Brixmor Operating Partnership LP
For the period ended Sep 30, 2026. Filed Oct 26, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2026 · Filed Oct 26, 2026
BRX$30.02+0.3%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-06-30; filed 2026-07-27.
0001581068-26-000026
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-10-26.
0001581068-26-000031
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 153 previous paragraphs and 161 current paragraphs.
101 unchanged; 43 reworded; 17 added; 7 removed; 2 previous and 0 current paragraphs rearranged.
Tables are not compared: 15 previous and 15 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (17)
Current report
Pending Slate Grocery REIT Transaction and Everview Joint Venture
Current report
On September 27, 2026, a new joint venture (the "Everview JV") between the Operating Partnership and funds affiliated with Everview Partners, L.P. ("Everview") entered into certain agreements pursuant to which the Everview JV agreed to acquire Slate Grocery REIT ("Slate"), the owner and operator of a portfolio of U.S. shopping centers (the "Slate Transaction"). Upon the expected closing of the Slate Transaction, the Company will effectively acquire a portfolio of 23 grocery-anchored shopping centers, representing a 100% interest in 22 centers and a 50% interest in one center (together, the "Brixmor Portfolio") for $636 million, and the Everview JV will acquire the remaining 92 assets (the "JV Portfolio") for $1.71 billion.
Current report
The Operating Partnership and Everview have entered into an interim investors agreement related to the Everview JV that provides, among other things, that each party will negotiate in good faith to enter into, upon or prior to the expected closing of the Slate Transaction, a joint venture agreement consistent with an agreed upon term sheet. Such term sheet addresses the material terms of the joint venture, including:
Current report
•that the Operating Partnership will control all decisions related to, and be entitled to all the economic rights associated with, the Brixmor Portfolio;
Current report
•that Everview will have an 80% common interest in the JV Portfolio and the Operating Partnership will have a 20% common interest in the JV Portfolio;
Current report
•that the Operating Partnership will serve as the managing member of the Everview JV, will manage the JV Portfolio and will be entitled to fees for its services; and
Current report
•that in addition to contributing its 20% portion of the cash purchase price allocable to the JV Portfolio, expected to be approximately $112 million, the Operating Partnership will make a preferred equity investment of approximately $174 million in the Everview JV, with a 9% preferential annual dividend.
Current report
The consummation of the Slate Transaction is subject to customary closing conditions including approval by Slate unitholders. We expect the closing of the Slate Transaction, if approved by Slate unitholders, to occur in the first quarter of 2027.
Current report
•During the nine months ended September 30, 2026, we acquired five shopping centers for an aggregate purchase price of $213.7 million, including transaction costs and closing credits.
Current report
•During the nine months ended September 30, 2025, we disposed of ten shopping centers and four partial shopping centers for aggregate net proceeds of $122.8 million, resulting in aggregate gain of $58.8 million.
Current report
General and administrative costs remained generally consistent for the three months ended September 30, 2026, as compared to the corresponding period in 2025.
Current report
Comparison of the Nine Months Ended September 30, 2026 to the Nine Months Ended September 30, 2025
Current report
General and administrative costs remained generally consistent for the nine months ended September 30, 2026, as compared to the corresponding period in 2025.
Current report
•available borrowings under the Slate Financing Commitment (defined hereafter);
Current report
•acquisitions, including the Slate Transaction; and
Current report
As described above, we expect to close the Slate Transaction in the first quarter of 2027 and fund approximately $988.0 million at closing. We expect to fund this amount through a combination of available cash and proceeds from debt and equity issuances and our capital recycling program.
Current report
Funds From Operations ("FFO")
Removed paragraphs (7)
Previous report
•During the six months ended June 30, 2026, we acquired four shopping centers for an aggregate purchase price of $164.2 million, including transaction costs and closing credits.
Previous report
•During the six months ended June 30, 2025, we disposed of three shopping centers and four partial shopping centers for aggregate net proceeds of $43.7 million, resulting in aggregate gain of $18.8 million.
Previous report
The decrease in general and administrative costs for the three months ended June 30, 2026 of $1.2 million, as compared to the corresponding period in 2025, was primarily due to a decrease in net compensation costs.
Previous report
Comparison of the Six Months Ended June 30, 2026 to the Six Months Ended June 30, 2025
Previous report
The decrease in general and administrative costs for the six months ended June 30, 2026 of $1.2 million, as compared to the corresponding period in 2025, was primarily due to a decrease in net compensation costs.
