Investments in Unconsolidated Real Estate Ventures (Tables)

9 Months Ended

Sep. 30, 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 %	September 30, 2025		December 31, 2024
Toronto (1)	Toronto, Ontario	April 2021	June 2025	50%	$	4,372,525	$	3,708,283
Toronto II (1)	Toronto, Ontario	December 2021	April 2025	50%		5,362,742		5,413,629
Dorval (1)	Dorval, Quebec	February 2023	June 2025	50%		3,315,394		2,569,669
Hamilton (1)	Hamilton, Ontario	November 2023	October 2024	50%		2,259,029		2,459,972
Montreal	Montreal, Quebec	January 2024	Under development	50%		7,235,512		4,055,582
					$	22,545,202	$	18,207,135

(1)As of September 30, 2025, these four JV Properties were encumbered by first mortgages pursuant to the SmartCentres Financing (defined below).