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Investments in Unconsolidated Joint Ventures (Tables) | 6 Months Ended
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Jun. 30, 2025
Equity Method Investments and Joint Ventures [Abstract] |
Schedule of Combined and Condensed Balance Sheets of Unconsolidated Joint Ventures | Combined and condensed balance sheets and statements of operations are presented below for all unconsolidated joint ventures. Combined and Condensed Balance Sheets of Unconsolidated Joint Ventures:
| June 30, 2025 |  | December 31, 2024
Assets: |  |  |
Property, net | $ | 3,294,977 |  |  | $ | 3,519,602 |
Other assets | 431,356 |  |  | 459,468 |
Total assets | $ | 3,726,333 |  |  | $ | 3,979,070 |
Liabilities and partners' capital: |  |  |
Mortgage and other notes payable | $ | 3,221,712 |  |  | $ | 3,461,032 |
Other liabilities | 321,711 |  |  | 324,799 |
Company's capital | 152,769 |  |  | 100,684 |
Outside partners' capital | 30,141 |  |  | 92,555 |
Total liabilities and partners' capital | $ | 3,726,333 |  |  | $ | 3,979,070 |
Investments in unconsolidated joint ventures: |  |  |
Company's capital | $ | 152,769 |  |  | $ | 100,684 |
Basis adjustment(1) | 359,759 |  |  | 361,303 |
| $ | 512,528 |  |  | $ | 461,987 |
Assets—Investments in unconsolidated joint ventures | $ | 718,917 |  |  | $ | 654,667 |
Liabilities—Distributions in excess of investments in unconsolidated joint ventures | (206,389) |  |  | (192,680) |
| $ | 512,528 |  |  | $ | 461,987 |
(1) The Company amortizes the difference between the cost of its investments in unconsolidated joint ventures and the book value of the underlying equity and adjusts the basis adjustment for impairment and disposition transactions that may occur, into the Company's share of net (loss) income. The amortization of this difference was $5,314 and $107,378 for the three months ended June 30, 2025 and 2024, respectively, and $10,662 and $182,561 for the six months ended June 30, 2025 and 2024, respectively.
Schedule of Combined and Condensed Statements of Operations of Unconsolidated Joint Ventures | Combined and Condensed Statements of Operations of Unconsolidated Joint Ventures:
| Total |  |  |  |
Three Months Ended June 30, 2025 |  |  |  |  |
Revenues: |  |  |  |  |
Leasing revenue | 149,376 |  |  |  |  |
Other | 7,465 |  |  |  |  |
Total revenues | 156,841 |  |  |  |  |
Expenses: |  |  |  |  |
Shopping center and operating expenses | 54,444 |  |  |  |  |
Leasing expenses | 1,501 |  |  |  |  |
Interest expense | 42,616 |  |  |  |  |
Depreciation and amortization | 48,436 |  |  |  |  |
Total expenses | 146,997 |  |  |  |  |
Loss on sale or write down of assets, net | (4,214) |  |  |  |  |
Net income | $ | 5,630 |  |  |  |  |
Company's equity in net loss | $ | (475) |  |  |  |  |
| PPR Portfolio(1) |  | Other Joint Ventures |  | Total
Three Months Ended June 30, 2024 |  |  |  |  |
Revenues: |  |  |  |  |
Leasing revenue | $ | 39,277 |  |  | $ | 152,984 |  |  | $ | 192,261 |
Other | 891 |  |  | 6,265 |  |  | 7,156 |
Total revenues | 40,168 |  |  | 159,249 |  |  | 199,417 |
Expenses: |  |  |  |  |
Shopping center and operating expenses | 9,660 |  |  | 57,668 |  |  | 67,328 |
Leasing expenses | 294 |  |  | 1,081 |  |  | 1,375 |
Interest expense | 20,499 |  |  | 50,048 |  |  | 70,547 |
Depreciation and amortization | 19,718 |  |  | 53,492 |  |  | 73,210 |
Total expenses | 50,171 |  |  | 162,289 |  |  | 212,460 |
Gain (loss) on sale or write down of assets, net | 7,588 |  |  | (225,830) |  |  | (218,242) |
Net loss | $ | (2,415) |  |  | $ | (228,870) |  |  | $ | (231,285) |
Company's equity in net loss(2) | $ | (50,949) |  |  | $ | (5,888) |  |  | $ | (56,837) |
(1) On October 24, 2024, the Company acquired its joint venture partner's 40% interest in the PPR Portfolio as described above. (2) These amounts include impairment losses at the Company's share of $53,690 for the three months ended June 30, 2024. Combined and Condensed Statements of Operations of Unconsolidated Joint Ventures:
| Total |  |  |  |
Six Months Ended June 30, 2025 |  |  |  |  |
Revenues: |  |  |  |  |
Leasing revenue | $ | 295,559 |  |  |  |  |
Other | 10,235 |  |  |  |  |
Total revenues | 305,794 |  |  |  |  |
Expenses: |  |  |  |  |
Shopping center and operating expenses | 110,134 |  |  |  |  |
Leasing expenses | 3,237 |  |  |  |  |
Interest expense | 87,739 |  |  |  |  |
Depreciation and amortization | 94,522 |  |  |  |  |
Total expenses | 295,632 |  |  |  |  |
Loss on sale or write down of assets, net | (638) |  |  |  |  |
Other income, net | 13,313 |  |  |  |  |
Net income | $ | 22,837 |  |  |  |  |
Company's equity in net loss | (1,274) |  |  |  |  |
| PPR Portfolio(1) |  | Other Joint Ventures |  | Total
Six Months Ended June 30, 2024 |  |  |  |  |
Revenues: |  |  |  |  |
Leasing revenue | $ | 82,288 |  |  | $ | 303,046 |  |  | $ | 385,334 |
Other | 1,208 |  |  | 6,930 |  |  | 8,138 |
Total revenues | 83,496 |  |  | 309,976 |  |  | 393,472 |
Expenses: |  |  |  |  |
Shopping center and operating expenses | 20,223 |  |  | 115,612 |  |  | 135,835 |
Leasing expenses | 873 |  |  | 2,466 |  |  | 3,339 |
Interest expense | 42,626 |  |  | 101,584 |  |  | 144,210 |
Depreciation and amortization | 41,675 |  |  | 109,689 |  |  | 151,364 |
Total expenses | 105,397 |  |  | 329,351 |  |  | 434,748 |
Loss on sale or write down of assets, net | (92,684) |  |  | (347,024) |  |  | (439,708) |
Net loss | $ | (114,585) |  |  | $ | (366,399) |  |  | $ | (480,984) |
Company's equity in net loss(2) | $ | (60,270) |  |  | $ | (69,843) |  |  | $ | (130,113) |
(1) On October 24, 2024, the Company acquired its joint venture partner's 40% interest in the PPR Portfolio as described above. (2) These amounts include impairment losses at the Company's share of $111,376 for the six months ended June 30, 2024.

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