ALBANESECORMIER ANNUAL REPORT 25

ANNUAL REPORT

ALBANESECORMIER.COM

ABOUT THE COVER Our 2025 Annual Report cover captures a moment of determined ascent; a climber scaling a formidable wall of ice with focus, precision, and resilience. This image reflects AlbaneseCormier’s journey over the past year: navigating complex challenges, advancing with discipline, and reaching new heights through expertise and teamwork. In a demanding environment, we continued to climb; strengthening tenant partnerships, expanding our impact, and delivering measurable results. The ascent symbolizes not just growth, but the confidence and capability that define AlbaneseCormier.

retailunplugged®

TABLE OF CONTENTS

Company Profile

Retail Review

2025 Acquisitions

2025 Dispositions

Financial Highlights

Leasing Highlights

Portfolio Diversification

Portfolio Highlights

Debt and Interest Rate Management

Marketing and Technology Partners

National Portfolio

Financial Results

115

Bank References

Organizational Chart

128

2025

PERFORMANCE HIGHLIGHTS

In retail real estate, strong results come from knowing when to invest, when to improve, and when to sell. As we look back on 2025, the decisions made across our portfolio continued to reinforce AlbaneseCormier’s disciplined and opportunistic approach to value creation. This year, we completed over $64 million of dispositions, generating more than $22 million of net proceeds after debt and achieving pricing that, in the aggregate, exceeded appraised value by roughly 14%. Transactions such as Silver State are good examples of what we aim to do—buy well, improve the quality and income profile of the assets, and exit at the right time when value has been maximized. These dispositions represent millions in profits in 2025 alone, reflecting the benefit of active management and patient execution. Just as important, 2025 marked another year of progress in the continued evolution of our business model. While our company was built on a buy-and-hold foundation, over the last couple of decades we have become increasingly focused on harvesting value in assets that have reached peak pricing and reallocating that capital into opportunities with stronger long-term upside. That strategy has produced meaningful results. Over the past five years $395 million in dispositions generated more than $196 million of gross proceeds after debt. At the same time, this approach has steadily improved the overall quality of our portfolio, as we have

sold older or fully matured assets and concentrated our capital in stronger, better-located, and higher-performing retail centers. The retail real estate market continued to support our strategy throughout 2025. Well-located open-air centers remained in demand, tenant interest in necessity-based and service-oriented retail stayed healthy, and limited new supply continued to benefit existing properties. We believe those conditions continue to favor experienced owners who are selective, well-capitalized, and actively involved in their assets. Our balance sheet flexibility and hands-on operating platform have allowed us to stay patient where needed and move decisively when opportunities present themselves. We have never been more confident in the strength of our portfolio or in the long-term direction of the company. The progress we have made since the inception of the company, especially over the last five years—both in realized gains and in overall asset quality, has meaningfully strengthened the platform and positioned us well for continued success. As we move forward, we remain committed to the same principles that have guided us from the beginning: disciplined growth, proactive management, and a constant focus on creating value across the portfolio.

Overall, the 2025 retail real estate landscape in the United States continues to evolve with resilience and opportunity. Retailers are embracing a more integrated model; blending physical presence with digital innovation while prioritizing high-quality spaces that deliver meaningful customer experience beyond traditional shopping. At AlbaneseCormier, we view this transformation as a powerful opportunity. Demand for well-located, adaptable, and experience-driven properties remains strong, and the outlook is favorable for those who strategically navigate shifts in consumer behavior, technology, and market dynamics. We have never been more confident in the long-term value of premier retail assets and in our ability to identify, position, and elevate high- performing properties for sustained success.

Michael Albanese

COMPANY PROFILE

ALBANESECORMIER ® A SHORT STORY Since 2001, AlbaneseCormier has been acquiring, managing, leasing and developing real estate properties across the United States. Through a clear vision, selective choices, creative hiring, skilled management and a dedicated staff, we have been able to consistently grow a sustainable business that has exceeded 5.3 million square feet of real estate. As the industry continues to evolve, we are positioned to take advantage of opportunities as they are presented to us. We are AlbaneseCormier. A VISION FOR SUSTAINABLE GROWTH When you are looking for stable and sustainable growth, the first thought for many investors is not brick and mortar retail. However, this is where AlbaneseCormier has bucked the trend, and discovered a viable path to success. By focusing on convenience strip centers and mixed use, we have developed a proprietary system that allows us to identify undervalued properties that have the potential for success. We are experts in our field, developing long-term relationships with our tenants and business partners, that allow us to invest in the infrastructure needed for mutual success. AlbaneseCormier believes in investing in people, in relationships, and that real estate is merely space until you plug someone in and unplug the potential to find the proper use.

COMPANY PROFILE

retailunplugged ®

LOOKING AT RETAIL IN A WHOLE NEW LIGHT

RetailUnplugged® is a 21st century way to imagine brick and mortar retail. Think of it as a stable, analog solution to an increasingly volatile, digital world. By owning, managing and leasing retail projects that are resistant to the ups and downs of the economy, as well as significantly less impacted by online sales, we ensure sustainable growth and financial stability.

