Note 5 - Other Real Estate Investments and Other Assets

9 Months Ended

Sep. 30, 2016

Notes to Financial Statements

Other Real Estate Investments and Other Assets [Text Block]

5.

Other Real Estate Investments and Other Assets

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, 2016, the Company’s net investment under the Preferred Equity Program was $190.0 million relating to 373 properties, including 350 net leased properties.  During the nine months ended September 30, 2016, the Company earned $22.3 million from its preferred equity investments, including $10.1 million in profit participation earned from four capital transactions.  During the nine months ended September 30, 2015, the Company earned $16.5 million from its preferred equity investments, including $9.2 million in profit participation earned from seven capital transactions. These amounts are included in Equity in income of other real estate investments, net on the Company’s Condensed Consolidated Statements of Operations.