Investments in and Advances to Joint Ventures (Tables)

12 Months Ended

Dec. 31, 2024

Schedule Of Equity Method Investments [Line Items]

Summary of Company's Equity Method Joint Ventures Included in Investments in and Advances

Unconsolidated Real Estate Ventures	Partner	Effective Ownership Percentage	Operating Properties
Dividend Trust Portfolio JV LP	Chinese Institutional Investors	20.0%	10
RVIP IIIB, Deer Park, IL	Prudential	25.75	1

Condensed Combined Financial Information of Company's Unconsolidated Joint Venture Investments

Condensed combined financial information of the Company’s unconsolidated joint venture investments is as follows (in thousands):

	December 31,
	2024			2023
Condensed Combined Balance Sheets
Land	$	159,567		$	180,588
Buildings		494,062			558,585
Fixtures and tenant improvements		55,526			58,626
		709,155			797,799
Less: Accumulated depreciation		(166,534	)		(187,557	)
		542,621			610,242
Construction in progress and land		352			1,616
Real estate, net		542,973			611,858
Cash and restricted cash		25,750			41,250
Receivables, net		9,660			9,847
Other assets, net		17,823			25,498
	$	596,206		$	688,453
Mortgage debt	$	426,462		$	464,255
Notes and accrued interest payable to the Company		1,894			2,627
Other liabilities		32,533			36,279
		460,889			503,161
Accumulated equity		135,317			185,292
	$	596,206		$	688,453
Company’s share of accumulated equity	$	26,016		$	35,782
Basis differentials		2,521			1,099
Deferred development fees, net of portion related to the Company’s interest		—			(136	)
Amounts payable to the Company		1,894			2,627
Investments in and advances to joint ventures, net	$	30,431		$	39,372

Schedule of Fee and Other Income

Revenues earned by the Company related to all of the Company’s unconsolidated joint ventures are as follows (in millions):

	For the Year Ended December 31,
	2024		2023		2022
Revenue from contracts:
Asset and property management fees	$	5.1	$	5.7	$	7.7
Leasing commissions and development fees		0.2		0.4		1.9
		5.3		6.1		9.6
Other		0.2		0.7		1.0
	$	5.5	$	6.8	$	10.6

Unconsolidated Joint Ventures [Member]

Schedule Of Equity Method Investments [Line Items]

Condensed Combined Statements of Operations of Unconsolidated Joint Venture Investments

	For the Year Ended December 31,
	2024			2023			2022
Condensed Combined Statements of Operations
Revenues from operations	$	81,967		$	92,479		$	132,494
Expenses from operations:
Operating expenses		21,312			23,903			35,319
Impairment charges		—			—			17,550
Depreciation and amortization		26,948			32,578			46,518
Interest expense		31,811			25,601			34,055
Other (income) expense, net		6,639			10,467			12,303
		86,710			92,549			145,745
Loss before gain on disposition of real estate		(4,743	)		(70	)		(13,251	)
Gain on disposition of real estate, net		10,354			21,316			120,097
Net income attributable to unconsolidated joint ventures	$	5,611		$	21,246		$	106,846
Company’s share of equity in net income of joint ventures	$	1,465		$	4,581		$	22,262
Basis differential adjustments(A)		(1,383	)		1,996			5,630
Equity in net income of joint ventures	$	82		$	6,577		$	27,892

(A)The difference between the Company’s share of net income, as reported above, and the amounts included in the Company’s consolidated statements of operations is attributable to the amortization of basis differentials, the recognition of deferred gains and differences in gain (loss) on sale of certain assets recognized due to the basis differentials.