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Investment In and Advances to Real Estate Joint Ventures (Tables) | 12 Months Ended
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Dec. 31, 2024
Schedule of Equity Method Investments | The table below presents unconsolidated joint venture investments for which the Company held an ownership interest at December 31, 2024 and 2023 (in millions, except number of properties):
|  | Noncontrolling |  | The Company's Investment |
|  | Ownership Interest |  | December 31, |
Joint Venture |  | December 31, 2024 |  | 2024 |  |  | 2023 |
Prudential Investment Program |  | 15.0% |  | $ | 133.3 |  |  | $ | 138.7 |
Kimco Income Opportunity Portfolio (“KIR”) |  | 52.1% |  |  | 289.1 |  |  |  | 286.3 |
R2G Venture LLC (“R2G”) (1) |  | 51.5% |  |  | 411.8 |  |  |  | - |
Canada Pension Plan Investment Board (“CPP”) |  | 55.0% |  |  | 202.8 |  |  |  | 204.6 |
Other Institutional Joint Ventures |  | Various |  |  | 237.7 |  |  |  | 247.5 |
Other Joint Venture Programs (2) |  | Various |  |  | 213.0 |  |  |  | 210.7 |
Total* |  |  |  | $ | 1,487.7 |  |  | $ | 1,087.8 |
* Representing 116 property interes ts, 48 o ther property interests and 25.1 million square feet of GLA, as of December 31, 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 had a fair market valu e 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 had a 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 December 31, 2024 and 2023 (dollars in millions):
|  | December 31, 2024 |  |  | 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 |  | $ | 268.5 |  |  |  | 5.47 | % |  |  | 19.6 |  |  | $ | 291.6 |  |  |  | 6.00 | % |  |  | 24.6 |
KIR |  |  | 273.9 |  |  |  | 5.82 | % |  |  | 27.2 |  |  |  | 273.4 |  |  |  | 5.82 | % |  |  | 39.2 |
R2G (1) |  |  | 68.7 |  |  |  | 2.90 | % |  |  | 74.6 |  |  |  | - |  |  |  | - |  |  |  | - |
CPP |  |  | 80.6 |  |  |  | 4.88 | % |  |  | 19.0 |  |  |  | 81.9 |  |  |  | 5.12 | % |  |  | 31.0 |
Other Institutional Joint Ventures |  |  | 234.7 |  |  |  | 5.76 | % |  |  | 23.7 |  |  |  | 234.1 |  |  |  | 5.76 | % |  |  | 35.7 |
Other Joint Venture Programs (2) |  |  | 547.3 |  |  |  | 4.98 | % |  |  | 40.8 |  |  |  | 367.9 |  |  |  | 4.44 | % |  |  | 59.6 |
Total |  | $ | 1,473.7 |  |  |  |  |  |  |  |  | $ | 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 debt 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).
Summary of Financial Information Balance Sheets | The following table shows summarized financial information for KIR, as follows (in millions):
|  | December 31, |
|  | 2024 |  |  | 2023 |
Assets: |  |  |  |  |  |
Real estate, net |  | $ | 659.3 |  |  | $ | 669.2 |
Other assets, net |  |  | 90.8 |  |  |  | 67.5 |
Total Assets |  | $ | 750.1 |  |  | $ | 736.7 |
Liabilities and Members’ Capital: |  |  |  |  |  |
Notes payable, net |  | $ | 273.9 |  |  | $ | 273.4 |
Other liabilities |  |  | 14.1 |  |  |  | 15.9 |
Accumulated other comprehensive income |  |  | 4.2 |  |  |  | 0.6 |
Members’ capital |  |  | 457.9 |  |  |  | 446.8 |
Total Liabilities and Members’ Capital |  | $ | 750.1 |  |  | $ | 736.7 |
Summarized financial information for the Company’s investment in and advances to all other real estate joint ventures is as follows (in millions):
|  | December 31, |
|  | 2024 |  |  | 2023 |
Assets: |  |  |  |  |  |
Real estate, net |  | $ | 4,260.0 |  |  | $ | 3,156.2 |
Other assets, net |  |  | 231.4 |  |  |  | 251.6 |
Total Assets |  | $ | 4,491.4 |  |  | $ | 3,407.8 |
