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Note 6 - Other Real Estate Investments
9 Months Ended
Sep. 30, 2011
Other Real Estate Investments [Text Block]

6. Other Real Estate Investments


Preferred Equity Capital -


The Company previously provided capital to owners and developers of real estate properties through its Preferred Equity program. As of September 30, 2011, the Company’s net investment under the Preferred Equity program was approximately $337.5 million relating to 529 properties, including 398 net leased properties.  During the nine months ended September 30, 2011, the Company earned approximately $19.8 million from its preferred equity investments, including $3.9 million in profit participation earned from seven capital transactions.  During the nine months ended September 30, 2010, the Company earned approximately $28.3 million from its preferred equity investments, including $6.5 million in profit participation earned from seven capital transactions.


During the nine months ended September 30, 2011, a property within one of the Company’s preferred equity investments was in default of its mortgage and received a foreclosure notice from the mortgage lender.  As such, the Company recognized a full impairment charge of approximately $0.6 million.


Other –


The Company holds a 13.4% noncontrolling interest in a joint venture with an investment group, which owns a portion of Albertson’s Inc.  During the nine months ended September 30, 2011, the joint venture distributed approximately $100.0 million of which the Company received approximately $13.9 million and recognized income of approximately $14.5 million, before income tax.