1, 2025. Another portion of the proceeds was used to repay the €500 million outstanding under the Supplemental Facility on October 8, 2025. • on May 12, 2025, the Operating Partnership drew €500 million under the Supplemental Facility, and proceeds were used to fund the redemption at par of the Operating Partnership’s €500 million notes maturing on May 13, 2025, • on April 25, 2025, the Operating Partnership drew $155 million under the Credit Facility, • on March 20, 2025, the Operating Partnership entered into a €350 million unsecured term loan with a maturity date of March 20, 2027, and swapped the interest rate to an all-in fixed rate of 2.5965% maturing on March 20, 2026. The proceeds of the term loan, along with cash on hand, were used to repay the then remaining €376 million outstanding under the Credit Facility, • on March 13, 2025, the Operating Partnership repaid €18 million under the Credit Facility that had been outstanding on December 31, 2024, • on January 29, 2025, the Operating Partnership drew €376 million under the Credit Facility, and used the proceeds to facilitate the acquisition of two Italian assets. Subsequent to 2025, on January 13, 2026, the Operating Partnership completed the issuance of $800 million of senior unsecured notes with a fixed interest rate of 4.30% and a maturity date of January 15, 2031. The proceeds were used to fund the redemption at par of the Operating Partnership’s $800 million notes maturing on January 15, 2026. United States Portfolio Data The portfolio data discussed in this overview includes the following key operating statistics: ending occupancy, and average base minimum rent per square foot. We include acquired properties in this data beginning in the year of acquisition and remove disposed properties in the year of disposition. For comparative information purposes, we separate the information related to The Mills from our other U.S. operations. We also do not include any information for properties located outside the United States. The following table sets forth these key operating statistics for domestic properties: • properties that are consolidated in our consolidated financial statements, • properties we account for under the equity method of accounting as joint ventures, and • the foregoing two categories of properties on a total portfolio basis. %/Basis Point %/Basis Point 2025 Change (1) 2024 Change (1) 2023 U.S. Malls and Premium Outlets: Ending Occupancy Consolidated ................................ 96.4% -10 bps 96.5% 80 bps 95.7% Unconsolidated .............................. 96.5% -10 bps 96.6% 50 bps 96.1% Total Portfolio ............................... 96.4% -10 bps 96.5% 70 bps 95.8%
Average Base Minimum Rent per Square Foot Consolidated ................................ Unconsolidated .............................. The Mills: Ending Occupancy .......................... Average Base Minimum Rent per Square Foot . . .
$ 58.98 $ 66.61
4.2% 5.5% 4.7%
$ 56.60 $ 63.12 $ 58.26 98.8% $ 37.95
2.0% 4.2% 2.5%
$ 55.47 $ 60.59 $ 56.82 97.8% $ 36.38
Total Portfolio ............................... $ 60.97
99.2% $ 41.24
40 bps
100 bps
8.7%
4.3%
(1) Percentages may not recalculate due to rounding. Percentage and basis point changes are representative of the change from the comparable prior period. Ending Occupancy Levels and Average Base Minimum Rent per Square Foot. Ending occupancy is the percentage of gross leasable area, or GLA, which is leased as of the last day of the reporting period. We include all company owned space except for mall anchors, mall majors, mall freestanding and mall outlots in the calculation. Base
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