Investments in Unconsolidated Real Estate Ventures (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2026

Dec. 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 Became Operational		Equity Ownership%		June 30, 2026		December 31, 2025
Toronto(1)		Toronto, Ontario		June 2025		50%	$	3,653,653	$	4,160,699
Toronto II(1)		Toronto, Ontario		April 2025		50%		4,688,860		5,254,183
Dorval(1)		Dorval, Quebec		June 2025		50%		2,570,895		3,106,052
Hamilton(1)		Hamilton, Ontario		October 2024		50%		1,764,341		2,131,495
Montreal(1)		Montreal, Quebec		May 2026		50%		3,997,707		9,860,516
							$	16,675,456	$	24,512,945

(1) As of June 30, 2026, these five JV Properties were encumbered by first mortgages pursuant to the SmartCentres Financing (defined below).

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 %			December 31, 2025		December 31, 2024
Toronto(1)	Toronto, Ontario	April 2021	June 2025		50	%	$	4,160,699	$	3,708,283
Toronto II(1)	Toronto, Ontario	December 2021	April 2025		50	%		5,254,183		5,413,629
Dorval(1)	Dorval, Quebec	February 2023	June 2025		50	%		3,106,052		2,569,669
Hamilton(1)	Hamilton, Ontario	November 2023	October 2024		50	%		2,131,495		2,459,972
Montreal	Montreal, Quebec	January 2024	Under development		50	%		9,860,516		4,055,582
							$	24,512,945	$	18,207,135

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