and 2025:

As of March 31

2026

2025

No. of properties

75

68

GLA (square feet)

11,983

10,972

Economic occupancy (a)

95.1%

95.4%

Leased occupancy (b)

96.4%

97.3%

ABR PSF (c)

$20.63

$20.21

(a)Economic occupancy is defined as the percentage of occupied GLA divided by total GLA (excluding Specialty Leases) for which a tenant is obligated to pay rent under the terms of its lease agreement as of the rent commencement date, regardless of the actual use or occupancy by that tenant of the area being leased. Actual use may be less than economic occupancy. Specialty Leases include small shop leases with terms of less than one year and leases of common area space with terms of any length.

(b)Leased occupancy is defined as economic occupancy plus the percentage of signed but not yet commenced GLA divided by total GLA.

(c)Annualized Base Rent ("ABR") is computed as base rent for the last month of the period multiplied by twelve. Base rent is inclusive of ground rent and exclusive of Specialty Lease rent. ABR per square foot ("PSF") is computed as ABR divided by the occupied square footage as of the end of the period.

Summary by Same Property

Properties classified as same property were owned for the entirety of both periods presented ("Same Properties"). The following table summarizes the Same Properties of our retail portfolio for the three months ended March 31, 2026 and 2025.

Three months ended March 31

2026

2025

No. of properties

63

63

GLA (square feet)

10,236

10,225

Economic occupancy

95.0%

95.3%

Leased occupancy

96.2%

97.3%

ABR PSF

$20.41

$19.97

Lease Expirations

Our retail business is neither highly dependent on specific retailers nor subject to lease rollover con

[Excerpt truncated for page length; source filing is linked above.]

Latest 10-K MD&A

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Confidence: high. Filing date: 2026-02-12. Report date: 2025-12-31.

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis relates to the operations of the Company for the years ended December 31, 2025 and 2024 and its financial position as of December 31, 2025 and 2024. Discussion of 2023 items and year-to-year comparisons between 2024 and 2023 that are not included in this Annual Report can be found in "Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations" of our Annual Report on Form 10-K for the year ended December 31, 2024. The following discussion and analysis should be read in conjunction with our consolidated financial statements and the related notes included in this Annual Report. This discussion contains forward-looking statements about our business. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors discussed in "Forward-Looking Statements" and "Part I, Item 1A. Risk Factors" contained in this Annual Report and in our other reports that we file from time to time with the SEC.

Executive Summary

Strategy and Outlook

InvenTrust Properties Corp. is a premier Sun Belt, multi-tenant essential retail REIT that owns, leases, redevelops, acquires, and manages grocery-anchored neighborhood and community centers, as well as high-quality power centers that often have a grocery component. We pursue our business strategy by acquiring retail properties in Sun Belt markets, opportunistically disposing of retail properties, and maintaining a flexible capital structure.

InvenTrust focuses on Sun Belt markets with favorable demographics, including above-average growth in population, employment, income, and education levels. We believe these conditions create favorable demand characteristics for grocery-anchored and necessity-based retail centers, which will position us to capitalize on potential future rent increases while enjoying sustained occupancy at our centers. Our strategically located field offices support hands-on property oversight, enabling responsive tenant engagement and strong local market knowledge across our portfolio. We believe that our Sun Belt portfolio of high quality grocery-anchored assets is a distinct differentiator for us in the marketplace.

Evaluation of Operating Performance and Financial Condition

In addition to measures of operating performance determined in accordance with U.S. generally accepted accounting principles ("GAAP"), management evaluates our operating performance and financial condition by focusing on the following financial and non-financial indicators, discussed in further detail herein:

•Net Operating Income ("NOI") and Same Property NOI, supplemental non-GAAP measures;

•Nareit Funds From Operations ("Nareit FFO") Applicable to Common Shares and Dilutive Securities, a supplemental non-GAAP measure;

•Core Funds From Operations ("Core FFO") Applicable to Common Shares and Dilutive Securities, a supplemental non-GAAP measure;

•Earnings Before Interest, Taxes, Depreciation, and Amortization ("EBITDA"), a supplemental non-GAAP measure;

•Adjusted EBITDA, a supplemental non-GAAP measure;

•Economic and leased occupancy and rental rates;

•Leasing activity and lease rollover;

•Operating expense levels and trends;

•General and administrative expense levels and trends;

•Debt maturities and leverage ratios; and

•Liquidity levels.

20

Recent Developments

Acquisitions and Mortgage Assumptions

The Company acquired the following properties during the year ended December 31, 2025:

Month Acquired

Property

Grocery Anchor(s)

Market

Square Feet

Gross Acquisition Price

Assumption of

Mortgage Debt

Apr-25

Plaza Escondida (a)

Trader Joe's

Tucson, AZ

91

$

23,000 

$

7,981 

Apr-25

Carmel Village

N/A

Charlotte-Gastonia-Concord, NC

54

19,925 

—

Jun-25

West Ashley Station (b)

Whole Foods

Market

Charleston-Berkeley-Dorchester, SC

79

26,600 

—

Jun-25

Twelve Oaks Shopping Center

Publix

Savannah, GA

106

35,850 

—

Jul-25

The Marketplace at Encino Park

Sprouts Farmers

Market

San Antonio, TX

92

38,500 

—

Jul-25

West Broad Marketplace

Wegmans

Richmond Metro Area, VA

386

86,000 

—

Aug-25

Asheville Market (c)

Whole Foods

Market

Asheville, NC

130

45,700 

22,281

Sep-25

Rea Farms

Harris Teeter

Charlotte-Gastonia-Concord, NC

183

80,000 

—

Dec-25

Daniels Marketplace (d)

Whole Foods

Market

Cape Coral - Fort Myers, FL

131

72,250 

30,250

Dec-25

Mesa Shores

Sprouts Farmers

Market, Trader Joe's

Phoenix - Mesa - Chandler, AZ

111

36,750 

—

Total

1,363

$

464,575 

$

60,512 

(a)The Company recognized a fair value adjustment of $507 related to the mortgage payable secured by the property.

