Travel retail has been de-risked. I mentioned in my opening remark that travel retail is now in the mid-to-low scene, which is basically like taking 10 points of the mix of business that travel retail represented to our high period. Think about it. This is really taking a lot of volatility out of our business.

May 1, 2025 / receipt, needs a key / Stefan, CEO | earnings call 2025-05-01 | transcript dd6506e5-c509-4b9e-aa9b-0da25ea2d0c1 | chars 27133-27444 | segment 28

Travel retail declined 28% organically, and it continues to shrink as a percentage of our business towards the low teens.

May 1, 2025 / receipt, needs a key / Stéphane Delafabrie, CEO | earnings call 2025-05-01 | transcript dd6506e5-c509-4b9e-aa9b-0da25ea2d0c1 | chars 2760-2881 | segment 2

Sector-leading retailer relationships

ir_statement / Sep 17, 2026 / receipt

Sector-low overhead ratio with national scale

ir_statement / Sep 17, 2026 / receipt

Retailer Expansion Drives Growth

ir_statement / Sep 16, 2026 / receipt

Sector-leading retailer relationships

ir_statement / Sep 16, 2026 / receipt

Sector-low overhead ratio with national scale

ir_statement / Sep 16, 2026 / receipt

Sector-leading retailer relationships

ir_statement / Sep 15, 2026 / receipt

Sector-low overhead ratio with national scale

ir_statement / Sep 15, 2026 / receipt

Consolidated G&A expense, net $37 Unchanged $128 to $132

ir_statement / Sep 15, 2026 / receipt

Consolidated G&A expense, net $37 Unchanged

ir_statement / Sep 15, 2026 / receipt

Property Manager | {"ats": "workday", "city": "Atlanta", "state": "GA", "job_id": "/job/Atlanta-GA/Property-Manager_R506-2026-1", "remote": false, "category": "other", "function": "other", "location":

company_statement / Sep 15, 2026 / receipt

Broad strike zone: single assets, M&A, structured investments

ir_statement / Sep 14, 2026 / receipt

Disciplined, accretive capital recycling: Sell low-growth, low- cap rate assets, redeploy into higher growth assets

ir_statement / Sep 14, 2026 / receipt