Investments in and Advances to Real Estate Joint Ventures (Tables)

6 Months Ended

Jun. 30, 2024

Schedule of Equity Method Investments

The table below presents unconsolidated joint venture investments for which the Company held an ownership interest at June 30, 2024 and December 31, 2023 (dollars in millions):

	Noncontrolling Ownership Interest	The Company’s Investment
Joint Venture	As of June 30, 2024	June 30, 2024		December 31, 2023
Prudential Investment Program	15.0%	$	133.7	$	138.7
Kimco Income Opportunity Portfolio (“KIR”)	52.1%		287.1		286.3
R2G Venture LLC (“R2G”) (1)	51.5%		418.2		-
Canada Pension Plan Investment Board (“CPP”)	55.0%		203.9		204.6
Other Institutional Joint Ventures	Various		242.6		247.5
Other Joint Venture Programs (2)	Various		215.8		210.7
Total*		$	1,501.3	$	1,087.8

* Represents 116 property interests, 48 other property interests and 24.8 million square feet of GLA, as of June 30, 2024, and 104 property interests and 21.1 million square feet of GLA, as of December 31, 2023.

(1)In connection with the RPT Merger, the Company acquired ownership in an unconsolidated joint venture with an affiliate of GIC Private Limited, which has a provisional fair market value of $425.9 million at the time of Merger, representing 13 property interests.

(2)In connection with the RPT Merger, the Company acquired ownership in an unconsolidated joint venture, which has a provisional fair market value of $7.4 million at the time of Merger, representing 49 other property interests.

Schedule of the Company's Share of Net Income/(Loss)

The table below presents debt balances within the Company’s unconsolidated joint venture investments for which the Company held noncontrolling ownership interests at June 30, 2024 and December 31, 2023 (dollars in millions):

	As of June 30, 2024							As of December 31, 2023
Joint Venture	Mortgages and Notes Payable, Net		Weighted Average Interest Rate			Weighted Average Remaining Term (months)*		Mortgages and Notes Payable, Net		Weighted Average Interest Rate			Weighted Average Remaining Term (months)*
Prudential Investment Program	$	269.9		6.01	%		25.7	$	291.6		6.00	%		24.6
KIR		273.6		5.82	%		33.2		273.4		5.82	%		39.2
R2G (1)		67.7		2.90	%		80.7		-		-			-
CPP		81.3		5.12	%		25.1		81.9		5.12	%		31.0
Other Institutional Joint Ventures		234.4		5.76	%		29.7		234.1		5.76	%		35.7
Other Joint Venture Programs (2)		550.0		5.07	%		45.5		367.9		4.44	%		59.6
Total	$	1,476.9						$	1,248.9

* Includes extension options

(1)In connection with the RPT Merger, the Company acquired an ownership interest in this joint venture, which had aggregate secured debt of $66.7 million (including a fair market value adjustment of $14.4 million).

(2)In connection with the RPT Merger, the Company acquired an ownership interest in a joint venture, which had aggregate secured debt of $187.1 million (including a fair market value adjustment of $3.2 million).

Joint Ventures [Member]

Schedule of Equity Method Investments

The table below presents the Company’s share of net income for the above investments, which is included in Equity in income of joint ventures, net on the Company’s Condensed Consolidated Statements of Income for the three and six months ended June 30, 2024 and 2023 (in millions):

	Three Months Ended June 30,				Six Months Ended June 30,
Joint Venture	2024		2023		2024		2023
Prudential Investment Program	$	4.1	$	2.2	$	6.4	$	12.1
KIR		8.7		8.5		18.4		17.8
R2G	2.5			-	4.2			-
CPP		2.4		2.7		4.6		5.4
Other Institutional Joint Ventures		1.0		0.8		2.4		1.5
Other Joint Venture Programs		2.8		2.9		6.4		4.5
Total	$	21.5	$	17.1	$	42.4	$	41.3