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Note 5 - Other Real Estate Investments
3 Months Ended
Mar. 31, 2021
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 and loans 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, 2021, the Company’s net investment under the Preferred Equity Program was $99.4 million relating to 111 properties, including 101 net leased properties.  During the three months ended March 31, 2021, the Company recognized income of $3.2 million from its preferred equity investments. During the three months ended March 31, 2020, the Company recognized income of $11.1 million from its preferred equity investments, including profit participation of $6.3 million. These amounts are included in Equity in income of other real estate investments, net on the Company’s Condensed Consolidated Statements of Income.