(b)The Company recognized a finance lease liability of $10,973 associated with the ground lease assumed upon acquisition. See "Note 13. Commitments and Contingencies".

(c)The Company recognized a fair value adjustment of $607 related to the mortgage payable secured by the property.

(d)The Company recognized a fair value adjustment of $967 related to the mortgage payable secured by the property.

Dispositions

The Company disposed of the following properties during the year ended December 31, 2025:

Month Disposed

Property

Market

Square

Feet

Gross

Disposition Price

Gain on Sale

Jun-25

California portfolio (a)

California

746 

$

306,000 

$

90,909 

Sep-25

Custer Creek Village (b)

Dallas - Fort Worth - Arlington, TX

N/A

229 

52 

Total

746 

$

306,229 

$

90,961 

(a)The Company disposed of five properties through a portfolio sale, consisting of River Oaks Shopping Center, Campus Marketplace, Old Grove Marketplace, Bear Creek Village Center, and Pavilion at La Quinta, and recognized a gain on sale of $90.9 million.

(b)This disposition was related to the completion of a partial condemnation at one retail property

Debt

The Company has a $500.0 million revolving credit facility (the "Revolving Credit Facility"). The Revolving Credit Facility is scheduled to mature on January 15, 2029, with one 6-month extension option. On August 25, 2025, the Company entered into an amendment to its Revolving Credit Facility, which modified the applicable interest rate thereunder by removing the credit spread adjustment to Secured Overnight Financing Rate ("SOFR"), in addition to other modifications. As of December 31, 2025, the Company had available liquidity of $445.0 million under its amended Revolving Credit Facility.

On August 25, 2025, the Company entered into an amendment (the "Term Loan Amendment") to its $400.0 million Term Loan Credit Agreement (the "Amended Term Loan Agreement"), which provides for, among other things, an extension of the maturity dates of each tranche. The Amended Term Loan Agreement consists of a $200.0 million 5-year tranche maturing on August 26, 2030, and a $200.0 million 5.5-year tranche maturing February 24, 2031. The Term Loan Amendment also modified

21

the interest rates, with each tranche bearing interest at a rate equal to, at the Company's option, term SOFR, daily simple SOFR or the adjusted base rate (with no credit spread adjustment) plus a margin ranging from 115 to 160 basis points (in the case of SOFR loans) and 15 to 60 basis points (in the case of base rate loans), in each case, based on the Company's leverage ratio.

Interest Rate Swaps

During the year ended December 31, 2025, in connection with the execution of the Term Loan Amendment, the Company entered into four forward-starting interest rate swap agreements that address the periods between the termination dates of the effective swaps and the maturity dates of the Amended Term Loan Agreement.

Our Retail Portfolio

The following table summarizes our retail portfolio as of December 31, 2025 and 2024.

Year ended December 31

2025

2024

No. of properties

73

68

GLA (square feet)

11,589

10,972

Economic occupancy

95.4%

95.3%

Leased occupancy

96.7%

97.4%

ABR PSF

$20.41

$20.07

Same Property Summary

Properties classified as same property were owned for the entirety of both periods presented ("Same Properties"). The following table summarizes the Same Properties of our retail portfolio for the years ended December 31, 2025 and 2024.

Year ended December 31

2025

2024

No. of properties

56

56

GLA (square feet)

9,385

9,384

Economic occupancy

95.1%

95.0%

Leased occupancy

96.4%

97.3%

ABR PSF

$19.99

$19.60

22

Leasing Activity

The Company's portfolio had 1.25 million square feet expiring during the year ended December 31, 2025, of which 1.06 million square feet was re-leased. This achieved a retention rate of approximately 85%. The following table summarizes the activity for leases that were executed during the year ended December 31, 2025.

No. of Leases Executed

GLA SF

(in thousands)

New Contractual Rent

($PSF)(a)

Prior Contractual Rent

($PSF)(a)

% Change over Prior Lease Rent (a)

Weighted Average Lease Term

(Years)

Tenant Improvement Allowance ($PSF)

Lease Commissions ($PSF)

All tenants

Comparable Renewal Leases (b)

190

1,055

$21.52

$19.41

10.9%

5.3

$0.15

$0.02

Comparable New Leases (b)

35

121

$32.10

$24.53

30.9%

12.2

$40.98

$13.40

Non-Comparable Renewal and New Leases

47

130

$29.32

N/A

N/A

11.2

$39.15

$8.95

Total

272

1,306

$22.60

$19.94

13.3%

6.5

$7.81

$2.14

Anchor tenants (leases ten thousand square feet and over)

Comparable Renewal Leases (b)

17

624

$12.72

$11.68

8.9%

5.1

$—

$—

Comparable New Leases (b)

1

44

$17.50

$9.00

94.4%

16.2

$60.00

$6.00

Non-Comparable Renewal and New Leases

1

38

$19.95

N/A

N/A

20.2

$79.11

$—

Total

19

706

$13.03

$11.51

13.2%

6.6

$7.97

$0.37

Small shop tenants (leases under ten thousand square feet)

Comparable Renewal Leases (b)

173

431

$34.23

$30.59

11.9%

5.6

$0.37

$0.04

Comparable New Leases (b)

34

77

$40.38

$33.35

21.1%

10.0

$30.19

$17.60

Non-Comparable Renewal and New Leases

46

92

$33.16

N/A

N/A

7.5

$22.73

$12.63

Total

253

600

$35.17

$31.01

13.4%

6.4

$7.62

$4.22

(a)Non-comparable leases are not included in totals.

