Investments in and Advances to Joint Ventures

6 Months Ended

Jun. 30, 2025

Equity Method Investments and Joint Ventures [Abstract]

Investments in and Advances to Joint Ventures

At both June 30, 2025 and December 31, 2024, the Company had ownership interests in various unconsolidated joint ventures that had investments in 11 shopping center properties. Condensed combined financial information of the Company’s unconsolidated joint ventures is as follows (in thousands):


	June 30, 2025			December 31, 2024
Condensed Combined Balance Sheets
Land	$	159,567		$	159,567
Buildings		496,012			494,062
Fixtures and tenant improvements		58,248			55,526
		713,827			709,155
Less: Accumulated depreciation		(176,534	)		(166,534	)
		537,293			542,621
Construction in progress and land		13			352
Real estate, net		537,306			542,973
Cash and restricted cash		32,654			25,750
Receivables, net		8,320			9,660
Other assets, net		16,786			17,823
	$	595,066		$	596,206

Mortgage debt	$	427,920		$	426,462
Notes and accrued interest payable to the Company		1,977			1,894
Other liabilities		32,090			32,533
		461,987			460,889
Accumulated equity		133,079			135,317
	$	595,066		$	596,206

Company's share of accumulated equity	$	25,527		$	26,016
Basis differentials		2,391			2,521
Amounts payable to the Company		1,977			1,894
Investments in and advances to joint ventures, net	$	29,895		$	30,431


	Three Months						Six Months
	Ended June 30,						Ended June 30,
	2025			2024			2025			2024
Condensed Combined Statements of Operations
Revenues from operations	$	20,629		$	21,249		$	41,554		$	43,303
Expenses from operations:
Operating expenses		4,904			5,606			10,086			11,474
Depreciation and amortization		6,340			6,785			12,384			13,930
Interest expense		8,080			7,902			16,088			16,173
Other expense, net		1,394			2,048			2,782			3,944
		20,718			22,341			41,340			45,521
Income (loss) before loss on disposition of real estate		(89	)		(1,092	)		214			(2,218	)
Gain on disposition of real estate, net		5			8,426			1			8,397
Net income (loss) attributable to unconsolidated joint ventures	$	(84	)	$	7,334		$	215		$	6,179
Company's share of equity in net income (loss) of joint ventures	$	(52	)	$	(1,070	)	$	2		$	(1,223	)
Basis differential adjustments(A)		(16	)		1,131			(31	)		1,301
Equity in net income (loss) of joint ventures	$	(68	)	$	61		$	(29	)	$	78

(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.

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 $1.2 million and $2.4 million and $1.4 million and $2.8 million for the three and six months ended June 30, 2025 and 2024, respectively.

Disposition of Shopping Centers

In May 2024, the Company acquired one asset previously owned by the DDRM Properties Joint Venture (Meadowmont Village, Chapel Hill, North Carolina) for $44.2 million and stepped up its 20% interest due to a change in control. The transaction resulted in a Gain on sale and change in control of interests of $2.7 million. In June 2024, the DDRM Properties Joint Venture sold one asset (Hilltop Plaza, Richmond, California) for $36.5 million. There are no remaining assets in this joint venture.