Curbline Properties Corp.

Previous wording

Curbline Properties Corp. is a Maryland corporation formed to own, lease, acquire, and manage convenience shopping centers. The Operating Partnership is a Delaware limited partnership formed to serve as Curbline’s majority-owned partnership subsidiary and to own, through affiliates, all of the real estate properties and assets. The Operating Partnership’s capital includes common general and limited partnership interests in the Operating Partnership (“Common Units”) and LTIP Units, as defined in the partnership agreement (together with the Common Units, the “OP Units”). As of March 31, 2026, Curbline held an approximately 99.0% ownership interest in the Operating Partnership with the remaining OP Units held by members of management.

Current wording

Curbline Properties Corp. is a Maryland corporation formed to own, lease, acquire, and manage convenience shopping centers. The Operating Partnership is a Delaware limited partnership formed to serve as Curbline’s majority-owned partnership subsidiary and to own, through affiliates, all of its real estate properties and assets. The Operating Partnership’s capital includes common general and limited partnership interests in the Operating Partnership (“Common Units”) and LTIP Units, as defined in the partnership agreement (together with the Common Units, the “OP Units”). As of June 30, 2026, Curbline held an approximately 99.1% ownership interest in the Operating Partnership with the remaining OP Units held by members of management.

Previous wording

As of March 31, 2026, the Company’s portfolio consisted of 190 convenience shopping centers aggregating 5.0 million square feet of owned gross leasable area (“GLA”). At March 31, 2026, the aggregate leased rate and occupancy rate of the Company’s operating shopping center portfolio was 96.3% and 94.1%, respectively.

Current wording

As of June 30, 2026, the Company’s portfolio consisted of 220 convenience shopping centers aggregating 5.7 million square feet of gross leasable area (“GLA”) and the aggregate leased rate and occupancy rate were 96.5% and 94.3%, respectively.

Previous wording

Convenience shopping centers are generally positioned on the curbline of well-trafficked intersections and major vehicular corridors, in suburban, high household income communities, offering excellent access and visibility, dedicated parking and often include drive-thru units, with approximately half of the Company’s properties having at least one drive-thru unit as of March 31, 2026. Convenience shopping centers generally consist of a homogeneous row of primarily small-shop units leased to a diversified mixture of national, regional and local service and restaurant tenants that cater to daily convenience trips from the growing suburban population and typically experience more customer foot traffic per square foot than anchored retail. The property type has the opportunity to generate above-average, occupancy-neutral cash flow growth driven by high retention rates and limited operating capital expenditures given the standardized site plan and the depth of leasing prospects that can utilize existing square footage and provide significant tenant diversification. As of March 31, 2026, the average GLA of a property in the Curbline portfolio was approximately 27,000 square feet with 95% of base rent generated by units less than 10,000 square feet.

Current wording

Convenience shopping centers are generally positioned on the curbline of well-trafficked intersections and major vehicular corridors, in suburban, high household income communities, offering excellent access and visibility, dedicated parking and often include drive-thru units, with approximately half of the Company’s properties having at least one drive-thru unit as of June 30, 2026 and 11% of the Company’s ABR is generated by units with a drive-thru. Convenience shopping centers generally consist of a homogeneous row of primarily small-shop units leased to a diversified mixture of national, regional and local service and restaurant tenants that cater to daily convenience trips from the growing suburban population and typically experience more customer foot traffic per square foot than anchored retail. The property type has the opportunity to generate above-average, occupancy-neutral cash flow growth driven by high retention rates and limited operating capital expenditures given the standardized site plan and the depth of leasing prospects that can utilize existing square footage and provide significant tenant diversification. As of June 30, 2026, the average GLA of a property in the Curbline portfolio was approximately 26,000 square feet with 95% of base rent generated by units less than 10,000 square feet.

