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Note 6 - Other Real Estate Investments and Other Assets | 6 Months Ended
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Jun. 30, 2018
Notes to Financial Statements |
Other Real Estate Investments and Other Assets [Text Block] | 6. 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. The Company’s maximum exposure to losses associated with its preferred equity investments is primarily limited to its net investment. As of June 30, 2018, the Company’s net investment under the Preferred Equity Program was $172.1 million relating to 286 properties, including 273 net leased properties. During the six months ended June 30, 2018, the Company recognized income of $19.5 million from its preferred equity investments, including $10.0 million in profit participation earned from five capital transactions. These amounts are included in Equity in income of other real estate investments, net on the Company’s Condensed Consolidated Statements of Income. Albertsons - As of June 30, 2018, the Company owns 9.74% of the common stock of Albertsons Companies, Inc. (“ACI”) through two wholly-owned partnerships and accounts for this investment on the cost method. The Company’s net investment of $140.2 million in ACI is included in Other assets on the Company’s Condensed Consolidated Balance Sheets. On February 20, 2018, ACI announced the execution of a definitive merger agreement under which ACI will acquire all the outstanding shares of Rite Aid Corporation (NYSE: RAD) (“RAD”). This agreement is subject to customary closing conditions. During June 2018, RAD scheduled a special stockholder meeting for August 9, 2018 for its stockholders of record to vote on the proposed merger with ACI. In addition, RAD announced that the registration statement on Form S- 4 filed, in connection with this proposed merger, has been declared effective by the Securities and Exchange Commission. Upon completion of the proposed merger, the Company expects to account for its net investment in ACI as an available-for-sale marketable security, with the related changes in fair value recognized in net income.

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