Investments in Unconsolidated Real Estate Joint Ventures (Tables)

12 Months Ended

Dec. 31, 2025

Equity Method Investments and Joint Ventures [Abstract]

The equity method of accounting is used to account for each of the individual joint ventures. We have an ownership interest in the following unconsolidated real estate joint ventures:


As of December 31, 2025
Joint Venture	Center Locations	Ownership %		Square Feet (in 000's)	Carrying Value of Investment (in millions)		Total Joint Venture Debt, Net (in millions) (1)
Investments included in investments in unconsolidated joint ventures:
RioCan Canada	Ontario, Canada	50.0	%	665	$	64.9	$	—


Investments included in other liabilities:
Charlotte (2)	Charlotte, NC	50.0	%	399	$	(20.5)	$	95.8
National Harbor (2)	National Harbor, MD	50.0	%	341	(12.0)		90.2
Galveston/Houston (2)	Texas City, TX	50.0	%	353	(13.3)		59.2
Columbus	Columbus, OH	50.0	%	355	(6.1)		70.5
					$	(51.9)	$	315.7


As of December 31, 2024
Joint Venture	Center Locations	Ownership %		Square Feet (in 000's)	Carrying Value of Investment (in millions)		Total Joint Venture Debt, Net (in millions) (1)
Investments included in investments in unconsolidated joint ventures:

RioCan Canada	Ontario, Canada	50.0	%	665	$	65.7	$	—

Investments included in other liabilities:
Charlotte (2)	Charlotte, NC	50.0	%	399	$	(21.3)	$	97.6
National Harbor (2)	National Harbor, MD	50.0	%	341	(11.1)		91.8
Galveston/Houston (2)	Texas City, TX	50.0	%	353	(13.3)		57.4
Columbus	Columbus, OH	50.0	%	355	(5.0)		70.4
					$	(50.7)	$	317.2

(1)Net of debt origination costs of $1.7 million and $1.6 million as of December 31, 2025 and 2024, respectively.

(2)We separately report investments in joint ventures for which accumulated distributions have exceeded investments in and our share of net income or loss of the joint ventures within other liabilities in the consolidated balance sheets because we are committed and intend to provide further financial support to these joint ventures. The negative carrying value is due to the distributions of proceeds from mortgage loans and quarterly distributions of excess cash flow exceeding the original contributions from the partners and equity in earnings of the joint ventures.

Schedule of fees we received for various services provided to our unconsolidated joint ventures

Fees we received for various services provided to our unconsolidated joint ventures were recognized in management, leasing and other services as follows (in thousands):


	Year Ended December 31,
	2025		2024		2023
Fees:
Management and marketing	$	2,360	$	2,344	$	2,196
Leasing and other fees	384		335		330
Expense reimbursements from unconsolidated joint ventures	5,407		5,060		4,881
Total Fees	$	8,151	$	7,739	$	7,407

Summary Financial Information of Unconsolidated JVs Balance Sheet

Condensed combined summary financial information of joint ventures accounted for using the equity method as of December 31, 2025 and 2024 and for the years ended December 31, 2025, 2024 and 2023 is as follows (in thousands):


Condensed Combined Balance Sheets - Unconsolidated Joint Ventures	2025		2024
Assets
Land	$	79,571	$	79,920
Buildings, improvements and fixtures	471,946		459,148
Construction in progress	1,125		1,051
	552,642		540,119
Accumulated depreciation	(233,933)		(214,826)
Total rental property, net	318,709		325,293
Cash and cash equivalents	19,369		17,480
Deferred lease costs, net	2,699		1,841
Prepaids and other assets	12,034		10,137
Total assets	$	352,811	$	354,751
Liabilities and Owners' Equity
Mortgages payable, net	$	315,747	$	317,191
Accounts payable and other liabilities	15,844		14,670
Total liabilities	331,591		331,861
Owners' equity	21,220		22,890
Total liabilities and owners' equity	$	352,811	$	354,751

Summary Financial Information Of Unconsolidated JVs Statements of Operations


Condensed Combined Statements of Operations- Unconsolidated Joint Ventures:	Year Ended December 31,
	2025		2024		2023
Revenues	$	100,656	$	94,251	$	90,616
Expenses:
Property operating	36,920		35,475		35,212
General and administrative	55		67		334


Depreciation and amortization	19,597		18,512		20,728
Total expenses	56,572		54,054		56,274

Other income (expense):
Interest expense	(17,501)		(18,214)		(18,107)

Other non-operating income	546		764		549
Total other income (expense)	$	(16,955)	$	(17,450)	$	(17,558)
Net income	$	27,129	$	22,747	$	16,784
The Company and Operating Partnership's share of:
Net income	$	13,580	$	11,289	$	8,240
Depreciation, amortization and asset impairments (real estate related)	$	9,790	$	9,334	$	10,514