v3.26.3
Investments in and Advances to Real Estate Joint Ventures (Tables)
 9 Months Ended
Sep. 30, 2026
Schedule of Equity Method Investments [Line Items]  
Schedule of Equity Method Investments 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.
Schedule of the Company's Share of Net Income/(Loss)

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
Joint Ventures [Member]  
Schedule of Equity Method Investments [Line Items]  
Schedule of Equity Method Investments

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.