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Investments in Unconsolidated Entities (Tables)
 9 Months Ended
Sep. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]  
Schedule of Equity Method Investments
Our investments in unconsolidated entities as of September 30, 2024 and December 31, 2023 were as follows:
in thousandsCarrying Amount
Entity
Ownership Percentage(1)
September 30, 2024December 31, 2023
Vida JV LLC(2)
42.5%$65,299 $72,234 
San Simeon Preferred Equity(3)
— 28,236 27,488 
PTCR Holdco, LLC(4)
— 9,078 8,484 
Retail GP Fund(5)
4.5% to 13.5%
20,496 13,150 
Homestead Communities, LLC(6)
50.0%62 (37)
Total$123,171 $121,319 
(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 (the “Invesco JV”) with Invesco U.S. Income Fund L.P., an affiliate of Invesco, 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, 2024, the Invesco JV owned an 85% interest in a joint venture (“Vida JV LLC”) with an unaffiliated third party. As of September 30, 2024, 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 Preferred Equity”), a limited liability company that owns a multifamily property. The common member of San Simeon Preferred Equity had two one-year options that would extend the mandatory redemption date of our preferred membership interest to December 15, 2025. The original mandatory redemption was due to occur on December 15, 2023. However, on December 15, 2023, San Simeon Preferred Equity exercised the first extension option which makes our preferred membership interest mandatorily redeemable on December 15, 2024. The common member of San Simeon Preferred Equity has one remaining one-year extension. As of September 30, 2024, the investment yields a preferred return rate of 7.25%, which includes both the current pay and the deferred pay rates, as well as a preferred accrued return of 4.00% due upon redemption.
(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 4.5% to 13.5% in fourteen retail properties.
(6)We hold a 50% ownership interest in a real estate operating company focused on the aggregation and asset management of manufactured housing through a joint venture, Homestead Communities, LLC (“Homestead”). Invesco U.S. Income Fund L.P, an affiliate of Invesco, owns the remaining 50% ownership interest. An unaffiliated third party has a promote incentive that could dilute our ownership percentage if certain performance milestones are exceeded.
Our share of the unconsolidated entities’ income (loss) for the three and nine months ended September 30, 2024 and 2023 were as follows:
Company’s Share of Unconsolidated Entities' Income (Loss)
in thousandsThree Months Ended September 30,Nine Months Ended September 30,
Entity2024202320242023
Vida JV LLC$(1,439)$(354)$(2,345)$(1,253)
San Simeon Preferred Equity798 748 2,353 2,196 
PTCR Holdco, LLC271 272 808 806 
Retail GP Fund(508)1,170 (648)711 
Homestead Communities, LLC(74)(58)(39)(322)
Total$(952)$1,778 $129 $2,138 
The following tables provide summarized balance sheets of our investments in unconsolidated entities:
September 30, 2024December 31, 2023
in thousandsTotal assetsTotal liabilitiesTotal equityTotal assetsTotal liabilitiesTotal equity
Vida JV LLC$384,848 (231,741)$153,107 $391,584 (222,238)$169,346 
San Simeon Preferred Equity130,947 (76,145)54,802 128,759 (77,428)51,331 
Retail GP Fund996,875 (542,754)454,121 502,642 (278,012)224,630 
Other3,939 (3,454)485 5,320 (3,244)2,076 
The following tables provide summarized operating data of our investments in unconsolidated entities:
Three Months Ended September 30, 2024Three Months Ended September 30, 2023
in thousandsRevenueNet income (loss)RevenueNet income (loss)
Vida JV LLC$9,873 $3,382 $9,535 $(831)
San Simeon Preferred Equity2,835 638 2,709 236 
Retail GP Fund36,426 (7,041)16,881 4,057 
Other5,115 696 4,030 (497)
Total$54,249 $(2,325)$33,155 $2,965 
Nine Months Ended September 30, 2024Nine Months Ended September 30, 2023
in thousandsRevenueNet income (loss)RevenueNet income (loss)
Vida JV LLC$29,224 $5,506 $28,246 $(2,938)
San Simeon Preferred Equity8,329 1,767 7,872 1,183 
Retail GP Fund61,051 (7,885)43,317 3,659 
Other10,105 (813)11,023 (1,499)
Total$108,709 $(1,425)$90,458 $405