Investments in and Advances to Joint Ventures, net

9 Months Ended

Sep. 30, 2025

Equity Method Investments and Joint Ventures [Abstract]

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.