Previous wording

The Company believes that as the first and only publicly traded real estate company focused exclusively on the convenience real estate sector it is well positioned to take advantage and aggregate the highly fragmented but liquid marketplace for convenience shopping centers. As of March 31, 2026, the Company had $305.8 million of cash on hand plus significant access to debt capital and unsettled common equity in order to grow its asset base through acquisitions. With over 68,000 convenience shopping centers in the United States (950 million square feet of GLA) and a liquid transaction market primarily among private investors, the property type provides a substantial addressable opportunity for the Company to scale and differentiate itself as the first mover public REIT exclusively focused on convenience assets.

Current wording

The Company believes that as the first and only publicly traded real estate company focused exclusively on the convenience real estate sector it is well positioned to take advantage of and aggregate the highly fragmented but liquid marketplace for convenience shopping centers. As of June 30, 2026, the Company had $154.7 million of cash on hand plus unsettled common equity and significant access to debt capital to grow its asset base through acquisitions. With over 68,000 convenience shopping centers in the United States (950 million square feet of GLA) and a liquid transaction market primarily among private investors, the property type provides a substantial addressable opportunity for the Company to scale and differentiate itself as the first mover public REIT exclusively focused on convenience assets.

Previous wording

Curbline’s acquisition strategy is focused on a number of real estate and financial factors including demographics, property access and visibility, vehicular traffic, tenant credit profile, rent mark-to-market opportunities and prospects for cash flow growth. The Company’s current portfolio is generally located in submarkets with compelling long-term population and employment growth prospects and above-average household incomes of over $122,000 as compared to the national median household income of $83,730.

Current wording

Curbline’s acquisition strategy is focused on a number of real estate and financial factors including demographics, property access and visibility, vehicular traffic, tenant credit profile, rent mark-to-market opportunities and prospects for cash flow growth. The Company’s current portfolio is generally located in submarkets with compelling long-term population and employment growth prospects and above-average household incomes of over $126,000 as compared to the national median household income of $83,730.

Previous wording

Convenience properties offer the opportunity to generate above-average, occupancy-neutral cash flow growth (compared to cash flow growth levels for other retail real estate assets) through rental income increases from either fixed annual rental increases or renewal option increases embedded in tenant leases, elevated retention rates limiting lost rent resulting from vacancy, and positive mark-to-market of leases at renewal. In addition, tenant lease agreements at convenience properties typically have shorter lease terms and fewer tenant renewal options with approximately 54% of the average annualized base rent (“ABR”) under Curbline’s leases expiring within the next five years without any tenant renewal option assumptions. The duration of convenience tenant leases provides Curbline with more frequent opportunities to increase rents to market levels and to mitigate the risk and impact of inflation. Convenience properties’ standardized site plans, high tenant retention rates, higher annualized base rents per square foot, and the depth of leasing prospects that can utilize existing square footage also generally result in lower operating capital expenditure levels as a percentage of annualized base rents over time relative to other retail real estate formats including grocery, lifestyle and regional power center properties.

Current wording

Convenience properties offer the opportunity to generate above-average, occupancy-neutral cash flow growth (compared to cash flow growth levels for other retail real estate assets) through rental income increases from either fixed annual rental increases or renewal option increases embedded in tenant leases, elevated retention rates limiting lost rent resulting from vacancy, and positive mark-to-market of leases at renewal. In addition, tenant lease agreements at convenience properties typically have shorter lease terms and fewer tenant renewal options with approximately 51% of the average annualized base rent (“ABR”) under Curbline’s leases expiring within the next five years without any tenant renewal option assumptions. The duration of convenience tenant leases provides Curbline with more frequent opportunities to increase rents to market levels and to mitigate the risk and impact of inflation. Convenience properties’ standardized site plans, high tenant retention rates, higher annualized base rents per square foot, and the depth of leasing prospects that can utilize existing square footage also generally result in lower operating capital expenditure levels as a percentage of annualized base rents over time relative to other retail real estate formats including grocery, lifestyle and regional power center properties.

