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Other Investments | 12 Months Ended
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Dec. 31, 2024
Debt Disclosure [Abstract] |
Other Investments | 8. Other Investments: The Company has provided capital to owners and developers of real estate properties through its Preferred Equity program, which is included in Other investments on the Company’s Consolidated Balance Sheets. In addition, the Company has invested capital in structured investments, which are primarily accounted for on the equity method of accounting. As of December 31, 2024, the Company’s other investments wer e $107.3 million, of which the Company’s net investment under the Preferred Equity program was $70.1 million. As of December 31, 2023, the Company’s Other investments were $144.1 million, of which the Company’s net investment under the Preferred Equity program was $104.1 million. During 2024, 2023 and 2022, the Company recognized equity in income of $13.8 mil lion, $11.1 million and $16.9 million, respectively, from its preferred equity investments. During 2024, the Company converted its $50.2 million preferred equity investment into mezzanine loan financing for a property in San Antonio, TX. In addition, the Company acquired the outstanding senior mortgage loan of $146.2 million encumbering the property. See F ootnote 12 of the Notes to Consolidated Financial Statements for mortgage and other financing receivable disclosure. In connection with the RPT Merger, the Company acquired a preferred equity investment o f $12.7 milli on. During 2023, the Company contributed a land parcel and related entitlements, located in Admore, PA, into a preferred equity investment with a gross value of $19.6 million. As a result, the Company no longer consolidates this land parcel and has a non-controlling interest in this investment. As of December 31, 2024, these preferred equity investment properties had non-recourse mortgage loans aggregating $93.3 million. These loans have sche duled maturities ranging from six months to 4.5 years and bear interest at rates ranging from Secured Overnight Financing Rate ("SOFR") plus 230 basis points (6.80% as of December 31, 2024) to 8.34%. Due to the Company’s preferred position in these investments, the Company’s share of each investment is subject to fluctuation and is dependent upon property cash flows. The Company’s maximum exposure to losses associated with its preferred equity investments is primarily limited to its invested capital.

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