XML 48 R37.htm IDEA: XBRL DOCUMENT v3.20.2
Investment in Unconsolidated and Consolidated Joint Ventures (Tables)
 6 Months Ended
Jun. 30, 2020
Equity Method Investments and Joint Ventures [Abstract]  
Condensed statements of operations and balance sheet information of consolidated and unconsolidated joint ventures
Unaudited condensed statement of operations for the three months ended June 30, 2020 and condensed balance sheet information of the Company’s unconsolidated joint ventures as of June 30, 2020 and December 31, 2019 are as follows:

 
Three Months Ended June 30,
 
2020
 
2019
 
2020
 
2019
 
2020
 
2019
 
Joint Venture
 
TRC
($ in thousands)
Revenues
 
Earnings(Loss)
 
Equity in Earnings(Loss)
Petro Travel Plaza Holdings, LLC
$
16,701

 
$
31,394

 
$
2,430

 
$
3,923

 
$
1,458

 
$
2,354

Five West Parcel, LLC
—

 
736

 
19

 
240

 
10

 
120

18-19 West, LLC
1

 
4

 
(34
)
 
(26
)
 
(17
)
 
(13
)
TRCC/Rock Outlet Center, LLC1
929

 
1,313

 
(1,028
)
 
(1,334
)
 
(514
)
 
(667
)
TRC-MRC 1, LLC
786

 
766

 
29

 
26

 
15

 
13

TRC-MRC 2, LLC
1,003

 
996

 
327

 
328

 
163

 
164

TRC-MRC 3, LLC
731

 
—

 
131

 
—

 
66

 
—

Equity in earnings of unconsolidated joint ventures, net
$
20,151

 
$
35,209

 
$
1,874

 
$
3,157

 
$
1,181

 
$
1,971

 
 
 
 
 
 
 
 
 
 
 
 
Centennial Founders, LLC
$
185

 
$
114

 
$
94

 
$
28

 
Consolidated
 
 
 
 
 
 
 
 
 
 
 
 
(1) Revenues for TRCC/Rock Outlet Center are presented net of non-cash tenant allowance amortization of $0.3 million and $0.4 million as of June 30, 2020 and June 30, 2019, respectively.
 
Six Months Ended June 30,
 
2020
 
2019
 
2020
 
2019
 
2020
 
2019
 
Joint Venture
 
TRC
($ in thousands)
Revenues
 
Earnings(Loss)
 
Equity in Earnings(Loss)
Petro Travel Plaza Holdings, LLC
$
39,914

 
$
56,800

 
$
4,969

 
$
5,793

 
$
2,981

 
$
3,476

Five West Parcel, LLC
—

 
1,420

 
18

 
411

 
9

 
206

18-19 West, LLC
4

 
7

 
(64
)
 
(54
)
 
(32
)
 
(27
)
TRCC/Rock Outlet Center, LLC1
2,792

 
3,211

 
(1,840
)
 
(2,119
)
 
(920
)
 
(1,060
)
TRC-MRC 1, LLC
1,573

 
1,502

 
69

 
21

 
35

 
11

TRC-MRC 2, LLC
2,023

 
1,980

 
670

 
482

 
335

 
241

TRC-MRC 3, LLC
1,356

 
—

 
256

 
—

 
128

 
—

Equity in earnings of unconsolidated joint ventures, net
$
47,662

 
$
64,920

 
$
4,078

 
$
4,534

 
$
2,536

 
$
2,847

 
 
 
 
 
 
 
 
 
 
 
 
Centennial Founders, LLC
$
232

 
$
236

 
$
67

 
$
92

 
Consolidated
 
 
 
 
 
 
 
 
 
 
 
 
(1) Revenues for TRCC/Rock Outlet Center are presented net of non-cash tenant allowance amortization of $0.6 million and $0.9 million as of June 30, 2020 and June 30, 2019, respectively.

 
June 30, 2020
 
December 31, 2019
 
Joint Venture
TRC
 
Joint Venture
TRC
($ in thousands)
Assets
Debt
Equity
Equity
 
Assets
Debt
Equity
Equity
Petro Travel Plaza Holdings, LLC
$
81,774

$
(15,225
)
$
65,030

$
26,618

 
$
77,835

$
(15,287
)
$
60,061

$
23,636

Five West Parcel, LLC
666

—

666

149

 
694

—

648

140

18-19 West, LLC
4,665

—

4,415

1,637

 
4,849

—

4,600

1,730

TRCC/Rock Outlet Center, LLC
68,244

(38,027
)
29,649

6,761

 
69,459

(38,909
)
29,688

6,781

TRC-MRC 1, LLC
28,589

(24,267
)
3,599

—

 
28,673

(24,542
)
3,623

—

TRC-MRC 2, LLC
20,171

(24,165
)
(8,776
)
—

 
20,026

(24,455
)
(7,094
)
—

TRC-MRC 3, LLC
42,625

(35,785
)
6,308

6,081

 
37,292

(28,061
)
6,052

5,953

Total
$
246,734

$
(137,469
)
$
100,891

$
41,246

 
$
238,828

$
(131,254
)
$
97,578

$
38,240

 
 
 
 
 
 
 
 
 
 
Centennial Founders, LLC
$
97,529

$
—

$
97,135

***

 
$
96,415

$
—

$
96,143

***

 
 
 
 
 
 
 
 
 
 
*** Centennial Founders, LLC is consolidated within the Company's financial statements.