Investments in Unconsolidated Joint Ventures (Tables)

6 Months Ended

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.