Previous report
•acquisitions; and
Previous report
Funds From Operations
Reworded paragraphs (43)
Previous wording
Brixmor Property Group Inc. and subsidiaries (collectively, "BPG") is an internally-managed corporation that has elected to be taxed as a real estate investment trust ("REIT"). Brixmor Operating Partnership LP and subsidiaries (collectively, the "Operating Partnership") is the entity through which BPG conducts substantially all of its operations and owns substantially all of its assets. BPG owns 100% of the limited liability company interests of BPG Subsidiary LLC ("BPG Sub"), which, in turn, is the sole member of Brixmor OP GP LLC (the "General Partner"), the sole general partner of the Operating Partnership. Unless stated otherwise or the context otherwise requires, "we," "our," and "us" mean BPG and the Operating Partnership, collectively. We own and operate one of the largest publicly traded open-air retail portfolios by gross leasable area ("GLA") in the United States ("U.S."), comprised primarily of grocery-anchored community and neighborhood shopping centers. As of June 30, 2026, our portfolio was comprised of 346 shopping centers (the "Portfolio") totaling approximately 63 million square feet of GLA. Our high-quality national Portfolio is primarily located within established trade areas in the top 50 Core-Based Statistical Areas in the U.S., and our shopping centers are primarily anchored by non-discretionary and value-oriented retailers, as well as consumer-oriented service providers. As of June 30, 2026, our three largest tenants by annualized base rent ("ABR") were The TJX Companies, Inc. ("TJX"), The Kroger Co. ("Kroger"), and Burlington Stores, Inc. ("Burlington"). BPG has been organized and operated in conformity with the requirements for qualification and taxation as a REIT under U.S. federal income tax laws, commencing with our taxable year ended December 31, 2011, has maintained such requirements through our taxable year ended December 31, 2025, and intends to satisfy such requirements for subsequent taxable years.
Current wording
Brixmor Property Group Inc. and subsidiaries (collectively, "BPG") is an internally-managed corporation that has elected to be taxed as a real estate investment trust ("REIT"). Brixmor Operating Partnership LP and subsidiaries (collectively, the "Operating Partnership") is the entity through which BPG conducts substantially all of its operations and owns substantially all of its assets. BPG owns 100% of the limited liability company interests of BPG Subsidiary LLC ("BPG Sub"), which, in turn, is the sole member of Brixmor OP GP LLC (the "General Partner"), the sole general partner of the Operating Partnership. Unless stated otherwise or the context otherwise requires, "we," "our," and "us" mean BPG and the Operating Partnership, collectively. We own and operate one of the largest publicly traded open-air retail portfolios by gross leasable area ("GLA") in the United States ("U.S."), comprised primarily of grocery-anchored community and neighborhood shopping centers. As of September 30, 2026, our portfolio was comprised of 345 shopping centers (the "Portfolio") totaling approximately 62 million square feet of GLA. Our high-quality national Portfolio is primarily located within established trade areas in the top 50 Core-Based Statistical Areas in the U.S., and our shopping centers are primarily anchored by non-discretionary and value-oriented retailers, as well as consumer-oriented service providers. As of September 30, 2026, our three largest tenants by annualized base rent ("ABR") were The TJX Companies, Inc. ("TJX"), The Kroger Co. ("Kroger"), and Burlington Stores, Inc. ("Burlington"). BPG has been organized and operated in conformity with the requirements for qualification and taxation as a REIT under U.S. federal income tax laws, commencing with our taxable year ended December 31, 2011, has maintained such requirements through our taxable year ended December 31, 2025, and intends to satisfy such requirements for subsequent taxable years.
Previous wording
As of June 30, 2026, billed and leased occupancy were 90.4% and 94.8%, respectively, as compared to 89.7% and 94.2%, respectively, as of June 30, 2025.
Current wording
As of September 30, 2026, billed and leased occupancy were 91.4% and 95.6%, respectively, as compared to 90.2% and 94.1%, respectively, as of September 30, 2025.
Previous wording
The following table summarizes our executed leasing activity for the six months ended June 30, 2026 and 2025 (dollars in thousands, except for PSF amounts):
Current wording
The following table summarizes our executed leasing activity for the nine months ended September 30, 2026 and 2025 (dollars in thousands, except for PSF amounts):
Previous wording
•During the six months ended June 30, 2025, we acquired one land parcel and acquired a lease and associated subleases at an existing shopping center for an aggregate purchase price of $7.5 million, including transaction costs and closing credits.
Current wording
•During the nine months ended September 30, 2025, we acquired one shopping center, one land parcel, and acquired a lease and associated subleases at an existing shopping center for an aggregate purchase price of $229.9 million, including transaction costs and closing credits.
Previous wording
•During the six months ended June 30, 2026, we disposed of six shopping centers for aggregate net proceeds of $120.5 million, resulting in aggregate gain of $59.8 million. In addition, during the six months ended June 30, 2026, we received aggregate net proceeds of $2.3 million related to land at one shopping center previously seized through eminent domain and resolved contingencies related to previously disposed assets, resulting in aggregate gain of $2.1 million.
Current wording
•During the nine months ended September 30, 2026, we disposed of eight shopping centers for aggregate net proceeds of $161.3 million, resulting in aggregate gain of $68.7 million and aggregate impairment of $6.7 million. In addition, during the nine months ended September 30, 2026, we received aggregate net proceeds of $2.3 million related to land at one shopping center previously seized through eminent domain and resolved contingencies related to previously disposed assets, resulting in aggregate gain of $2.1 million.