(b)Comparable leases are leases that meet all of the following criteria: terms greater than or equal to one year, unit was vacant less than one year prior to executed lease, square footage of unit remains unchanged or within 10% of prior unit square footage, and has a rent structure consistent with the previous tenant.

23

Results of Operations

Comparison of results for the years ended December 31, 2025 and 2024

We generate substantially all of our earnings from property operations. Since January 1, 2024, we have acquired seventeen retail properties and disposed of six retail properties.

The following table presents the comparative results of our income for the years ended December 31, 2025 and 2024.

Year ended December 31

2025

2024

Increase

Income

Lease income, net

$

297,477 

$

272,440 

$

25,037 

Other property income

1,692 

1,534 

158 

Total income

$

299,169 

$

273,974 

$

25,195 

Lease income, net, for the year ended December 31, 2025 increased $25.0 million when compared to the same period in 2024, as a result of increases from properties acquired of $35.5 million, decreases from properties disposed of $18.3 million, and the following activity related to our Same Properties:

•$6.4 million of increased minimum base and ground rent, and

•$3.3 million of increased common area maintenance and real estate tax recoveries, partially offset by:

•$0.8 million of decreased lease termination income,

•$0.8 million of net decreased straight-line rent adjustments, and

•$0.3 million of increased net credit losses and related reversals.

The following table presents the comparative results of our operating expenses for the years ended December 31, 2025 and 2024.

Year ended December 31

2025

2024

Increase

Operating expenses

Depreciation and amortization

$

128,497 

$

113,948 

$

14,549 

Property operating

46,633 

43,413 

3,220 

Real estate taxes

37,710 

36,441 

1,269 

General and administrative

34,925 

33,172 

1,753 

Total operating expenses

$

247,765 

$

226,974 

$

20,791 

Depreciation and amortization increased $14.5 million as a result of:

•$26.3 million of increases from properties acquired, partially offset by:

•$5.3 million of net decreases from our Same Properties, primarily driven by in-place lease intangibles, and

•$6.5 million of decreases from properties disposed.

Property operating expenses increased $3.2 million as a result of:

•$5.7 million of increases from properties acquired, and

•$0.3 million of increases from our Same Properties, partially offset by:

•$2.8 million of decreases from properties disposed.

Real estate taxes increased $1.3 million as a result of:

•$3.2 million of increases from properties acquired, and

•$0.8 million of net increases from our Same Properties, partially offset by:

•$2.7 million of decreases from properties disposed.

General and administrative expenses increased $1.8 million as a result of $1.0 million of increased stock-based compensation expense and $0.8 million of increased other compensation costs.

24

The following table presents the comparative results of our other income and expenses for the years ended December 31, 2025 and 2024.

Year ended December 31

2025

2024

Change, net

Other income (expense)

Interest expense, net

$

(34,519)

$

(37,100)

$

2,581 

Impairment of real estate assets

— 

(3,854)

3,854 

Gain on sale of investment properties, net

90,961 

3,857 

87,104 

Other income and expense, net

3,575 

3,755 

(180)

Total other (expense) income, net

$

60,017 

$

(33,342)

$

93,359 

Interest expense, net

Interest expense, net, decreased $2.6 million primarily as a result of:

•decreased interest expense of $3.6 million related to the $72.5 million pooled mortgage payable extinguished in September 2024, partially offset by:

•increased interest expenses of $0.3 million related to our finance lease,

•increased interest expense of $0.3 million related to our revolving credit facility, and

•increased amortization of debt discounts and financing costs of $0.4 million.

Impairment of real estate assets

During the year ended December 31, 2024, the Company recorded an impairment of real estate assets of $3.9 million on one retail property. The property was sold on October 31, 2024 for $57.8 million, resulting in a loss on sale of $0.6 million, which was primarily related to closing costs.

Gain on sale of investment properties, net

During the year ended December 31, 2025, the Company recognized a gain of $90.9 million on the completion of a portfolio sale of five properties in California and a gain of $0.1 million on the completion of a partial condemnation at one retail property. During the year ended December 31, 2024, the Company recognized a gain of $4.5 million on the completion of a partial condemnation and partial sale of one retail property and a loss of $0.6 million on the sale of one retail property.

Other income and expense, net

Other income and expense, net, decreased $0.2 million primarily as a result of decreased miscellaneous and settlement income.

25

Net Operating Income

We evaluate the performance of our retail properties based on NOI, which excludes general and administrative expenses, depreciation and amortization, other income and expense, net, impairment of real estate assets, gains (losses) from sales of properties, gains (losses) on extinguishment of debt, interest expense, net, lease termination income and expense, and GAAP rent adjustments such as amortization of market lease intangibles, amortization of lease incentives, and straight-line rent adjustments ("GAAP Rent Adjustments"). We bifurcate NOI into Same Property NOI and NOI from other investment properties based on whether the retail properties meet our Same Property criteria. NOI from other investment properties includes adjustments for the Company's captive insurance company.

We believe the supplemental non-GAAP measure of NOI, and the bifurcation into same property NOI and NOI from other investment properties, are important measures in assessing operating performance and provide added comparability across periods when evaluating the Company's financial condition and operating performance that is not readily apparent from Net income in accordance with GAAP.

