Investments in Unconsolidated Real Estate Joint Ventures (Tables)

6 Months Ended

Jun. 30, 2025

Investments In Unconsolidated Real Estate Joint Ventures [Abstract]

We have an ownership interest in the following unconsolidated real estate joint ventures:


As of June 30, 2025
Joint Venture	Center Location	Ownership %		Square Feet (in 000’s)	Carrying Value of Investment (in millions)		Total Joint Venture Debt, Net (in millions)(1)
Investments included in investments in unconsolidated joint ventures:
RioCan Canada	Ontario, Canada	50.0	%	665	$	66.7	—

Investments included in other liabilities:
Charlotte(2)	Charlotte, NC	50.0	%	399	(21.5)		$	96.7
National Harbor(2)	National Harbor, MD	50.0	%	341	(12.8)		91.0
Galveston/Houston (2)	Texas City, TX	50.0	%	353	(13.6)		59.2
Columbus(2)	Columbus, OH	50.0	%	355	(5.8)		70.5
		50.0	%	1,448	$	(53.7)	$	317.4


As of December 31, 2024
Joint Venture	Center Location	Ownership %		Square Feet (in 000’s)	Carrying Value of Investment (in millions)		Total Joint Venture Debt, Net (in millions)(1)
Investments included in investments in unconsolidated joint ventures:
RioCan Canada	Ontario, Canada	50.0	%	665	$	65.7	—

Investments included in other liabilities:
Charlotte(2)	Charlotte, NC	50.0	%	399	(21.3)		$	97.6
National Harbor(2)	National Harbor, MD	50.0	%	341	(11.1)		91.8
Galveston/Houston(2)	Texas City, TX	50.0	%	353	(13.3)		57.4
Columbus(2)	Columbus, OH	50.0	%	355	(5.0)		70.4
		50.0	%	1,448	$	(50.7)	$	317.2

(1)Net of debt origination costs of $1.8 million as of June 30, 2025 and $1.6 million as of December 31, 2024.

(2)We separately report investments in joint ventures for which accumulated distributions have exceeded investments in and our share of net income or loss of the joint ventures within other liabilities in the consolidated balance sheets because we are committed and intend to provide further financial support to these joint ventures. The negative carrying value is due to the distributions of proceeds from mortgage loans and quarterly distributions of excess cash flow exceeding the original contributions from the partners and equity in earnings of the joint ventures.

Schedule of Development, Loan Guarantee, Management, Leasing, and Marketing Fees Paid By Unconsolidated JVs

Fees we received for various services provided to our unconsolidated joint ventures were recognized in management, leasing and other services as follows (in thousands):


	Three months ended				Six months ended
	June 30,				June 30,
	2025		2024		2025		2024
Fee:
Management and marketing	$	576	$	571	$	1,139	$	1,128
Leasing and other fees	45		107		134		212
Expense reimbursements from unconsolidated joint ventures	1,219		1,189		2,541		2,308
Total Fees	$	1,840	$	1,867	$	3,814	$	3,648

Summary Financial Information of Unconsolidated JVs Balance Sheet


	June 30, 2025		December 31, 2024
Assets
Land	$	79,815	$	79,920
Buildings, improvements and fixtures	470,567		459,148
Construction in progress	1,062		1,051
	551,444		540,119
Accumulated depreciation	(226,991)		(214,826)
Total rental property, net	324,453		325,293
Cash and cash equivalents	13,682		17,480
Deferred lease costs and other intangibles, net	2,341		1,841
Prepaids and other assets	10,493		10,137
Total assets	$	350,969	$	354,751
Liabilities and Owners’ Equity
Mortgages payable, net	$	317,317	$	317,191
Accounts payable and other liabilities	13,610		14,670
Total liabilities	330,927		331,861
Owners’ equity	20,042		22,890
Total liabilities and owners’ equity	$	350,969	$	354,751

Summary Financial Information Of Unconsolidated JVs Statements of Operations


	Three months ended				Six months ended
Condensed Combined Statements of Operations - Unconsolidated Joint Ventures	June 30,				June 30,
	2025		2024		2025		2024
Revenues	$	24,568	$	23,206	$	48,212	$	45,702
Expenses:
Property operating	9,050		8,876		17,997		16,868
General and administrative	20		14		20		130



Depreciation and amortization	4,594		3,941		10,284		9,021
Total expenses	13,664		12,831		28,301		26,019
Other income (expense):
Interest expense	(4,921)		(4,548)		(9,352)		(9,088)

Other income	97		118		259		382
Total other expense	(4,824)		(4,430)		(9,093)		(8,706)
Net income	$	6,080	$	5,945	$	10,818	$	10,977
The Company and Operating Partnership’s share of:
Net income	$	3,034	$	2,975	$	5,433	$	5,491
Depreciation and amortization (real estate related)	$	2,306	$	2,060	$	5,166	$	4,600

TANGER INC. 10-Q