
	Date of Investment	Ownership Interest		Investment at
Joint Venture				June 30, 2026		December 31, 2025
Embassy Suites at Eddy Street Commons(1)	December 2017	35	%	$	8,969	$	8,797
Nuveen Portfolio Joint Venture(2)	June 2018	20	%	5,673		5,552
Glendale Multifamily Joint Venture(3)	May 2020	11.5	%	25		409
The Corner – IN Joint Venture(4)	September 2021	50	%	—		—
Legacy West Joint Venture(5)	April 2025	52	%	217,903		230,093
Seed Asset Joint Venture(6)	June 2025	52	%	112,568		117,056
One Loudoun Residential Joint Venture(7)	May 2026	76.7	%	63,053		—
Other investments				2,500		2,500
				$	410,691	$	364,407

(1)The Company formed a joint venture with an unrelated third party to develop and own an Embassy Suites hotel next to Eddy Street Commons, our operating retail property at the University of Notre Dame. The Company contributed $1.4 million in cash to the joint venture in return for a 35% ownership interest. In 2017, the joint venture entered into a $33.8 million construction loan, which was repaid during the year ended December 31, 2025, of which the Company contributed $10.2 million, representing our 35% share of the debt repaid.

(2)The Company formed a joint venture with Nuveen Real Estate, formerly known as TH Real Estate, and contributed three properties (Livingston Shopping Center, Plaza Volente, and Tamiami Crossing) to the joint venture, valued at $99.8 million in the aggregate, and, after considering third-party debt obtained by the joint venture upon formation, the Company contributed $10.0 million for a 20% noncontrolling ownership interest in the joint venture. The Company is the operating member of the joint venture and earns fees for providing property management and leasing services.

(3)The Company formed a joint venture with an unrelated third party for the planned development of a multifamily project adjacent to Glendale Town Center, our operating retail property in the Indianapolis MSA. The Company contributed land valued at $1.6 million to the joint venture and retained an 11.5% ownership interest in the joint venture. The Company’s partner is the operating member of the joint venture. On January 31, 2024, the joint venture that owned Glendale Center Apartments sold the 267-unit property to a third party, resulting in a gain on sale of $20.2 million. The Company recognized its share of the gain from the sale of unconsolidated property of $2.3 million and received a $1.6 million distribution upon the disposition of the property during 2024. The Company maintains an investment in the joint venture, which is in the process of winding up its activities and distributing remaining net assets.

(4)The Company formed a joint venture with an unrelated third party for the planned redevelopment of The Corner in the Indianapolis MSA into a mixed-use, multifamily, and retail project. The Company contributed land valued at $4.0 million to the joint venture and retained a 50% ownership interest in the joint venture. During the three months ended March 31, 2025, we completed major development construction activities at The Corner – IN and reclassified the property from active development into our operating portfolio in March 2025.

(5)In March 2025, the Company entered into the Legacy West Joint Venture with a leading global investment firm, and on April 28, 2025, acquired Legacy West in the Dallas/Fort Worth MSA. See Note 3 to the accompanying consolidated financial statements for details on the acquisition. The Company owns 52% of the equity in the Legacy West Joint Venture. The Company is the operating member of the joint venture, and an affiliate of the Company is the property manager responsible for the day-to-day management of Legacy West. The Company provides leasing, construction, and property management services to the Legacy West Joint Venture, for which it earns fees.

(6)In June 2025, the Company entered into a second joint venture with the global investment firm and contributed three previously wholly owned properties valued at $233.0 million in the aggregate for a 52% noncontrolling interest in the Seed Asset Joint Venture. The Company is the operating member of the joint venture, and an affiliate of the Company is the property manager responsible for the day-to-day management of the three properties. The Company provides leasing, construction, and property management services to the Seed Asset Joint Venture, for which it earns fees.

(7)In May 2026, the Company and its joint venture partner amended the joint venture agreement of the One Loudoun Residential Joint Venture to form a new wholly owned subsidiary entity of the joint venture that will develop, construct, and operate a second multifamily project, One Loudoun Phase 2 Apartments. The Company contributed land and committed to fund estimated future proffer costs of $21.6 million as well as its equity in the One Loudoun Phase 1 Apartments. As part of the amended joint venture agreement and agreed upon contributions from the joint venture partner, the Company’s ownership percentage of the One Loudoun Residential Joint Venture decreased from 90% to 76.7% as of June 30, 2026, and its ownership percentage is expected to be reduced to 55% over time as additional equity for the One Loudoun Phase 2 Apartments is required to be contributed by the joint venture partner. In addition, the joint venture entered into a $107.5 million construction loan to fund the One Loudoun Phase 2 Apartments. The Company’s partner is the managing member of the joint venture; however, the consent of both partners is required for major operating and financial decisions of the joint venture.

The Company and our joint venture partners each have substantive participating rights over major decisions that impact the economics and operations of the joint ventures. The Company has the ability to exercise significant influence but does not have financial or operating control over these investments, and as a result, the Company accounts for these investments pursuant to the equity method of accounting. Under the equity method, the net equity investment of the Company is reflected in the accompanying consolidated balance sheets, and the Company’s share of net income or loss from each unconsolidated joint venture is included in the accompanying consolidated statements of operations and comprehensive income. Distributions from these investments that are related to income from operations are included as operating activities, and distributions that are related to capital transactions are included in investing activities in the Company’s consolidated statements of cash flows.