The Company's primary market risk exposure is interest rate risk. The Company has managed and will continue to manage interest rate risk by (1) maintaining a ratio of fixed rate, long-term debt to total debt such that floating rate exposure is kept at an acceptable level, (2) reducing interest rate exposure on certain long-term floating rate debt through the use of interest rate caps and/or swaps with matching maturities where appropriate, (3) using treasury rate locks where appropriate to fix rates on anticipated debt transactions, and (4) taking advantage of favorable market conditions for long-term debt and/or equity. The following table sets forth information as of June 30, 2026 concerning the Company's long-term debt obligations, including principal cash flows by scheduled maturity, weighted average interest rates and estimated fair value (dollars in thousands): Expected Maturity Date For the twelve months ending June 30, 2027 2028 2029 2030 2031 Thereafter Total Fair Value CONSOLIDATED CENTERS: Long-term debt: Fixed rate $ 431,490 $ 1,208,804 $ 19,718 $ 1,828,243 $ 301,320 $ 644,024 $ 4,433,599 $ 4,316,998 Average interest rate 4.02 % 4.59 % 3.82 % 4.33 % 4.58 % 5.89 % 4.61 % Floating rate 300,000 — — 159,100 — — 459,100 457,799 Average interest rate 5.15 % — % — % 6.11 % — % — % 5.48 % Total debt—Consolidated Centers $ 731,490 $ 1,208,804 $ 19,718 $ 1,987,343 $ 301,320 $ 644,024 $ 4,892,699 $ 4,774,797 UNCONSOLIDATED JOINT VENTURE CENTERS: Long-term debt (at Company's pro rata share): Fixed rate $ 174,400 $ 357,318 $ 459,154 $ 426,362 $ 103,650 $ — $ 1,520,884 $ 1,497,685 Average interest rate 4.02 % 6.17 % 5.90 % 4.92 % 5.37 % — % 5.44 % Floating rate — — 12,000 — — — 12,000 11,923 Average interest rate — % — % 6.11 % — % — % — % 6.11 % Total debt—Unconsolidated Joint Venture Centers $ 174,400 $ 357,318 $ 471,154 $ 426,362 $ 103,650 $ — $ 1,532,884 $ 1,509,608 The Consolidated Centers' total fixed rate debt at June 30, 2026 and December 31, 2025 was $4.4 billion and $4.7 billion, respectively. The average interest rate on the fixed rate debt at June 30, 2026 and December 31, 2025 was 4.61% and 4.56%, respectively. The Consolidated Centers' total floating rate debt at June 30, 2026 and December 31, 2025 was $459.1 million. The average interest rate on the floating rate debt at June 30, 2026 and December 31, 2025 was 5.48% and 5.62%, respectively. The Company's pro rata share of the Unconsolidated Joint Venture Centers' fixed rate debt at June 30, 2026 and December 31, 2025 was $1.5 billion. The average interest rate on the fixed rate debt at June 30, 2026 and December 31, 2025 was 5.44% and 5.29%, respectively. The Company's pro rata share of the Unconsolidated Joint Venture Centers' floating rate debt at June 30, 2026 and December 31, 2025 was $12.0 million. The average interest rate on the floating rate debt at June 30, 2026 and December 31, 2025 was 6.11% and 6.28%, respectively. The Company uses derivative financial instruments in the normal course of business to manage or hedge interest rate risk and records all derivatives on the balance sheet at fair value. Interest rate cap agreements offer protection against floating rates on the notional amount from exceeding the rates noted in the above schedule, and interest rate swap agreements effectively replace a floating rate on the notional amount with a fixed rate as noted above. As of June 30, 2026, the Company has interest rate cap agreements in place (See Note 4—Investments in Unconsolidated Joint Ventures and Note 5—Derivative Instruments and Hedging Activities in the Company's Notes to the Consolidated Financial Statements). The respective loans require an interest rate cap agreement to be in place at all times, which limits how high the prevailing floating loan rate index (i.e., SOFR) for the loans can rise. As of the date of this Quarterly Report on Form 10-Q, SOFR for each of these loans did not exceed the strike interest rate within the required interest rate cap agreements. In addition, the Company has assessed the market risk for its floating rate debt and believes that a 1% increase in interest rates would decrease future earnings and cash flows by approximately $4.7 million per year based on $471.1 million of floating rate debt outstanding at June 30, 2026. 48 Table of Contents The fair value of the Company's long-term debt is estimated based on a present value model utilizing interest rates that reflect the risks associated with long-term debt of similar risk and duration. In addition, the method of computing fair value for mortgage notes payable included a credit value adjustment based on the estimated value of the property that serves as collateral for the underlying debt (See Note 10—Mortgage Notes Payable and Note 11—Bank and Other Notes Payable in the Company's Notes to the Consolidated Financial Statements).