Investor Presentaiton

RECENT HIGHLIGHTS Liquidity/Collections Liquidity Profile Continues to Improve; Total Liquidity of $103.6 Million at End of First Quarter Cash collections improved to 119% of billings for the first quarter of 2021 and exceeded 140% of monthly billings during April as collection of deferred rents continued to accelerate. Accounts receivable balance decreased significantly in the first quarter of 2021, down to $40.4 million as of March 31, 2021 from $54.5 million as of December 31, 2020. Operating Statistics Core Mall total occupancy was 89.2%. Core Mall non-anchor occupancy was 87.0% as of March 31, 2021. Core Mall non-anchor leased space, at 88.2%, exceeds occupied space by 120 basis points when factoring in executed new leases slated for future occupancy. Based on a comparable set of tenants who reported sales in March of 2019 and 2021, sales grew at 14 of the Company's managed properties in March and more than half of the portfolio for the quarter. Leasing Average renewal spreads for the quarter ended March 31, 2021 were 2.2% in the wholly-owned portfolio for spaces less than 10,000 square feet. 390,000 square feet of leases signed for future openings, expected to contribute annual gross rent of $8.3 million. Leasing momentum continues to build with transactions executed for over 700,000 square feet of occupancy thus far this year. Development Construction is underway for Aldi to open its first store in the portfolio at Dartmouth Mall in Q3 2021. Lease executed for a new self-storage facility in previously unused below grade space at Mall at Prince George's with an anticipated opening in Q1 2022. Tilt Studios is under construction to replace JCPenney at Magnolia Mall, expected to open in Q3 2021. A transaction has been executed with Cooper Hospital for an outpatient location in the former Sears space at Moorestown Mall. The Company executed a rezoning agreement to allow for the addition of up to 1,065 multifamily units and a hotel at Moorestown Mall. ks Seafood Cocktails Black - Rock Yard House NORDSTROM rack

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