Previous wording

Acquired 22 properties for an aggregate purchase price of $236.2 million;

Current wording

Acquired 51 properties for an aggregate purchase price of $581.9 million;

Previous wording

In February 2026, sold 9.2 million shares of common stock on a forward basis at a public offering price of $25.50 per share before underwriting discounts and expenses, generating expected gross proceeds before issuance costs of $234.6 million with no shares settled to date; and

Current wording

Sold 29.3 million shares of common stock on a forward basis in public offerings and under its at-the-market equity offering program, generating expected gross proceeds (assuming full physical settlement) of $823.5 million before issuance costs with 9.4 million shares settled to date; and

Previous wording

In February 2026, declared a quarterly cash dividend of $0.17 per share of common stock paid in April.

Current wording

In both February and May 2026, declared a quarterly cash dividend of $0.17 per share of common stock paid in April and July, respectively.

Previous wording

Signed new leases and renewals for approximately 145 thousand square feet of GLA, which included approximately 17 thousand square feet of new leasing volume;

Current wording

Signed new leases and renewals for approximately 312 thousand square feet of GLA, which included approximately 51 thousand square feet of new leasing volume;

Previous wording

For comparable leases executed, achieved cash new leasing spreads of 33.5% and cash renewal leasing spreads of 5.9%;

Current wording

For comparable leases executed, achieved cash new leasing spreads of 15.6% and cash renewal leasing spreads of 7.3%;

Previous wording

Aggregate leased rate was 96.3% at March 31, 2026, as compared to 96.7% at December 31, 2025 and 96.0% at March 31, 2025; and

Current wording

Aggregate leased rate was 96.5% at June 30, 2026, as compared to 96.7% at December 31, 2025 and 96.1% at June 30, 2025; and

Previous wording

Aggregate occupancy rate was 94.1% at March 31, 2026, as compared to 94.1% at December 31, 2025 and 93.5% at March 31, 2025. The year-over-year increase in occupancy was primarily attributable to property acquisitions.

Current wording

Aggregate occupancy rate was 94.3% at June 30, 2026, as compared to 94.1% at December 31, 2025 and 93.5% at June 30, 2025.

Previous wording

For the three months ended March 31, 2026, the decrease in net income, as compared to the prior-year period, was primarily attributable to an increase in interest expense and depreciation expense and a decrease in interest income, partially offset by an increase in net operating income primarily from asset acquisitions. The increase in FFO and OFFO attributable to Curbline, as compared to the prior-year period, was primarily attributable to an increase in net operating income primarily from asset acquisitions, partially offset by a decrease in interest income and an increase in interest expense.

Current wording

For the six months ended June 30, 2026, the decrease in net income, as compared to the prior-year period, was primarily attributable to an increase in interest expense and depreciation expense and a decrease in interest income, partially offset by an increase in net operating income primarily from asset acquisitions. The increase in FFO and Operating FFO attributable to Curbline, as compared to the prior-year period, was primarily attributable to an increase in net operating income primarily from asset acquisitions, partially offset by a decrease in interest income and an increase in interest expense.

Previous wording

The changes in base and percentage rental income for the three months ended March 31, 2026, were due to the following (in millions):

Current wording

The changes in base and percentage rental income for the six months ended June 30, 2026, were due to the following (in millions):

Previous wording

At March 31, 2026 and 2025, the Company owned 190 and 107 wholly owned properties, respectively, with an aggregate occupancy rate of 94.1% and 93.5%, respectively.

Current wording

At June 30, 2026 and 2025, the Company owned 220 and 125 wholly owned properties, respectively, with an aggregate occupancy rate of 94.3% and 93.5%, respectively.

Previous wording

The increase in recoveries from tenants is primarily due to the impact of acquisitions. Recoveries from tenants were approximately 98.0% and 92.4% of operating expenses and real estate taxes for the three months ended March 31, 2026 and 2025, respectively.

Current wording

The increase in recovery income from tenants is primarily due to the impact of acquisitions. Recoveries from tenants were approximately 100.1% and 95.0% of operating expenses and real estate taxes for the six months ended June 30, 2026 and 2025, respectively.