COMPANY PROFILE

MICHAEL ALBANESE Principal

Michael Albanese, Principal , is a long time resident of Beaumont, Texas. A Texan at heart, Mr. Albanese is proud to have graduated with honors from Texas Christian University in Fort Worth, Texas. Mr. Albanese has been in the commercial real estate industry for over 25 years and is considered one of the country’s leading investment experts in regards to value-add opportunities. The company now owns over 5.3 million square feet of assets throughout 18 states. Actively engaged in commercial ventures early in his career, Mr. Albanese has accumulated years of invaluable experience in property investments. His ability to recognize the value potential for each property and proactively develop and manage those investments is a talent, which has greatly benefited AC as well as the companies’ tenant partners. Further, Mr. Albanese is responsible for the strategic planning and execution of a comprehensive plan for the entire portfolio which includes leasing, property management, NOI growth, redevelopment, acquisitions and dispositions. Mr. Albanese has been instrumental in creating a full-service, vertically-integrated real estate investment company focused primarily on the development, acquisition, ownership and operation of high-quality neighborhood and community shopping centers in selected secondary and tertiary markets throughout the United States. The holding company owns a portfolio of operating retail properties, retail properties under development, operating commercial properties, a related Class-A office building and parcels of land that may be used for future development of residential or commercial properties. Mr. Albanese, along with his Partner and staff, has created a strategy to maximize the cash flow of AC’s operating properties, successfully complete the construction and lease-up or sale of the development portfolio, and identify additional growth opportunities in the form of new developments and acquisitions. A significant volume of growth opportunity is sourced through the extensive network of tenant, corporate and institutional relationships that have been established by Mr. Albanese over the last two decades. New investments are mainly focused in the shopping center sector. The company may selectively pursue commercial development opportunities in markets where it currently operates and where it believes the existing infrastructure and relationships can be leveraged to generate attractive risk adjusted returns. In recognition of his expertise and leadership in the real estate industry, Mike Albanese has been named to the TCU Neeley School of Business, Center for Real Estate, Board of Advisors. As a member of the Center’s Executive Council, Mike helps shape the future of real estate education by providing strategic guidance, mentorship, and insight into the evolving landscape of the industry. Serving as principal of AlbaneseCormier , Mr. Albanese is an active member of The International Council of Shopping Centers (ICSC). Mike, his wife Nicole, and their four children attend St. Jude Catholic Church in Beaumont, TX, and enjoy participating in a number of civic and charitable organizations.

COMPANY PROFILE

THOMAS CORMIER CPA, CGMA, Principal

Thomas Cormier, CPA, CGMA , serves as a Principal at AlbaneseCormier , based in Beaumont, Texas. He lives in Southeast Texas, cherishing the tight-knit, tranquil community alongside his family. A proud graduate of Lamar University, Thomas obtained a Bachelor of Business Administration in Accounting and quickly secured his CPA designation. His career commenced at the public accounting firm Cavett Turner, where he honed his accounting skills before transitioning to a pivotal role in the retail sector. As the former Chief Financial Officer of Market Basket Food Stores, Thomas directed the financial operations and business strategy of the retail supermarket chain for over three decades. His tenure there was marked by profound business insights and a deepening interest in the real estate sector, eventually leading him to leave in 2015 to focus entirely on Albanese Cormier’s expansion. In his current role, Thomas’s comprehensive experience in retail and commercial sectors significantly enhances the management team at AlbaneseCormier , alongside co-principal Michael Albanese. The partnership boasts ownership, management, and leasing of a diverse portfolio, encompassing 46 properties totaling over 5.3 million square feet across 18 states. This portfolio includes retail shopping centers, industrial properties, a Class-A office tower, land parcels, and newly developed residential communities. Thomas’s stewardship extends to the fiscal management of Albanese Cormier and plays a crucial role in the firm’s property acquisitions and development projects. His expertise in accounting, land development, real estate, and leveraging professional resources has been instrumental to his and the company’s success. Outside of his professional endeavors, Thomas values his family as his paramount achievement. Married to Melinda for over 44 years, and remains deeply connected to their Southeast Texas roots. Committed to community betterment, Thomas and his family actively participate in church and civic organizations, dedicated to the revitalization of their local communities.

11 AlbaneseCormier® | 2025 Annual Report

COMPANY PROFILE / KEY ASSOCIATES

CLINTON MITCHELL Chief Investment Officer

Clinton joined AlbaneseCormier in 2023 as the Chief Investment Officer and is responsible for leading strategic investment and transaction activity including acquisitions, dispositions, and financings. He has more than 13 years of experience in the real estate industry previously serving as a Managing Director at HFF/JLL. In his role at both firms, Clinton was the leader of the retail investment advisory team in the Chicago office. He has completed the capitalization of a broad range of assets throughout North America with experience handling single-asset and portfolio-level sale transactions, joint venture equity placement for development as well as recapitalizations, and a variety of financing executions. Over the course of his career Clinton has successfully closed more than $6.5 billion in commercial real estate financing and asset sales totaling over 40 million square feet. CHRISTINA MECOM CPA, Controller Christina, CPA, is the Controller for AlbaneseCormier. Christina joined the AlbaneseCormier team in January 2014. She holds a Bachelors degree in accounting (Cum Laude graduate) and a Masters in Business Administration with concentration in accounting from Lamar University in Beaumont, Texas.

JERE TATE CPA, Controller - Family Office

Jere , CPA is the Controller for our Family Office . She is responsible for maintaining financial accounts, performing reconciliations, and record keeping. She graduated Magna Cum Laude from Lamar University with a Masters in Science of Accounting from Lamar University in Beaumont, Texas.

KRISTYN BORGOBELLO Vicepresident of Leasing

Kristyn, our Director of Leasing - Western Region and renewals specialist, has a Bachelor of Science in Finance and was the former Lamar University cheerleading coordinator. She currently resides in Beaumont with her husband, Anthony, and two children, Ava and Luke.