Previous wording
The increase in rental income for the three months ended June 30, 2026 of $14.5 million, as compared to the corresponding period in 2025, was due to a $12.8 million increase for assets owned for the full period, in addition to a $1.7 million increase due to net transaction activity. The increase for assets owned for the full period was due to: (i) a $10.3 million increase in base rent; (ii) a $5.1 million increase in expense reimbursements; (iii) a $1.5 million increase in lease termination fees; (iv) a $1.3 million increase in ancillary and other rental income; and (v) a $0.7 million increase in rental income associated with revenues deemed uncollectible; partially offset by (vi) a $4.7 million decrease in straight-line rental income, net; (vii) a $1.4 million decrease in accretion of below-market leases, net of amortization of above-market leases and tenant inducements; and (viii) a less than $0.1 million decrease in percentage rents. The $10.3 million increase in base rent for assets owned for the full period was primarily due to contractual rent increases, positive rent spreads for new and renewal leases and option exercises of 15.9% during the six months ended June 30, 2026 and 16.4% during the year ended December 31, 2025, and an increase in weighted average billed occupancy.
Current wording
The increase in rental income for the three months ended September 30, 2026 of $17.9 million, as compared to the corresponding period in 2025, was due to a $16.4 million increase for assets owned for the full period in addition to a $1.5 million increase due to net transaction activity. The increase for assets owned for the full period was due to: (i) an $11.3 million increase in base rent; (ii) a $5.6 million increase in expense reimbursements; (iii) a $3.4 million increase in lease termination fees; (iv) a $1.4 million increase in ancillary and other rental income; and (v) a $0.7 million increase in percentage rents; partially offset by (vi) a $2.7 million decrease in straight-line rental income, net; (vii) a $2.6 million decrease in accretion of below-market leases, net of amortization of above-market leases and tenant inducements; and (viii) a $0.7 million decrease in rental income associated with revenues deemed uncollectible. The $11.3 million increase in base rent for assets owned for the full period was primarily due to contractual rent increases, positive rent spreads for new and renewal leases and option exercises of 16.5% during the nine months ended September 30, 2026 and 16.4% during the year ended December 31, 2025, and an increase in weighted average billed occupancy.
Previous wording
The increase in other revenues of $0.2 million for the three months ended June 30, 2026, as compared to the corresponding period in 2025, was primarily due to an increase in tax increment financing income.
Current wording
The increase in other revenues of $0.8 million for the three months ended September 30, 2026, as compared to the corresponding period in 2025, was primarily due to an increase in tax increment financing income.
Previous wording
The increase in operating costs for the six months ended June 30, 2026 of $7.1 million, as compared to the corresponding period in 2025, was due to a $5.9 million increase in operating costs for assets owned for the full period in addition to a $1.2 million increase due to net transaction activity. The $5.9 million increase for assets owned for the full period was primarily due to an increase in repairs and maintenance, utilities, and insurance.
Current wording
The increase in operating costs for the three months ended September 30, 2026 of $2.0 million, as compared to the corresponding period in 2025, was due to a $1.7 million increase in operating costs for assets owned for the full period in addition to a $0.3 million increase due to net transaction activity. The $1.7 million increase for assets owned for the full period was primarily due to an increase in repairs and maintenance.
Previous wording
The increase in real estate taxes for the three months ended June 30, 2026 of $0.7 million, as compared to the corresponding period in 2025, was due to a $0.6 million increase in real estate taxes for assets owned for the full period in addition to a $0.1 million increase due to net transaction activity. The $0.6 million increase for the assets owned for the full period was primarily due to changes in property assessments.
Current wording
The increase in real estate taxes for the three months ended September 30, 2026 of $0.8 million, as compared to the corresponding period in 2025, was due to a $1.3 million increase in real estate taxes for assets owned for the full period partially offset by a $0.5 million decrease due to net transaction activity. The $1.3 million increase for the assets owned for the full period was primarily due to changes in property assessments.
Previous wording
The increase in depreciation and amortization for the three months ended June 30, 2026 of $7.0 million, as compared to the corresponding period in 2025, was due to a $6.3 million increase due to net transaction activity in addition to a $0.7 million increase for assets owned for the full period. The $0.7 million increase for assets owned for the full period was primarily due to an increase from capital expenditures.
Current wording
The increase in depreciation and amortization for the three months ended September 30, 2026 of $3.2 million, as compared to the corresponding period in 2025, was due to a $5.0 million increase due to net transaction activity partially offset by a $1.8 million decrease for assets owned for the full period. The $1.8 million decrease for assets owned for the full period was primarily due to a decrease in accelerated depreciation and amortization related to tenant move-outs in the prior period.
Previous wording
During the three months ended June 30, 2026, aggregate impairment of $6.0 million was recognized on one operating property. Impairments were recognized due to changes in anticipated hold periods primarily in connection with our capital recycling program.
Current wording
During the three months ended September 30, 2026, aggregate impairment of $0.7 million was recognized on one shopping center as a result of disposition activity. During the three months ended September 30, 2025, aggregate impairment of $16.1 million was recognized on one operating property. Impairments were recognized due to changes in anticipated hold periods primarily in connection with our capital recycling program.
