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Note 5 - Other Investments
3 Months Ended
Mar. 31, 2023
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, 2023, the Company’s net investment under the Preferred Equity program was $94.1 million. During the three months ended March 31, 2023 and 2022, the Company recognized income of $2.4 million and $5.9 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.

 

During 2023, the Company contributed a land parcel and related entitlements, located in Admore, PA, into a preferred equity investment with a gross value of $19.6 million. As a result, the Company no longer consolidates this land parcel and has a non-controlling interest in this investment. As of March 31, 2023, the Company’s investment was $24.3 million.