Based on its analysis, the Company determined that the dispositions described below do not meet the criteria for classification as discontinued operations and are not considered to be significant disposals based on its quantitative and qualitative evaluation. Thus, the results of operations of the properties described below, as well as any related gain or loss, are included in net income (loss) for all periods presented, as applicable.

For the year ended December 31, 2025, the Company realized a gain of $74,229 primarily related to the sales of Monroeville Mall, Annex at Monroeville and three related outparcels (January 2025), Imperial Valley Mall and an associated land parcel (February 2025), The Promenade (July 2025), an outparcel (April 2025) and two land parcels (September 2025 and December 2025). For the year ended December 31, 2025, gross proceeds from sales of real estate assets were $170,513, which were primarily used to partially paydown the secured term loan by $41,116 and the 2032 non-recourse bank loan (previously referred to as the "open-air centers and outparcels loan") by $7,107, and to fund approximately $83,100 towards the acquisition of the four malls in July 2025. See Note 8 for more information. The Company recorded loss on impairment related to the sales of 840 Greenbrier Circle and a land parcel. See Note 15 for more information.

For the year ended December 31, 2024, the Company realized a gain of $16,676 primarily related to the sales of Layton Hills Mall, Layton Hills Convenience Center, Layton Hills Plaza, 10 outparcels, of which 9 outparcels were associated with the Layton Hills properties, two land parcels and an anchor parcel. In addition, the Company recorded a loss on impairment related to two outparcels that were sold at less than carrying value. See Note 15 for more information. For the year ended December 31, 2024, gross proceeds from sales of real estate assets were $81,733. The proceeds were primarily used to paydown the secured term loan and the 2032 non-recourse bank loan (previously referred to as the "open-air centers and outparcels loan"). See Note 8 for more information.

For the year ended December 31, 2023, the Company realized a gain of $5,125 primarily related to the sale of eight land parcels. Gross proceeds from sales of real estate assets were $10,325.

As of December 31, 2025, there were no properties that met the criteria to be considered held-for-sale.

The following properties were classified as held-for-sale as of December 31, 2024:


Property	Location	Property Type	Total Assets		Total Liabilities (1)
Monroeville Mall	Pittsburgh, PA	Mall	$	30,189	$	4,306
Annex at Monroeville	Pittsburgh, PA	Open-Air Center		3,075		218
Imperial Valley	El Centro, CA	Mall		22,811		1,286
Total			$	56,075	$	5,810

(1)

Included within accounts payable and accrued liabilities on the consolidated balance sheets.