Previous wording
During the three months ended June 30, 2026 and 2025, construction compensation costs of $3.8 million and $4.1 million, respectively, were capitalized to building and improvements and leasing legal costs of $0.4 million and $0.6 million, respectively, and leasing commission costs of $1.6 million and $2.2 million, respectively, were capitalized to deferred charges and prepaid expenses, net.
Current wording
During the three months ended September 30, 2026 and 2025, construction compensation costs of $4.0 million and $3.7 million, respectively, were capitalized to building and improvements and leasing legal costs of $0.3 million and $0.3 million, respectively, and leasing commission costs of $1.7 million and $1.8 million, respectively, were capitalized to deferred charges and prepaid expenses, net.
Previous wording
The increase in dividends and interest for the three months ended June 30, 2026 of $2.7 million, as compared to the corresponding period in 2025, was primarily due to an increase in interest income associated with higher average cash and cash equivalent balances partially offset by a lower weighted average interest rate return.
Current wording
The increase in dividends and interest for the three months ended September 30, 2026 of $0.2 million, as compared to the corresponding period in 2025, was primarily due to an increase in interest income associated with higher average cash and cash equivalent balances partially offset by a lower weighted average interest rate return.
Previous wording
The increase in interest expense for the three months ended June 30, 2026 of $6.5 million, as compared to the corresponding period in 2025, was primarily due to higher weighted average debt obligations and weighted average interest rate.
Current wording
The increase in interest expense for the three months ended September 30, 2026 of $2.5 million, as compared to the corresponding period in 2025, was primarily due to a higher weighted average interest rate and weighted average debt obligations.
Previous wording
During the three months ended June 30, 2026, two shopping centers were disposed of, resulting in aggregate gain of $7.4 million. In addition, during the three months ended June 30, 2026, we received aggregate net proceeds of $2.6 million related to land at one shopping center previously seized through eminent domain and resolved contingencies related to previously disposed assets, resulting in aggregate gain of $2.4 million. During the three months ended June 30, 2025, one shopping center and two partial shopping centers were disposed of, resulting in aggregate gain of $15.8 million.
Current wording
During the three months ended September 30, 2026, one shopping center was disposed of, resulting in aggregate gain of $8.9 million. During the three months ended September 30, 2025, seven shopping centers were disposed of, resulting in aggregate gain of $40.0 million.
Previous wording
The increase in rental income for the six months ended June 30, 2026 of $31.6 million, as compared to the corresponding period in 2025, was due to a $28.6 million increase for assets owned for the full period, in addition to a $3.0 million increase due to net transaction activity. The increase for assets owned for the full period was due to: (i) a $19.7 million increase in base rent; (ii) an $8.4 million increase in expense reimbursements; (iii) a $3.8 million increase in ancillary and other rental income; (iv) a $1.5 million increase in rental income associated with revenues deemed uncollectible; and (v) a $1.0 million increase in percentage rents; partially offset by (vi) a $4.8 million decrease in straight-line rental income, net; (vii) a $0.8 million decrease in accretion of below-market leases, net of amortization of above-market leases and tenant inducements; and (viii) a $0.2 million decrease in lease termination fees. The $19.7 million increase in base rent for assets owned for the full period was primarily due to contractual rent increases, positive rent spreads for new and renewal leases and option exercises of 15.9% during the six months ended June 30, 2026 and 16.4% during the year ended December 31, 2025, and an increase in weighted average billed occupancy.
Current wording
The increase in rental income for the nine months ended September 30, 2026 of $49.5 million, as compared to the corresponding period in 2025, was due to a $44.0 million increase for assets owned for the full period in addition to a $5.5 million increase due to net transaction activity. The increase for assets owned for the full period was due to: (i) a $30.8 million increase in base rent; (ii) a $13.8 million increase in expense reimbursements; (iii) a $5.1 million increase in ancillary and other rental income; (iv) a $3.2 million increase in lease termination fees; (v) a $1.6 million increase in percentage rents; and (vi) a $0.7 million increase in rental income associated with revenues deemed uncollectible; partially offset by (vii) a $7.8 million decrease in straight-line rental income, net; and (viii) a $3.4 million decrease in accretion of below-market leases, net of amortization of above-market leases and tenant inducements. The $30.8 million increase in base rent for assets owned for the full period was primarily due to contractual rent increases, positive rent spreads for new and renewal leases and option exercises of 16.5% during the nine months ended September 30, 2026 and 16.4% during the year ended December 31, 2025, and an increase in weighted average billed occupancy.
Previous wording
The increase in other revenues of $0.4 million for the six months ended June 30, 2026, as compared to the corresponding period in 2025, was primarily due to an increase in tax increment financing income.
Current wording
The increase in other revenues of $1.3 million for the nine months ended September 30, 2026, as compared to the corresponding period in 2025, was primarily due to an increase in tax increment financing income.
