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Investments in and Advances to Real Estate Joint Ventures
 6 Months Ended
Jun. 30, 2025
Notes To Financial Statements [Abstract]  
Investments and Advances In Real Estate Joint Ventures

5. Investments in and Advances to Real Estate Joint Ventures

The Company has investments in and advances to various real estate joint ventures. These joint ventures are engaged primarily in the operation of shopping centers which are either owned or held under long-term operating leases. The Company and the joint venture partners have joint approval rights for major decisions, including those regarding property operations. As such, the Company holds noncontrolling interests in these joint ventures and accounts for them under the equity method of accounting. The Company manages certain of these joint venture investments and, where applicable, earns acquisition fees, leasing commissions, property management fees, asset management fees and construction management fees. The table below presents unconsolidated joint venture investments for which the Company held an ownership interest at June 30, 2025 and December 31, 2024 (in millions, except number of properties and GLA):

 

 

Noncontrolling
Ownership Interest

 

The Company’s Investment

 

Joint Venture

 

As of June 30, 2025

 

June 30, 2025

 

 

December 31, 2024

 

Prudential Investment Program

 

15.0%

 

$

127.5

 

 

$

133.3

 

Kimco Income Opportunity Portfolio (“KIR”)

 

52.1%

 

 

287.0

 

 

 

289.1

 

R2G Venture LLC (“R2G”)

 

51.5%

 

 

407.5

 

 

 

411.8

 

Canada Pension Plan Investment Board (“CPP”)

 

55.0%

 

 

203.3

 

 

 

202.8

 

Other Institutional Joint Ventures

 

Various

 

 

232.6

 

 

 

237.7

 

Other Joint Venture Programs

 

Various

 

 

209.0

 

 

 

213.0

 

Total*

 

 

 

$

1,466.9

 

 

$

1,487.7

 

 

* Represents 115 property interests, 48 other property interests and 24.9 million square feet of GLA, as of June 30, 2025, and 116 property interests, 48 other property interests and 25.1 million square feet of GLA, as of December 31, 2024.

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, 2025 and 2024 (in millions):

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

Joint Venture

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Prudential Investment Program

 

$

2.3

 

 

$

4.1

 

 

$

5.4

 

 

$

6.4

 

KIR

 

 

8.2

 

 

 

8.7

 

 

 

18.3

 

 

 

18.4

 

R2G

 

 

2.0

 

 

 

2.5

 

 

 

4.3

 

 

4.2

 

CPP

 

 

3.0

 

 

 

2.4

 

 

 

6.2

 

 

 

4.6

 

Other Institutional Joint Ventures

 

 

1.0

 

 

 

1.0

 

 

 

2.1

 

 

 

2.4

 

Other Joint Venture Programs (1)

 

 

7.5

 

 

 

2.8

 

 

 

10.4

 

 

 

6.4

 

Total

 

$

24.0

 

 

$

21.5

 

 

$

46.7

 

 

$

42.4

 
(1)
During the three months ended June 30, 2025, the Company recognized $4.7 million of equity in income related to the restructuring of a joint venture.

 

During the six months ended June 30, 2025, certain of the Company’s real estate joint ventures disposed of an operating property and a land parcel, in separate transactions, for an aggregate sales price of $39.8 million. These transactions resulted in an aggregate net gain to the Company of $0.8 million for the six months ended June 30, 2025, which is included in Equity in income of joint ventures, net on the Company’s Condensed Consolidated Statements of Income.

 

During the six months ended June 30, 2024, certain of the Company’s real estate joint ventures disposed of an operating property and other property interest, in separate transactions, for an aggregate sales price of $19.2 million. These transactions resulted in an aggregate net gain to the Company of $1.4 million for the six months ended June 30, 2024, which is included in Equity in income of joint ventures, net on the Company’s Condensed Consolidated Statements of Income.

 

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, 2025 and December 31, 2024 (dollars in millions):

 

 

As of June 30, 2025

 

 

As of December 31, 2024

 

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

 

$

266.9

 

 

 

5.38

%

 

 

26.3

 

 

$

268.5

 

 

 

5.47

%

 

 

19.6

 

KIR

 

 

274.1

 

 

 

4.70

%

 

 

21.2

 

 

 

273.9

 

 

 

5.82

%

 

 

27.2

 

R2G

 

 

69.7

 

 

 

2.90

%

 

 

68.7

 

 

 

68.7

 

 

 

2.90

%

 

 

74.6

 

CPP

 

 

80.0

 

 

 

4.88

%

 

 

13.1

 

 

 

80.6

 

 

 

4.88

%

 

 

19.0

 

Other Institutional Joint Ventures

 

 

235.1

 

 

 

5.31

%

 

 

17.7

 

 

 

234.7

 

 

 

5.76

%

 

 

23.7

 

Other Joint Venture Programs

 

 

542.3

 

 

 

5.00

%

 

 

36.3

 

 

 

547.3

 

 

 

4.98

%

 

 

40.8

 

Total

 

$

1,468.1

 

 

 

 

 

 

 

 

$

1,473.7

 

 

 

 

 

 

 

 

* Includes extension options