Investment In and Advances to Real Estate Joint Ventures (Tables)

12 Months Ended

Dec. 31, 2024

Schedule of Equity Method Investments

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

	Noncontrolling	The Company's Investment
	Ownership Interest	December 31,
Joint Venture	December 31, 2024	2024		2023
Prudential Investment Program	15.0%	$	133.3	$	138.7
Kimco Income Opportunity Portfolio (“KIR”)	52.1%		289.1		286.3
R2G Venture LLC (“R2G”) (1)	51.5%		411.8		-
Canada Pension Plan Investment Board (“CPP”)	55.0%		202.8		204.6
Other Institutional Joint Ventures	Various		237.7		247.5
Other Joint Venture Programs (2)	Various		213.0		210.7
Total*		$	1,487.7	$	1,087.8

* Representing 116 property interests, 48 other property interests and 25.1 million square feet of GLA, as of December 31, 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 had a 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 had a 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 December 31, 2024 and 2023 (dollars in millions):

	December 31, 2024							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	$	268.5		5.47	%		19.6	$	291.6		6.00	%		24.6
KIR		273.9		5.82	%		27.2		273.4		5.82	%		39.2
R2G (1)		68.7		2.90	%		74.6		-		-			-
CPP		80.6		4.88	%		19.0		81.9		5.12	%		31.0
Other Institutional Joint Ventures		234.7		5.76	%		23.7		234.1		5.76	%		35.7
Other Joint Venture Programs (2)		547.3		4.98	%		40.8		367.9		4.44	%		59.6
Total	$	1,473.7						$	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).

Summary of Financial Information Balance Sheets

The following table shows summarized financial information for KIR, as follows (in millions):

	December 31,
	2024		2023
Assets:
Real estate, net	$	659.3	$	669.2
Other assets, net		90.8		67.5
Total Assets	$	750.1	$	736.7
Liabilities and Members’ Capital:
Notes payable, net	$	273.9	$	273.4
Other liabilities		14.1		15.9
Accumulated other comprehensive income		4.2		0.6
Members’ capital		457.9		446.8
Total Liabilities and Members’ Capital	$	750.1	$	736.7

Summarized financial information for the Company’s investment in and advances to all other real estate joint ventures is as follows (in millions):

	December 31,
	2024		2023
Assets:
Real estate, net	$	4,260.0	$	3,156.2
Other assets, net		231.4		251.6
Total Assets	$	4,491.4	$	3,407.8
Liabilities and Members’ Capital:
Notes payable, net	$	309.2	$	159.9
Mortgages payable, net		890.6		815.6
Other liabilities		119.4		70.9
Accumulated other comprehensive income		2.4		5.1
Noncontrolling interests		-		34.4
Members’ capital		3,169.8		2,321.9
Total Liabilities and Members’ Capital	$	4,491.4	$	3,407.8

Summary of Financial Information Income Statements

	Year Ended December 31,
	2024			2023			2022
Revenues, net	$	179.3		$	174.1		$	182.5
Operating expenses		(47.2	)		(46.7	)		(48.2	)
Depreciation and amortization		(40.3	)		(38.5	)		(39.4	)
Gain on sale of properties		-			-			76.2
Interest expense		(16.8	)		(16.8	)		(15.5	)
Other expense, net		-			(0.6	)		(1.2	)
Net income	$	75.0		$	71.5		$	154.4

	Year Ended December 31,
	2024			2023			2022
Revenues, net	$	498.2		$	378.4		$	395.2
Operating expenses		(161.2	)		(126.6	)		(126.9	)
Impairment charges		(0.1	)		(17.8	)		(21.1	)
Depreciation and amortization		(163.2	)		(108.2	)		(119.0	)
Gain on sale of properties		7.7			48.0			24.7
Interest expense		(70.7	)		(55.4	)		(38.6	)
Other income/(expense), net		3.3			(6.4	)		(6.2	)
Net income	$	114.0		$	112.0		$	108.1

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 Consolidated Statements of Income (in millions):

	Year Ended December 31,
	2024		2023		2022
Prudential Investment Program (1)	$	11.9	$	16.4	$	9.6
KIR		36.6		34.7		70.3
R2G		9.0		-		-
CPP		9.9		8.7		10.6
Other Institutional Joint Ventures		3.7		2.6		7.0
Other Joint Venture Programs		12.7		9.9		12.0
Total	$	83.8	$	72.3	$	109.5

(1)During 2022, the Prudential Investment Program recognized an impairment charge on a property of $15.1 million, of which the Company’s share was $2.3 million.