Reconciliation of Net Income to Non-GAAP Measures

The following table reconciles net income, the most directly comparable GAAP measure, to NOI and Same Property NOI:

Year ended December 31

2025

2024

Change, net

Net income

$

111,421 

$

13,658 

$

97,763 

Adjustments to reconcile to non-GAAP metrics:

Other income and expense, net

(3,575)

(3,755)

180 

Interest expense, net

34,519 

37,100 

(2,581)

Gain on sale of investment properties, net

(90,961)

(3,857)

(87,104)

Impairment of real estate assets

— 

3,854 

(3,854)

Depreciation and amortization

128,497 

113,948 

14,549 

General and administrative

34,925 

33,172 

1,753 

Adjustments to NOI (a)

(8,401)

(7,548)

(853)

NOI

206,425 

186,572 

19,853 

NOI from other investment properties

(35,102)

(23,822)

(11,280)

Same Property NOI

$

171,323 

$

162,750 

$

8,573 

(a)Adjustments to NOI include lease termination income and expense and GAAP Rent Adjustments.

Comparison of the components of Same Property NOI for the years ended December 31, 2025 and 2024

A total of 56 retail properties met our Same Property criteria for the years ended December 31, 2025 and 2024.

The following table presents the changes in Same Property NOI for the years ended December 31, 2025 and 2024.

Year ended December 31

2025

2024

Change

Variance

Minimum base rent

$

158,378 

$

152,410 

$

5,968 

3.9 

%

Real estate tax recoveries

30,251 

29,222 

1,029 

3.5 

%

Common area maintenance, insurance, and other recoveries

30,819 

28,575 

2,244 

7.9 

%

Ground rent income

17,323 

16,860 

463 

2.7 

%

Short-term and other lease income

4,016 

3,939 

77 

2.0 

%

Provision for uncollectible rent and recoveries

(591)

(271)

(320)

118.1 

%

Other property income

1,464 

1,233 

231 

18.7 

%

Total income

241,660 

231,968 

9,692 

4.2 

%

Property operating

37,615 

37,296 

319 

0.9 

%

Real estate taxes

32,722 

31,922 

800 

2.5 

%

Total operating expenses

70,337 

69,218 

1,119 

1.6 

%

Same Property NOI

$

171,323 

$

162,750 

$

8,573 

5.3 

%

Same Property NOI increased by $8.6 million, or 5.3%, when comparing the year ended December 31, 2025 to the same period in 2024, and was primarily a result of increased ABR PSF from fixed annual rent escalations, increased economic occupancy, favorable lease spreads, and leases with advantageous fixed recovery terms.

26

Funds From Operations

The National Association of Real Estate Investment Trusts ("Nareit"), an industry trade group, has promulgated a widely accepted non-GAAP financial measure of operating performance known as Funds From Operations ("Nareit FFO"). Our Nareit FFO is net income (or loss) in accordance with GAAP, excluding gains (or losses) resulting from dispositions of properties, plus depreciation and amortization and impairment charges on depreciable real property.

In calculating Nareit FFO, impairment charges of depreciable real estate assets are added back even though the impairment charge may represent a permanent decline in value due to the decreased operating performance of the applicable property. Furthermore, because gains and losses from sales of property are excluded from Nareit FFO, it is consistent and appropriate that impairments, which are often early recognition of losses on prospective sales of property, also be excluded.

We believe Nareit FFO Applicable to Common Shares and Dilutive Securities, when considered with the financial statements determined in accordance with GAAP, is helpful to investors in understanding our performance because the historical accounting convention used for real estate assets requires straight-line depreciation of buildings and improvements, which implies that the value of real estate assets diminishes predictably over time. Since real estate values historically rise and fall with market conditions, presentations of operating results for a REIT, using historical accounting for depreciation, could be less informative.

Core Funds From Operations ("Core FFO") is an additional supplemental non-GAAP financial measure of our operating performance. In particular, Core FFO provides an additional measure to compare the operating performance of different REITs without having to account for certain remaining amortization assumptions within Nareit FFO and other unique revenue and expense items, which some may consider not pertinent to measuring a particular company's ongoing operating performance. In that regard, we use Core FFO as an input to our compensation plan to determine cash bonuses.

Our adjustments to Nareit FFO to arrive at Core FFO include removing the impact of (i) amortization of debt discounts and financing costs, (ii) amortization of market-lease intangibles and inducements, net, (iii) depreciation and amortization of corporate assets, (iv) straight-line rent adjustments, (v) gains (or losses) resulting from debt transactions, and (vi) other non-operating revenue and expense items which, in our judgment, are not pertinent to measuring on-going operating performance. Our calculation of Core FFO Applicable to Common Shares and Dilutive Securities does not consider any capital expenditures.

Other REITs may use alternative methodologies for calculating similarly titled measures, which may not be comparable to our definition and calculation of Nareit FFO Applicable to Common Shares and Dilutive Securities or Core FFO Applicable to Common Shares and Dilutive Securities. Furthermore, Nareit FFO and Core FFO are not necessarily indicative of cash flow available to fund cash needs and should not be considered as alternatives to net income as an indication of our performance. Nareit FFO and Core FFO should not be considered as alternatives to our cash flows from operating, investing, and financing activities. Nor should Nareit FFO and Core FFO be considered as measures of liquidity, our ability to make cash distributions, or our ability to service our debt.

