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Investments in Unconsolidated Entities (Tables)
 9 Months Ended
Sep. 30, 2022
Equity Method Investments and Joint Ventures [Abstract]  
Equity Method Investments
Our investments in unconsolidated entities as of September 30, 2022 and December 31, 2021 were as follows:
$ in thousandsCarrying Amount
Entity
Ownership Percentage(1)
September 30, 2022December 31, 2021
Vida JV LLC(2)
42.5 %$81,405 $80,455 
San Simeon Holdings(3)
— 24,747 21,088 
PTCR Holdco, LLC(4)
— 8,141 7,749 
Retail GP Fund(5)
6.8% to 13.5%
12,877 5,993 
Total$127,170 $115,285 
(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 September 30, 2022, the Invesco JV owned an 85% interest in a joint venture (“Vida JV LLC”) with an unaffiliated third party. As of September 30, 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 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 may 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 16 — “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 (“Retail 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 Retail GP Fund ranging from 6.8% to 13.5% in nine retail properties.
Our share of the unconsolidated entities’ income (loss) for the three and nine months ended September 30, 2022 and 2021 were as follows:
$ in thousandsCompany’s Share of Unconsolidated Entities' Income (Loss)
Three Months Ended September 30,Nine Months Ended September 30,
Entity2022202120222021
Vida JV LLC$1,770 $(328)$5,370 $258 
San Simeon Holdings664 510 1,911 1,428 
PTCR Holdco, LLC372 — 906 — 
Retail GP Fund(49)— 277 — 
Total$2,757 $182 $8,464 $1,686 
The following tables provide summarized balance sheets of our investments in unconsolidated entities:
September 30, 2022December 31, 2021
$ in thousandsVida JV LLCSan Simeon HoldingsOtherTotalVida JV LLCSan Simeon HoldingsOtherTotal
Total assets$416,097 $124,061 $483,521 $1,023,679 $407,574 $122,661 $234,015 $764,250 
Total liabilities(225,123)(76,023)(264,269)(565,415)(218,845)(79,237)(94,373)(392,455)
Total equity $190,974 $48,038 $219,252 $458,264 $188,729 $43,424 $139,642 $371,795 
The following tables provide summarized operating data of our investments in unconsolidated entities:
Three Months Ended September 30, 2022Three Months Ended September 30, 2021
$ in thousandsVida JV LLCSan Simeon HoldingsOtherTotalVida JV LLCSan Simeon HoldingsOtherTotal
Total revenue $9,089 $2,476 $22,158 $33,723 $9,397 $2,003 $— $11,400 
Net income (loss) $4,169 $478 $1,781 $6,428 $(766)$1,093 $— $327 
Nine Months Ended September 30, 2022Nine Months Ended September 30, 2021
$ in thousandsVida JV LLCSan Simeon HoldingsOtherTotalVida JV LLCSan Simeon HoldingsOtherTotal
Total revenue $27,385 $7,467 $45,807 $80,659 $27,236 $6,381 $— $33,617 
Net income $12,645 $1,806 $8,440 $22,891 $622 $374 $— $996 
We did not record any impairment losses on our investments in unconsolidated entities for the three and nine months ended September 30, 2022.