We own interests in certain unconsolidated real estate investments with third parties and in Carey European Student Housing Fund I, L.P. (“CESH”). There have been no significant changes in our equity method investment policies from what was disclosed in the 2023 Annual Report.

We own equity interests in properties that are generally leased to companies through noncontrolling interests in partnerships and limited liability companies that we do not control but over which we exercise significant influence. The underlying investments are jointly owned with third parties. We account for these investments under the equity method of accounting. We account for our interest in CESH under the equity method because, as its advisor, we do not exert control over, but we do have the ability to exercise significant influence over, CESH.

The following table sets forth our ownership interests in our equity method investments and their respective carrying values (dollars in thousands):


		Carrying Value at
Lessee/Fund/Description	Ownership Interest	June 30, 2024		December 31, 2023
Las Vegas Retail Complex (a)	N/A	$	239,848	$	235,979
Johnson Self Storage	90.00%	63,130		63,934
Kesko Senukai (b)	70.00%	27,723		28,860
Harmon Retail Corner (c)	15.00%	24,343		24,229
CESH (d)	2.43%	1,176		1,259
		$	356,220	$	354,261

(a)On June 10, 2021, we entered into an agreement to fund a construction loan of approximately $261.9 million (as of June 30, 2024) for a retail complex in Las Vegas, Nevada. Through June 30, 2024, we funded $236.3 million, including $4.9 million during the six months ended June 30, 2024. Equity income from this investment was $8.3 million and $5.9 million for the six months ended June 30, 2024 and 2023, respectively, which was recognized within Earnings from equity method investments in our consolidated statements of income.

(c)This investment is reported using the hypothetical liquidation at book value model, which may be different than pro rata ownership percentages, primarily due to the capital structure of the partnership agreement.

(d)We have elected to account for our investment in CESH at fair value by selecting the equity method fair value option available under GAAP. We record our investment in CESH on a one quarter lag; therefore, the balance of our equity method investment in CESH recorded as of June 30, 2024 is based on the estimated fair value of our investment as of March 31, 2024.

We received aggregate distributions of $13.0 million and $19.9 million from our unconsolidated real estate investments for the six months ended June 30, 2024 and 2023, respectively. At June 30, 2024 and December 31, 2023, the aggregate unamortized basis differences on our unconsolidated real estate investments were $17.4 million and $18.0 million, respectively. We received a distribution from CESH during the six months ended June 30, 2023 of $0.5 million. We did not receive a distribution from CESH during the six months ended June 30, 2024.