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Investments in and Advances to Joint Ventures | 12 Months Ended
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Dec. 31, 2024
Equity Method Investments and Joint Ventures [Abstract] |
Investments in and Advances to Joint Ventures | 3. Investments in and Advances to Joint Ventures The Company’s equity method joint ventures, which are included in Investments in and Advances to Joint Ventures in the Company’s consolidated balance sheets at December 31, 2024, are as follows:
Unconsolidated Real Estate Ventures |  | Partner |  | Effective Ownership Percentage |  | Operating Properties
Dividend Trust Portfolio JV LP |  | Chinese Institutional Investors |  | 20.0% |  | 10
RVIP IIIB, Deer Park, IL |  | Prudential |  | 25.75 |  | 1
Condensed combined financial information of the Company’s unconsolidated joint venture investments is as follows (in thousands):
| December 31, |
| 2024 |  |  | 2023 |
Condensed Combined Balance Sheets |  |  |  |  |
Land | $ | 159,567 |  |  | $ | 180,588 |
Buildings |  | 494,062 |  |  |  | 558,585 |
Fixtures and tenant improvements |  | 55,526 |  |  |  | 58,626 |
|  | 709,155 |  |  |  | 797,799 |
Less: Accumulated depreciation |  | (166,534 | ) |  |  | (187,557 | )
|  | 542,621 |  |  |  | 610,242 |
Construction in progress and land |  | 352 |  |  |  | 1,616 |
Real estate, net |  | 542,973 |  |  |  | 611,858 |
Cash and restricted cash |  | 25,750 |  |  |  | 41,250 |
Receivables, net |  | 9,660 |  |  |  | 9,847 |
Other assets, net |  | 17,823 |  |  |  | 25,498 |
| $ | 596,206 |  |  | $ | 688,453 |
Mortgage debt | $ | 426,462 |  |  | $ | 464,255 |
Notes and accrued interest payable to the Company |  | 1,894 |  |  |  | 2,627 |
Other liabilities |  | 32,533 |  |  |  | 36,279 |
|  | 460,889 |  |  |  | 503,161 |
Accumulated equity |  | 135,317 |  |  |  | 185,292 |
| $ | 596,206 |  |  | $ | 688,453 |
Company’s share of accumulated equity | $ | 26,016 |  |  | $ | 35,782 |
Basis differentials |  | 2,521 |  |  |  | 1,099 |
Deferred development fees, net of portion related to the Company’s interest |  | — |  |  |  | (136 | )
Amounts payable to the Company |  | 1,894 |  |  |  | 2,627 |
Investments in and advances to joint ventures, net | $ | 30,431 |  |  | $ | 39,372 |
| For the Year Ended December 31, |
| 2024 |  |  | 2023 |  |  | 2022 |
Condensed Combined Statements of Operations |  |  |  |  |  |  |  |
Revenues from operations | $ | 81,967 |  |  | $ | 92,479 |  |  | $ | 132,494 |
Expenses from operations: |  |  |  |  |  |  |  |
Operating expenses |  | 21,312 |  |  |  | 23,903 |  |  |  | 35,319 |
Impairment charges |  | — |  |  |  | — |  |  |  | 17,550 |
Depreciation and amortization |  | 26,948 |  |  |  | 32,578 |  |  |  | 46,518 |
Interest expense |  | 31,811 |  |  |  | 25,601 |  |  |  | 34,055 |
Other (income) expense, net |  | 6,639 |  |  |  | 10,467 |  |  |  | 12,303 |
|  | 86,710 |  |  |  | 92,549 |  |  |  | 145,745 |
Loss before gain on disposition of real estate |  | (4,743 | ) |  |  | (70 | ) |  |  | (13,251 | )
Gain on disposition of real estate, net |  | 10,354 |  |  |  | 21,316 |  |  |  | 120,097 |
Net income attributable to unconsolidated joint ventures | $ | 5,611 |  |  | $ | 21,246 |  |  | $ | 106,846 |
Company’s share of equity in net income of joint ventures | $ | 1,465 |  |  | $ | 4,581 |  |  | $ | 22,262 |
Basis differential adjustments(A) |  | (1,383 | ) |  |  | 1,996 |  |  |  | 5,630 |
Equity in net income of joint ventures | $ | 82 |  |  | $ | 6,577 |  |  | $ | 27,892 |
(A) The difference between the Company’s share of net income, as reported above, and the amounts included in the Company’s consolidated statements of operations is attributable to the amortization of basis differentials, the recognition of deferred gains and differences in gain (loss) on sale of certain assets recognized due to the basis differentials. Revenues earned by the Company related to all of the Company’s unconsolidated joint ventures are as follows (in millions):
| For the Year Ended December 31, |
| 2024 |  |  | 2023 |  |  | 2022 |
Revenue from contracts: |  |  |  |  |  |  |  |
Asset and property management fees | $ | 5.1 |  |  | $ | 5.7 |  |  | $ | 7.7 |
Leasing commissions and development fees |  | 0.2 |  |  |  | 0.4 |  |  |  | 1.9 |
|  | 5.3 |  |  |  | 6.1 |  |  |  | 9.6 |
Other |  | 0.2 |  |  |  | 0.7 |  |  |  | 1.0 |
| $ | 5.5 |  |  | $ | 6.8 |  |  | $ | 10.6 |
The Company’s joint venture agreements generally include provisions whereby each partner has the right to trigger a purchase or sale of its interest in the joint venture or to initiate a purchase or sale of the properties after a certain number of years or if either party is in default of the joint venture agreements. The Company is not obligated to purchase the interests of its outside joint venture partners under these provisions. Disposition of Joint Venture Assets In addition to the transactions below, the Company’s joint ventures sold one, five and 16 shopping centers and land parcels for an aggregate sales price of $36.5 million, $112.2 million and $439.2 million, respectively, of which the Company’s share of the gain on sale was $0.3 million, $6.7 million and $27.0 million for the years ended December 31, 2024, 2023 and 2022, respectively. Disposition of Joint Venture Interests In 2024, the Company acquired its joint venture partner’s 80% equity interest in one asset owned by the DDRM Joint Venture (Meadowmont Village, Chapel Hill, North Carolina) for $44.2 million (including the convenience shopping centers included in the Curbline Properties spin-off) and stepped up the previous 20% interest due to change in control. The transaction resulted in Gain on Change in Control of Interests of $2.7 million (Note 2). There are no remaining assets in this joint venture. In 2022, the Company acquired its joint venture partner’s 80% equity interest in one asset owned by the DDRM Joint Venture (Casselberry Commons, Casselberry, Florida) for $35.6 million (including the portion included in the Curbline Properties spin-off) and stepped up the previous 20% interest due to change in control. The transaction resulted in Gain on Change in Control of Interests of $3.3 million. In 2022, the Company sold its 20% interest in the SAU Joint Venture to its partner based on a gross asset value of $155.7 million (at 100%). In addition, the Company sold its 50% interest in Lennox Town Center to its partner based on a gross asset value of $77.0 million (at 100%). These transactions resulted in Gain on Sale of Interests of $42.2 million. In 2021, one of the Company’s unconsolidated joint ventures sold its sole asset, which was a parcel of undeveloped land in Richmond Hill, Ontario. In 2023, t he income tax contingencies were resolved and the Company recorded a Gain on Sale and Change in Control of Interests of $3.7 million. Subsequent to the transaction, the Company has no other investments outside the United States. All transactions with the Company’s equity affiliates are described above.

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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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