Rego Park II Loan Participation

12 Months Ended

Dec. 31, 2018

SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]

Rego Park II Loan Participation

REGO PARK II LOAN PARTICIPATION

We hold a participation in the Rego Park II shopping center loan and are entitled to interest at LIBOR plus 1.35% (3.87% as of December 31, 2018).  The participation in the previous loan, which was refinanced on December 12, 2018, earned interest at LIBOR plus 1.60%.  As of December 31, 2018 and 2017, our loan participation balance was $195,708,000 and $198,537,000, respectively, and the investment is presented as “Rego Park II loan participation” on our consolidated balance sheets.  Interest earned on the loan participation is recognized as “interest and other income, net” on our consolidated statements of income for the years ended December 31, 2018 and 2017.