27

The following table reconciles net income, the most directly comparable GAAP measure, to Nareit FFO Applicable to Common Shares and Dilutive Securities and Core FFO Applicable to Common Shares and Dilutive Securities:

Year ended December 31

2025

2024

Net income

$

111,421 

$

13,658 

Depreciation and amortization of real estate assets

127,387 

113,055 

Impairment of real estate assets

— 

3,854 

Gain on sale of investment properties, net

(90,961)

(3,857)

Nareit FFO Applicable to Common Shares and Dilutive Securities

147,847 

126,710 

Amortization of market lease intangibles and inducements, net

(4,422)

(2,804)

Straight-line rent adjustments, net

(3,671)

(3,400)

Amortization of debt discounts and financing costs

2,870 

2,403 

Accretion of finance lease liability

109 

— 

Depreciation and amortization of corporate assets

1,110 

893 

Non-operating income and expense, net (a)

(750)

(1,033)

Core FFO Applicable to Common Shares and Dilutive Securities

$

143,093 

$

122,769 

Weighted average common shares outstanding - basic

77,598,121 

70,394,448 

Dilutive effect of unvested restricted shares (b)

740,328 

616,120 

Weighted average common shares outstanding - diluted

78,338,449 

71,010,568 

Net income per diluted share

$

1.42 

$

0.19 

Per share adjustments for Nareit FFO

0.47 

1.59 

Nareit FFO per diluted share

$

1.89 

$

1.78 

Per share adjustments for Core FFO

(0.06)

(0.05)

Core FFO per diluted share

$

1.83 

$

1.73 

(a)Reflects items which are not pertinent to measuring on-going operating performance, such as miscellaneous and settlement income.

(b)For purposes of calculating non-GAAP per share metrics, the Company applies the same denominator used in calculating diluted earnings per share in accordance with GAAP.

28

Earnings Before Interest, Taxes, Depreciation, and Amortization

Our measure of EBITDA is net income (or loss) in accordance with GAAP, excluding interest expense, net, income tax expense (or benefit), and depreciation and amortization.

Adjusted EBITDA is an additional supplemental non-GAAP financial measure of our operating performance. In particular, Adjusted EBITDA provides an additional measure to compare the operating performance of different REITs without having to account for certain remaining amortization assumptions within EBITDA, certain gains or losses remaining within EBITDA, and other unique revenue and expense items which some may consider not pertinent to measuring a particular company's ongoing operating performance.

Our adjustments to EBITDA to arrive at Adjusted EBITDA include removing the impact of (i) gains (or losses) resulting from dispositions of properties, (ii) impairment charges on depreciable real property, (iii) amortization of market-lease intangibles and inducements, (vi) straight-line rent adjustments, (v) gains (or losses) resulting from debt transactions, and (vi) other non-operating revenue and expense items which, in our judgment, are not pertinent to measuring on-going operating performance.

The following table reconciles net income, the most directly comparable GAAP measure, to EBITDA and Adjusted EBITDA:

Year ended December 31

2025

2024

Net income

$

111,421 

$

13,658 

Interest expense, net

34,519 

37,100 

Income tax expense

568 

543 

Depreciation and amortization

128,497 

113,948 

EBITDA

275,005 

165,249 

Impairment of real estate assets

— 

3,854 

Gain on sale of investment properties, net

(90,961)

(3,857)

Amortization of market-lease intangibles and inducements, net

(4,422)

(2,804)

Straight-line rent adjustments, net

(3,671)

(3,400)

Non-operating income and expense, net (a)

(750)

(1,033)

Adjusted EBITDA

$

175,201 

$

158,009 

(a)Reflects items which are not pertinent to measuring on-going operating performance, such as miscellaneous and settlement income.

Liquidity and Capital Resources

Capital Investments and Leasing Costs

Operating retail properties generally require capital investments, including value-enhancing development and redevelopment projects and leasing commissions.

The following table summarizes the cash used for capital investments and leasing costs:

Year ended December 31

2025

2024

Tenant improvements

$

7,091 

$

9,096 

Leasing costs

3,990 

3,762 

Property improvements

13,427 

11,486 

Capitalized indirect costs (a)

1,411 

1,435 

Total capital expenditures and leasing costs

25,919 

25,779 

Development and redevelopment direct costs

16,993 

9,253 

Development and redevelopment indirect costs (a)

1,610 

1,084 

Capital investments and leasing costs (b)

$

44,522 

$

36,116 

(a)Indirect costs include capitalized interest, real estate taxes, insurance, and payroll costs.

(b)As of December 31, 2025 and 2024, total accrued capital investments and leasing costs were $4,248 and $3,620, respectively.

29

Short-Term Liquidity and Capital Resources

On a short-term basis, our principal uses for funds are to pay our operating and corporate expenses, interest and principal on our indebtedness, property capital expenditures, and to make distributions to our stockholders.

Our ability to maintain adequate liquidity for our operations in the future is dependent upon a number of factors, including our revenue, macroeconomic conditions, our ability to contain costs, including capital expenditures, and to collect rents and other receivables, and various other factors, many of which are beyond our control. We will continue to monitor our liquidity position and may seek to raise funds through debt or equity financing in the future to fund operations, significant investments or acquisitions that are consistent with our strategy. Our ability to raise these funds may also be diminished by other macroeconomic factors.

Long-Term Liquidity and Capital Resources

Our objectives are to maximize revenue generated by our retail platform, to further enhance the value of our retail properties to produce attractive current yield and long-term returns for our stockholders, and to generate sustainable and predictable cash flow from our operations to distribute to our stockholders.

Any future determination to pay distributions will be at the discretion of our Board and will depend on our financial condition, capital requirements, restrictions contained in current or future financing instruments, and such other factors as our Board deems relevant.

