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Investments in Unconsolidated Entities (Tables)
 9 Months Ended
Sep. 30, 2025
Equity Method Investments and Joint Ventures [Abstract]  
Schedule of Equity Method Investments
Our investments in unconsolidated entities as of September 30, 2025 and December 31, 2024 were as follows:
in thousandsCarrying Amount
Entity
Ownership Percentage(1)
September 30, 2025December 31, 2024
Vida JV LLC(2)
42.5%$60,336 $64,292 
San Simeon Preferred Equity(3)
— %29,750 28,693 
PTCR Holdco, LLC(4)
— %10,167 9,375 
Retail GP Fund(5)
4.5% to 9.0%
16,469 22,019 
Homestead Communities, LLC(6)
50.0%216 94 
Total$116,938 $124,473 
(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, 2025, the Invesco JV owned an 85% interest in a joint venture (“Vida JV LLC”) with an unaffiliated third party. As of September 30, 2025, 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 extension options that they have exercised as of September 30, 2025. Our mandatory redemption date of our preferred membership interest is December 15, 2025. As of September 30, 2025, the investment yields a preferred return rate of 7.50%, 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 9.0% in twelve 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, 2025 and 2024 were as follows:
Company’s Share of Unconsolidated Entities' Income (Loss)
in thousandsThree Months Ended September 30,Nine Months Ended September 30,
EntityOwnership Percentage2025202420252024
Vida JV LLC42.5%$(1,144)$(1,439)$(2,399)$(2,345)
San Simeon Preferred Equity—%849 798 2,494 2,353 
PTCR Holdco, LLC—%273 271 791 808 
Retail GP Fund
4.5% to 9.0%
(60)(508)(286)(648)
Homestead Communities, LLC50.0%96 (74)(94)(39)
Total$14 $(952)$506 $129 
The following tables provide summarized balance sheets of our investments in unconsolidated entities:
September 30, 2025December 31, 2024
in thousandsTotal assetsTotal liabilitiesTotal equityTotal assetsTotal liabilitiesTotal equity
Vida JV LLC$374,087 $(232,871)$(141,216)$376,408 $(225,791)$(150,617)
San Simeon Preferred Equity133,288 (77,646)(55,642)132,593 (77,450)(55,143)
Retail GP Fund892,431 (490,259)(402,172)938,113 (608,707)(329,406)
Other7,613 (8,356)743 4,316 (3,832)(484)
The following tables provide summarized operating data of our investments in unconsolidated entities:
Three Months Ended September 30, 2025Three Months Ended September 30, 2024
in thousandsRevenueNet income (loss)RevenueNet income (loss)
Vida JV LLC$9,592 $(2,683)$9,873 $3,382 
San Simeon Preferred Equity2,803 642 2,835 638 
Retail GP Fund26,376 (3,100)36,426 (7,041)
Other4,069 227 5,115 696 
Total$42,840 $(4,914)$54,249 $(2,325)
Nine Months Ended September 30, 2025Nine Months Ended September 30, 2024
in thousandsRevenueNet income (loss)RevenueNet income (loss)
Vida JV LLC$28,412 $(5,627)$29,224 $5,506 
San Simeon Preferred Equity8,208 1,999 8,329 1,767 
Retail GP Fund69,846 (12,612)61,051 (7,885)
Other9,981 (1,416)10,105 (813)
Total$116,447 $(17,656)$108,709 $(1,425)