COMPANY PROFILE / KEY ASSOCIATES

JEFF WARWICK Vicepresident of Leasing

Jeff is the Vice President of Leasing for AlbaneseCormier. Prior to joining AC in 2020, he has spent nearly the last two decades developing his experience in project leasing, Tenant representation, development and redevelopment of land and shopping centers. His deal experience spans a wide range of transaction types, including purchase and sale agreements, build-to-suits, reverse build-to-suits, ground leases, and both anchor and non-anchor leasing for new and redeveloped projects. Jeff’s approach is grounded in persistence, transparency, and a commitment to creating win-win outcomes. SCOTT ARENA Director of Property Management Scott joined the AlbaneseCormier team in 2015 as the Property Manager for the portfolio. He oversees all construction project details and constantly works with vendors and Tenants to maintain and improve the value of each property. Prior to joining the company, he served as a Construction Project Manager for more than 25 years.

FER MCCABE Director of Marketing Fer joined our AC team in 2019 and serves as our Director of Marketing. She has a BA in Graphic Design and graduated in Mexico City where she is originally from. She is responsible for our company’s marketing and communications strategies, as well as overall branding and image. She prepares annual marketing plans, trade show planning, creates calendar of campaigns and events and sets the marketing budget.

MARK HARDY Edison Plaza Property Manager

Mark joined AlbaneseCormier in January of 2010. He’s held a number of positions with the company and currently serves as the property manager for our Class–A office building property, Edison Plaza in Beaumont, TX.. Prior to joining AC, Mark was the Vice President/ Partner of J&J Manufacturing Company located in Beaumont, Texas.

ASHLEY REVIERE Senior Property Manager

Ashley joined the AlbaneseCormier team in March of 2019. Prior to joining the AC Team, Ashley worked as a leasing agent for Cypress Bend for 3 years, where she assisted in the daily needs of the property and communications with prospective residence.

13 AlbaneseCormier® | 2025 Annual Report

COMPANY PROFILE / KEY ASSOCIATES

NYANA DURAN Property Manager

Nyana joined the AC team in February of 2026 as s Property Manager. She is responsible for the day-to-day operations of each center, including maintenance and repairs, tenant relations, property safety compliance, construction build outs, etc. Through constant communication with vendors and on-site managers, she makes sure each asset continues to operate in top condition. She also creates and maintains relationships with the company’s extensive tenant network to ensure their overall tenant satisfaction and success.

SARA ANDREWS Accounting Manager

Sara is the Accounting Manager for AlbaneseCormier Holdings. Sara is responsible for the bookkeeping and financial recording for all of the AlbaneseCormier companies. Sara joined the AlbaneseCormier team in October of 2007.

JESSICA JORDAN Senior Accountant

Prior to her position at AC, Jessica spent 10+ years in the manufacturing field and prior to that was a licensed escrow officer for Beaumont Title Company. Jessica holds a Bachelor of Business Administration in Marketing and a Bachelor of Business Administration in Accounting from Lamar University.

EMILY MCCOY Senior Accountant

Emily McCoy joined our company as our new Accounts Payable Specialist in July 2024. She is responsible for financial transactions, bookkeeping, recording transactions, creating reports, tracking expenses and checking figures for accuracy. She will also maintain vendor records and review and audit expense reports.

COMPANY PROFILE / KEY ASSOCIATES

KIM SONNIER AR Specialist

Kim is the Account Receivable Specialist. She is responsible for tenant communications, invoice reconciliation, payment processing and tenant relations company-wide. Kim joined the AlbaneseCormier team in February 2015.

MARTI LYNCH Executive Assistant

Marti Lynch joined the AlbaneseCormier team on June 2015 and serves as Executive Assistant to management. She obtained a Bachelor of Business Administration in Office Administration degree from Lamar University. Marti provides executive administrative support to management and assistance to the accounting team.

HANNAH LANDRY Administrative Assistant

Hannah joined the AC team in May of 2023 as the Administrative Assistant and added the perfect touch of hard work and helpfulness. Other than helping greet our guests, she also handles invoice tracking, as well as some other matters to help out our Property Managers.

Our team of industry experts brings exceptional qualifications to property management, investment, and development. With remarkable stability, eight of our team members have served with AlbaneseCormier for a decade or more, providing unmatched continuity and institutional knowledge to our clients. AlbaneseCormier’s founding principles—our distinctive culture and vision—directly support our concentrated focus on innovative solutions that create tangible value in commercial real estate. We apply our proven expertise to deliver results that exceed expectations in this specialized sector. - Michael Albanese & Thomas Cormier

15 AlbaneseCormier | 2024 Annual Report

RETAIL REVIEW

TOP TEN RETAIL TENANTS

3.25%

3.2%

3.0%

2.7%

2.5%

2.25%

2.0%

1.8%

1.4%

1.5%

1.25%

1.0%

0.5%

0.25%

Stores

% GLA

6.2%

4.2%%

3.0%

3.3%

1.5%

Area

329,430

223,282

158,621

173,199

81,721

Annual Rent

$ 2,733,174

$ 2,219,166

$1,746,101

$1,506,672

$ 980,919

S&P

Private*

BBB

BBB+

Moody’s

Private*

Baa2

Baa

*Although Hobby Lobby does not have any related debt, Credintel has a shadow rating of BB, very close to investment grade.

RETAIL REVIEW

• High quality, necessity-based operating Platform • Strong and highly diversified tenant base • Limited Exposure: No Tenant >4% of Annual Base Rent (ABR) • Strong credit anchor tenancy with below market rents

1.3%

1.2%

1.1%

1.7%

0.9%

0.8%

1.4%

0.9%

88,408

49,562

40,000

72,659

785,200

$ 919,001

$ 864,186

$ 840,000

$ 803,223

$654,043

B+

BB+

B-

Ba2

17 AlbaneseCormier® | 2025 Annual Report

RETAIL REVIEW

MAJOR RETAILERS THAT FILED FOR BANKRUPTCY IN 2025 Bankruptcies impacted 1.5% of global base rent in 2024 and less than 0.3% of base rent in 2025. In all instances, the rents were significantly below market which allowed AlbaneseCormier to realize significant value creation by replacing tenants with stronger credit at higher in-place rental rates.