Previous wording

During the three months ended March 31, 2025, the amount reported includes $0.9 million from lease terminations and the assumption of buildings due to ground lease terminations. There was no lease termination income for the three months ended March 31, 2026.

Current wording

During the six months ended June 30, 2026 and 2025, the amount reported includes $0.5 million and $0.9 million, respectively, from lease terminations and the assumption of buildings due to ground lease terminations.

Previous wording

The changes for the three months ended March 31, 2026, as compared to the prior year period, were due to the following (in millions):

Current wording

The changes for the six months ended June 30, 2026, as compared to the prior year period, were due to the following (in millions):

Previous wording

At March 31, 2026, the Company’s consolidated indebtedness consisted of the 2024 Term Loan, the 2025 Term Loan, the 2025 Notes and the 2026 Notes with an aggregate outstanding balance of $600.0 million and a weighted-average interest rate (based on contractual rates including the impact of the interest rates swaps and excluding amortization of debt issuance costs) of 5.0%. At March 31, 2026, the weighted-average maturity (without extensions) was 4.3 years. For the three months ended March 31, 2025, the expense consisted of fees paid and amortization of loan costs related to the Company’s revolving and term loan credit facility.

Current wording

At June 30, 2026, the Company’s consolidated indebtedness consisted of the 2024 Term Loan, the 2025 Term Loan, the 2025 Notes and the 2026 Notes with an aggregate outstanding balance of $600.0 million and a weighted-average interest rate (based on contractual rates including the impact of the interest rates swaps and excluding amortization of debt issuance costs) of 5.0%. At June 30, 2026, the weighted-average maturity (without extensions) was 4.1 years. For the six months ended June 30, 2025, the expense relates to the Company’s Revolving Credit Facility and 2024 Term Loan.

Previous wording

For the three months ended March 31, 2026, the decrease in net income, as compared to the prior-year period, was primarily attributable to an increase in interest expense and depreciation expense and a decrease in interest income, partially offset by the net operating impact from asset acquisitions.

Current wording

For the six months ended June 30, 2026, the decrease in net income as compared to the prior-year period was primarily attributable to an increase in interest expense and depreciation expense and a decrease in interest income, partially offset by the net operating impact from asset acquisitions.

Previous wording

The increase in FFO and OFFO attributable to Curbline, as compared to the prior-year period, was primarily attributable to the net operating impact of property acquisitions, partially offset by a decrease in interest income and an increase in interest expense.

Current wording

The increase in FFO and Operating FFO attributable to Curbline, as compared to the prior-year period, was primarily attributable to the net operating impact of property acquisitions, partially offset by a decrease in interest income and an increase in interest expense.

Previous wording

The same-property increase for the three months ended March 31, 2026, as compared to the prior-year period, was primarily attributable to minimum rent increases resulting from an increase in occupancy, rent steps or option rent increases and increases in recoveries from tenants.

Current wording

The same-property increase for the six months ended June 30, 2026, as compared to the prior-year period, was primarily attributable to minimum rent increases resulting from an increase in occupancy and rent steps or option rent increases.

Previous wording

The Company requires capital to fund its business plan including investment activities, capital expenditures and operating expenses. At March 31, 2026, the Company’s primary sources of capital were $305.8 million of unrestricted cash, a $400.0 million unsecured, undrawn line of credit and $357.7 million of expected gross proceeds for unsettled forward equity sales along with cash flow from operations. The Company may also raise additional capital as appropriate to finance the growth of its business. Debt outstanding was $600.0 million and $428.0 million as of March 31, 2026 and December 31, 2025, respectively.

Current wording

The Company requires capital to fund its business plan including investment activities, capital expenditures and operating expenses. At June 30, 2026, the Company’s primary sources of capital were $154.7 million of unrestricted cash, a $400.0 million unsecured, undrawn line of credit and $696.2 million of expected gross proceeds from unsettled forward equity sales, including forward shares sold in a public equity offering which closed in July 2026, along with cash flow from operations. The Company may also raise additional capital as appropriate to finance the growth of its business. Debt outstanding was $600.0 million and $428.0 million as of June 30, 2026 and December 31, 2025, respectively.

