| Investments in and Advances to Joint Ventures |
2.Investments in and Advances to Joint Ventures At September 30, 2026 and December 31, 2025, the Company had ownership interests in unconsolidated joint ventures that had investments in ten and 11 shopping center properties, respectively. 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 |
|
Condensed Combined Balance Sheets |
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|
|
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Land |
$ |
148,968 |
|
|
$ |
159,567 |
|
Buildings |
|
418,599 |
|
|
|
497,973 |
|
Fixtures and tenant improvements |
|
45,031 |
|
|
|
70,903 |
|
|
|
612,598 |
|
|
|
728,443 |
|
Less: Accumulated depreciation |
|
(128,585 |
) |
|
|
(190,020 |
) |
|
|
484,013 |
|
|
|
538,423 |
|
Construction in progress and land |
|
61 |
|
|
|
15 |
|
Real estate, net |
|
484,074 |
|
|
|
538,438 |
|
Cash and restricted cash |
|
21,629 |
|
|
|
28,254 |
|
Receivables, net |
|
8,233 |
|
|
|
10,497 |
|
Other assets, net |
|
6,918 |
|
|
|
8,837 |
|
|
$ |
520,854 |
|
|
$ |
586,026 |
|
|
|
|
|
|
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Mortgage debt |
$ |
372,083 |
|
|
$ |
429,196 |
|
Amounts payable to SITE Centers |
|
1,591 |
|
|
|
1,846 |
|
Other liabilities |
|
25,031 |
|
|
|
31,577 |
|
|
|
398,705 |
|
|
|
462,619 |
|
Accumulated equity |
|
122,149 |
|
|
|
123,407 |
|
|
$ |
520,854 |
|
|
$ |
586,026 |
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|
|
|
|
|
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Company's share of accumulated equity |
$ |
24,429 |
|
|
$ |
23,306 |
|
Basis differentials |
|
(560 |
) |
|
|
2,524 |
|
Amounts payable to the Company |
|
1,591 |
|
|
|
1,846 |
|
Investments in and advances to joint ventures |
$ |
25,460 |
|
|
$ |
27,676 |
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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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|
|
|
|
|
|
|
|
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Revenues from operations |
$ |
16,464 |
|
|
$ |
19,545 |
|
|
$ |
49,731 |
|
|
$ |
61,099 |
|
Expenses from operations: |
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|
|
|
|
|
|
|
|
|
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Operating expenses |
|
4,015 |
|
|
|
4,824 |
|
|
|
12,486 |
|
|
|
14,910 |
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Depreciation and amortization |
|
4,899 |
|
|
|
6,826 |
|
|
|
15,813 |
|
|
|
19,210 |
|
Interest expense |
|
7,137 |
|
|
|
8,152 |
|
|
|
21,392 |
|
|
|
24,240 |
|
Other expense, net |
|
1,068 |
|
|
|
1,382 |
|
|
|
3,501 |
|
|
|
4,164 |
|
|
|
17,119 |
|
|
|
21,184 |
|
|
|
53,192 |
|
|
|
62,524 |
|
Loss before gain on disposition of real estate |
|
(655 |
) |
|
|
(1,639 |
) |
|
|
(3,461 |
) |
|
|
(1,425 |
) |
Gain on disposition of real estate, net |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
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 |
) |
|
|
(16 |
) |
|
|
(48 |
) |
|
|
(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. Revenues earned by the Company for providing asset management and property management to the Company’s unconsolidated joint ventures were $1.1 million and $3.4 million for the three and nine months ended September 30, 2026, respectively, and $1.2 million and $3.6 million for the three and nine months ended September 30, 2025, respectively.
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