v3.26.1
Investments in Unconsolidated Real Estate Joint Ventures (Tables)
 6 Months Ended
Jun. 30, 2026
Investments In Unconsolidated Real Estate Joint Ventures [Abstract]  
Schedule of Equity Method Investments We have an ownership interest in the following unconsolidated real estate joint ventures:
As of June 30, 2026
Joint VentureCenter LocationOwnership %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 CanadaOntario, Canada50.0 %665 $63.6 — 
Investments included in other liabilities:
Charlotte(2)
Charlotte, NC50.0 %399 (20.4)$95.0 
National Harbor(2)
National Harbor, MD50.0 %341 (12.9)89.4 
Galveston/Houston (2)
Texas City, TX50.0 %353 (14.0)59.3 
Columbus(2)
Columbus, OH50.0 %355 (7.3)70.5 
50.0 %1,448$(54.6)$314.2 
As of December 31, 2025
Joint VentureCenter LocationOwnership %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 CanadaOntario, Canada50.0 %665 $64.9 — 
Investments included in other liabilities:
Charlotte(2)
Charlotte, NC50.0 %399 (20.5)$95.8 
National Harbor(2)
National Harbor, MD50.0 %341 (12.0)90.2 
Galveston/Houston(2)
Texas City, TX50.0 %353 (13.3)59.2 
Columbus(2)
Columbus, OH50.0 %355 (6.1)70.5 
50.0 %1,448$(51.9)$315.7 
(1)Net of debt origination costs of $1.5 million as of June 30, 2026 and $1.7 million as of December 31, 2025.
(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 condensed 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.
Schedule of Development, Loan Guarantee, Management, Leasing, and Marketing Fees Paid By Unconsolidated JVs
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 endedSix months ended
June 30,June 30,
2026202520262025
Fee:
Management and marketing$603 $576 $1,192 $1,139 
Leasing and other fees44 45 115 134 
Expense reimbursements from unconsolidated joint ventures1,222 1,219 2,452 2,541 
Total Fees$1,869 $1,840 $3,759 $3,814 
Summary Financial Information of Unconsolidated JVs Balance Sheet
June 30, 2026December 31, 2025
Assets
Land$77,489 $79,571 
Buildings, improvements and fixtures465,425 471,946 
Construction in progress1,579 1,125 
544,493 552,642 
Accumulated depreciation(237,450)(233,933)
Total rental property, net307,043 318,709 
Cash and cash equivalents15,993 19,369 
Deferred lease costs and other intangibles, net2,495 2,699 
Prepaids and other assets11,183 12,034 
Total assets$336,714 $352,811 
Liabilities and Owners’ Equity
Mortgages payable, net $314,163 $315,747 
Accounts payable and other liabilities14,317 15,844 
Total liabilities328,480 331,591 
Owners’ equity8,234 21,220 
Total liabilities and owners’ equity$336,714 $352,811 
Summary Financial Information Of Unconsolidated JVs Statements of Operations
Three months endedSix months ended
Condensed Combined Statements of Operations - Unconsolidated Joint VenturesJune 30,June 30,
2026202520262025
Revenues $25,450 $24,568 $50,608 $48,212 
Expenses:
Property operating9,168 9,050 18,849 17,997 
General and administrative6 20 28 20 
Depreciation and amortization4,645 4,594 9,343 10,284 
Total expenses13,819 13,664 28,220 28,301 
Other income (expense):
Interest expense(4,034)(4,921)(8,058)(9,352)
Other income106 97 249 259 
Total other expense(3,928)(4,824)(7,809)(9,093)
Net income$7,703 $6,080 $14,579 $10,818 
The Company and Operating Partnership’s share of:
Net income$3,849 $3,034 $7,291 $5,433 
Depreciation and amortization (real estate related)$2,328 $2,306 $4,673 $5,166