Previous wording

During the first quarter of 2026, the Company offered and sold 2,038,800 shares of its common stock on a forward basis under the at-the-market equity program (“ATM Program”) at a weighted-average price of $23.36 per share before issuance costs, generating expected estimated gross proceeds before issuance costs of $47.6 million. The Company is required to settle these shares by March 31, 2027. As of March 31, 2026, the Company had unsettled outstanding forward shares of $123.1 million under the ATM program and $126.9 million of remaining capacity under the ATM Program.

Current wording

During the six months ended June 30, 2026, the Company offered and sold 8,640,212 shares of its common stock on a forward basis under the ATM Program at a weighted-average price of $27.10 per share, generating expected gross proceeds of $234.2 million (assuming full physical settlement) before issuance costs. The Company has settled 5,804,164 shares through June 30, 2026 that were sold under the ATM Program generating net proceeds of $134.8 million. As of June 30, 2026, the Company was party to forward sale agreements relating to 6,086,812 shares of common stock, with $173.1 million of expected gross proceeds (assuming full physical settlement) before issuance costs with final settlement dates ranging from March 31, 2027 through July 31, 2027 and had $333.2 million of remaining capacity under the ATM Program.

Previous wording

In February 2026, the Company completed a follow-on primary offering of 9,200,000 shares of its common stock on a forward basis, including the full exercise of the underwriters’ option to purchase up to 1,200,000 additional shares of common stock, at a public offering price of $25.50 per share for expected gross proceeds of $234.6 million before deducting underwriting discounts and expenses. No shares under these forward agreements have been physically settled as of March 31, 2026. The Company is required to settle these shares by August 2027.

Current wording

In February 2026, the Company completed a follow-on primary offering of 9,200,000 shares of its common stock on a forward basis, including the full exercise of the underwriters’ option to purchase up to 1,200,000 additional shares of common stock, at a public offering price of $25.50 per share for expected gross proceeds of $234.6 million before deducting underwriting discounts and expenses. The Company has settled 2,600,000 shares through June 30, 2026 generating net proceeds of $65.0 million. The Company is required to settle the remaining shares by August 2027.

Previous wording

In October 2024, the Operating Partnership, as borrower, the Company, the lenders named therein and Wells Fargo Bank, National Association, as administrative agent entered into a credit agreement (the “Credit Agreement”). The Credit Agreement provides for a revolving credit facility in the amount of $400.0 million (the “Revolving Credit Facility”) and a delayed draw term loan in the amount of $100.0 million (the “2024 Term Loan” and together with the Revolving Credit Facility, the “2024 Credit Facilities”).

Current wording

In October 2024, the Operating Partnership, as borrower, the Company, the lenders named therein and Wells Fargo Bank, National Association, as administrative agent entered into a credit agreement (the “Credit Agreement”). The Credit Agreement provides for a revolving credit facility in the amount of $400.0 million (the “Revolving Credit Facility”) and a delayed draw term loan in the amount of $100.0 million (the “2024 Term Loan” and together with the Revolving Credit Facility, the “2024 Credit Facilities”). The aggregate amount available under the 2024 Credit Facilities may be increased up to $750.0 million so long as existing or new lenders agree to provide incremental commitments and subject to the satisfaction of certain customary conditions.

