Investments in Unconsolidated Real Estate Ventures (Tables)

3 Months Ended

Mar. 31, 2025

Equity Method Investments and Joint Ventures [Abstract]

Summary of Investments in Unconsolidated Real Estate Ventures

The Company's investments in unconsolidated real estate ventures are summarized as follows:

					Carrying Value of Investment
	Location	Date Real Estate Venture Acquired Land	Date Real Estate Venture Became Operational	Equity Ownership %	March 31, 2025		December 31, 2024
Toronto (1)	Toronto, Ontario	April 2021	Under development	50%	$	3,779,944	$	3,708,283
Toronto II (1)	Toronto, Ontario	December 2021	Under development(2)	50%		5,506,674		5,413,629
Dorval (1)	Dorval, Quebec	February 2023	Under development	50%		2,807,964		2,569,669
Hamilton (1)	Hamilton, Ontario	November 2023	October 2024	50%		2,447,960		2,459,972
Montreal	Montreal, Quebec	January 2024	Under development	50%		4,452,524		4,055,582
					$	18,995,066	$	18,207,135

(1)As of March 31, 2025, these four JV Properties were encumbered by first mortgages pursuant to the SmartCentres Financing (defined below).

(2)On April 16, 2025, we commenced operations on the Toronto II JV Property.