Craft and fabric retailer that filed for Chapter 11 in January 2025. - 1 location representing 0.2% of portfolio base rent - Negotiating lease at 25% rent increase

Discount retailer chain that filed for Chapter 11 in February 2025 and closed all stores. - 1 locations representing 0.1% of portfolio base rent - $10/sf blended in-place gross - Executed leases with Ross and Five Below at 50% - 100% rent increases

RETAIL REVIEW

HIGHLY VISIBLE FORWARD GROWTH:

• Capture “Mark to Market” opportunity on legacy leases • Credit enhancement with renewed traffic and productivity • AlbaneseCormier’s exceptional tenant relationships and proactive leasing strategy has resulted in significant value creation Proactively Re-Leasing “At Risk” Tenant Space

Retailer Disruption

(2023)

(2024)

(2025)

Backfills in Process and/or Resolved

19 AlbaneseCormier® | 2025 Annual Report

HEARD ON THE STREET

A DEFINING ADDITION TO THE PORTFOLIO Shops at Legacy North strengthens AlbaneseCormier’s presence in one of the nation’s fastest-growing retail markets.

IN THE NEWS:

In one of the company’s most notable transactions of the year, AlbaneseCormier acquired Shops at Legacy North, a premier 242,000-square-foot lifestyle center in Plano, Texas. Situated in the heart of the vibrant Legacy district, the property reflects the type of high-quality retail environments AlbaneseCormier seeks to invest in. We continue to seek dynamic centers that serve as gathering places for their communities. The acquisition drew widespread industry attention, with major real estate and business publications highlighting the significance of the transaction and the continued expansion of AlbaneseCormier’s national footprint.

HEARD ON THE STREET

21 AlbaneseCormier® | 2025 Annual Report

2025 ACQUISITIONS

Our real estate acquisitions continue to be the primary driver of our earnings growth. We are committed to acquiring properties that preserve the stability and growth of our earnings. During 2025, we completed $227 Million in property acquisitions, which notably exceeded our initial goal of approximately $75-100 million for the year. We remained quite selective in what we pursued, acquiring less than 10% of the over $2.5 billion in real estate acquisition opportunities that we generated and reviewed.

1,114,127

S Pla

Total SQ FT

Assets

$17,300,000

97%

Additional NOI

Average Occupancy at Acquisition

$227,445,000

$252,775,000

Total Investment

Appraised Value

$57,893,659

Acquisition Value in Excess of Debt (YE)

2025 ACQUISITIONS

SHOPS AT LEGACY NORTH Plano, TX

MCGOWIN PARK Mobile, AL

TARGET

Neighborhood Community Grocery Anchored

Regional Power Centers Lifestyle Unanchored Strips

Retail Type

Property Size

50,000 to 500,000 SF

• Individual deals and portfolios • Operational upside • Real Estate fundamentals over tenant credit • Below market rents

Other Criteria

• Barrier to entry • Growth markets • Control of outparcels

23 AlbaneseCormier® | 2025 Annual Report

2025 ACQUISITIONS

SHOPS AT LEGACY NORTH Plano, TX

242,504 SF 85% OCCUPIED AT ACQUISITION MAJOR TENANTS Capital Grille BRP Mexican Sugar Kiln PNC Bank

Legacy Club One Lagree

2025 ACQUISITIONS

MCGOWIN PARK Mobile, AL

374,881 SF 97% OCCUPIED AT ACQUISITION

MAJOR TENANTS Dick’s House of Sports

Costco (NAP) HomeGoods Hobby Lobby Petco

Old Navy Best Buy

25 AlbaneseCormier® | 2025 Annual Report

2025 DISPOSITIONS

2025 DISPOSITION HIGHLIGHTS

6.96%

Number of Assets Sold (2025)

Average CAP Rate

Current Appraised Value $56,905,000

$64,885,000

Total Gross Sales Price

$7,980,000 (14%)

$9,043,191

Funds in Excess of Appraisal (%)

Funds in Excess of Original Cost + Addition

$55,841,809

$22,417,311

Original Cost Plus Additions

Total Gross Proceeds After Debt

Cedar Place SC

Copiah Trade Center

Silver State Plaza

Bluegrass Manor Loan

Property

Phoenix Square

Sweetwater SC

South Haven, MI

Location

Clinton, MS Hazelhurst, MS Sweetwater, TX Sparks, NV Louisville, KY

Total

$64,885,000

Sale Price

$2,910,000

$3,750,000

$2,225,000

$1,350,000

$25,400,000

$29,250,000

$51,126,000

Acquisition Price

$2,850,000

$2,200,000

$2,000,000

$781,000

$15,800,000

$27,495,000

Length of Own- ership

6 Years

11 Years

19 Years

17 Years

5 Years

< 1 Year

469,567

Square Footage

41,715

22,052

63,278

29,284

155,669

157,569

98%

Occupancy

100%

92%

98%

N/A

2025 DISPOSITIONS

Bluegrass Manor Loan - Louisville, KY

Sweetwater Shopping Center - Sweetwater, TX

Cedar Place Shopping Center - Clinton, MS

Silver State Plaza - Sparks, NV

Phoenix Square - South Haven, MI

Funds in Excess of Original Cost Plus Additions

Total Gross Proceed After Debt

Number Assets Sold

Total Gross Sales Price

Appraised Value

Original Cost Plus Additions

Year

2025

64,885,000

56,905,000

9,043,191

55,841,809

$ 33,225,374

2024

73,892,500

87,055,000

23,701,761

50,190,739

41,133,954

2023

16,380,000

14,508,672

2,578,462

13,801,538

6,397,306

2022

225,960,000

196,085,000

82,870,836

143,089,164

111,269,612

2021

14,718,998

21,130,000

3,708,932

11,010,066

4,964,114

$ 395,836,498

$ 375,683,672

$ 121,903,182

$ 273,933,316

$ 196,990,360

27 AlbaneseCormier® | 2025 Annual Report

2025 DISPOSITIONS

DISPOSITION CASE STUDY:

Silver State Plaza - Sparks, NV • Acquired the center in 2020 during COVID pandemic from Walton Street Capital • Immediately implemented an aggressive leasing and capital improvement plan which included new roofs, parking lot, landscaping enhancements, and tenant space improvements. • Sold to CA-based Family Office in a 1031 exchange.

Project Details

Acquisition Date Acquisition Price Capital Investment Total Capitalization Disposition Date Disposition Price Value Creation

December, 2020

$15,800,00 $1,504,538 $17,304,538

November, 2025

$25,400,000 $8,095,462

2025 DISPOSITIONS

2701| Silver State Plaza

410-790 N McCarran Blvd. Sparks, NV | 89431

TENANT LIST

A790| B770| B774| B780| D650| D654| D656| D658| D662| D668| D670| E620| E630| F550| F558| F568| F590| F590A| G520| G520A| G525|

Around the Corner Liquor & Smoke 2,790 SF Siu Korean BBQ and Bar 4,926 SF Beautiful Bella Salon 629 SF Panaderia Azteca Mexico 1,514 SF GameStop 1,335 SF Beto's Mexican Restaurant 1,446 SF

Little Caesar's 1,603 SF Twinkle Nails 1,600 SF Port of Subs 1,910 SF Urban Trade 1,600 SF Sally Beauty Supply 2,476 SF Dollar Tree 11,664 SF Planet Fitness 18,559 SF Northtowne Insurance 1,209 SF

Big 5 Corp 10,880 SF Boca Dental 5,830 SF Purpose Built 8,120 SF Toro de Oro 9,786 SF

B770

Ross Dress for Less 22,694 SF Furniture Discounters 25,128 SF Ross (storage) 5,000 SF Wendy's 2,520 SF AnimeKingDom 2,000 SF Massage & Spa 1,081 SF Fancy Hair and Nails 760 SF AVAILABLE 845 SF Sinbad's Hotdogs 638 SF The Landing 3,597 SF

J440| K410| K412| K414| K416| K418| K422| L404| L408|

NAP

G520A

G520

E630 E620 F590 F590A F568 F558

The Local 1,500 SF Supercuts 1,500 SF

NAP

SITE LEGEND Available Leased

Leased But Available Not A Part (NAP)

409-892-0200 | ac-us.com is site plan is presented solely for the purpose of identifying the property’s purpose and identifying the property’s location and size. is is to be used for reference only.

8/20/2025 29 AlbaneseCormier® | 2025 Annual Report

CAPITAL IMPROVEMENTS

SHOPS AT LEGACY NORTH - PLANO, TX

CAPITAL IMPROVEMENTS

2024

2025

Remodel

$4,805,000

$469,739

Roof Replacement

$1,140,165

$887,117

HVAC Replacement

$472,646

$666,784

Tenant Improvements $9,344,446

Tenant Improvements

$5,379,327

Parking Lot Overlay and Replacement

$1,352,196

$285,586

Total Expenditures $17,114,453

Total Expenditures $7,688,553

31 AlbaneseCormier® | 2025 Annual Report

FINANCIAL HIGHLIGHTS

U.S. SHOPPING CENTER SUPPLY FORECAST

New shopping center supply has been practically non-existent following the Great Financial Crisis and is expected to remain low over the near term. Shopping center supply growth from ‘26 to ’28 is expected to be at the lowest among the traditional real estate sectors.

YEAR

Source: Green Street Market Insight Report | www.greenstreet.com

FINANCIAL HIGHLIGHTS

VACANCIES AT ALL TIME LOWS

Due to non-existent development over the last 10-15 years and the removal of lower quality malls and non-performing retail centers, vacancies have trended to a nearly 20 year low and are expected to remain below historical RAFS due to the strong retailer growth projected to occur in the coming years.

New supply was historically low in 2025 with just 10.2 msf of new retail space coming online for the year, an all-time low and 63% below the 2015- 2019 average. Tariff cost pressures exacerbated an already subdued construction market, dampening the economic feasibility of new development and reinforcing the supply-constrained environment that has prevailed since the pandemic. However, retail’s resilience is gradually gaining more attention from developers, and the under- SUPPLY CONSTRAINTS PERSIST BUT THE PIPELINE SLOWLY IMPROVED

Rancho las Palmas - Rancho Mirage, CA

construction pipeline of 12.7 msf is the strongest in five years. Neighborhood centers are driving the majority (8.5 msf or 67%) of this construction activity, reflecting continued demand for convenience- oriented, community-serving retail formats that have proven most resilient to e-commerce pressures and demographic shifts. Nearly 50% of all store openings, by square footage, came from discount stores, grocery retailers, and convenience stores typically located in neighborhood centers. Even so, new development is not expected to surge anytime soon, and the pipeline still represents just 0.3% of existing inventory, down from the 0.6% long-term average.