Previous wording

The Revolving Credit Facility matures on September 29, 2028, subject to two six-month options to extend the maturity to September 29, 2029 at the Operating Partnership’s option and subject to the satisfaction of certain conditions. Borrowings under the Revolving Credit Facility bear interest at variable rates at the Operating Partnership’s election, based on either (i) the term or daily simple SOFR rate plus a credit spread adjustment plus an applicable margin, or (ii) the alternative base rate plus an applicable margin. The Revolving Credit Facility also provides for a facility fee, paid on a quarterly basis. Each of the applicable margin and the facility fee under the Revolving Credit Facility varies based on whether the Company has obtained a long-term senior unsecured debt rating of at least BBB- (or the equivalent) from S&P Global Ratings or Fitch Investor Services Inc. or a long-term unsecured debt rating of Baa3 (or the equivalent) from Moody’s Investors Service, Inc. (each, an “IG Rating”). In May 2025, Fitch Ratings assigned the Company a Long-Term Issuer Default Rating of BBB. No amounts were drawn under the Revolving Credit Facility as of March 31, 2026.

Current wording

The Revolving Credit Facility also provides for a facility fee, paid on a quarterly basis. Each of the applicable margin and the facility fee under the Revolving Credit Facility varies based on whether the Company has obtained a long-term senior unsecured debt rating of at least BBB- (or the equivalent) from S&P Global Ratings or Fitch Investor Services Inc. or a long-term unsecured debt rating of Baa3 (or the equivalent) from Moody’s Investors Service, Inc. (each, an “IG Rating”). In May 2025, Fitch Ratings assigned the Company a Long-Term Issuer Default Rating of BBB. No amounts were drawn under the Revolving Credit Facility as of June 30, 2026.

Previous wording

In connection with the 2025 Notes, the Company executed a treasury lock hedge transaction in June 2025 which included proceeds of $0.2 million, which were recognized as a gain within Accumulated OCI on the consolidated balance sheets. This amount is amortized on a straight-line basis as a decrease to interest expense over the term of the 2025-B Notes.

Current wording

In connection with the 2025 Notes, the Company executed a treasury lock hedge transaction in June 2025 which included proceeds of $0.2 million, which were recognized as a gain within Accumulated OCI on the consolidated balance sheets. This amount is amortized on a straight-line basis as a decrease to interest expense over the term of the 2025-B Notes. The effective interest rate on the 2025-B Notes will be fixed at 5.79%.

Previous wording

On November 12, 2025, the Company and the Operating Partnership entered into a Note and Guaranty Agreement in connection with a private placement of $200.0 million of the Operating Partnership’s senior unsecured notes (the “2026 Notes”), consisting of (i) $50.0 million aggregate principal amount of 4.90% senior unsecured notes due January 20, 2031 (the “2025-C Notes”) and (ii) $150.0 million aggregate principal amount of 5.13% senior unsecured notes due January 20, 2033 (the “2026-A Notes”), with a group of institutional investors. Considering the treasury lock agreements noted below, the interest rate on the notes will be fixed at 5.06% and 5.31%, respectively.

Current wording

On November 12, 2025, the Company and the Operating Partnership entered into a Note and Guaranty Agreement in connection with a private placement of $200.0 million of the Operating Partnership’s senior unsecured notes (the “2026 Notes”), consisting of (i) $50.0 million aggregate principal amount of 4.90% senior unsecured notes due January 20, 2031 (the “2025-C Notes”) and (ii) $150.0 million aggregate principal amount of 5.13% senior unsecured notes due January 20, 2033 (the “2026-A Notes”), with a group of institutional investors. Considering the treasury lock agreements noted below, the effective interest rate on the notes will be fixed at 5.06% and 5.31%, respectively.

Previous wording

The sale and purchase of $28.0 million of the 2026 Notes was completed on December 31, 2025 and sale and purchase of the balance of the $172.0 million of the 2026 Notes was completed on January 20, 2026. The Operating Partnership intends to use the net proceeds from the issuance of the 2026 Notes for general corporate purposes, including funding future acquisitions.

Current wording

The sale and purchase of $28.0 million of the 2025-C Notes was completed on December 31, 2025 and sale and purchase of the balance of the $172.0 million of the 2026 Notes was completed on January 20, 2026.

