| Condensed Combined Financial Information of Company's Unconsolidated Joint Venture Investments |
Condensed combined financial information of the Company’s unconsolidated joint ventures is as follows (in thousands):
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September 30, 2026 |
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December 31, 2025 |
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Condensed Combined Balance Sheets |
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Land |
$ |
148,968 |
|
|
$ |
159,567 |
|
Buildings |
|
418,599 |
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|
|
497,973 |
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Fixtures and tenant improvements |
|
45,031 |
|
|
|
70,903 |
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|
|
612,598 |
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|
|
728,443 |
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Less: Accumulated depreciation |
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(128,585 |
) |
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|
(190,020 |
) |
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|
484,013 |
|
|
|
538,423 |
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Construction in progress and land |
|
61 |
|
|
|
15 |
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Real estate, net |
|
484,074 |
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|
|
538,438 |
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Cash and restricted cash |
|
21,629 |
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|
28,254 |
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Receivables, net |
|
8,233 |
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|
|
10,497 |
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Other assets, net |
|
6,918 |
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|
|
8,837 |
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|
$ |
520,854 |
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|
$ |
586,026 |
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Mortgage debt |
$ |
372,083 |
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|
$ |
429,196 |
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Amounts payable to SITE Centers |
|
1,591 |
|
|
|
1,846 |
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Other liabilities |
|
25,031 |
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|
|
31,577 |
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|
|
398,705 |
|
|
|
462,619 |
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Accumulated equity |
|
122,149 |
|
|
|
123,407 |
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|
$ |
520,854 |
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|
$ |
586,026 |
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Company's share of accumulated equity |
$ |
24,429 |
|
|
$ |
23,306 |
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Basis differentials |
|
(560 |
) |
|
|
2,524 |
|
Amounts payable to the Company |
|
1,591 |
|
|
|
1,846 |
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Investments in and advances to joint ventures |
$ |
25,460 |
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|
$ |
27,676 |
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| Condensed Combined Statements of Operations of Unconsolidated Joint Venture Investments |
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Three Months |
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Nine Months |
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Ended September 30, |
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Ended September 30, |
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|
2026 |
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2025 |
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|
2026 |
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|
2025 |
|
Condensed Combined Statements of Operations |
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Revenues from operations |
$ |
16,464 |
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|
$ |
19,545 |
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$ |
49,731 |
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|
$ |
61,099 |
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Expenses from operations: |
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Operating expenses |
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4,015 |
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|
4,824 |
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|
12,486 |
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|
14,910 |
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Depreciation and amortization |
|
4,899 |
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|
|
6,826 |
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|
15,813 |
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|
|
19,210 |
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Interest expense |
|
7,137 |
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|
8,152 |
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|
21,392 |
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|
24,240 |
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Other expense, net |
|
1,068 |
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|
1,382 |
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|
3,501 |
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|
|
4,164 |
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|
17,119 |
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|
21,184 |
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|
53,192 |
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|
|
62,524 |
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Loss before gain on disposition of real estate |
|
(655 |
) |
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|
(1,639 |
) |
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|
(3,461 |
) |
|
|
(1,425 |
) |
Gain on disposition of real estate, net |
|
— |
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— |
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|
— |
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|
1 |
|
Loss attributable to unconsolidated joint ventures |
$ |
(655 |
) |
|
$ |
(1,639 |
) |
|
$ |
(3,461 |
) |
|
$ |
(1,424 |
) |
Company's share of equity in net loss of joint ventures |
$ |
(131 |
) |
|
$ |
(483 |
) |
|
$ |
(700 |
) |
|
$ |
(481 |
) |
Basis differential adjustments(A) |
|
(16 |
) |
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|
(16 |
) |
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|
(48 |
) |
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|
(47 |
) |
Equity in net loss of joint ventures |
$ |
(147 |
) |
|
$ |
(499 |
) |
|
$ |
(748 |
) |
|
$ |
(528 |
) |
(A)The difference between the Company’s share of net (loss) income, as reported above, and the amounts included in the Company’s consolidated statements of operations is attributable to the amortization of basis differentials.
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