Previous wording
The increase in operating costs for the three months ended June 30, 2026 of $4.4 million, as compared to the corresponding period in 2025, was due to a $3.7 million increase in operating costs for assets owned for the full period in addition to a $0.7 million increase due to net transaction activity. The $3.7 million increase for assets owned for the full period was primarily due to an increase in repairs and maintenance, utilities, and insurance.
Current wording
The increase in operating costs for the nine months ended September 30, 2026 of $9.1 million, as compared to the corresponding period in 2025, was due to a $7.4 million increase in operating costs for assets owned for the full period in addition to a $1.7 million increase due to net transaction activity. The $7.4 million increase for assets owned for the full period was primarily due to an increase in repairs and maintenance, utilities, and insurance.
Previous wording
The increase in real estate taxes for the six months ended June 30, 2026 of $1.2 million, as compared to the corresponding period in 2025, was due to a $1.0 million increase in real estate taxes for assets owned for the full period in addition to a $0.2 million increase due to net transaction activity. The $1.0 million increase for the assets owned for the full period was primarily due to changes in property assessments.
Current wording
The increase in real estate taxes for the nine months ended September 30, 2026 of $2.1 million, as compared to the corresponding period in 2025, was due to a $2.1 million increase in real estate taxes for assets owned for the full period partially offset by a less than $0.1 million decrease due to net transaction activity. The $2.1 million increase for the assets owned for the full period was primarily due to changes in property assessments.
Previous wording
The increase in depreciation and amortization for the six months ended June 30, 2026 of $6.6 million, as compared to the corresponding period in 2025, was due to an $11.9 million increase due to net transaction activity partially offset by a $5.3 million decrease for assets owned for the full period. The $5.3 million decrease for assets owned for the full period was primarily due to a decrease in accelerated depreciation and amortization due to higher tenant move outs in the prior period, partially offset by an increase from capital expenditures.
Current wording
The increase in depreciation and amortization for the nine months ended September 30, 2026 of $9.8 million, as compared to the corresponding period in 2025, was due to a $17.1 million increase due to net transaction activity partially offset by a $7.3 million decrease for assets owned for the full period. The $7.3 million decrease for assets owned for the full period was primarily due to a decrease in accelerated depreciation and amortization due to higher tenant move outs in the prior period.
Previous wording
During the six months ended June 30, 2026 aggregate impairment of $6.0 million was recognized on one operating property. Impairments were recognized due to changes in anticipated hold periods primarily in connection with our capital recycling program.
Current wording
During the nine months ended September 30, 2026 aggregate impairment of $6.7 million was recognized on one shopping center as a result of disposition activity. During the nine months ended September 30, 2025 aggregate impairment of $16.1 million was recognized on one operating property. Impairments were recognized due to changes in anticipated hold periods primarily in connection with our capital recycling program.
Previous wording
During the six months ended June 30, 2026 and 2025, construction compensation costs of $7.9 million and $8.6 million, respectively, were capitalized to building and improvements and leasing legal costs of $0.8 million and $0.9 million, respectively, and leasing commission costs of $3.8 million and $4.0 million, respectively, were capitalized to deferred charges and prepaid expenses, net.
Current wording
During the nine months ended September 30, 2026 and 2025, construction compensation costs of $11.9 million and $12.3 million, respectively, were capitalized to building and improvements and leasing legal costs of $1.1 million and $1.2 million, respectively, and leasing commission costs of $5.5 million and $5.8 million, respectively, were capitalized to deferred charges and prepaid expenses, net.
Previous wording
The increase in dividends and interest for the six months ended June 30, 2026 of $4.2 million, as compared to the corresponding period in 2025, was primarily due to an increase in interest income associated with higher average cash and cash equivalent balances partially offset by a lower weighted average interest rate return.
Current wording
The increase in dividends and interest for the nine months ended September 30, 2026 of $4.4 million, as compared to the corresponding period in 2025, was primarily due to an increase in interest income associated with higher average cash and cash equivalent balances partially offset by a lower weighted average interest rate return.
Previous wording
The increase in interest expense for the six months ended June 30, 2026 of $11.8 million, as compared to the corresponding period in 2025, was primarily due to higher weighted average debt obligations and weighted average interest rate.
Current wording
The increase in interest expense for the nine months ended September 30, 2026 of $14.3 million, as compared to the corresponding period in 2025, was primarily due to higher weighted average debt obligations and weighted average interest rate.
Previous wording
During the six months ended June 30, 2026, six shopping centers were disposed of, resulting in aggregate gain of $59.8 million. In addition, during the six months ended June 30, 2026, we received aggregate net proceeds of $2.3 million related to land at one shopping center previously seized through eminent domain and resolved contingencies related to previously disposed assets, resulting in aggregate gain of $2.1 million. During the six months ended June 30, 2025, three shopping centers and four partial shopping centers were disposed of, resulting in aggregate gain of $18.8 million.
Current wording
During the nine months ended September 30, 2026, seven shopping centers were disposed of, resulting in aggregate gain of $68.7 million. In addition, during the nine months ended September 30, 2026, we received aggregate net proceeds of $2.3 million related to land at one shopping center previously seized through eminent domain and resolved contingencies related to previously disposed assets, resulting in aggregate gain of $2.1 million. During the nine months ended September 30, 2025, ten shopping centers and four partial shopping centers were disposed of, resulting in aggregate gain of $58.8 million.
