Investments in and Advances to Joint Ventures

3 Months Ended

Mar. 31, 2024

Equity Method Investments and Joint Ventures [Abstract]

Investments in and Advances to Joint Ventures

3.Investments in and Advances to Joint Ventures

At March 31, 2024 and December 31, 2023, the Company had ownership interests in various unconsolidated joint ventures that had investments in 13 shopping center properties. The changes to Investments in and Advances to Joint Ventures are as follows (in thousands):

Balance, December 31, 2023	$	39,372
Equity in net loss		(153	)
Amortization of basis differentials		170
Repayment of advances		(730	)
Capitalized costs		44
Change in fair value of derivative		(96	)
Balance, March 31, 2024	$	38,607

A reconciliation of the consolidated joint venture equity is as follows (in thousands):

	March 31, 2024			December 31, 2023
Company's share of accumulated equity	$	35,365		$	35,782
Basis differentials		1,367			1,099
Deferred development fees, net of portion related to the Company's interest		(132	)		(136	)
Amounts payable to the Company		2,007			2,627
Investments in and Advances to Joint Ventures, net	$	38,607		$	39,372

Revenues earned by the Company for providing asset management, property management and leasing and development services to all of the Company’s unconsolidated joint ventures were $1.4 million and $1.8 million for the three months ended March 31, 2024 and 2023, respectively.