We have projects under construction at 29 centers, with our share of net costs of $1.06 billion at a blended yield of 9%. Approximately 50% of the net cost is for mixed-use projects, including approximately 1,200 units of multifamily residential at Brea Mall, Briarwood Mall, and Northgate, and more than 400 hotel keys at North Shore Mall, Roosevelt Field, and The Domain. We also have exciting redevelopments of former anchor boxes underway at Brea Mall and the Fashion Mall at Keystone, where we'll be adding more productive new retail restaurants, entertainment, and fitness uses. We have an additional $1 billion of projects that will have the ability to start construction this year, including new developments, anchor redevelopments, and international redevelopments and expansions. Beyond that, we have approximately $3 billion of projects in our pipeline that could start over the next several years, investments that will make our great centers even better. All of these projects will be funded from internally generated cash flow.

May 11, 2026 / receipt, needs a key / Eli Simon, CEO | earnings call 2026-05-11 | transcript aabcf4e9-d0ca-477e-a256-bab51a347c3a | chars 3089-4130 | segment 3