Previous wording

The Company declared a quarterly cash dividend of $0.17 per share in the first quarter of 2026. The dividends are summarized as follows (in millions):

Current wording

The Company declared a quarterly cash dividend of $0.17 per share in each of the first two quarters of 2026. The dividends are summarized as follows (in millions):

Previous wording

Changes in cash flows for the three months ended March 31, 2026, compared to the prior-year period, are as follows:

Current wording

Changes in cash flows for the six months ended June 30, 2026, compared to the prior-year period, are as follows:

Previous wording

Operating Activities: Cash provided by operating activities decreased $4.0 million primarily due to an increase in interest expense and general and administrative expenses and a decrease in interest income, partially offset by the net impact of property acquisitions.

Current wording

Operating Activities: Cash provided by operating activities increased $9.0 million primarily due to the net impact of property acquisitions, partially offset by an increase in interest expense and a decrease in interest income.

Previous wording

Investing Activities: Cash used for investing activities increased $24.5 million primarily due to the increase in real estate assets acquired of $15.6 million, an increase in escrow deposits for future acquisitions of $5.2 million and an increase in real estate improvements of $3.6 million.

Current wording

Investing Activities: Cash used for investing activities increased $224.0 million primarily due to an increase of $216.2 million related to real estate assets acquired net of escrow deposits and an increase in real estate improvements of $7.8 million.

Previous wording

Financing Activities: Cash provided by financing activities increased $77.1 million primarily due to funding of $172.0 million of the 2026 Notes and a decrease in dividends paid of $6.4 million, partially offset by an increase in offering costs of $0.7 million and by a decrease in proceeds from the 2024 Term Loan of $100.0 million.

Current wording

Financing Activities: Cash provided by financing activities increased $276.7 million primarily due to funding of $172.0 million of the 2026 Notes, net proceeds from issuance of common stock of $199.8 million and a decrease in dividends paid of $5.3 million, partially offset by a decrease in proceeds from the 2024 Term Loan of $100.0 million.

Previous wording

Through April 24, 2026, the Company acquired 22 convenience shopping centers for an aggregate purchase price of $236.2 million.

Current wording

From January 1, 2026 through July 29, 2026, the Company acquired 51 convenience shopping centers for an aggregate purchase price of $581.9 million.

Previous wording

At March 31, 2026, the Company’s capitalization consisted of $600.0 million of debt and $2.7 billion of market equity (calculated as shares of common stock outstanding multiplied by $25.79, the closing price of the Company’s common stock on the New York Stock Exchange on March 31, 2026).

Current wording

At June 30, 2026, the Company’s capitalization consisted of $600.0 million of debt and $3.5 billion of market equity (calculated as shares of common stock and common units outstanding multiplied by $30.40, the closing price of the Company’s common stock on the New York Stock Exchange on June 30, 2026).

Previous wording

In conjunction with the redevelopment of convenience shopping centers, the Company has entered into commitments with general contractors aggregating approximately $0.8 million for its consolidated properties at March 31, 2026. These obligations, composed principally of construction contracts, are generally due within 12 to 24 months, as the related construction costs are incurred, and are expected to be financed through operating cash flow. These contracts typically can be changed or terminated without penalty.

Current wording

In conjunction with the redevelopment of convenience shopping centers, the Company has entered into commitments with general contractors aggregating approximately $0.6 million for its consolidated properties at June 30, 2026. These obligations, composed principally of construction contracts, are generally due within 12 to 24 months, as the related construction costs are incurred, and are expected to be financed through operating cash flow. These contracts typically can be changed or terminated without penalty.

Previous wording

The Company routinely enters into contracts for the maintenance of its properties. These contracts typically can be canceled upon 30 to 60 days’ notice without penalty. At March 31, 2026, the Company had purchase order obligations, typically payable within one year, aggregating approximately $1.6 million related to the maintenance of its properties.

Current wording

The Company routinely enters into contracts for the maintenance of its properties. These contracts typically can be canceled upon 30 to 60 days’ notice without penalty. At June 30, 2026, the Company had purchase order obligations, typically payable within one year, aggregating approximately $2.2 million related to the maintenance of its properties.