Investments in Unconsolidated Real Estate Joint Ventures (Tables)

3 Months Ended

Mar. 31, 2026

Investments In Unconsolidated Real Estate Joint Ventures [Abstract]

We have an ownership interest in the following unconsolidated real estate joint ventures:


As of March 31, 2026
Joint Venture	Center Location	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	$	64.8	—

Investments included in other liabilities:
Charlotte(2)	Charlotte, NC	50.0	%	399	(20.7)		$	95.3
National Harbor(2)	National Harbor, MD	50.0	%	341	(12.4)		89.8
Galveston/Houston (2)	Texas City, TX	50.0	%	353	(13.9)		59.3
Columbus(2)	Columbus, OH	50.0	%	355	(7.2)		70.5
		50.0	%	1,448	$	(54.2)	$	314.9


As of December 31, 2025
Joint Venture	Center Location	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(2)	Columbus, OH	50.0	%	355	(6.1)		70.5
		50.0	%	1,448	$	(51.9)	$	315.7

(1)Net of debt origination costs of $1.6 million as of March 31, 2026 and $1.7 million as of December 31, 2025.

(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 Development, Loan Guarantee, Management, Leasing, and Marketing Fees Paid By Unconsolidated JVs

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


	Three months ended
	March 31,
	2026		2025
Fee:
Management and marketing	$	589	$	563
Leasing and other fees	71		89
Expense reimbursements from unconsolidated joint ventures	1,230		1,322
Total Fees	$	1,890	$	1,974

Summary Financial Information of Unconsolidated JVs Balance Sheet


	March 31, 2026		December 31, 2025
Assets
Land	$	78,996	$	79,571
Buildings, improvements and fixtures	469,568		471,946
Construction in progress	1,415		1,125
	549,979		552,642
Accumulated depreciation	(236,949)		(233,933)
Total rental property, net	313,030		318,709
Cash and cash equivalents	14,582		19,369
Deferred lease costs and other intangibles, net	2,622		2,699
Prepaids and other assets	10,132		12,034
Total assets	$	340,366	$	352,811
Liabilities and Owners’ Equity
Mortgages payable, net	$	314,960	$	315,747
Accounts payable and other liabilities	13,703		15,844
Total liabilities	328,663		331,591
Owners’ equity	11,703		21,220
Total liabilities and owners’ equity	$	340,366	$	352,811

Summary Financial Information Of Unconsolidated JVs Statements of Operations


	Three months ended
Condensed Combined Statements of Operations - Unconsolidated Joint Ventures	March 31,
	2026		2025
Revenues	$	25,158	$	23,644
Expenses:
Property operating	9,681		8,947
General and administrative	23		—



Depreciation and amortization	4,698		5,690
Total expenses	14,402		14,637
Other income (expense):
Interest expense	(4,024)		(4,431)

Other income	143		162
Total other expense	(3,881)		(4,269)
Net income	$	6,875	$	4,738
The Company and Operating Partnership’s share of:
Net income	$	3,442	$	2,399
Depreciation and amortization (real estate related)	$	2,345	$	2,860