The Company has investments in and advances to various real estate joint ventures. These joint ventures are engaged primarily in the operation of shopping centers which are either owned or held under long-term operating leases. The Company and the joint venture partners have joint approval rights for major decisions, including those regarding property operations. As such, the Company holds noncontrolling interests in these joint ventures and accounts for them under the equity method of accounting. The Company manages certain of these joint venture investments and, where applicable, earns acquisition fees, leasing commissions, property management fees, asset management fees and construction management fees. The table below presents unconsolidated joint venture investments for which the Company held an ownership interest at June 30, 2026 and December 31, 2025 (in millions, except number of properties and GLA):


	Noncontrolling Ownership Interest	The Company’s Investment
Joint Venture	As of June 30, 2026	June 30, 2026		December 31, 2025
Prudential Investment Program	15.0%	$	120.6	$	120.1
Kimco Income Opportunity Portfolio (“KIR”)	52.1%		286.3		287.2
R2G Venture LLC (“R2G”)	51.5%		393.1		401.2
Canada Pension Plan Investment Board (“CPP”)	55.0%		174.3		202.3
Other Institutional Joint Ventures	Various		232.9		236.0
Other Joint Venture Programs	Various		206.7		207.3
Total*		$	1,413.9	$	1,454.1

* Represents 162 property interests and 24.4 million square feet of GLA, as of both June 30, 2026 and December 31, 2025.

The table below presents the Company’s share of net income for the above investments, which is included in Equity in income of joint ventures, net on the Company’s Condensed Consolidated Statements of Income for the three and six months ended June 30, 2026 and 2025 (in millions):


	Three Months Ended June 30,				Six Months Ended June 30,
Joint Venture	2026		2025		2026		2025
Prudential Investment Program	$	2.0	$	2.3	$	4.3	$	5.4
KIR		9.9		8.2		20.3		18.3
R2G		3.2		2.0		6.4		4.3
CPP		12.5		3.0		15.4		6.2
Other Institutional Joint Ventures		1.6		1.0		3.4		2.1
Other Joint Venture Programs (1)		3.2		7.5		7.5		10.4
Total	$	32.4	$	24.0	$	57.3	$	46.7

(1)

During the three months ended June 30, 2025, the Company recognized $4.7 million of equity in income related to the restructuring of a joint venture.

During the six months ended June 30, 2026, the CPP joint venture partially disposed of an operating property for a sales price of $142.3 million. This transaction resulted in a net gain to the Company of $9.9 million for the six months ended June 30, 2026, which is included in Equity in income of joint ventures, net on the Company’s Condensed Consolidated Statements of Income.

During the six months ended June 30, 2025, certain of the Company’s real estate joint ventures disposed of an operating property and a land parcel in separate transactions, for an aggregate sales price of $39.8 million. These transactions resulted in an aggregate net gain to the Company of $0.8 million for the six months ended June 30, 2025, which is included in Equity in income of joint ventures, net on the Company’s Condensed Consolidated Statements of Income.

The table below presents debt balances within the Company’s unconsolidated joint venture investments for which the Company held noncontrolling ownership interests at June 30, 2026 and December 31, 2025 (dollars in millions):


	As of June 30, 2026							As of December 31, 2025
Joint Venture	Mortgages and Notes Payable, Net		Weighted Average Interest Rate			Weighted Average Remaining Term (months)*		Mortgages and Notes Payable, Net		Weighted Average Interest Rate			Weighted Average Remaining Term (months)*
Prudential Investment Program	$	227.3		4.98	%		16.4	$	233.9		5.25	%		22.2
KIR		273.2		4.58	%		56.8		274.4		4.58	%		15.2
R2G		71.7		2.90	%		56.7		70.7		2.90	%		62.6
CPP (1)		-		-			-		79.3		5.25	%		7.0
Other Institutional Joint Ventures		222.9		5.41	%		41.8		222.7		5.41	%		47.7
Other Joint Venture Programs		533.1		4.81	%		34.7		538.2		5.04	%		33.0
Total	$	1,328.2						$	1,419.2

(1)

During the three months ended June 30, 2026, the CPP joint venture repaid $78.6 million of mortgage debt that encumbered an operating property.

* Includes extension options