Investments in Unconsolidated Joint Ventures (Tables)

6 Months Ended

Jun. 30, 2026

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Combined and Condensed Balance Sheets of Unconsolidated Joint Ventures

Combined and condensed balance sheets and statements of operations are presented below for all unconsolidated joint ventures.

Combined and Condensed Balance Sheets of Unconsolidated Joint Ventures:


	June 30, 2026		December 31, 2025
Assets:
Property, net	$	3,134,795	$	3,206,517
Other assets	420,229		407,271
Total assets	$	3,555,024	$	3,613,788
Liabilities and partners' capital:
Mortgage and other notes payable	$	3,048,066	$	3,145,872
Other liabilities	314,865		308,150
Company's capital	141,966		140,911
Outside partners' capital	50,127		18,855
Total liabilities and partners' capital	$	3,555,024	$	3,613,788
Investments in unconsolidated joint ventures:
Company's capital	$	141,966	$	140,911
Basis adjustment(1)	362,607		371,776
	$	504,573	$	512,687

Assets—Investments in unconsolidated joint ventures	$	703,858	$	707,075
Liabilities—Distributions in excess of investments in unconsolidated joint ventures	(199,285)		(194,388)
	$	504,573	$	512,687

(1) The Company amortizes the difference between the cost of its investments in unconsolidated joint ventures and the book value of the underlying equity and adjusts the basis adjustment for impairment and disposition transactions that may occur, into the Company's share of net loss. The amortization of this difference was $5,654 and $5,314 for the three months ended June 30, 2026 and 2025, respectively, and $10,635 and $10,662 for the six months ended June 30, 2026 and 2025, respectively.

Schedule of Combined and Condensed Statements of Operations of Unconsolidated Joint Ventures

Combined and Condensed Statements of Operations of Unconsolidated Joint Ventures:


	Total
Three Months Ended June 30, 2026
Revenues:
Leasing revenue	151,187
Other	6,146
Total revenues	157,333
Expenses:
Shopping center and operating expenses	48,758
Leasing expenses	889
Interest expense	41,653
Depreciation and amortization	47,789
Total expenses	139,089
Loss on sale or write down of assets, net	(22,504)

Other income, net(1)	6,447
Net income	$	2,187
Company's equity in net loss(2)	$	(5,237)

	Total
Three Months Ended June 30, 2025
Revenues:
Leasing revenue	149,376
Other	7,465
Total revenues	156,841
Expenses:
Shopping center and operating expenses	54,444
Leasing expenses	1,501
Interest expense	42,616
Depreciation and amortization	48,436
Total expenses	146,997
Loss on sale or write down of assets, net	(4,214)


Net income	$	5,630
Company's equity in net loss	$	(475)

(1) This represents income received from legal claims settlements, net.

(2) This amount includes an impairment loss at the Company's share of $7,951 for the three months ended June 30, 2026.

Combined and Condensed Statements of Operations of Unconsolidated Joint Ventures:


	Total
Six Months Ended June 30, 2026
Revenues:
Leasing revenue	296,815
Other	2,031
Total revenues	298,846
Expenses:
Shopping center and operating expenses	99,187
Leasing expenses	2,891
Interest expense	82,141
Depreciation and amortization	95,252
Total expenses	279,471
Loss on sale or write down of assets, net	(23,361)
Other income, net(1)	6,447

Net income	$	2,461
Company's equity in net loss(2)	$	(15,103)

	Total
Six Months Ended June 30, 2025
Revenues:
Leasing revenue	295,559
Other	10,235
Total revenues	305,794
Expenses:
Shopping center and operating expenses	110,134
Leasing expenses	3,237
Interest expense	87,739
Depreciation and amortization	94,522
Total expenses	295,632
Loss on sale or write down of assets, net	(638)
Other income, net(1)	13,313
Net income	22,837
Company's equity in net loss	$	(1,274)

(1) This represents income received from legal claims settlements, net.

(2) This amount includes an impairment loss at the Company's share of $7,951 for the six months ended June 30, 2026.