Capital Sources and Uses

Our primary sources and uses of capital are as follows:

Sources

Uses

•Operating cash flows from our real estate investments;

•Proceeds from sales of properties;

•Proceeds from mortgage loan borrowings on properties;

•Proceeds from corporate borrowings and debt financings;

•Proceeds from any ATM Program activities or other equity offerings; and

•Proceeds from debt offerings.

•To invest in properties or fund acquisitions;

•To fund development, re-development, maintenance and capital expenditures or leasing incentives;

•To make distributions to our stockholders;

•To service or pay down our debt;

•To pay our operating expenses;

•To repurchase shares of our common stock; and

•To fund other general corporate uses.

On August 25, 2025, the Company entered into an amendment to its $500.0 million Revolving Credit Facility, which modified the applicable interest rate thereunder by removing the credit spread adjustment to SOFR, in addition to other modifications. As of December 31, 2025, the Company had available liquidity of $445.0 million under its amended Revolving Credit Facility.

On August 25, 2025, the Company entered into the Term Loan Amendment to its $400.0 million Amended Term Loan Agreement. The Amended Term Loan Agreement consists of a $200.0 million 5-year tranche maturing on August 26, 2030, and a $200.0 million 5.5-year tranche maturing February 24, 2031. The Term Loan Amendment also modified the interest rates, with each tranche bearing interest at a rate equal to, at the Company's option, term SOFR, daily simple SOFR or the adjusted base rate (with no credit spread adjustment) plus a margin ranging from 115 to 160 basis points (in the case of SOFR loans) and 15 to 60 basis points (in the case of base rate loans), in each case, based on the Company's leverage ratio.

On September 25, 2024, we completed an underwritten public offering of our common stock at a price to the public of $28.00 per share. We issued and sold 9,200,000 shares of our common stock, including 1,200,000 shares issued in connection with the full exercise of the underwriters' over-allotment option. We received $247.3 million of net proceeds, after deducting $10.3 million in underwriting discounts and commissions.

We maintain an at-the-market equity offering program (the "ATM Program") pursuant to which we may sell shares of our common stock up to an aggregate purchase price of $250.0 million. In connection with the ATM Program, we may sell shares of our common stock to or through sales agents, or may enter into separate forward sale agreements with one of the agents, or one of their respective affiliates, as a forward purchaser. During the quarter ended December 31, 2024, we raised $7.8 million of net proceeds, after $0.1 million in commissions, under the ATM Program, through the issuance of 254,082 shares of common stock at a weighted average price of $30.96 per share. During the quarter ended December 31, 2025, no shares were issued under the ATM Program. As of December 31, 2025, $236.7 million of common stock remains available for issuance under the ATM Program.

30

We believe our status as an NYSE-listed issuer facilitates supplementing our capital sources by selling equity securities of the Company under the ATM Program or otherwise if and when we believe appropriate to do so. Also, from time to time, we may seek to acquire amounts of our outstanding common stock through cash purchases or exchanges for other securities. Such purchases or exchanges, if any, will depend on our liquidity requirements, contractual restrictions, and other factors. At this time, we believe our current sources of liquidity are sufficient to meet our short- and long-term cash demands.

Off Balance Sheet Arrangements

None.

Summary of Cash Flows

Year ended December 31

Change

2025

2024

Cash provided by operating activities

$

155,416 

$

136,876 

$

18,540 

Cash used in investing activities

(144,905)

(240,535)

95,630 

Cash (used in) provided by financing activities

(61,214)

95,117 

(156,331)

Decrease in cash, cash equivalents, and restricted cash

(50,703)

(8,542)

(42,161)

Cash, cash equivalents, and restricted cash at beginning of year

91,221 

99,763 

(8,542)

Cash, cash equivalents, and restricted cash at end of year

$

40,518 

$

91,221 

$

(50,703)

Cash provided by operating activities of $155.4 million and $136.9 million for the years ended December 31, 2025 and 2024, respectively, was generated primarily from income from property operations. Cash provided by operating activities increased $18.5 million when comparing 2025 to 2024, primarily as a result of acquisition activity in excess of disposition activity and general fluctuations in working capital. Since January 1, 2024, we have acquired seventeen retail properties and disposed of six retail properties.

Cash used in investing activities of $144.9 million for the year ended December 31, 2025, was primarily the result of:

•$400.9 million for acquisitions of investment properties, and

•$44.5 million for capital investments and leasing costs, which were partially offset by:

•$299.5 million from the sale of investment properties, and

•$1.0 million from other investing activities.

Cash used in investing activities of $240.5 million for the year ended December 31, 2024, was primarily the result of:

•$268.1 million for acquisitions of investment properties,

•$36.1 million for capital investments and leasing costs, and

•$1.4 million for other investing activities, which were partially offset by:

•$65.1 million from the sale of investment properties.

Cash used in financing activities of $61.2 million for the year ended December 31, 2025, was primarily the result of:

•$72.8 million for payment of distributions,

•$39.9 million for pay-off of mortgage debt, payment of mortgage principal, and payment of financing costs,

•$13.0 million for repayments of line of credit, and

•$3.9 million for payment of tax withholdings on share-based compensation, which were partially offset by:

•$68.0 million from proceeds from the line of credit, and

•$0.4 million from proceeds from the sale of common stock under the ESPP.

