XML 43 R31.htm IDEA: XBRL DOCUMENT v3.24.1.u1
Investments in Unconsolidated Real Estate Affiliates (Tables)
 3 Months Ended
Mar. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]  
Investments in Unconsolidated Real Estate Affiliates
The following table provides summarized income statement information of STORE for the three months ended March 31, 2024 and March 31, 2023 (amounts in thousands):
Three Months Ended
March 31, 2024March 31, 2023
Total revenue$269,859 $163,832 
Net income $178,743 $102,697 
The following table details the Company’s investments in unconsolidated real estate affiliates:
Carrying Amount of InvestmentORENT's Share of Unconsolidated Entities' Income
InvestmentOwnership PercentageMarch 31, 2024December 31, 2023March 31, 2024March 31, 2023
STORE Capital LLC (1)
16.0 %$1,502,886 $675,944 $32,037 $3,679 
Blue Owl NL Opportunity Credit REIT E LLC ("Fleet Farm JV") (2)
49.1 %6,081 6,058 141 (85)
Blue Owl NL Opportunity Credit Holdings REIT LLC ("Tenneco JV") (3)
50.9 %24,149 23,626 1,122 — 
Total$1,533,116 $705,628 $33,300 $3,594 
(1)    The Company’s share of STORE’s net income includes our portion of STORE’s income and unrealized gains/losses based on our varying ownership percentage, which increased throughout the period, as well as our pro-rata share of OS Aggregator’s expenses.
(2) On August 12, 2022, the Company formed Oak Street NL Opportunity Credit REIT E LLC (“Fleet Farm JV”), a joint venture which the Company holds a 49.1% ownership in and accounts for under the equity method of accounting. The Company’s initial contribution into the joint venture was $6,986. The joint venture acquired two properties, which are leased on a triple net basis to the tenant. On September 18, 2023, Fleet Farm JV
changed its legal name to Blue Owl NL Opportunity Credit REIT E LLC pursuant to a certificate of amendment to its Certificate of Formation filed with the Secretary of State of Delaware on September 18, 2023.
(3)    On June 5, 2023, the Company formed Blue Owl NL Opportunity Credit Holdings REIT LLC (“Tenneco JV”), a joint venture which the Company holds a 50.9% ownership in and accounts for under the equity method of accounting. The Company has elected to account for the investment using the FVO under ASC 825. The Company’s initial contribution into the joint venture was $41,738. The joint venture acquired four properties, which are leased on a triple net basis to the tenant. In July 2023, the Company contributed an additional $9,467 into the joint venture. The additional capital contributed pro rata by each partner was used to acquire two additional properties, which are leased on a triple net basis to the tenant. The Company received return of capital distributions of $999 and $30,487 in September and November 2023, respectively, primarily funded by a mortgage loan entered into by wholly owned subsidiaries of the Tenneco JV for its six assets in November 2023.