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 September 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 September 30, 2026	September 30, 2026		December 31, 2025
Prudential Investment Program	15.0%	$	119.6	$	120.1
Kimco Income Opportunity Portfolio (“KIR”)	52.1%		285.2		287.2
R2G Venture LLC (“R2G”)	51.5%		390.5		401.2
Other Institutional Joint Ventures (1)	Various		250.3		438.3
Other Joint Venture Programs	Various		202.9		207.3
Total*		$	1,248.5	$	1,454.1

* Represents 159 property interests and 24.2 million square feet of GLA as of September 30, 2026 and 162 property interests and 24.4 million square feet of GLA as of December 31, 2025.

(1)

During 2026, Canada Pension Plan Investment Board (“CPP”) sold its 45.0% ownership interest in three operating properties to an outside partner. The Company retained its 55.0% investment in these properties, which is now included in Other Institutional Joint Ventures. As a result, the CPP joint venture has one property interest remaining at September 30, 2026, and as such the Company’s CPP investment is now included in Other Institutional Joint Ventures.

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 nine months ended September 30, 2026 and 2025 (in millions):


	Three Months Ended September 30,				Nine Months Ended September 30,
Joint Venture	2026		2025		2026		2025
Prudential Investment Program	$	2.4	$	8.1	$	6.7	$	13.4
KIR		9.7		9.1		30.0		27.4
R2G		4.1		2.4		10.5		6.7
Other Institutional Joint Ventures		54.6		4.3		73.4		12.6
Other Joint Venture Programs (1)		3.1		3.1		10.6		13.5
Total	$	73.9	$	27.0	$	131.2	$	73.6

(1)

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

During the nine months ended September 30, 2026, certain of the Company’s real estate joint ventures fully disposed of three operating properties and partially disposed of an operating property, in separate transactions, for an aggregate sales price of $398.6 million. These transactions resulted in a net gain to the Company of $60.5 million for the nine months ended September 30, 2026, which is included in Equity in income of joint ventures, net on the Company’s Condensed Consolidated Statements of Income.

During the nine months ended September 30, 2025, the Company acquired the remaining 85.0% interest in an operating property from the Prudential Investment Program, with an aggregate gross fair value of $77.2 million. The Company evaluated this transaction pursuant to ASC Topic 810 Consolidation and, as a result, recognized a net gain on change in control of interest of $5.7 million resulting from the fair value adjustment associated with the Company’s previously held equity interest. See Footnote 3 of the Notes to Condensed Consolidated Financial Statements for the operating property acquired by the Company.

In addition, during the nine months ended September 30, 2025, certain of the Company’s real estate joint ventures disposed of two operating properties and a land parcel in separate transactions, for an aggregate sales price of $71.6 million. These transactions resulted in an aggregate net gain to the Company of $0.9 million for the nine months ended September 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 September 30, 2026 and December 31, 2025 (dollars in millions):


	As of September 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	$	233.4		5.19	%		18.5	$	233.9		5.25	%		22.2
KIR		273.3		4.56	%		53.8		274.4		4.58	%		15.2
R2G		72.2		2.90	%		53.7		70.7		2.90	%		62.6
Other Institutional Joint Ventures (1) (2)		374.4		5.26	%		47.0		302.0		5.37	%		37.0
Other Joint Venture Programs		530.5		4.90	%		35.2		538.2		5.04	%		33.0
Total	$	1,483.8						$	1,419.2

(1)

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

(2)

During August 2026, certain joint ventures obtained $154.1 million of secured debt encumbering five operating properties.

* Includes extension options