| Schedule of equity method investment |
The following table summarizes the Company’s equity method investment (in thousands): | | | | | | | | December 31, 2024 | | $ | 322,551 | Distributions | | | (13,910) | Direct share of equity income (loss) | | | 4,649 | Basis difference amortization | | | (581) | December 31, 2025 | | $ | 312,709 | Direct share of equity income (loss) | | | 119 | JV buyout | | | (312,828) | June 30, 2026 | | $ | — |
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The following table summarizes the Company’s equity method investment (in thousands): | | | | | | | | December 31, 2023 | | $ | 332,693 | Distributions | | | (12,036) | Direct share of equity income (loss) | | | 2,394 | Basis difference amortization. | | | (500) | December 31, 2024 | | $ | 322,551 | Distributions | | | (13,910) | Direct share of equity income (loss) | | | 4,649 | Basis difference amortization. | | | (581) | December 31, 2025 | | $ | 312,709 |
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| Schedule of summarized financial information for the JV |
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| | | | | | | | | | | | | | | | December 31, | | | 2025 | | 2024 | Net real estate | | $ | 563,021 | | $ | 580,396 | Other assets | | | 40,539 | | | 38,631 | Total assets | | $ | 603,560 | | $ | 619,027 | Accounts payable, accrued expenses, and other liabilities | | $ | 22,607 | | $ | 20,676 | Deferred revenue | | | 2,370 | | | 2,457 | Total liabilities | | $ | 24,977 | | $ | 23,133 | Members’ capital | | | 578,238 | | | 595,549 | Noncontrolling interests | | | 345 | | | 345 | Total equity | | | 578,583 | | | 595,894 | Total liabilities and equity | | $ | 603,560 | | $ | 619,027 |
| | | | | | | | | | | | | | | | Year Ended December 31, | | | 2025 | | 2024 | Total revenues | | $ | 167,176 | | $ | 161,946 | Total costs and expenses | | | (158,958) | | | (154,352) | Other income (expense), net | | | 1,505 | | | (2,066) | Income tax benefit (expense) | | | (993) | | | (1,011) | Net income (loss) | | $ | 8,730 | | $ | 4,517 | Noncontrolling interests’ share in earnings. | | | (41) | | | (41) | Net income (loss) attributable to members | | $ | 8,689 | | $ | 4,476 | The Company’s direct share of net income (loss) | | | 4,649 | | | 2,394 | Basis difference amortization | | | (581) | | | (500) | Equity income (loss) from unconsolidated joint venture | | $ | 4,068 | | $ | 1,894 |
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