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Investments in Unconsolidated Real Estate Joint Ventures (Tables) | 9 Months Ended
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Sep. 30, 2025
Investments In Unconsolidated Real Estate Joint Ventures [Abstract] |
Schedule of Equity Method Investments | We have an ownership interest in the following unconsolidated real estate joint ventures:
As of September 30, 2025
Joint Venture |  | Center Location |  | Ownership % |  | Square Feet (in 000’s) |  | Carrying Value of Investment (in millions) |  | Total Joint Venture Debt, Net (in millions)(1)
Investments included in investments in unconsolidated joint ventures: |  |  |  |
RioCan Canada |  | Ontario, Canada |  | 50.0 | % |  | 665 |  |  | $ | 65.7 |  |  | — |
Investments included in other liabilities: |  |  |  |
Charlotte(2) |  | Charlotte, NC |  | 50.0 | % |  | 399 |  |  | (20.5) |  |  | $ | 96.2 |
National Harbor(2) |  | National Harbor, MD |  | 50.0 | % |  | 341 |  |  | (12.1) |  |  | 90.6 |
Galveston/Houston (2) |  | Texas City, TX |  | 50.0 | % |  | 353 |  |  | (13.7) |  |  | 59.2 |
Columbus(2) |  | Columbus, OH |  | 50.0 | % |  | 355 |  |  | (5.7) |  |  | 70.5 |
|  | 50.0 | % |  | 1,448 |  | $ | (52.0) |  |  | $ | 316.5 |
As of December 31, 2024
Joint Venture |  | Center Location |  | Ownership % |  | Square Feet (in 000’s) |  | Carrying Value of Investment (in millions) |  | Total Joint Venture Debt, Net (in millions)(1)
Investments included in investments in unconsolidated joint ventures: |  |  |  |
RioCan Canada |  | Ontario, Canada |  | 50.0 | % |  | 665 |  |  | $ | 65.7 |  |  | — |
Investments included in other liabilities: |  |  |  |  |  |
Charlotte(2) |  | Charlotte, NC |  | 50.0 | % |  | 399 |  |  | (21.3) |  |  | $ | 97.6 |
National Harbor(2) |  | National Harbor, MD |  | 50.0 | % |  | 341 |  |  | (11.1) |  |  | 91.8 |
Galveston/Houston(2) |  | Texas City, TX |  | 50.0 | % |  | 353 |  |  | (13.3) |  |  | 57.4 |
Columbus(2) |  | Columbus, OH |  | 50.0 | % |  | 355 |  |  | (5.0) |  |  | 70.4 |
|  | 50.0 | % |  | 1,448 |  | $ | (50.7) |  |  | $ | 317.2 |
(1)Net of debt origination costs of $1.7 million as of September 30, 2025 and $1.6 million as of December 31, 2024. (2)We separately report investments in joint ventures for which accumulated distributions have exceeded investments in and our share of net income or loss of the joint ventures within other liabilities in the consolidated balance sheets because we are committed and intend to provide further financial support to these joint ventures. The negative carrying value is due to the distributions of proceeds from mortgage loans and quarterly distributions of excess cash flow exceeding the original contributions from the partners and equity in earnings of the joint ventures.
Schedule of Development, Loan Guarantee, Management, Leasing, and Marketing Fees Paid By Unconsolidated JVs | Fees we received for various services provided to our unconsolidated joint ventures were recognized in management, leasing and other services as follows (in thousands):
|  | Three months ended |  | Nine months ended |  |
|  | September 30, |  | September 30, |  |
|  | 2025 |  | 2024 |  | 2025 |  | 2024 |  |  |  |
Fee: |  |  |  |  |  |  |  |  |  |  |  |
Management and marketing |  | $ | 610 |  |  | $ | 575 |  |  | $ | 1,749 |  |  | $ | 1,702 |  |  |  |  |
Leasing and other fees |  | 143 |  |  | 81 |  |  | 277 |  |  | 293 |  |  |  |  |
Expense reimbursements from unconsolidated joint ventures |  | 1,388 |  |  | 1,369 |  |  | 3,928 |  |  | 3,677 |  |  |  |  |
Total Fees |  | $ | 2,141 |  |  | $ | 2,025 |  |  | $ | 5,954 |  |  | $ | 5,672 |  |  |  |  |
Summary Financial Information of Unconsolidated JVs Balance Sheet |
|  | September 30, 2025 |  | December 31, 2024
Assets |  |  |  |
Land |  | $ | 79,108 |  |  | $ | 79,920 |
Buildings, improvements and fixtures |  | 468,874 |  |  | 459,148 |
Construction in progress |  | 630 |  |  | 1,051 |
|  | 548,612 |  |  | 540,119 |
Accumulated depreciation |  | (229,183) |  |  | (214,826) |
Total rental property, net |  | 319,429 |  |  | 325,293 |
Cash and cash equivalents |  | 15,385 |  |  | 17,480 |
Deferred lease costs and other intangibles, net |  | 2,534 |  |  | 1,841 |
Prepaids and other assets |  | 13,698 |  |  | 10,137 |
Total assets |  | $ | 351,046 |  |  | $ | 354,751 |
Liabilities and Owners’ Equity |  |  |  |
Mortgages payable, net |  | $ | 316,529 |  |  | $ | 317,191 |
Accounts payable and other liabilities |  | 14,140 |  |  | 14,670 |
Total liabilities |  | 330,669 |  |  | 331,861 |
Owners’ equity |  | 20,377 |  |  | 22,890 |
Total liabilities and owners’ equity |  | $ | 351,046 |  |  | $ | 354,751 |
Summary Financial Information Of Unconsolidated JVs Statements of Operations |
|  | Three months ended |  | Nine months ended
Condensed Combined Statements of Operations - Unconsolidated Joint Ventures |  | September 30, |  | September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Revenues |  | $ | 25,921 |  |  | $ | 23,774 |  |  | $ | 74,133 |  |  | $ | 69,476 |
Expenses: |  |  |  |  |  |  |  |
Property operating |  | 9,223 |  |  | 9,342 |  |  | 27,219 |  |  | 26,210 |
General and administrative |  | 16 |  |  | 40 |  |  | 38 |  |  | 170 |
Depreciation and amortization |  | 4,657 |  |  | 5,359 |  |  | 14,941 |  |  | 14,380 |
Total expenses |  | 13,896 |  |  | 14,741 |  |  | 42,198 |  |  | 40,760 |
Other income (expense): |  |  |  |  |  |  |  |
Interest expense |  | (4,081) |  |  | (4,587) |  |  | (13,432) |  |  | (13,675) |
Other income |  | 145 |  |  | 216 |  |  | 405 |  |  | 598 |
Total other expense |  | (3,936) |  |  | (4,371) |  |  | (13,027) |  |  | (13,077) |
Net income |  | $ | 8,089 |  |  | $ | 4,662 |  |  | $ | 18,908 |  |  | $ | 15,639 |
The Company and Operating Partnership’s share of: |  |  |  |
Net income |  | $ | 4,221 |  |  | $ | 2,312 |  |  | $ | 9,654 |  |  | $ | 7,803 |
Depreciation and amortization (real estate related) |  | $ | 2,292 |  |  | $ | 2,850 |  |  | $ | 7,458 |  |  | $ | 7,450 |

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