31

Cash provided by financing activities of $95.1 million for the year ended December 31, 2024, was primarily the result of:

•$257.6 million in proceeds from the public offering of our common stock, and

•$8.4 million in proceeds from the sale of common stock under the ATM and ESPP, which were partially offset by:

•$93.4 million for pay-off of debt and other financing activities,

•$62.8 million for payment of pay distributions,

•$12.1 million for costs incurred in relation to sales of our common stock, and

•$2.6 million for payment of tax withholdings on share-based compensation.

We consider all demand deposits, money market accounts and investments in certificates of deposit and repurchase agreements with a maturity of three months or less, at the date of purchase, to be cash equivalents. We maintain our cash and cash equivalents at major financial institutions. The combined account balances at one or more institutions generally exceed the FDIC insurance coverage. We periodically assess the credit risk associated with these financial institutions. We believe insignificant credit risk exists related to amounts on deposit in excess of FDIC insurance coverage.

Acquisitions and Dispositions of Real Estate Investments

In 2025, we acquired ten retail properties for an aggregate gross acquisition price of $464.6 million. In 2024, we acquired seven retail properties for an aggregate gross acquisition price of $282.1 million.

In 2025, we disposed of five retail properties and completed a partial condemnation at one retail property for an aggregate gross disposition price of $306.2 million. In 2024, we disposed of one retail property and an outparcel adjacent to an existing retail property and completed a partial condemnation at one retail property for an aggregate gross disposition price of $68.6 million.

Distributions

During the year ended December 31, 2025, we declared cash distributions to our stockholders totaling $73.8 million and paid cash distributions of $72.8 million.

As we execute on our retail strategy, the Board evaluated and expects to continue evaluating our distribution rate on a periodic basis. See "Part I. Item 1. Business - Business Strategy" for more information regarding our retail strategy. The following table presents a historical summary of distributions declared and paid.

Year ended December 31

2025

2024

2023

2022

2021

Distributions declared

$

73,785 

$

65,697 

$

58,248 

$

55,337 

$

55,721 

Distributions paid

$

72,847 

$

62,779 

$

57,491 

$

55,302 

$

55,561 

32

Borrowings

Mortgages Payable, Maturities

The following table summarizes the scheduled maturities of our mortgages payable as of December 31, 2025.

Scheduled maturities by year:

Scheduled

Principal Payments

Principal Balance

Total

2026

$

773 

$

— 

$

773 

2027

810 

26,000 

26,810 

2028

495 

21,321 

21,816 

2029

449 

61,750 

62,199 

2030

154 

5,853 

6,007 

Thereafter

— 

— 

— 

Total mortgages payable

$

2,681 

$

114,924 

$

117,605 

Term Loan, Maturities

The following table summarizes the outstanding borrowings under our unsecured term loan as of December 31, 2025.

Maturity Date

Interest Rate

Principal Balance

$200.0 million 5 year

Aug-30

2.66% (a)

$

100,000 

$200.0 million 5 year

Aug-30

2.66% (a)

100,000 

$200.0 million 5.5 year

Feb-31

2.63% (a)

50,000 

$200.0 million 5.5 year

Feb-31

2.69% (b)

50,000 

$200.0 million 5.5 year

Feb-31

4.84% (b)

100,000 

Total

$

400,000 

(a)Interest rates reflect the fixed rates achieved through the Company's effective interest rate swaps terminating on September 22, 2026, at which point the fixed interest rate will become 4.50%.

(b)Interest rates reflect the fixed rates achieved through the Company's effective interest rate swaps terminating on March 22, 2027, at which point the weighted average fixed interest rate will become 4.58%.

Senior Notes, Maturities

The following table summarizes the outstanding borrowings under our Senior Notes as of December 31, 2025.

Maturity Date

Fixed Interest Rate

Principal Balance

$150.0 million Series A

Aug-29

5.07%

$

150,000 

$100.0 million Series B

Aug-32

5.20%

100,000 

$

250,000 

Revolving Credit Facility, Maturities

The following table summarizes the outstanding borrowings under our Revolving Credit Facility as of December 31, 2025.

Maturity Date

Variable Interest Rate

Principal Balance

$500.0 million total capacity

Jan-29

1M SOFR + 1.05% (a)

$

55,000 

$

55,000 

(a)As of December 31, 2025 1-Month Term SOFR was 3.69%.

33

Contractual Obligations

We have obligations related to our mortgage loans, senior notes, term loans, revolving credit facility, and ground lease as described in "Note 8. Debt" in the consolidated financial statements.

The following table presents our obligations to make future payments under debt and lease agreements as of December 31, 2025, exclusive of debt discounts and financing costs which are not future cash obligations.

Payments due by year ending December 31

2026

2027

2028

2029

2030

Thereafter

Total

Fixed rate debt:

Term Loan and Senior Notes (a)

$

— 

$

— 

$

— 

$

150,000 

$

200,000 

$

300,000 

$

650,000 

Mortgage maturities

— 

26,000 

21,321 

61,750 

5,853 

— 

114,924 

Mortgage payments

773 

810 

495 

449 

154 

— 

2,681 

Interest

32,622 

36,111 

35,132 

30,458 

20,521 

9,754 

164,598 

Total fixed rate debt

33,395 

62,921 

56,948 

242,657 

226,528 

309,754 

932,203 

Variable rate debt:

Revolving Credit Facility

— 

— 

— 

55,000 

— 

— 

55,000 

Interest

2,470 

2,341 

2,455 

96 

— 

— 

7,362 

Total variable rate debt

2,470 

2,341 

2,455 

55,096 

— 

— 

62,362 

Operating leases (b)

517 

529 

522 

493 

293 

— 

2,354 

Finance lease (c)

550 

578 

605 

605 

605 

71,211 

74,154 

Grand total

$

36,932 

$

66,369 

$

60,530 

$

298,851 

$

227,426 

$

380,965 

$

1,071,073 

(a)Includes variable rate debt swapped to fixed rates through interest rate swaps.

