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Note 5 - Other Investments
3 Months Ended
Mar. 31, 2022
Notes to Financial Statements  
Other Real Estate Investments and Other Assets [Text Block]

5. Other 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, 2022, the Company’s net investment under the Preferred Equity Program was $74.2 million relating to 21 properties. During the three months ended March 31, 2022 and 2021, the Company recognized net income of $5.9 million and $3.2 million from its preferred equity investments, respectively. These amounts are included in Equity in income of other investments, net on the Company’s Condensed Consolidated Statements of Income.

 

The Company has an investment with a funding commitment of $25.0 million, of which $9.4 million has been funded as of March 31, 2022.