Liabilities and Members’ Capital: |  |  |  |  |  |
Notes payable, net |  | $ | 309.2 |  |  | $ | 159.9 |
Mortgages payable, net |  |  | 890.6 |  |  |  | 815.6 |
Other liabilities |  |  | 119.4 |  |  |  | 70.9 |
Accumulated other comprehensive income |  |  | 2.4 |  |  |  | 5.1 |
Noncontrolling interests |  |  | - |  |  |  | 34.4 |
Members’ capital |  |  | 3,169.8 |  |  |  | 2,321.9 |
Total Liabilities and Members’ Capital |  | $ | 4,491.4 |  |  | $ | 3,407.8 |
Summary of Financial Information Income Statements |
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Revenues, net |  | $ | 179.3 |  |  | $ | 174.1 |  |  | $ | 182.5 |
Operating expenses |  |  | (47.2 | ) |  |  | (46.7 | ) |  |  | (48.2 | )
Depreciation and amortization |  |  | (40.3 | ) |  |  | (38.5 | ) |  |  | (39.4 | )
Gain on sale of properties |  |  | - |  |  |  | - |  |  |  | 76.2 |
Interest expense |  |  | (16.8 | ) |  |  | (16.8 | ) |  |  | (15.5 | )
Other expense, net |  |  | - |  |  |  | (0.6 | ) |  |  | (1.2 | )
Net income |  | $ | 75.0 |  |  | $ | 71.5 |  |  | $ | 154.4 |
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Revenues, net |  | $ | 498.2 |  |  | $ | 378.4 |  |  | $ | 395.2 |
Operating expenses |  |  | (161.2 | ) |  |  | (126.6 | ) |  |  | (126.9 | )
Impairment charges |  |  | (0.1 | ) |  |  | (17.8 | ) |  |  | (21.1 | )
Depreciation and amortization |  |  | (163.2 | ) |  |  | (108.2 | ) |  |  | (119.0 | )
Gain on sale of properties |  |  | 7.7 |  |  |  | 48.0 |  |  |  | 24.7 |
Interest expense |  |  | (70.7 | ) |  |  | (55.4 | ) |  |  | (38.6 | )
Other income/(expense), net |  |  | 3.3 |  |  |  | (6.4 | ) |  |  | (6.2 | )
Net income |  | $ | 114.0 |  |  | $ | 112.0 |  |  | $ | 108.1 |
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 Consolidated Statements of Income (in millions):
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Prudential Investment Program (1) |  | $ | 11.9 |  |  | $ | 16.4 |  |  | $ | 9.6 |
KIR |  |  | 36.6 |  |  |  | 34.7 |  |  |  | 70.3 |
R2G |  |  | 9.0 |  |  |  | - |  |  |  | - |
CPP |  |  | 9.9 |  |  |  | 8.7 |  |  |  | 10.6 |
Other Institutional Joint Ventures |  |  | 3.7 |  |  |  | 2.6 |  |  |  | 7.0 |
Other Joint Venture Programs |  |  | 12.7 |  |  |  | 9.9 |  |  |  | 12.0 |
Total |  | $ | 83.8 |  |  | $ | 72.3 |  |  | $ | 109.5 |
(1) During 2022, the Prudential Investment Program recognized an impairment charge on a property of $15.1 million, of which the Company’s share was $2.3 million.

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- Definition Tabular disclosure of equity method investments including, but not limited to, name of each investee or group of investments, percentage ownership, difference between recorded amount of an investment and the value of the underlying equity in the net assets, and summarized financial information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3 + Details
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- Definition A tabular presentation of the information summarizing investments in and advances to majority-owned subsidiaries, other controlled companies, and other affiliates, as prescribed by the SEC. It reflects specified information about ownership, financial results from, and financial position in such entities. Includes the tabular presentations that disaggregate investments in and advances to majority-owned subsidiaries, other controlled companies, and other affiliates. + References No definition available. + Details
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