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Investments in Unconsolidated Real Estate Joint Ventures
12 Months Ended
Dec. 31, 2025
Equity Method Investments and Joint Ventures [Abstract]  
Investments in Unconsolidated Real Estate Joint Ventures Investments in Unconsolidated Real Estate Joint Ventures
The equity method of accounting is used to account for each of the individual joint ventures. We have an ownership interest in the following unconsolidated real estate joint ventures:
As of December 31, 2025
Joint Venture
Center Locations
Ownership %Square Feet
(in 000's)
Carrying Value of Investment (in millions)
Total Joint Venture Debt, Net
(in millions) (1)
Investments included in investments in unconsolidated joint ventures:
RioCan Canada
Ontario, Canada
50.0 %665 $64.9 $— 
Investments included in other liabilities:
Charlotte (2)
Charlotte, NC50.0 %399 $(20.5)$95.8 
National Harbor (2)
National Harbor, MD50.0 %341 (12.0)90.2 
Galveston/Houston (2)
Texas City, TX50.0 %353 (13.3)59.2 
ColumbusColumbus, OH50.0 %355 (6.1)70.5 
$(51.9)$315.7 
As of December 31, 2024
Joint Venture
Center Locations
Ownership %Square Feet
(in 000's)
Carrying Value of Investment (in millions)
Total Joint Venture Debt, Net
(in millions) (1)
Investments included in investments in unconsolidated joint ventures:
RioCan Canada
Ontario, Canada
50.0 %665 $65.7 $— 
Investments included in other liabilities:
Charlotte (2)
Charlotte, NC50.0 %399 $(21.3)$97.6 
National Harbor (2)
National Harbor, MD50.0 %341 (11.1)91.8 
Galveston/Houston (2)
Texas City, TX50.0 %353 (13.3)57.4 
ColumbusColumbus, OH50.0 %355 (5.0)70.4 
$(50.7)$317.2 
(1)Net of debt origination costs of $1.7 million and $1.6 million as of December 31, 2025 and 2024, respectively.
(2)We separately report investments in joint ventures for which accumulated distributions have exceeded investments in and our share of net income or loss of the joint ventures within other liabilities in the consolidated balance sheets because we are committed and intend to provide further financial support to these joint ventures. The negative carrying value is due to the distributions of proceeds from mortgage loans and quarterly distributions of excess cash flow exceeding the original contributions from the partners and equity in earnings of the joint ventures.