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Note 5 - Other Real Estate Investments
9 Months Ended
Sep. 30, 2020
Notes to Financial Statements  
Other Real Estate Investments and Other Assets [Text Block]

5. Other Real Estate Investments

 

The Company has 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 September 30, 2020, the Company’s net investment under the Preferred Equity Program was $101.2 million relating to 131 properties, including 121 net leased properties.  During the nine months ended September 30, 2020, the Company recognized income of $26.8 million from its preferred equity investments, including net profit participation of $15.9 million. During the nine months ended September 30, 2019, the Company recognized income of $22.6 million from its preferred equity investments, including net profit participation of $8.6 million. These amounts are included in Equity in income of other real estate investments, net on the Company’s Condensed Consolidated Statements of Operations.