INVESTMENT IN UNCONSOLIDATED AND CONSOLIDATED JOINT VENTURES (Tables)

9 Months Ended

Sep. 30, 2025

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Condensed Statements of Operations and Balance Sheet Information of Consolidated and Unconsolidated Joint Ventures

The condensed statements of operations for the nine months ended September 30, 2025 and 2024 and condensed balance sheet information of the Company’s unconsolidated joint ventures as of September 30, 2025 and December 31, 2024 are as follows:


	Three Months Ended September 30,
	2025		2024		2025		2024		2025		2024
	Joint Venture								TRC
($ in thousands)	Revenues				Earnings (Loss)				Equity in Earnings (Loss)
Petro Travel Plaza Holdings, LLC	$	36,820	$	40,446	$	3,221	$	4,641	$	1,933	$	2,785
TRCC/Rock Outlet Center LLC1	1,698		1,644		(647)		(994)		(323)		(497)
TRC-MRC 1, LLC	1,289		1,278		434		446		217		224
TRC-MRC 2, LLC	1,737		1,785		975		1,111		488		555
TRC-MRC 3, LLC	1,103		1,082		177		216		89		107
TRC-MRC 4, LLC	1,915		1,875		176		183		88		93
TRC-MRC 5, LLC	1,733		1,710		129		126		63		62

Total	$	46,295	$	49,820	$	4,465	$	5,729	$	2,555	$	3,329

Centennial Founders, LLC	$	20	$	—	$	16	$	(9)	Consolidated

1 Revenues for TRCC/Rock Outlet Center LLC are presented net of non-cash tenant allowance amortization of $0.3 million and $0.3 million for the three months ended September 30, 2025 and September 30, 2024, respectively.


	Nine Months Ended September 30,
	2025		2024		2025		2024		2025		2024
	Joint Venture								TRC
($ in thousands)	Revenues				Earnings (Loss)				Equity in Earnings (Loss)
Petro Travel Plaza Holdings, LLC	$	105,718	$	116,344	$	7,594	$	10,006	$	4,557	$	6,004
TRCC/Rock Outlet Center LLC1	4,889		5,148		(2,383)		(2,259)		(1,191)		(1,130)
TRC-MRC 1, LLC	3,865		3,135		1,359		749		680		375
TRC-MRC 2, LLC	5,332		4,980		3,020		2,887		1,510		1,443
TRC-MRC 3, LLC	3,329		3,268		666		643		333		321
TRC-MRC 4, LLC	5,768		5,837		530		826		265		414
TRC-MRC 5, LLC	5,165		4,680		230		369		114		184

Total	$	134,066	$	143,392	$	11,016	$	13,221	$	6,268	$	7,611

Centennial Founders, LLC	$	20	$	66	$	(38)	$	(22)	Consolidated

1 Revenues for TRCC/Rock Outlet Center LLC are presented net of non-cash tenant allowance amortization of $0.5 million and $1.0 million for the nine months ended September 30, 2025 and September 30, 2024, respectively.


	September 30, 2025								December 31, 2024
	Joint Venture						TRC		Joint Venture						TRC
($ in thousands)	Assets		Debt		Equity (Deficit)		Equity		Assets		Debt		Equity (Deficit)		Equity
Petro Travel Plaza Holdings, LLC	$	78,374	$	(11,221)	$	61,165	$	24,380	$	73,558	$	(11,793)	$	53,571	$	19,823
TRCC/Rock Outlet Center LLC	53,823		(20,271)		32,449		8,400		54,533		(20,545)		32,832		8,592
TRC-MRC 1, LLC	23,979		(20,943)		2,300		—		24,539		(21,470)		2,591		—
TRC-MRC 2, LLC	22,107		(20,684)		876		312		21,552		(21,234)		768		77
TRC-MRC 3, LLC	33,774		(32,017)		1,349		38		34,436		(32,722)		2,529		142
TRC-MRC 4, LLC	47,688		(60,211)		(13,724)		—		49,118		(60,906)		(10,664)		—
TRC-MRC 5, LLC	49,098		(52,222)		(2,690)		—		49,556		(52,795)		(643)		—
TRC-DP1, LLC	—		—		—		624		—		—		—		346
Total	$	308,843	$	(217,569)	$	81,725	$	33,754	$	307,292	$	(221,465)	$	80,984	$	28,980

Centennial Founders, LLC	$	108,524	$	—	$	108,228	***		$	107,015	$	—	$	106,766	***

*** Centennial Founders, LLC, is consolidated within the Company's financial statements.