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Investments in and Advances to Joint Ventures, net | 9 Months Ended
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Sep. 30, 2025
Equity Method Investments and Joint Ventures [Abstract] |
Investments in and Advances to Joint Ventures, net | 2. Investments in and Advances to Joint Ventures, net At both September 30, 2025 and December 31, 2024, the Company had ownership interests in various unconsolidated joint ventures that had investments in 11 shopping center properties. Condensed combined financial information of the Company’s unconsolidated joint ventures is as follows (in thousands):
| September 30, 2025 |  |  | December 31, 2024 |
Condensed Combined Balance Sheets |  |  |  |  |
Land | $ | 159,567 |  |  | $ | 159,567 |
Buildings |  | 497,011 |  |  |  | 494,062 |
Fixtures and tenant improvements |  | 67,710 |  |  |  | 64,022 |
|  | 724,288 |  |  |  | 717,651 |
Less: Accumulated depreciation |  | (184,957 | ) |  |  | (169,726 | )
|  | 539,331 |  |  |  | 547,925 |
Construction in progress and land |  | 15 |  |  |  | 352 |
Real estate, net |  | 539,346 |  |  |  | 548,277 |
Cash and restricted cash |  | 33,950 |  |  |  | 25,750 |
Receivables, net |  | 9,279 |  |  |  | 9,660 |
Other assets, net |  | 9,850 |  |  |  | 12,519 |
| $ | 592,425 |  |  | $ | 596,206 |
Mortgage debt | $ | 428,656 |  |  | $ | 426,462 |
Notes and accrued interest payable to the Company |  | 1,999 |  |  |  | 1,894 |
Other liabilities |  | 30,344 |  |  |  | 32,533 |
|  | 460,999 |  |  |  | 460,889 |
Accumulated equity |  | 131,426 |  |  |  | 135,317 |
| $ | 592,425 |  |  | $ | 596,206 |
Company's share of accumulated equity | $ | 25,039 |  |  | $ | 26,016 |
Basis differentials |  | 2,355 |  |  |  | 2,521 |
Amounts payable to the Company |  | 1,999 |  |  |  | 1,894 |
Investments in and advances to joint ventures, net | $ | 29,393 |  |  | $ | 30,431 |
| Three Months |  |  | Nine Months |
| Ended September 30, |  |  | Ended September 30, |
| 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Condensed Combined Statements of Operations |  |  |  |  |  |  |  |  |  |  |
Revenues from operations | $ | 19,545 |  |  | $ | 19,364 |  |  | $ | 61,099 |  |  | $ | 62,667 |
Expenses from operations: |  |  |  |  |  |  |  |  |  |  |
Operating expenses |  | 4,824 |  |  |  | 4,846 |  |  |  | 14,910 |  |  |  | 16,320 |
Depreciation and amortization |  | 6,826 |  |  |  | 6,383 |  |  |  | 19,210 |  |  |  | 20,313 |
Interest expense |  | 8,152 |  |  |  | 7,751 |  |  |  | 24,240 |  |  |  | 23,924 |
Other expense, net |  | 1,382 |  |  |  | 1,367 |  |  |  | 4,164 |  |  |  | 5,311 |
|  | 21,184 |  |  |  | 20,347 |  |  |  | 62,524 |  |  |  | 65,868 |
Loss before gain on disposition of real estate |  | (1,639 | ) |  |  | (983 | ) |  |  | (1,425 | ) |  |  | (3,201 | )
Gain on disposition of real estate, net |  | — |  |  |  | 1,968 |  |  |  | 1 |  |  |  | 10,365 |
Net (loss) income attributable to unconsolidated joint ventures | $ | (1,639 | ) |  | $ | 985 |  |  | $ | (1,424 | ) |  | $ | 7,164 |
Company's share of equity in net income (loss) of joint ventures | $ | (483 | ) |  | $ | 338 |  |  | $ | (481 | ) |  | $ | (885 | )
Basis differential adjustments(A) |  | (16 | ) |  |  | (10 | ) |  |  | (47 | ) |  |  | 1,291 |
Equity in net (loss) income of joint ventures | $ | (499 | ) |  | $ | 328 |  |  | $ | (528 | ) |  | $ | 406 |
(A) The difference between the Company’s share of net (loss) 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 for providing asset management, property management and leasing and development services to all of the Company’s unconsolidated joint ventures were $1.2 million and $3.6 million and $1.3 million and $4.1 million for the three and nine months ended September 30, 2025 and 2024, respectively.

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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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