33 AlbaneseCormier® | 2025 Annual Report

LEASING HIGHLIGHTS

LEASING ACTIVITY

NEW LEASING

Additional Monthly Revenue After Loses

Additional Square Footage

Additional Annual Revenue

Additional Annual Revenue After Loses

New Leases

150,121

$2,709,877

$883,263 $73,605/mo

2025 Blended lease rate of $18.30/sf. This is 13% above 2024 average lease rates.

RENEWED LEASES

Additional Incremental Annual Revenue from Renewed Leases

Average Rental Rate Increase on Renewed Leases

Renewal Rate of Existing Leases

Specialty Leasing Revenue

Renewed Leases

$667,00 ($55,583/mo)

90%

8.2%

$198,559

LEASING HIGHLIGHTS

OUTSIZED LEASING SPREADS!

Valley Bend at Jones Farm - Huntsville, AL

Commerce Square - LaGrange, GA

$12.50/sf

$8.26/sf gross

$14.50/sf NNN – 120% Increase!

$25/sf – 100% Increase!

CONTRACTUAL RENT BUMPS:

Small shop: 5-7% per year Anchor 10-15% every five years

35 AlbaneseCormier® | 2025 Annual Report

PORTFOLIO DIVERSIFICATION

95%

Square Feet 5,330,058

Occupancy

Assets

696

States

Tenants

WASHINGTON

OR EGON

V T

I D

W I SCONS I N

M I CH I GAN

I OWA

NEVADA NV

I ND I ANA

OH I O OH I O

U T AH

I L

WE S T V I RG I N I A

I ND I ANA

WE S T V I RG I N I A

K S

K Y

CALIFORNIA

T ENNE S S E E

AR KANSAS

MISSISSIPPI

GEORG I A

MISSISSIPPI

ALABAMA

T E XAS

F LOR I DA

LOU I S I ANA LOU I S I ANA

PORTFOLIO DIVERSIFICATION

Industry Diversification by square footage

Beauty Supply 0.97% Cell Phone Stores 0.85%

Rent to Own 0.80%

Church 1.10%

Services 069% Laundry 0.10%

Tabacco/Liquor/Smoke Shop 0.53% Jewelry 0.25%

Education 1.40% Electronics 2.23% Furniture 0.92%

Retail 22.51%

Discount Retailer 16.78%

Beauty Salon 2.98% Shoe Stores 2.61% Gas Automotive 2.53% Financial Services 1.79% Entertainment 1.93%

Restaurant 8.57%

Medical 4.11% Grocery 6.22% Office 8.38%

Hardware 2.65% Fitness 2.95%

Recycle Collection 0.00% Land 0.00%

Sporting Goods 6.15%

Industry Diversification by rent

Rent to Own 0.50%

Furniture 0.58%

Services 0.61% Church 0.53% Jewelry 0.41% Laundry 0.19%

Cell Phone Stores 1.50%

Tabacco/Liquor/Smoke Shop 0.75%

Retail 20.65%

Electronics 2.22% Beauty Salon 1.50%

Restaurant 15.64%

Beauty Salon 4.47% Financial Services 3.42% Shoe Stores 2.69% Hardware 1.78% Gas Automotive 1.61% Entertainment 1.77% Education 1.47% Fitness 2.16%

Discount Retailer 10.29%

Grocery 4.04% Medical 4.91% Office 11.41%

Sporting Goods 5.14%

Recycle Collection 0.02%

Land 0.00%

37 AlbaneseCormier® | 2025 Annual Report

PORTFOLIO DIVERSIFICATION

BY RENT:

Number of Tenants

Total Occupied Square Footage

Total Monthly Base Rent

Total Annual Rent

Percent of Total Rent

Annual Square Foot Rental Rate

Sales Category

$12.46

Retail

1,128,828

$1,172,009

$14,064,109 10,652,511

20.65% 15.64% 11.41% 10.29%

24.77 18.50

Restaurant

141

429,974 420,143 841,240 308,314 206,169 149,641 311,920 89,979 130,713 111,798 147,850 132,978 96,787 127,044 42,535 70,051 48,630 26,541 34,584 45,943 55,066 39,974 12,603

887,709 647,618 584,087 291,838 278,741 253,858 229,430 193,887 152,594 126,074 122,523 101,166 100,462 85,670 85,358 83,454 76,108 42,688 34,615 32,893 30,060 28,393 23,342 10,870

Office

85 52 14 49 69 12 35 13

7,771,417 7,009,050 3,502,055 3,344,891 3,046,294 2,753,155 2,326,646 1,831,124 1,512,885 1,470,271 1,213,987 1,205,539 1,028,036 1,024,293 1,001,445

8.33

Discount Retailer Sporting Goods

11.36 16.22 20.36

5.14% 4.91% 4.47% 4.04% 3.42% 2.69% 2.22% 2.16% 1.78% 1.77% 1.51% 1.50% 1.47% 1.34% 0.75% 0.61% 0.58% 0.53% 0.50% 0.41% 0.19% 0.02% 0.00%

Medical

Beauty Salon

8.83

Grocery

25.86 14.01 13.53

Financial Services

Shoe Stores Electronics

9.94 9.13

Fitness

18 11

Hardware

12.46

Entertainment Gas Automotive Cell Phone Stores

8.09

12 18

24.08 14.30 18.78 19.30 12.01

Education

Beauty Supply

913,299 512,259 415,378 394,715 360,725 340,712 280,103 130,443 14,400

Tobacco-Liquor-Smoke Shop

8 6 2 3 5 5 4 4

Services Furniture

8.59 6.55 8.52

Church

Rent to Own

22.23 25.58

Jewelry Laundry

5,100

- -

Recycle Collection

1,200

Land

TOTAL

696

5,014,405

$5,676,645

$68,119,740

100.00% $13.58

PORTFOLIO DIVERSIFICATION

BY SQUARE FOOTAGE:

