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INVESTMENT IN UNCONSOLIDATED AND CONSOLIDATED JOINT VENTURES (Tables) | 6 Months Ended
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Jun. 30, 2026
Equity Method Investments and Joint Ventures [Abstract] |
Schedule of Condensed Statements of Operations and Balance Sheet Information of Consolidated and Unconsolidated Joint Ventures | The variance represents the difference between the cost basis of assets contributed by the Company and the agreed upon fair value of those assets.
| Three Months Ended June 30,
| 2026 |  | 2025 |  | 2026 |  | 2025 |  | 2026 |  | 2025
| Joint Venture |  | TRC
($ in thousands) | Revenues |  | Earnings (Loss) |  | Equity in Earnings (Loss)
Petro Travel Plaza Holdings, LLC | $ | 43,688 |  |  | $ | 37,426 |  |  | $ | 3,683 |  |  | $ | 3,485 |  |  | $ | 2,210 |  |  | $ | 2,091 |
TRCC/Rock Outlet Center LLC 1 | 1,802 |  |  | 1,541 |  |  | (459) |  |  | (1,007) |  |  | (229) |  |  | (503) |
TRC-MRC 1, LLC | 1,287 |  |  | 1,293 |  |  | 503 |  |  | 487 |  |  | 251 |  |  | 244 |
TRC-MRC 2, LLC | 1,766 |  |  | 1,775 |  |  | 1,060 |  |  | 968 |  |  | 530 |  |  | 484 |
TRC-MRC 3, LLC | 1,110 |  |  | 1,105 |  |  | 256 |  |  | 242 |  |  | 129 |  |  | 121 |
TRC-MRC 4, LLC | 1,923 |  |  | 1,917 |  |  | 215 |  |  | 145 |  |  | 107 |  |  | 72 |
TRC-MRC 5, LLC | 1,692 |  |  | 1,734 |  |  | 205 |  |  | 92 |  |  | 102 |  |  | 46 |
Total | $ | 53,268 |  |  | $ | 46,791 |  |  | $ | 5,463 |  |  | $ | 4,412 |  |  | $ | 3,100 |  |  | $ | 2,555 |
Centennial Founders, LLC | $ | — |  |  | $ | — |  |  | $ | (15) |  |  | $ | (18) |  |  | Consolidated
1 Revenues for TRCC/Rock Outlet Center LLC are presented net of non-cash tenant allowance amortization of $0.2 million and $0.3 million for the three months ended June 30, 2026 and June 30, 2025, respectively.
The condensed statements of operations for the six months ended June 30, 2026 and 2025 and condensed balance sheet information of the Company’s unconsolidated joint ventures as of June 30, 2026 and December 31, 2025 are as follows:
| Six Months Ended June 30,
| 2026 |  | 2025 |  | 2026 |  | 2025 |  | 2026 |  | 2025
| Joint Venture |  | TRC
($ in thousands) | Revenues |  | Earnings (Loss) |  | Equity in Earnings (Loss)
Petro Travel Plaza Holdings, LLC | $ | 76,255 |  |  | $ | 68,898 |  |  | $ | 4,377 |  |  | $ | 4,373 |  |  | $ | 2,626 |  |  | $ | 2,624 |
TRCC/Rock Outlet Center LLC 1 | 3,757 |  |  | 3,191 |  |  | (821) |  |  | (1,736) |  |  | (410) |  |  | (868) |
TRC-MRC 1, LLC | 2,574 |  |  | 2,576 |  |  | 983 |  |  | 925 |  |  | 491 |  |  | 463 |
TRC-MRC 2, LLC | 3,583 |  |  | 3,595 |  |  | 2,116 |  |  | 2,045 |  |  | 1,058 |  |  | 1,022 |
TRC-MRC 3, LLC | 2,229 |  |  | 2,226 |  |  | 509 |  |  | 489 |  |  | 255 |  |  | 244 |
TRC-MRC 4, LLC | 3,845 |  |  | 3,853 |  |  | 416 |  |  | 354 |  |  | 208 |  |  | 177 |
TRC-MRC 5, LLC | 3,332 |  |  | 3,432 |  |  | 325 |  |  | 101 |  |  | 162 |  |  | 51 |
Total | $ | 95,575 |  |  | $ | 87,771 |  |  | $ | 7,905 |  |  | $ | 6,551 |  |  | $ | 4,390 |  |  | $ | 3,713 |
Centennial Founders, LLC | $ | — |  |  | $ | — |  |  | $ | (37) |  |  | $ | (54) |  |  | Consolidated
1 Revenues for TRCC/Rock Outlet Center LLC are presented net of non-cash tenant allowance amortization of $0.3 million and $0.3 million for the six months ended June 30, 2026 and June 30, 2025, respectively.
| June 30, 2026 |  | December 31, 2025
| Joint Venture | TRC |  | Joint Venture | TRC
($ in thousands) | Assets | Debt | Equity (Deficit) | Equity |  | Assets | Debt | Equity (Deficit) | Equity
Petro Travel Plaza Holdings, LLC | $ | 77,106 |  | $ | (10,649) |  | $ | 57,907 |  | $ | 22,510 |  |  | $ | 70,763 |  | $ | (11,030) |  | $ | 53,530 |  | $ | 19,884 |
TRCC/Rock Outlet Center LLC | 53,818 |  | (19,899) |  | 33,104 |  | 8,735 |  |  | 54,881 |  | (20,039) |  | 33,940 |  | 9,146 |
TRC-MRC 1, LLC | 23,031 |  | (20,397) |  | 1,995 |  | — |  |  | 23,510 |  | (20,763) |  | 2,112 |  | — |
TRC-MRC 2, LLC | 19,769 |  | (20,114) |  | (252) |  | — |  |  | 21,759 |  | (20,496) |  | 380 |  | 234 |
TRC-MRC 3, LLC | 33,484 |  | (31,288) |  | 2,252 |  | 319 |  |  | 33,503 |  | (31,777) |  | 1,450 |  | 98 |
TRC-MRC 4, LLC | 46,549 |  | (59,468) |  | (12,620) |  | — |  |  | 47,004 |  | (59,960) |  | (13,709) |  | — |
TRC-MRC 5, LLC | 47,845 |  | (51,630) |  | (2,057) |  | — |  |  | 48,510 |  | (52,027) |  | (2,488) |  | — |
TRC-DP1, LLC | 12,903 |  | — |  | 12,850 |  | 7,703 |  |  | — |  | — |  | — |  | 624 |
Total | $ | 314,505 |  | $ | (213,445) |  | $ | 93,179 |  | $ | 39,267 |  |  | $ | 299,930 |  | $ | (216,092) |  | $ | 75,215 |  | $ | 29,986 |
Centennial Founders, LLC | $ | 110,571 |  | $ | — |  | $ | 110,269 |  | *** |  | $ | 109,287 |  | $ | — |  | $ | 108,906 |  | ***
*** Centennial Founders, LLC, is consolidated within the Company's financial statements.

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- References No definition available. + Details
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