Previous wording
During the three months ended June 30, 2025, we amended and restated our unsecured credit facility agreements (the "Unsecured Credit Facility"), resulting in a $0.3 million loss on extinguishment of debt due to the acceleration of unamortized debt issuance costs.
Current wording
During the nine months ended September 30, 2025, we amended and restated our unsecured credit facility agreements (the "Unsecured Credit Facility"), resulting in a $0.3 million loss on extinguishment of debt due to the acceleration of unamortized debt issuance costs.
Previous wording
The increase in other expense for the six months ended June 30, 2026 of $1.7 million, as compared to the corresponding period in 2025, was primarily due to an increase in anticipated environmental remediation costs.
Current wording
The increase in other expense for the nine months ended September 30, 2026 of $1.8 million, as compared to the corresponding period in 2025, was primarily due to an increase in anticipated environmental remediation costs.
Previous wording
We anticipate that our cash flows from the sources listed below will provide adequate capital for the next 12 months and beyond for all anticipated uses, including all scheduled payments on our outstanding debt, current and anticipated tenant and other capital improvements, stockholder distributions to maintain our qualification as a REIT, and other obligations associated with conducting our business.
Current wording
We anticipate that cash flows from the sources listed below will provide adequate capital for the next 12 months and beyond to fund our anticipated uses, including the Slate Transaction, scheduled payments on our outstanding debt, current and anticipated tenant and other capital improvements, stockholder distributions necessary to maintain our qualification as a REIT, and other obligations associated with conducting our business.
Previous wording
We believe our capital structure provides us with the financial flexibility and capacity to fund our current capital needs as well as future growth opportunities. We generate significant operating cash flow and have access to multiple forms of external capital, including secured property level debt, unsecured corporate level debt, preferred equity, and common equity, which will allow us to efficiently execute on our strategic and operational objectives. We have investment grade credit ratings from all three major credit rating agencies. Our Unsecured Credit Facility is comprised of a $1.25 billion revolving loan facility (the "Revolving Facility") and a $500.0 million term loan facility (the "Term Loan Facility"). As of June 30, 2026, we had $1.55 billion of available liquidity, including $1.25 billion available under our Revolving Facility, $186.1 million of cash, cash equivalents and restricted cash, and $114.8 million anticipated net proceeds available under unsettled forward equity contracts. We intend to continue to enhance our financial and operational flexibility through periodic extensions of the duration of our debt.
Current wording
We believe our capital structure provides us with the financial flexibility and capacity to fund our current capital needs as well as future growth opportunities. We generate significant operating cash flow and have access to multiple forms of external capital, including secured property level debt, unsecured corporate level debt, preferred equity, and common equity, which will allow us to efficiently execute on our strategic and operational objectives. Additionally, in connection with the Slate Transaction, we have obtained a commitment letter for up to $988.0 million of senior unsecured term loan financing (the "Slate Financing Commitment"), which, in addition to our other capital sources, provides additional capital flexibility and surety of closing. We have investment grade credit ratings from all three major credit rating agencies. Our Unsecured Credit Facility is comprised of a $1.25 billion revolving loan facility (the "Revolving Facility") and a $500.0 million term loan facility (the "Term Loan Facility"). As of September 30, 2026, we had $1.54 billion of available liquidity, including $1.25 billion available under our Revolving Facility, $183.5 million of cash, cash equivalents and restricted cash, and $114.4 million of anticipated net proceeds available under unsettled forward equity contracts. We intend to continue to enhance our financial and operational flexibility through periodic extensions of the duration of our debt and our capital recycling program.
Previous wording
Our expected material cash requirements for the twelve months ending June 30, 2027 and thereafter are comprised of (i) contractually obligated expenditures; (ii) other essential expenditures; and (iii) opportunistic expenditures.
Current wording
Our expected material cash requirements for the twelve months ending September 30, 2027 and thereafter are comprised of (i) contractually obligated expenditures; (ii) other essential expenditures; and (iii) opportunistic expenditures, including expected cash payment obligations associated with the expected closing of the Slate Transaction.
Previous wording
In order to continue to qualify as a REIT for federal income tax purposes, we must meet several organizational and operational requirements, including a requirement that we annually distribute to our stockholders at least 90% of our REIT taxable income, determined without regard to the deduction for dividends paid and excluding net capital gains. We intend to continue to satisfy these requirements and maintain our REIT status. Our board of directors evaluates our dividend on a quarterly basis, taking into account a variety of relevant factors, including REIT taxable income. The following table summarizes our common dividend activity for the second and third quarters of 2026:
Current wording
In order to continue to qualify as a REIT for federal income tax purposes, we must meet several organizational and operational requirements, including a requirement that we annually distribute to our stockholders at least 90% of our REIT taxable income, determined without regard to the deduction for dividends paid and excluding net capital gains. We intend to continue to satisfy these requirements and maintain our REIT status. Our board of directors evaluates our dividend on a quarterly basis, taking into account a variety of relevant factors, including REIT taxable income. The following table summarizes our common dividend activity for the third and fourth quarters of 2026:
Previous wording
Additionally, the Operating Partnership's redeemable preferred units accrue cumulative distributions. Based on the units outstanding as of June 30, 2026, aggregate annual distributions to redeemable preferred unit holders is expected to be approximately $1.5 million.
