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Investment in Unconsolidated Joint Ventures (Tables) | 3 Months Ended
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Mar. 31, 2025
Investment in Unconsolidated Joint Ventures |
Summary of the preferred equity investments | The following table provides information regarding our unconsolidated joint venture investments at March 31, 2025 (dollar amounts in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Type | ​ | Type | ​ | Total | ​ | ​ | Contractual | ​ | ​ | Number | ​ | ​ | ​ | ​
​ | ​ | of | ​ | of | ​ | Preferred | ​ | ​ | Cash | ​ | ​ | of | ​ | ​ | Carrying | ​
State | ​ | Properties | ​ | Investment | ​ | Return | ​ | ​ | Portion | ​ | ​ | Beds/ Units | ​ | ​ | Value | ​
Texas | ​ | SNF/ALF | ​ | Senior Loan | (1) | 9.2 | % | ​ | 9.2 | % | ​ | 104 | ​ | $ | 11,262 | (1)
Washington | ​ | ALF/MC | ​ | Preferred Equity | (2) | 12.0 | % | ​ | 9.0 | % | ​ | 109 | ​ | ​ | 6,340 | (2)
Total | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 213 | ​ | $ | 17,602 | ​
(1) | Represents a $12,700 mortgage loan, which is comprised of $11,164 funded at origination during the three months ended June 30, 2024, an interest reserve of $750 and a capital expenditure reserve of $786. In accordance with GAAP, this mortgage loan was determined to be an ADC loan and is accounted for as an unconsolidated JV. The five-year mortgage loan is interest-only at a current rate of 9.15%.
​
(2) | Our investment represents 15.5% of the total investment. The preferred equity investment earns an initial cash rate of 7% increasing to 9% in year four until the IRR is 8%. After achieving an 8% IRR, the cash rate drops to 8% with an IRR ranging between 12% to 14%, depending upon timing of redemption. We have the option to require the JV partner to purchase our preferred equity interest at any time between August 17, 2031 and December 31, 2036.
​ ​
Summary of capital contributions, income recognized and cash interest received from investments in unconsolidated joint ventures | The following table summarizes our capital contributions, income recognized, and cash interest received related to our investments in unconsolidated joint ventures during the three months ended March 31, 2025 and 2024 (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Type | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | of | ​ | ​ | Income | ​ | ​ | Cash Income | ​ | ​ | Non-cash | ​
Year | ​ | Properties | ​ | ​ | Recognized | ​ | ​ | Earned | ​ | ​ | Income Accrued | ​
2025 | ​ | SNF/ALF | ​ | $ | 294 | ​ | $ | 294 | ​ | $ | — | ​
​ | ​ | ALF/MC | ​ | ​ | 145 | ​ | ​ | 145 | ​ | ​ | — | ​
​ | ​ | ILF/ALF (1) | ​ | ​ | 3,226 | (1) | ​ | 3,172 | (1) | ​ | 54 | ​
Total | ​ | ​ | ​ | $ | 3,665 | ​ | $ | 3,611 | ​ | $ | 54 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
2024 | ​ | ALF/MC | ​ | $ | 112 | ​ | $ | 112 | ​ | $ | — | ​
​ | ​ | ILF/ALF (1) | ​ | ​ | 264 | ​ | ​ | — | ​ | ​ | 264 | ​
Total | ​ | ​ | ​ | $ | 376 | ​ | $ | 112 | ​ | $ | 264 | ​
(1) | During the three months ended March 31, 2025, our preferred equity investment in a JV that owns a 267-unit ILF and ALF in Washington was redeemed for $15,962, which included a 13% exit IRR of $2,962.

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- Definition Tabular disclosure of the entity's capital contributions, income recognized and cash interest received related to investments in unconsolidated joint ventures. + References No definition available. + Details
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- Definition Tabular disclosure of the preferred equity investments. + References No definition available. + Details
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