Investments in Unconsolidated Joint Ventures (Tables)

9 Months Ended

Sep. 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:


	September 30, 2025		December 31, 2024
Assets:
Property, net	$	3,276,606	$	3,519,602
Other assets	411,363		459,468
Total assets	$	3,687,969	$	3,979,070
Liabilities and partners' capital:
Mortgage and other notes payable	$	3,152,304	$	3,461,032
Other liabilities	310,925		324,799
Company's capital	168,254		100,684
Outside partners' capital	56,486		92,555
Total liabilities and partners' capital	$	3,687,969	$	3,979,070
Investments in unconsolidated joint ventures:
Company's capital	$	168,254	$	100,684
Basis adjustment(1)	359,577		361,303
	$	527,831	$	461,987

Assets—Investments in unconsolidated joint ventures	$	727,139	$	654,667
Liabilities—Distributions in excess of investments in unconsolidated joint ventures	(199,308)		(192,680)
	$	527,831	$	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 $6,172 and $178,179 for the three months ended September 30, 2025 and 2024, respectively, and $16,834 and $360,740 for the nine months ended September 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 September 30, 2025
Revenues:
Leasing revenue	147,958
Other	4,674
Total revenues	152,632
Expenses:
Shopping center and operating expenses	54,604
Leasing expenses	1,163
Interest expense	41,323
Depreciation and amortization	47,821
Total expenses	144,911
Gain on sale or write down of assets, net	27,107


Net income	$	34,828
Company's equity in net income	$	9,759

	PPR Portfolio(1)		Other Joint Ventures		Total
Three Months Ended September 30, 2024
Revenues:
Leasing revenue	$	40,781	$	147,824	$	188,605
Other	165		5,709		5,874
Total revenues	40,946		153,533		194,479
Expenses:
Shopping center and operating expenses	9,909		53,684		63,593
Leasing expenses	298		1,324		1,622
Interest expense	19,842		47,130		66,972
Depreciation and amortization	18,601		49,922		68,523
Total expenses	48,650		152,060		200,710
(Loss) gain on sale or write down of assets, net	(559,906)		146,915		(412,991)

Net (loss) income	$	(567,610)	$	148,388	$	(419,222)
Company's equity in net loss(2)	$	(69,779)	$	(5,152)	$	(74,931)

(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 $66,952 for the three months ended September 30, 2024.

Combined and Condensed Statements of Operations of Unconsolidated Joint Ventures:


	Total
Nine Months Ended September 30, 2025
Revenues:
Leasing revenue	$	443,517
Other	14,909
Total revenues	458,426
Expenses:
Shopping center and operating expenses	164,738
Leasing expenses	4,400
Interest expense	129,062
Depreciation and amortization	142,343
Total expenses	440,543
Gain on sale or write down of assets, net	26,469
Other income, net	13,313

Net income	$	57,665
Company's equity in net income	8,485

	PPR Portfolio(1)		Other Joint Ventures		Total
Nine Months Ended September 30, 2024
Revenues:
Leasing revenue	$	123,068	$	450,871	$	573,939
Other	1,373		12,639		14,012
Total revenues	124,441		463,510		587,951
Expenses:
Shopping center and operating expenses	30,132		169,297		199,429
Leasing expenses	1,173		3,788		4,961
Interest expense	62,467		148,715		211,182
Depreciation and amortization	60,276		159,611		219,887
Total expenses	154,048		481,411		635,459
Loss on sale or write down of assets, net	(652,590)		(200,099)		(852,689)

Net loss	$	(682,197)	$	(218,000)	$	(900,197)
Company's equity in net loss(2)	$	(130,713)	$	(74,331)	$	(205,044)

(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 $178,328 for the nine months ended September 30, 2024.