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Investments in Unconsolidated Entities (Tables)
 3 Months Ended
Mar. 31, 2022
Equity Method Investments and Joint Ventures [Abstract]  
Equity Method Investments
Our investments in unconsolidated entities as of March 31, 2022 and December 31, 2021, and our share of the unconsolidated entities’ income (loss) for the three months ended March 31, 2022 and 2021 were as follows:
$ in thousandsCarrying AmountCompany’s Share of Unconsolidated Entities Income (Loss)
Entity
Ownership Percentage(1)
March 31, 2022December 31, 2021Three months ended March 31, 2022Three months ended March 31, 2021
Vida JV LLC(2)
42.5 %$83,098 $80,455 $3,152 $1,285 
San Simeon Holdings(3)
— 22,696 21,088 607 447 
PTCR Holdco, LLC(4)
— 7,787 7,749 174 — 
GP Fund(5)
6.8% to 9.0%
7,705 5,993 46 — 
Total$121,286 $115,285 $3,979 $1,732 
(1)Ownership percentage represents our entitlement to residual distributions after payments of priority returns, where applicable. Preferred equity investment ownership percentages are not presented.
(2)We formed a joint venture with Invesco U.S. Income Fund L.P., an affiliate of Invesco, (the “Invesco JV”) to acquire an interest in a portfolio of medical office buildings located throughout the United States (the “Sunbelt Medical Office Portfolio”). As of March 31, 2022, the Invesco JV owned an 85% interest in a joint venture (“Vida JV LLC”) with an unaffiliated third party. As of March 31, 2022, Vida JV LLC owned a portfolio of twenty medical office buildings.
(3)We own a preferred membership interest in San Simeon Holdings LLC (“San Simeon Holdings”), a limited liability company that owns a multifamily property. Our investment is structured as a preferred membership interest. Our preferred membership interest is mandatorily redeemable on December 15, 2023, although there are certain conditions that may accelerate the redemption date. The common member of San Simeon Holdings has two one-year options that extend the mandatory redemption date of our preferred membership interest to December 15, 2025. The investment yields a current pay rate of 6.50%, increasing 0.50% annually on the anniversary of the investment during the initial term and 0.25% during each extension term, as well as a preferred accrued return of 4.00% due upon redemption. See Note 14 — “Commitments and Contingencies” for additional information regarding our future capital commitment to San Simeon Holdings.
(4)We hold an 85% ownership interest in a consolidated joint venture, ITP Investments LLC (“ITP LLC”). ITP LLC holds a preferred equity investment in PTCR Holdco, LLC, a fully integrated retail platform operating company.
(5)ITP LLC has a 90% interest in PT Co-GP Fund, LLC (“GP Fund”), which was formed to invest in retail properties through non-controlling general partner interests. ITP LLC holds non-controlling general partner interests through its interest in the GP Fund ranging from 6.8% to 9.0% in seven retail properties.
The following tables provide summarized balance sheets of our investments in unconsolidated entities:
March 31, 2022December 31, 2021
$ in thousandsVida JV LLCSan Simeon HoldingsOtherTotalVida JV LLCSan Simeon HoldingsOtherTotal
Total assets$415,135 $122,749 $296,714 $834,598 $407,574 $122,661 $234,015 $764,250 
Total liabilities(220,186)(74,691)(153,591)(448,468)(218,845)(79,237)(94,373)(392,455)
Total equity $194,949 $48,058 $143,123 $386,130 $188,729 $43,424 $139,642 $371,795 
The following tables provide summarized operating data of our investments in unconsolidated entities:
Three Months Ended March 31, 2022Three Months Ended March 31, 2021
$ in thousandsVida JV LLCSan Simeon HoldingsOtherTotalVida JV LLCSan Simeon HoldingsOtherTotal
Total revenue $9,055 $2,464 $7,323 $18,842 $8,588 $2,255 $— $10,843 
Net income (loss) $7,421 $720 $770 $8,911 $3,031 $(224)$— $2,807