Number of Tenants

Total Occupied Square Footage

Percent of Total Sq Footage

Total Monthly Base Rent

Total Annual Rent

Sales Category

8.38%

420,143

647,618

7,771,417

Office Retail

85 98 52

22.51% 16.78%

1,128,828

$1,172,009

$14,064,109 7,009,050 10,652,511

Discount Retailer

841,240 429,974 311,920 308,314 206,169 149,641 147,850 132,978 130,713 127,044 111,798 96,787 89,979 70,051 55,066 48,630 45,943 42,535 39,974 34,584 26,541 12,603

584,087 887,709 229,430 291,838 278,741 253,858 122,523 101,166 152,594 85,670 126,074 100,462 193,887 83,454 30,060 76,108 32,893 85,358 28,393 34,615 42,688 23,342 10,870

8.57% 6.22% 6.15% 4.11% 2.98% 2.95% 2.65% 2.61% 2.53% 2.23% 1.93% 1.79% 1.40% 1.10% 0.97% 0.92% 0.85% 0.80% 0.69% 0.53% 0.25% 0.10% 0.00% 0.00%

Restaurant

141

Grocery

12 14 49 69 18 11 13 12

2,753,155 3,502,055 3,344,891 3,046,294 1,470,271 1,213,987 1,831,124 1,028,036 1,512,885 1,205,539 2,326,646 1,001,445

Sporting Goods

Medical

Beauty Salon

Fitness

Hardware Shoe Stores

Gas - Automotive

Electronics

7 6

Entertainment

Financial Services

Education

8 3

Church

360,725 913,299 394,715

Beauty Supply

Furniture

Cell Phone Stores

1,024,293

Rent to Own

5 6 8 5 4 4

340,712 415,378 512,259 280,103 130,443 14,400

Services

Tobacco-Liquor-Smoke Shop

Jewelry Laundry

5,100

Recycle Collection

1,200

Land

100.00% $5,676,645

TOTAL

696

5,014,405

$68,119,740

39 AlbaneseCormier® | 2025 Annual Report

PORTFOLIO HIGHLIGHTS

2025 PORTFOLIO HIGHLIGHTS

$984,397,650

$416,650,369

GLOBAL PORTFOLIO VALUE

GLOBAL PORTFOLIO VALUE IN EXCESS OF DEBT

$74.0M

$65.4M

$32,407,000 Global Real Estate Cash Flow After Debt Service

Global Gross Revenue

Annualized Net Operating Income

$44.1M

$122.00

95%

Operating Income

PSF For Acquisitions & Improvements

Ocuppancy %

54.6%

12.9% Real Estate Portfolio Debt Yield

1.98 Real Estate Portfolio Debt Service Coverage Ratio

Real Estate Portfolio Loan To Value

AlbaneseCormier Record Setting Result.

PORTFOLIO HIGHLIGHTS

Global Portfolio Value

Global Gross Revenue

GLOBAL PORTFOLIO VALUE

GLOBAL GROSS REVENUE

1000

717 984

950

900

850

800

750

717

709

700

649

650

612

600

2021

2022

2023

2024

2025

2021

2022

2023

2024

2025

OCCUPANCY %

Total Square Footage

Occupancy %

TOTAL SQUARE FOOTAGE

95%

6.5

94%

6.4

6.0

92%

91%

5.5

5.3

5.0

4.9

4.7

4.5

4.0

3.5

3.0

2021

2022

2023

2024

2025

2021

2022

2023

2024

2025

Operating Income GLOBAL NET OPERATING INCOME

ANNUALIZED NET OPERATING INCOME Annualized Net Operating Income

44.9

44.1

65.4

41.8

40.9

38.3

49.2

48.6

38.6

36.9

2022

2021

2022

2023

2024

2025

2023

2024

2025

41 AlbaneseCormier® | 2025 Annual Report

DEBT AND INTEREST RATE MANAGEMENT

INTEREST RATE

Outstanding Loan Balance

Percent of Loan Portfolio

Effective Rate

Total Fixed Rate

$ 207,519,737

36.55%

4.734%

Total Swap Rate

160,743,739

28.31%

5.792%

Total Floating Rate

199,483,805

35.14%

6.146%

Total Loans

$ 567,747,281

100.00%

5.530%

Rate Comparison

FLOATING 36.55%

PRIME LENDING RATE - 6.75%

1 MONTH SOFR +2% - 5.66%

SWAP 28.31%

AC EFFECTIVE RATE 5.530%

FIXED 35.14%

0% 2% 4% 6% 8% 10%

INTEREST RATE - DECEMBER, 2025

DEBT AND INTEREST RATE MANAGEMENT

MATURITIES OF LONG TERM DEBT

% Total Principal Payments and Maturities

Twelve Months Ending

Amount

December 31, 2026

$ 11,943,500

2.10%

December 31, 2027

122,968,179

21.66%

December 31, 2028

82,925,349

14.61%

December 31, 2029

63,331,878

11.15%

December 31, 2030

28,781,718

5.07%

December 31, 2031 and thereafter

257,796,657

45.41%

$567,747,281

100.00%

December 31, 2026 - 2.10%

December 31, 2027 - 21.66%

December 31, 2028 - 14.61%

December 31, 2029 - 11.15%

December 31, 2030 - 5.07%

December 31, 2031 and thereafter - 45.41%

43 AlbaneseCormier® | 2025 Annual Report

MARKETING & TECHNOLOGY PARTNERS

MARKETING & TECHNOLOGY PARTNERS AlbaneseCormier is committed to delivering maximum exposure throughout several marketing tools to reach potential tenants everywhere they search online. We also leverage technology to accomplish other tasks.