(b)Includes leases on corporate office spaces.

(c)Includes payments related to the finance lease liability related to the ground lease at West Ashley Station.

Critical Accounting Estimates

General

The accompanying consolidated financial statements have been prepared in accordance with GAAP, which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Significant estimates, judgments, and assumptions are required in a number of areas, including, but not limited to, evaluating the collectibility of accounts receivable, allocating the purchase price of acquired retail properties, and evaluating the impairment of long-lived assets. We base these estimates, judgments and assumptions on historical experience and various other factors that we believe to be reasonable under the circumstances. Actual results may differ from these estimates.

Acquisition of Real Estate

We evaluate the inputs, processes and outputs of each asset acquired to determine if the transaction is a business combination or asset acquisition. If an acquisition qualifies as a business combination, the related transaction costs are expensed. If an acquisition qualifies as an asset acquisition, the related transaction costs are generally capitalized and amortized over the useful life of the acquired assets. Generally, our acquisitions of real estate qualify as asset acquisitions.

We allocate the purchase price of real estate to land, building, other building improvements, tenant improvements, intangible assets and liabilities (such as the value of above- and below-market leases, in-place leases and origination costs associated with in-place leases). The values of above- and below-market leases are recorded as intangible assets and intangible liabilities, respectively, and are amortized as either a decrease (in the case of above-market leases) or an increase (in the case of below-market leases) to lease income, net over the remaining term of the associated tenant lease. The values, if any, associated with in-place leases are recorded in intangible assets and are amortized to depreciation and amortization expense over the remaining lease term.

The difference between the contractual rental rates and our estimate of market rental rates is measured over a period equal to the remaining non-cancelable term of the leases plus the term of any below-market renewal options. For the amortization period, the remaining term of leases with renewal options at terms below market reflect the assumed exercise of such below-market renewal options, if reasonably assured.

34

If a tenant vacates its space prior to the contractual expiration of the lease and no rental payments are being made on the lease, any unamortized balance of the related intangible asset or liability is written off. Tenant improvements are depreciated and origination costs are amortized over the remaining term of the lease or charged against earnings if the lease is terminated prior to its contractual expiration date.

With the assistance of a third-party valuation specialist, we perform the following procedures for assets acquired:

•Estimate the value of the property "as if vacant" as of the acquisition date;

•Allocate the value of the property among land, building, and other building improvements and determine the associated useful life for each;

•Calculate the value and associated life of above- and below-market leases on a tenant-by-tenant basis. The difference between the contractual rental rates and our estimate of market rental rates is measured over a period equal to the remaining term of the leases (using a discount rate which reflects the risks associated with the leases acquired, including geographical location, size of leased area, tenant profile and credit risk);

•Estimate the fair value of the tenant improvements, legal costs and leasing commissions incurred to obtain the leases and calculate the associated useful life for each;

•Estimate the fair value of assumed debt, if any; and

•Estimate the intangible value of the in-place leases based on lease execution costs of similar leases as well as lost rent payments during an assumed lease-up period and their associated useful lives on a tenant-by-tenant basis.

Impairment of Long Lived Assets

We assess the carrying values of our long-lived tangible and intangible assets whenever events or changes in circumstances indicate that they may not be fully recoverable. An example of an event or changed circumstance is a reduction in the expected holding period of a property. When such event or circumstances occur, if it is expected that the carrying value is not recoverable, because the expected undiscounted cash flows do not exceed that carrying value, we recognize an impairment loss to the extent that the carrying value exceeds the estimated fair value. The valuation and possible subsequent impairment of investment properties is a significant estimate that can and does change based on our continuous process of analyzing each property's economic condition over time and reviewing and updating assumptions about uncertain inherent factors, including observable inputs such as contractual revenues and unobservable inputs such as forecasted revenues and expenses, estimated net disposition proceeds, discount and capitalization rates. These unobservable inputs are based on market conditions and the property's expected growth rates. Assumptions and estimates about future cash flows and discount and capitalization rates are complex and subjective. Changes in economic and operating conditions and in our ultimate investment intent that occur subsequent to the impairment analyses could impact these assumptions and result in additional impairment.

Our assessment of expected hold period for investment properties evaluated for impairment is of particular significance because of the material impact it has on the evaluation of the property's recoverability. Changes in our disposition strategy or changes in the marketplace may alter the expected hold period of a property which may result in an impairment loss and such loss could be material to the Company's financial condition or operating performance.

Inflation

With respect to current economic conditions and governmental fiscal policy, inflation has become a greater risk. Rising or elevated inflation may affect our and our tenants' expenses, including, without limitation, by increasing product prices and costs such as wages, benefits, taxes, property and casualty insurance, borrowing costs and utilities. We rely on the performance of our assets to increase revenues in order to keep pace with inflation. We may not be able to offset high rates of inflation through rent increases due to the long-term nature of some of our leases.

A number of our leases contain provisions designed to partially mitigate adverse impacts of inflation. Our leases typically require the tenant to pay its share of operating expenses, including common area maintenance, real estate taxes and insurance, thereby reducing our exposure to increases in these costs resulting from inflation, although some larger tenants have capped the amount of these operating costs they are responsible for. A portion of our leases also include clauses enabling us to receive percentage rents based on a tenant's gross sales above specified levels or rental escalation clauses which are typically based on increases in the Consumer Price Index or similar inflation indices.

35