Commitments and Contingencies

6 Months Ended

Jun. 30, 2026

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Commitments and Contingencies

In the ordinary course of business, we are party to various legal actions which we believe are routine in nature and

incidental to the operation of our business. We believe that the outcome of the proceedings will not have a material

adverse effect upon our consolidated financial position or results of operations.

As of June 30, 2026, we had $729.4 million of commitments under construction contracts related to development

projects, which have estimated rental revenue commencement dates between July 2026 and December 2028. In

addition, we had commitments of $81.1 million for tenant improvements, recurring capital expenditures, and building

improvements, and had accrued $11.5 million in contingent consideration obligations related to leasing activities at

four U.K. retail park properties acquired in 2026, representing the remaining amounts deemed probable and

estimable as of June 30, 2026.

In June 2026, we entered into an agreement with a joint venture to fund approximately $243.0 million for our equity

interest in the joint venture, among other costs. This purchase obligation is expected to close during the third

quarter of 2026.

As of June 30, 2026, we had approximately $375.4 million of unfunded loan commitments related to certain loan

investments, under which we are committed to provide funding upon borrower request, subject to satisfaction of

customary conditions. These commitments may be funded over the contractual commitment period and are

generally intended to support the financing needs of the borrowers, including project development costs, operational

expenditures, and interest obligations. These commitments are secured by the underlying real estate collateral or

pledges of equity interests in the borrowing entities.

In March 2026, we closed on a mezzanine loan entered into with a joint venture with a principal balance of

$375.0 million. As of June 30, 2026, we have an obligation to fund up to $135.6 million over the term of the

guarantee on third-party debt related to this loan, in the event of default. The guarantee is effective through the term

of the related loan, which matures in March 2029 and has two 12-month extension options available. The guarantee

requires fair value measurement. As such, we recorded the measured amount of $4.0 million as a liability at

inception, which is included in 'Other liabilities' on our consolidated balance sheets.