INVESTMENT IN UNCONSOLIDATED AND CONSOLIDATED JOINT VENTURES (Tables)

3 Months Ended

Mar. 31, 2024

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Condensed Statements of Operations and Balance Sheet Information of Consolidated and Unconsolidated Joint Ventures

Unaudited condensed statements of operations for the three months ended March 31, 2024 and 2023 and condensed balance sheet information of the Company’s unconsolidated joint ventures as of March 31, 2024 and December 31, 2023 are as follows:

	Three Months Ended March 31,
	2024		2023		2024		2023		2024		2023
	Joint Venture								TRC
($ in thousands)	Revenues				Earnings (Loss)				Equity in Earnings (Loss)
Petro Travel Plaza Holdings, LLC	$	34,499	$	34,812	$	1,406	$	2,270	$	843	$	1,362
TRCC/Rock Outlet Center, LLC1	1,832		1,431		(592)		(887)		(296)		(443)
TRC-MRC 1, LLC	865		961		184		96		92		48
TRC-MRC 2, LLC	1,482		1,390		1,110		667		555		334
TRC-MRC 3, LLC	1,108		1,051		217		196		109		98
TRC-MRC 4, LLC	1,773		1,776		278		251		139		125
TRC-MRC 5, LLC	1,572		—		142		(14)		71		(7)
Total	$	43,131	$	41,421	$	2,745	$	2,579	$	1,513	$	1,517
Centennial Founders, LLC	$	56	$	175	$	5	$	109	Consolidated
(1) Revenues for TRCC/Rock Outlet Center are presented net of non-cash tenant allowance amortization of $0.4 million and $0.3 million for the three months ended March 31, 2024 and March 31, 2023, respectively.

	March 31, 2024								December 31, 2023
	Joint Venture						TRC		Joint Venture						TRC
($ in thousands)	Assets		Debt		Equity (Deficit)		Equity		Assets		Debt		Equity (Deficit)		Equity
Petro Travel Plaza Holdings, LLC	$	73,382	$	(12,365)	$	54,356	$	20,214	$	72,633	$	(12,556)	$	52,950	$	19,370
TRCC/Rock Outlet Center, LLC	57,022		(20,776)		34,943		9,647		58,040		(20,850)		35,535		9,943
TRC-MRC 1, LLC	25,292		(21,979)		1,798		—		25,224		(22,144)		1,684		—
TRC-MRC 2, LLC	20,150		(21,766)		(1,384)		—		18,882		(21,939)		(2,597)		—
TRC-MRC 3, LLC	35,806		(33,404)		2,926		214		35,467		(33,627)		2,087		141
TRC-MRC 4, LLC	50,757		(61,556)		(10,546)		—		49,964		(61,776)		(12,192)		—
TRC-MRC 5, LLC	52,869		(53,354)		70		—		49,687		(35,138)		8,390		4,194
Total	$	315,278	$	(225,200)	$	82,163	$	30,075	$	309,897	$	(208,030)	$	85,857	$	33,648
Centennial Founders, LLC	$	105,661	$	—	$	105,258	***		$	104,979	$	—	$	104,753	***
*** Centennial Founders, LLC is consolidated within the Company's financial statements.