The equity method of accounting is used to account for each of the individual joint ventures. We have an ownership interest in the following unconsolidated real estate joint ventures:


As of March 31, 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	$	64.5	—

Investments included in other liabilities:
Charlotte(2)	Charlotte, NC	50.0	%	399	(21.4)		$	97.1
National Harbor(2)	National Harbor, MD	50.0	%	341	(12.7)		91.4
Galveston/Houston (2)	Texas City, TX	50.0	%	353	(13.1)		57.5
Columbus(2)	Columbus, OH	50.0	%	355	(5.7)		70.5
		50.0	%	1,448	$	(52.9)	$	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

(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.

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
	March 31,
	2025		2024
Fee:
Management and marketing	$	563	$	557
Leasing and other fees	89		105
Expense reimbursements from unconsolidated joint ventures	1,322		1,119
Total Fees	$	1,974	$	1,781

Our investments in real estate joint ventures are reduced by the percentage of the profits earned for leasing and development services associated with our ownership interest in each joint venture. Our carrying value of investments in unconsolidated joint ventures differs from our share of the assets reported in the “Condensed Combined Balance Sheets - Unconsolidated Joint Ventures” shown below due to adjustments to the book basis, including intercompany profits on sales of services that are capitalized by the unconsolidated joint ventures. The differences in basis (totaling $2.5 million and $2.4 million as of March 31, 2025 and December 31, 2024, respectively) are amortized over the various useful lives of the related assets.

Condensed combined summary financial information of unconsolidated joint ventures accounted for using the equity method is as follows (in thousands):


	March 31, 2025		December 31, 2024
Assets
Land	$	78,064	$	79,920
Buildings, improvements and fixtures	460,191		459,148
Construction in progress	947		1,051
	539,202		540,119
Accumulated depreciation	(219,514)		(214,826)
Total rental property, net	319,688		325,293
Cash and cash equivalents	11,635		17,480
Deferred lease costs and other intangibles, net	1,634		1,841
Prepaids and other assets	8,903		10,137
Total assets	$	341,860	$	354,751
Liabilities and Owners’ Equity
Mortgages payable, net	$	316,510	$	317,191
Accounts payable and other liabilities	11,505		14,670
Total liabilities	328,015		331,861
Owners’ equity	13,845		22,890
Total liabilities and owners’ equity	$	341,860	$	354,751


	Three months ended
Condensed Combined Statements of Operations - Unconsolidated Joint Ventures	March 31,
	2025		2024
Revenues	$	23,644	$	22,496
Expenses:
Property operating	8,947		7,992
General and administrative	—		116



Depreciation and amortization	5,690		5,080
Total expenses	14,637		13,188
Other income (expense):
Interest expense	(4,431)		(4,540)

Other income	162		264
Total other expense	(4,269)		(4,276)
Net income	$	4,738	$	5,032
The Company and Operating Partnership’s share of:
Net income	$	2,399	$	2,516
Depreciation and amortization (real estate related)	$	2,860	$	2,540