v3.26.3
Investments in Unconsolidated Entities (Tables)
 9 Months Ended
Sep. 30, 2026
Equity Method Investments and Joint Ventures [Abstract]  
Schedule of Investments in Unconsolidated Entities
Our investments in unconsolidated entities as of September 30, 2026 and December 31, 2025 were as follows:
in thousandsCarrying Amount
Entity
Ownership Percentage(1)
September 30, 2026December 31, 2025
Vida JV LLC(2)
50.0%$73,490 $59,524 
San Simeon Preferred Equity(3)
N/A26,410 30,056 
PTCR Holdco, LLC(4)
N/A12,588 11,344 
Retail GP Fund(5)
4.5% to 9.5%
22,707 22,308 
Homestead Communities, LLC(6)
50.0%553 230 
West Spring Healthcare Properties, LLC(7)
28.0%— — 
Total$135,748 $123,462 
(1)Ownership percentage represents our entitlement to residual distributions after payments of priority returns, where applicable. Preferred equity investment ownership percentages are not presented.
(2)We formed a joint venture (the “Invesco JV”) with Invesco U.S. Income Fund L.P., an affiliate of Invesco, to acquire an interest in a portfolio of medical office buildings located throughout the United States (the “Sunbelt Medical Office Portfolio”). We hold a 50% ownership interest in the Invesco JV. The Invesco JV held an 85% ownership interest in a joint venture (“Vida JV LLC”) with a third party. On September 23, 2026, the Invesco JV acquired the 15% interest in Vida JV LLC from the third party. In connection with the transaction, we contributed $15.0 million to the Invesco JV, increasing our effective indirect ownership interest in Vida JV LLC from 42.5% to 50.0%. However, the governing structure remained the same. As of September 30, 2026, the Invesco JV owned a 100% interest in Vida JV LLC. As of September 30, 2026, Vida JV LLC owned a portfolio of twenty medical office buildings.
(3)We own a preferred membership interest in San Simeon Holdings LLC (“San Simeon Preferred Equity”), a limited liability company that owns a multifamily property. On March 13, 2026, the San Simeon Preferred Equity agreement was modified to extend the remaining term to April 1, 2031. In conjunction with the modification, a paydown was made by the common member to reduce the outstanding principal balance to $25.3 million. As of September 30, 2026 and after the modification, the investment yields a preferred return rate of 8.25%, which includes both the current pay and the deferred pay rates, as well as a preferred accrued return of 4.25% due upon redemption.
(4)We hold an 85% ownership interest in a consolidated joint venture, ITP Investments LLC (“ITP LLC”). ITP LLC holds a preferred equity investment in PTCR Holdco, LLC, a fully integrated retail platform operating company.
(5)ITP LLC has a 90% interest in PT Co-GP Fund, LLC (“Retail GP Fund”), which was formed to invest in retail properties through non-controlling general partner interests. ITP LLC holds non-controlling general partner interests through its interest in the Retail GP Fund ranging from 4.5% to 9.5% in fourteen retail properties.
(6)We hold a 50% ownership interest in a real estate operating company focused on the aggregation and asset management of manufactured housing through a joint venture, Homestead Communities, LLC (“Homestead”). Invesco U.S. Income Fund L.P., an affiliate of Invesco, owns the remaining 50% ownership interest. An unaffiliated third party has a promote incentive that could dilute our ownership percentage if certain performance milestones are exceeded.
(7)We hold a 28% ownership interest in a real estate operating company focused on the acquisition and asset management of medical office buildings through a joint venture, West Spring Healthcare Properties, LLC (“Spring Creek”). Invesco U.S. Income Fund L.P., an affiliate of Invesco, owns the remaining 72% ownership interest.
Our share of the unconsolidated entities’ income (loss) for the three and nine months ended September 30, 2026 and 2025 was as follows:
Company’s Share of Unconsolidated Entities' Income (Loss)
in thousandsThree Months Ended September 30,Nine Months Ended September 30,
EntityOwnership Percentage2026202520262025
Vida JV LLC50.0%$208 $(1,144)$363 $(2,399)
San Simeon Preferred EquityN/A887 849 2,601 2,494 
PTCR Holdco, LLCN/A419 273 1,244 791 
Retail GP Fund
4.5% to 9.5%
542 (60)241 (286)
Homestead Communities, LLC50%333 96 759 (94)
West Spring Healthcare Properties, LLC28%(308)— (308)— 
Total$2,081 $14 $4,900 $506 
The following tables provide summarized balance sheets of our investments in unconsolidated entities:
September 30, 2026December 31, 2025
in thousandsTotal assetsTotal liabilitiesTotal equityTotal assetsTotal liabilitiesTotal equity
Vida JV LLC$369,409 $(232,721)$(136,688)$364,661 $(225,438)$(139,223)
San Simeon Preferred Equity133,213 (80,023)(53,190)134,192 (78,500)(55,692)
Retail GP Fund1,117,787 (737,193)(380,594)1,111,223 (718,971)(392,252)
Other8,748 (10,540)1,792 7,154 (8,443)1,289 
The following tables provide summarized operating data of our investments in unconsolidated entities:
Three Months Ended September 30, 2026Three Months Ended September 30, 2025
in thousandsRevenueNet income (loss)RevenueNet income (loss)
Vida JV LLC$9,817 $379 $9,592 $(2,683)
San Simeon Preferred Equity2,916 596 2,803 642 
Retail GP Fund34,746 8,286 26,376 (3,100)
Other6,203 (1,224)4,069 227 
Total$53,682 $8,037 $42,840 $(4,914)
Nine Months Ended September 30, 2026Nine Months Ended September 30, 2025
in thousandsRevenueNet income (loss)RevenueNet income (loss)
Vida JV LLC$29,062 $770 $28,412 $(5,627)
San Simeon Preferred Equity8,667 1,561 8,208 1,999 
Retail GP Fund103,748 4,113 69,846 (12,612)
Other15,338 119 9,981 (1,416)
Total$156,815 $6,563 $116,447 $(17,656)