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Investments in and Advances to Joint Ventures | 9 Months Ended
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Sep. 30, 2024
Equity Method Investments and Joint Ventures [Abstract] |
Investments in and Advances to Joint Ventures | 3. Investments in and Advances to Joint Ventures At September 30, 2024 and December 31, 2023, the Company had ownership interests in various unconsolidated joint ventures that had investments in 11 and 13 shopping center properties, respectively. The changes to Investments in and Advances to Joint Ventures are as follows (in thousands):
Balance, December 31, 2023 | $ | 39,372 |
Equity in net loss |  | (895 | )
Distributions |  | (1,400 | )
Contributions |  | 951 |
Amortization of basis differentials |  | 1,424 |
Carrying value of previously held equity interest |  | (6,146 | )
Repayment of advances |  | (730 | )
Change in fair value of derivative |  | (397 | )
Balance, September 30, 2024 | $ | 32,179 |
A reconciliation of the consolidated joint venture equity is as follows (in thousands):
| September 30, 2024 |  |  | December 31, 2023 |
Company's share of accumulated equity | $ | 27,801 |  |  | $ | 35,782 |
Basis differentials |  | 2,385 |  |  |  | 1,099 |
Deferred leasing and development fees, net of portion related to the Company's interest |  | — |  |  |  | (136 | )
Amounts payable to the Company |  | 1,993 |  |  |  | 2,627 |
Investments in and Advances to Joint Ventures, net | $ | 32,179 |  |  | $ | 39,372 |
Revenues earned by the Company for providing asset management, property management and leasing and development services to all of the Company’s unconsolidated joint ventures were $1.3 million and $4.1 million and $1.6 million and $5.2 million for the three and nine months ended September 30, 2024 and 2023, respectively. Disposition of Shopping Centers In May 2024, the Company acquired one asset previously owned by the DDRM Properties Joint Venture (Meadowmont Village, Chapel Hill, North Carolina) for $44.2 million and stepped up its 20% interest due to a change in control. The transaction resulted in a Gain on Sale and Change in Control of Interests of $2.7 million. In June 2024, the DDRM Properties Joint Venture sold one asset (Hilltop Plaza, Richmond, California) for $36.5 million. There are no remaining assets in this joint venture.

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 740 -SubTopic 323 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478156/740-323-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 323 -Publisher FASB -URI https://asc.fasb.org/323/tableOfContent + Details
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