Investment in Unconsolidated Joint Ventures (Tables)

6 Months Ended

Jun. 30, 2026

Investment in Unconsolidated Joint Ventures

Summary of capital contributions, income recognized and cash interest received from investments in unconsolidated joint ventures

Additionally, we had two preferred equity investments that also met the accounting criteria to be considered a VIE based on the same factors discussed above for the ADC loan. During 2025, both preferred equity investments were redeemed. The following table summarizes income recognized, and cash interest received related to our investments in unconsolidated joint ventures during the six months ended June 30, 2026 and 2025 (in thousands):


	Type
	of		Income			Cash Income			Non-cash
Year	Properties		Recognized			Earned			Income Accrued
2026	SNF ⁽¹⁾	$	494	⁽¹⁾	$	396	⁽¹⁾	$	—

2025	SNF⁽¹⁾	$	589	⁽¹⁾	$	589	⁽¹⁾	$	—
	SH ⁽²⁾		289	⁽²⁾		289	⁽²⁾		—
	SH ⁽³⁾		3,226	⁽³⁾		3,172	⁽³⁾		54
Total		$	4,104		$	4,050		$	54

(1)	During the second quarter of 2026, the mortgage loan was paid off.

(2)	During the fourth quarter of 2025, our preferred equity investment in the JV that owns a 109-unit SH in Washington was redeemed for $8,140, which included a 12.0% exit IRR of $1,800.

(3)	During the first quarter of 2025, our preferred equity investment in the JV that owns a 267-unit SH in Washington was redeemed for $15,962, which included a 13% exit IRR of $2,962.