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INVESTMENT IN UNCONSOLIDATED AND CONSOLIDATED JOINT VENTURES (Tables)
 6 Months Ended
Jun. 30, 2025
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 six months ended June 30, 2025 and 2024 and condensed balance sheet information of the Company’s unconsolidated joint ventures as of June 30, 2025 and December 31, 2024 are as follows:
Three Months Ended June 30,
202520242025202420252024
Joint VentureTRC
($ in thousands)RevenuesEarnings (Loss)Equity in Earnings (Loss)
Petro Travel Plaza Holdings, LLC$37,426 $41,399 $3,485 $3,959 $2,091 $2,376 
TRCC/Rock Outlet Center LLC1
1,541 1,672 (1,007)(673)(503)(337)
TRC-MRC 1, LLC1,293 992 487 119 244 59 
TRC-MRC 2, LLC1,775 1,713 968 666 484 333 
TRC-MRC 3, LLC1,105 1,078 242 210 121 105 
TRC-MRC 4, LLC1,917 2,189 145 365 72 182 
TRC-MRC 5, LLC1,734 1,398 92 101 46 51 
Total$46,791 $50,441 $4,412 $4,747 $2,555 $2,769 
Centennial Founders, LLC$— $10 $(18)$(18)Consolidated
1 Revenues for TRCC/Rock Outlet Center LLC are presented net of non-cash tenant allowance amortization of $0.1 million and $0.3 million for the three months ended June 30, 2025 and June 30, 2024, respectively.
Six Months Ended June 30,
202520242025202420252024
Joint VentureTRC
($ in thousands)RevenuesEarnings (Loss)Equity in Earnings (Loss)
Petro Travel Plaza Holdings, LLC$68,898 $75,898 $4,373 $5,365 $2,624 $3,219 
TRCC/Rock Outlet Center LLC1
3,191 3,504 (1,736)(1,265)(868)(633)
TRC-MRC 1, LLC2,576 1,857 925 303 463 151 
TRC-MRC 2, LLC3,595 3,195 2,045 1,776 1,022 888 
TRC-MRC 3, LLC2,226 2,186 489 427 244 214 
TRC-MRC 4, LLC3,853 3,962 354 643 177 321 
TRC-MRC 5, LLC3,432 2,970 101 243 51 122 
Total$87,771 $93,572 $6,551 $7,492 $3,713 $4,282 
Centennial Founders, LLC$— $66 $(54)$(13)Consolidated
1 Revenues for TRCC/Rock Outlet Center LLC are presented net of non-cash tenant allowance amortization of $0.3 million and $0.7 million for the six months ended June 30, 2025 and June 30, 2024, respectively.
June 30, 2025December 31, 2024
Joint VentureTRCJoint VentureTRC
($ in thousands)AssetsDebtEquity (Deficit)EquityAssetsDebtEquity (Deficit)Equity
Petro Travel Plaza Holdings, LLC$76,756 $(11,412)$57,944 $22,447 $73,558 $(11,793)$53,571 $19,823 
TRCC/Rock Outlet Center LLC52,282 (20,384)31,095 7,723 54,533 (20,545)32,832 8,592 
TRC-MRC 1, LLC24,172 (21,121)2,416 — 24,539 (21,470)2,591 — 
TRC-MRC 2, LLC21,669 (20,869)807 299 21,552 (21,234)768 77 
TRC-MRC 3, LLC34,316 (32,254)1,658 212 34,436 (32,722)2,529 142 
TRC-MRC 4, LLC48,038 (60,440)(13,159)— 49,118 (60,906)(10,664)— 
TRC-MRC 5, LLC49,095 (52,415)(2,370)— 49,556 (52,795)(643)— 
TRC-DP1, LLC— — — 583 — — — 346 
Total$306,328 $(218,895)$78,391 $31,264 $307,292 $(221,465)$80,984 $28,980 
Centennial Founders, LLC$108,078 $— $107,912 ***$107,015 $— $106,766 ***
*** Centennial Founders, LLC, is consolidated within the Company's financial statements.