Investments in Unconsolidated Joint Ventures (Tables)

9 Months Ended

Sep. 30, 2026

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Combined and Condensed Balance Sheets of Unconsolidated Joint Ventures

Combined and condensed balance sheets and statements of operations are presented below for all unconsolidated joint ventures.

Combined and Condensed Balance Sheets of Unconsolidated Joint Ventures:


	September 30, 2026		December 31, 2025
Assets:
Property, net	$	3,162,755	$	3,206,517
Other assets	430,709		407,271
Total assets	$	3,593,464	$	3,613,788
Liabilities and partners' capital:
Mortgage and other notes payable	$	3,049,001	$	3,145,872
Other liabilities	335,316		308,150
Company's capital	149,220		140,911
Outside partners' capital	59,927		18,855
Total liabilities and partners' capital	$	3,593,464	$	3,613,788
Investments in unconsolidated joint ventures:
Company's capital	$	149,220	$	140,911
Basis adjustment(1)	359,104		371,776
	$	508,324	$	512,687

Assets—Investments in unconsolidated joint ventures	$	705,571	$	707,075
Liabilities—Distributions in excess of investments in unconsolidated joint ventures	(197,247)		(194,388)
	$	508,324	$	512,687

(1) The Company amortizes the difference between the cost of its investments in unconsolidated joint ventures and the book value of the underlying equity and adjusts the basis adjustment for impairment and disposition transactions that may occur, into the Company's share of net loss. The amortization of this difference was $4,434 and $6,172 for the three months ended September 30, 2026 and 2025, respectively, and $15,069 and $16,834 for the nine months ended September 30, 2026 and 2025, respectively.

Schedule of Combined and Condensed Statements of Operations of Unconsolidated Joint Ventures

Combined and Condensed Statements of Operations of Unconsolidated Joint Ventures:


	Total
Three Months Ended September 30, 2026
Revenues:
Leasing revenue	154,746
Other	8,052
Total revenues	162,798
Expenses:
Shopping center and operating expenses	51,745
Leasing expenses	1,311
Interest expense	41,492
Depreciation and amortization	48,455
Total expenses	143,003
Loss on sale or write down of assets, net	(971)

Other income, net(1)	5,000
Net income	$	23,824
Company's equity in net income	$	7,013

	Total
Three Months Ended September 30, 2025
Revenues:
Leasing revenue	147,958
Other	4,674
Total revenues	152,632
Expenses:
Shopping center and operating expenses	54,604
Leasing expenses	1,163
Interest expense	41,323
Depreciation and amortization	47,821
Total expenses	144,911
Gain on sale or write down of assets, net	27,107


Net income	$	34,828
Company's equity in net income	$	9,759

(1) This represents income from legal claims settlements, net.

Combined and Condensed Statements of Operations of Unconsolidated Joint Ventures:


	Total
Nine Months Ended September 30, 2026
Revenues:
Leasing revenue	451,561
Other	10,083
Total revenues	461,644
Expenses:
Shopping center and operating expenses	150,933
Leasing expenses	4,201
Interest expense	123,633
Depreciation and amortization	143,707
Total expenses	422,474
Loss on sale or write down of assets, net	(24,332)
Other income, net(1)	11,447

Net income	$	26,285
Company's equity in net loss(2)	$	(8,090)

	Total
Nine Months Ended September 30, 2025
Revenues:
Leasing revenue	443,517
Other	14,909
Total revenues	458,426
Expenses:
Shopping center and operating expenses	164,738
Leasing expenses	4,400
Interest expense	129,062
Depreciation and amortization	142,343
Total expenses	440,543
Gain on sale or write down of assets, net	26,469
Other income, net(1)	13,313
Net income	57,665
Company's equity in net income	$	8,485

(1) This represents income from legal claims settlements, net.

(2) This amount includes an impairment loss at the Company's share of $7,951 for the nine months ended September 30, 2026.