Investments in and Advances to Real Estate Joint Ventures

9 Months Ended

Sep. 30, 2025

Notes To Financial Statements [Abstract]

Investments and Advances In Real Estate Joint Ventures

5. Investments in and Advances to Real Estate Joint Ventures

The Company has investments in and advances to various real estate joint ventures. These joint ventures are engaged primarily in the operation of shopping centers which are either owned or held under long-term operating leases. The Company and the joint venture partners have joint approval rights for major decisions, including those regarding property operations. As such, the Company holds noncontrolling interests in these joint ventures and accounts for them under the equity method of accounting. The Company manages certain of these joint venture investments and, where applicable, earns acquisition fees, leasing commissions, property management fees, asset management fees and construction management fees. The table below presents unconsolidated joint venture investments for which the Company held an ownership interest at September 30, 2025 and December 31, 2024 (in millions, except number of properties and GLA):


	Noncontrolling Ownership Interest	The Company’s Investment
Joint Venture	As of September 30, 2025	September 30, 2025		December 31, 2024
Prudential Investment Program	15.0%	$	121.1	$	133.3
Kimco Income Opportunity Portfolio (“KIR”)	52.1%		286.7		289.1
R2G Venture LLC (“R2G”)	51.5%		404.5		411.8
Canada Pension Plan Investment Board (“CPP”)	55.0%		203.4		202.8
Other Institutional Joint Ventures	Various		231.6		237.7
Other Joint Venture Programs	Various		207.1		213.0
Total*		$	1,454.4	$	1,487.7

* Represents 113 property interests, 48 other property interests and 24.4 million square feet of GLA, as of September 30, 2025, and 116 property interests, 48 other property interests and 25.1 million square feet of GLA, as of December 31, 2024.

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 nine months ended September 30, 2025 and 2024 (in millions):


	Three Months Ended September 30,				Nine Months Ended September 30,
Joint Venture	2025		2024		2025		2024
Prudential Investment Program	$	8.1	$	3.1	$	13.4	$	9.5
KIR		9.1		8.8		27.4		27.3
R2G		2.4		2.6		6.7	6.8
CPP		2.8		2.5		9.0		7.1
Other Institutional Joint Ventures		1.5		1.0		3.6		3.3
Other Joint Venture Programs (1)		3.1		3.0		13.5		9.4
Total	$	27.0	$	21.0	$	73.6	$	63.4

(1)

During the nine months ended September 30, 2025, the Company recognized $4.7 million of equity in income related to the restructuring of a joint venture.

During the nine months ended September 30, 2025, the Company acquired the remaining 85% interest in an operating property from the Prudential Investment Program, with an aggregate gross fair value of $77.2 million. The Company evaluated this transaction pursuant to ASC Topic 810 Consolidation and, as a result, recognized a net gain on change in control of interest of $5.7 million resulting from the fair value adjustment associated with the Company’s previously held equity interest. See Footnote 4 of the Notes to Condensed Consolidated Financial Statements for the operating property acquired by the Company.

In addition, during the nine months ended September 30, 2025, certain of the Company’s real estate joint ventures disposed of two operating properties and a land parcel, in separate transactions, for an aggregate sales price of $71.6 million. These transactions resulted in an aggregate net gain to the Company of $0.9 million for the nine months ended September 30, 2025, which is included in Equity in income of joint ventures, net on the Company’s Condensed Consolidated Statements of Income.

During the nine months ended September 30, 2024, certain of the Company’s real estate joint ventures disposed of an operating property and other property interest, in separate transactions, for an aggregate sales price of $19.2 million. These transactions resulted in an aggregate net gain to the Company of $1.4 million for the nine months ended September 30, 2024, which is included in Equity in income of joint ventures, net on the Company’s Condensed Consolidated Statements of Income.

The table below presents debt balances within the Company’s unconsolidated joint venture investments for which the Company held noncontrolling ownership interests at September 30, 2025 and December 31, 2024 (dollars in millions):


	As of September 30, 2025							As of December 31, 2024
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	$	234.4		5.54	%		25.2	$	268.5		5.47	%		19.6
KIR		274.2		4.70	%		18.2		273.9		5.82	%		27.2
R2G		70.2		2.90	%		65.7		68.7		2.90	%		74.6
CPP		79.6		5.25	%		10.0		80.6		4.88	%		19.0
Other Institutional Joint Ventures		235.2		5.31	%		14.7		234.7		5.76	%		23.7
Other Joint Venture Programs		540.1		4.99	%		33.7		547.3		4.98	%		40.8
Total	$	1,433.7						$	1,473.7

* Includes extension options