Current wording
Additionally, the Operating Partnership's redeemable preferred units accrue cumulative distributions. Based on the units outstanding as of September 30, 2026, aggregate annual distributions to redeemable preferred unitholders are expected to be approximately $1.5 million.
Previous wording
The amount of future acquisition expenditures depends on the availability of opportunities that further concentrate our Portfolio in attractive retail submarkets and optimize the quality and long-term growth rate of our asset base. Our acquisition strategy focuses on buying assets with strong growth potential that are located in our existing markets and will allow us to leverage our operational platform and expertise to create value. Our acquisition activity may include acquisitions of open-air shopping centers or non-owned anchor spaces, retail buildings, and/or outparcels at, or adjacent to, our existing shopping centers.
Current wording
The amount of future acquisition expenditures depends on the availability of opportunities that further concentrate our Portfolio in attractive retail submarkets and optimize the quality and long-term growth rate of our asset base. Our acquisition strategy focuses on buying assets with strong growth potential that are located in our existing markets and will allow us to leverage our operational platform and expertise to create value. Our acquisition activity may include acquisitions of individual and/or portfolios of open-air shopping centers, non-owned anchor spaces, retail buildings, and/or outparcels at, or adjacent to, our existing shopping centers.
Previous wording
During the six months ended June 30, 2026, our net cash provided by operating activities increased $33.3 million as compared to the corresponding period in 2025. The increase was primarily due to (i) an increase in same property net operating income; (ii) an increase in cash inflows for dividends and interest income; (iii) an increase in cash from net working capital; and (iv) a decrease in cash outflows for interest expense; partially offset by (v) an increase in cash outflows for G&A expense; (vi) a decrease in net operating income due to net transaction activity and other non-same property net operating income; and (vii) a decrease in lease termination fees.
Current wording
During the nine months ended September 30, 2026, our net cash provided by operating activities increased $36.1 million as compared to the corresponding period in 2025. The increase was primarily due to (i) an increase in same property net operating income; (ii) an increase in cash inflows for dividends and interest income; (iii) an increase in lease termination fees; and (iv) an increase in net operating income due to net transaction activity and other non-same property net operating income; partially offset by (v) an increase in cash outflows for interest expense; (vi) a decrease in cash from net working capital; and (vii) an increase in cash outflows for G&A expense.
Previous wording
During the six months ended June 30, 2026, our net cash used in investing activities decreased $42.6 million as compared to the corresponding period in 2025. The decrease was primarily due to (i) an increase of $79.1 million in net proceeds from sales of real estate assets; (ii) a decrease of $47.8 million in improvements to and investments in real estate assets; and (iii) a decrease of $15.0 million in deposits on acquisitions of real estate assets; partially offset by (iv) an increase of $95.8 million in acquisitions of real estate assets; and (v) an increase of $3.5 million in purchases of marketable securities, net of sales.
Current wording
During the nine months ended September 30, 2026, our net cash used in investing activities decreased $173.2 million as compared to the corresponding period in 2025. The decrease was primarily due to (i) a decrease of $77.2 million in acquisitions of real estate assets; (ii) a decrease of $55.2 million in improvements to and investments in real estate assets; and (iii) an increase of $40.8 million in net proceeds from sales of real estate assets.
Previous wording
During the six months ended June 30, 2026 and 2025, we expended $123.5 million and $171.3 million, respectively, on improvements to and investments in real estate assets. Included in these amounts are insurance proceeds of $1.7 million and $2.2 million, respectively, which were received during the six months ended June 30, 2026 and 2025.
Current wording
During the nine months ended September 30, 2026 and 2025, we expended $190.4 million and $245.5 million, respectively, on improvements to and investments in real estate assets. Included in these amounts are insurance proceeds of $2.6 million and $5.4 million, respectively, which were received during the nine months ended September 30, 2026 and 2025.
Previous wording
Maintenance capital expenditures represent costs to fund major replacements and betterments to our properties. Leasing related capital expenditures represent tenant specific costs incurred to lease or renew space, including tenant improvements, tenant allowances, and external leasing commissions. In addition, we evaluate our Portfolio on an ongoing basis to identify value-enhancing reinvestment opportunities. Such initiatives are tenant driven and focus on upgrading our centers with strong, best-in-class retailers. As of June 30, 2026, we had 44 in-process anchor space repositioning, redevelopment, and outparcel development projects with an aggregate anticipated cost of $347.8 million, of which $124.5 million had been incurred as of June 30, 2026. In addition, we have identified a pipeline of future redevelopment projects, which we expect to execute over the coming years. We expect to fund these projects with cash and cash equivalents, net cash provided by operating activities, proceeds from sales of real estate assets, and/or proceeds from capital markets transactions.