Retailstat is a full service consulting firm which analyzes the financial health of hundreds of publicly and privately held retailers.

Yardi is an innovative web based fully integrated end to end platform to manage operations, execute leasing, run analytics, and facilitate property management. Yardi is a best of breed product suite that meets all our property and accounting ends using a single database. Find Expanding Retailer’s Expansion Plans & Contact Info With Retail Lease Trac. RLT is the largest and most accurate retail tenant database in the industry. Unlimited Exports. Stores Looking For Space. Retail Space Matching. Free Access. Full Data Exporting. Demographics.

Discovery IT is an award- winning technology firm assisting AC with cyber security, network vulnerability, VOIP communications, multiple offsite data backup solutions, as well as server integration and maintenance. In today’s digital age their team monitors all our computer systems 24 /7 responding timely to any vulnerabilities, patches or user questions allowing the AC team to focus on our core business.

MARKETING & TECHNOLOGY PARTNERS

LoopNet is an online marketplace for commercial property, primarily providing commercial property listings for sale and for lease in the United States and is currently owned by commercial property data company CoStar Group.

AlbaneseCormier Loopnet Property Highlights

Total Listing Views 553K

Minutes Spent Touring Online 14.5K

Unique Prospects 337K

45 AlbaneseCormier | 2024 Annual Report

ARTIFICIAL INTELLIGENCE (AI) AT ALBANESECORMIER

At AlbaneseCormier, innovation has always been rooted in one core belief: enhancing the human experience in retail. As the industry evolves, so do the tools that support it. Over the past year, artificial intelligence (AI) has emerged as a powerful resource, helping us work smarter, move faster, and unlock new opportunities across our platform. Rather than replacing the human element that defines our company, AI has allowed our team to amplify it. SMARTER RETAIL: HOW AI IS ENHANCING OUR APPROACH Leveraging technology to enhance efficiency, elevate marketing, and support smarter decision-making across our portfolio.

Enhancing Marketing & Creative Execution AI has become an integral part of our marketing workflow, allowing us to streamline content creation, generate design concepts, and accelerate production timelines. From property branding and social media campaigns to annual report development, AI tools help our team move from concept to execution more efficiently, while maintaining the creativity and intentionality that defines the AlbaneseCormier brand. Driving Data-Informed Decisions With access to AI-powered insights, we are able to analyze market trends, tenant performance, and consumer behavior more effectively. These tools support our team in making informed decisions, whether evaluating new acquisition opportunities or optimizing existing assets.

Improving Operational Efficiency Across departments, AI is helping reduce time spent on repetitive tasks, allowing our team to focus on higher-value work. From internal communications to reporting and data organization, these efficiencies create more bandwidth for strategic thinking and collaboration. Supporting Leasing & Tenant Strategy AI is also enhancing how we approach leasing by helping identify ideal tenant mixes, track emerging retail trends, and better understand what drives foot traffic and engagement in today’s environment. This allows us to curate spaces that are not only commercially successful, but also meaningful to the communities they serve.

LOOKING AHEAD

As AI continues to evolve, AlbaneseCormier remains focused on using these tools with intention. Our goal is not to chase technology, but to leverage it in ways that enhance our people, our properties, and our partnerships. Because at the end of the day, retail is still about connection, and AI is simply helping us do it better.

SHOPS AT LEGACY NORTH - PLANO, TX

ALBANESECORMIER VALUE

DISCOUNT TO DEVELOPMENT COST

AlbaneseCormier has focused on acquiring existing assets with in-place cash flow to take advantage of our operational expertise versus pursuing timely and expensive ground up development projects. Below is a summary of the attractive basis we are seeing in acquiring existing assets compared to ground up construction.

$450

$250

$210

$173

AC Appraised Value

Avg. Development Cost/SF

Avg. Strip Center Sales Price/SF**

Avg. REIT Implied Value/SF*

* Average REIT implied per square foot based on public market valuations. Includes all strip center REIT in our coverage universe, except for AKR and FRT, due to their exposure to street retail and mixed-used assets, respectively. ** Based on Green Street’s Sales Comps database. Average price per square foot for all neighborhood., community and power center transactions year-to-date.

ALBANESECORMIER VALUE

FAVORABLE RETAIL SUPPLY DYNAMIC Strip center occupancy sits near historical peaks, landlords have successfully re-leased the space vacated by bankrupt tenants, and retailers are pushing forward with store opening plans, driving rents higher. Typically, strong fundamentals like these would lead to an increase in supply. However, since ’22, strip center development starts have been minimal, averaging just 0.3% of the existing stock per year, with expectations for them to continue at this exceptionally low rate, which is terrific news for owners. The topic of low strip center new supply has been a significant focus of discussion lately but is not entirely new. From ’01 to ’08, prior to the Global Financial Crisis, bulging new supply averaged approximately ~2.5% of the total stock annually, more than any other traditional real estate sector. In contrast, from ’09 to ’23, new supply averaged ~0.6% per year, the lowest compared to other traditional sectors, setting the stage for today’s strong fundamentals. This report reviews the history of strip center development since the turn of the century and highlights where new developments are more likely to sprout.

After the pandemic, the retail real estate industry has seen its fundamentals strengthen, with REIT management teams highlighting a supply-demand backdrop that is the best in their careers

Source: Green Street, Drawing the Line – Where and When New Developments Pencil. July 11, 2024

49 AlbaneseCormier® | 2025 Annual Report

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