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Investments in and Advances to Real Estate Joint Ventures (Tables) | 6 Months Ended
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Jun. 30, 2024
Schedule of Equity Method Investments | The table below presents unconsolidated joint venture investments for which the Company held an ownership interest at June 30, 2024 and December 31, 2023 (dollars in millions):
|  | Noncontrolling Ownership Interest |  | The Company’s Investment |
Joint Venture |  | As of June 30, 2024 |  | June 30, 2024 |  |  | December 31, 2023 |
Prudential Investment Program |  | 15.0% |  | $ | 133.7 |  |  | $ | 138.7 |
Kimco Income Opportunity Portfolio (“KIR”) |  | 52.1% |  |  | 287.1 |  |  |  | 286.3 |
R2G Venture LLC (“R2G”) (1) |  | 51.5% |  |  | 418.2 |  |  |  | - |
Canada Pension Plan Investment Board (“CPP”) |  | 55.0% |  |  | 203.9 |  |  |  | 204.6 |
Other Institutional Joint Ventures |  | Various |  |  | 242.6 |  |  |  | 247.5 |
Other Joint Venture Programs (2) |  | Various |  |  | 215.8 |  |  |  | 210.7 |
Total* |  |  |  | $ | 1,501.3 |  |  | $ | 1,087.8 |
* Represents 116 property interests, 48 other property interests and 24.8 million squ are feet of GLA, as of June 30, 2024, and 104 property interests and 21.1 million square feet of GLA, as of December 31, 2023. (1) In connection with the RPT Merger, the Company acquired ownership in an unconsolidated joint venture with an affiliate of GIC Private Limited, which has a provisional fair market value of $425.9 million at the time of Merger, representing 13 property interests. (2) In connection with the RPT Merger, the Company acquired ownership in an unconsolidated joint venture, which has a provisional fair market value of $7.4 million at the time of Merger, representing 49 other property interests.
Schedule of the Company's Share of Net Income/(Loss) | 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, 2024 and December 31, 2023 (dollars in millions):
|  | As of June 30, 2024 |  |  | As of December 31, 2023 |
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 |  | $ | 269.9 |  |  |  | 6.01 | % |  |  | 25.7 |  |  | $ | 291.6 |  |  |  | 6.00 | % |  |  | 24.6 |
KIR |  |  | 273.6 |  |  |  | 5.82 | % |  |  | 33.2 |  |  |  | 273.4 |  |  |  | 5.82 | % |  |  | 39.2 |
R2G (1) |  |  | 67.7 |  |  |  | 2.90 | % |  |  | 80.7 |  |  |  | - |  |  |  | - |  |  |  | - |
CPP |  |  | 81.3 |  |  |  | 5.12 | % |  |  | 25.1 |  |  |  | 81.9 |  |  |  | 5.12 | % |  |  | 31.0 |
Other Institutional Joint Ventures |  |  | 234.4 |  |  |  | 5.76 | % |  |  | 29.7 |  |  |  | 234.1 |  |  |  | 5.76 | % |  |  | 35.7 |
Other Joint Venture Programs (2) |  |  | 550.0 |  |  |  | 5.07 | % |  |  | 45.5 |  |  |  | 367.9 |  |  |  | 4.44 | % |  |  | 59.6 |
Total |  | $ | 1,476.9 |  |  |  |  |  |  |  |  | $ | 1,248.9 |  |  |  |  |  |  |
* Includes extension options (1) In connection with the RPT Merger, the Company acquired an ownership interest in this joint venture, which had aggregate secured deb t of $66.7 million (including a fair market value adjustment of $14.4 million). (2) In connection with the RPT Merger, the Company acquired an ownership interest in a joint venture, which had aggregate secured debt of $187.1 million (including a fair market value adjustment of $3.2 million).
Joint Ventures [Member] |
Schedule of Equity Method Investments | 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, 2024 and 2023 (in millions):
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
Joint Venture |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Prudential Investment Program |  | $ | 4.1 |  |  | $ | 2.2 |  |  | $ | 6.4 |  |  | $ | 12.1 |
KIR |  |  | 8.7 |  |  |  | 8.5 |  |  |  | 18.4 |  |  |  | 17.8 |
R2G |  | 2.5 |  |  |  | - |  |  | 4.2 |  |  |  | - |
CPP |  |  | 2.4 |  |  |  | 2.7 |  |  |  | 4.6 |  |  |  | 5.4 |
Other Institutional Joint Ventures |  |  | 1.0 |  |  |  | 0.8 |  |  |  | 2.4 |  |  |  | 1.5 |
Other Joint Venture Programs |  |  | 2.8 |  |  |  | 2.9 |  |  |  | 6.4 |  |  |  | 4.5 |
Total |  | $ | 21.5 |  |  | $ | 17.1 |  |  | $ | 42.4 |  |  | $ | 41.3 |

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