Current wording
Maintenance capital expenditures represent costs to fund major replacements and betterments to our properties. Leasing related capital expenditures represent tenant specific costs incurred to lease or renew space, including tenant improvements, tenant allowances, and external leasing commissions. In addition, we evaluate our Portfolio on an ongoing basis to identify value-enhancing reinvestment opportunities. Such initiatives are tenant driven and focus on upgrading our centers with strong, best-in-class retailers. As of September 30, 2026, we had 46 in-process anchor space repositioning, redevelopment, and outparcel development projects with an aggregate anticipated cost of $331.8 million, of which $106.9 million had been incurred as of September 30, 2026. In addition, we have identified a pipeline of future redevelopment projects, which we expect to execute over the coming years. We expect to fund these projects with cash and cash equivalents, net cash provided by operating activities, proceeds from sales of real estate assets, and/or proceeds from capital markets transactions.
Previous wording
We continue to evaluate the market for acquisition opportunities, and we may acquire individual shopping centers or portfolios of shopping centers when we believe strategic opportunities exist, to further concentrate our Portfolio in attractive retail submarkets and optimize the quality and long-term growth rate of our asset base. During the six months ended June 30, 2026, we acquired four shopping centers for an aggregate purchase price of $164.2 million, including transaction costs, closing credits, assumption of secured mortgage debt, and issuance of redeemable preferred units. During the six months ended June 30, 2025, we acquired one land parcel and acquired a lease and associated subleases at an existing shopping center for an aggregate purchase price of $7.5 million, including transaction costs and closing credits.
Current wording
We continue to evaluate the market for acquisition opportunities, and we may acquire individual shopping centers or portfolios of shopping centers when we believe strategic opportunities exist, to further concentrate our Portfolio in attractive retail submarkets and optimize the quality and long-term growth rate of our asset base. During the nine months ended September 30, 2026, we acquired five shopping centers for an aggregate purchase price of $213.7 million, including transaction costs, closing credits, assumption of secured mortgage debt, and issuance of redeemable preferred units. During the nine months ended September 30, 2025, we acquired one shopping center, one land parcel, and acquired a lease and associated subleases at an existing shopping center for an aggregate purchase price of $229.9 million, including transaction costs and closing credits.
Previous wording
We may also dispose of properties when we believe value has been maximized, where there is downside risk, or where we have limited ability or desire to build critical mass in a particular submarket. During the six months ended June 30, 2026, we disposed of six shopping centers for aggregate net proceeds of $120.5 million. In addition, during the six months ended June 30, 2026, we received aggregate net proceeds of $2.3 million related to land at one shopping center previously seized through eminent domain and resolved contingencies related to previously disposed assets. During the six months ended June 30, 2025, we disposed of three shopping centers and four partial shopping centers for aggregate net proceeds of $43.7 million.
Current wording
We may also dispose of properties when we believe value has been maximized, where there is downside risk, or where we have limited ability or desire to build critical mass in a particular submarket. During the nine months ended September 30, 2026, we disposed of eight shopping centers for aggregate net proceeds of $161.3 million. In addition, during the nine months ended September 30, 2026, we received aggregate net proceeds of $2.3 million related to land at one shopping center previously seized through eminent domain and resolved contingencies related to previously disposed assets. During the nine months ended September 30, 2025, we disposed of ten shopping centers and four partial shopping centers for aggregate net proceeds of $122.8 million.
Previous wording
During the six months ended June 30, 2026, our net cash used in financing activities decreased $21.5 million as compared to the corresponding period in 2025. The decrease was primarily due to (i) a $31.5 million decrease in debt repayments, net of borrowings; and (ii) an $8.2 million decrease in deferred financing costs; partially offset by (iii) a $13.7 million increase in distributions to our common stockholders; (iv) a $4.2 million increase in repurchases of common stock in conjunction with equity award plans; and (v) a $0.3 million increase in issuance costs of redeemable non-controlling interests.
Current wording
During the nine months ended September 30, 2026, our net cash used in financing activities increased $385.2 million as compared to the corresponding period in 2025. The increase was primarily due to (i) a $368.6 million decrease in debt borrowings, net of repayments; (ii) a $20.1 million increase in distributions to our common stockholders; (iii) a $4.2 million increase in repurchases of common stock in conjunction with equity award plans; (iv) a $0.3 million increase in issuance costs of redeemable non-controlling interests; and (v) a $0.2 million increase in distributions to redeemable non-controlling interests; partially offset by (vi) an $8.2 million decrease in deferred financing costs.
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Rearranged previous paragraphs (2)
Previous report — wording carried elsewhere
Loss on extinguishment of debt, net
Previous report — wording carried elsewhere
During the six months ended June 30, 2025, we amended and restated our Unsecured Credit Facility, resulting in a $0.3 million loss on extinguishment of debt due to the acceleration of unamortized debt issuance costs.