Note 6 - Other Real Estate Investments

3 Months Ended

Mar. 31, 2018

Notes to Financial Statements

Other Real Estate Investments and Other Assets [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. The Company’s maximum exposure to losses associated with its preferred equity investments is primarily limited to its net investment. As of

March 31, 2018,

the Company’s net investment under the Preferred Equity Program was

$188.2

million relating to

319

properties, including

306

net leased properties.  During the

three

months ended

March 31, 2018,

the Company recognized income of

$10.0

million from its preferred equity investments, including

$4.7

million in profit participation earned from

two

capital transactions. During the

three

months ended

March 31, 2017,

the Company earned

$3.8

million from its preferred equity investments. These amounts are included in Equity in income of other real estate investments, net on the Company’s Condensed Consolidated Statements of Income.