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Note 8 - Other Real Estate Investments | 12 Months Ended
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Dec. 31, 2020
Notes to Financial Statements |
Other Real Estate Investments and Other Assets [Text Block] | 8. Other Real Estate Investments: Preferred Equity Capital – 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 December 31, 2020, the Company’s net investment under the Preferred Equity program was $98.2 million relating to 113 properties, including 103 net leased properties which are accounted for as direct financing leases. For the year ended December 31, 2020, the Company earned $28.4 million from its preferred equity investments, including net profit participation of $13.7 million. As of December 31, 2019, the Company’s net investment under the Preferred Equity program was $175.3 million relating to 240 properties, including 230 net leased properties which are accounted for as direct financing leases. For the year ended December 31, 2019, the Company earned $25.8 million from its preferred equity investments, including net profit participation of $7.3 million. In December 2020, the Company entered into a preferred equity investment through a partnership, which provided a mezzanine financing loan that is encumbered by a property located in Queens, NY. As of December 31, 2020, the Company’s net investment was $10.1 million (included above) and held an ownership interest of 71.43%. As of December 31, 2020, these preferred equity investment properties had non-recourse mortgage loans aggregating $141.9 million (excluding fair market value of debt adjustments aggregating $4.8 million). These loans have scheduled maturities ranging from one month to four years and bear interest at rates ranging from 4.19% to 9.85%. Due to the Company’s preferred position in these investments, the Company’s share of each investment is subject to fluctuation and is dependent upon property cash flows. The Company’s maximum exposure to losses associated with its preferred equity investments is primarily limited to its invested capital. Summarized financial information relating to the Company’s preferred equity investments is as follows (in millions):
|  | December 31, |
|  | 20 20 |  |  | 2019 |
Assets: |  |  |  |  |  |  |  |
Real estate, net |  | $ | 95.7 |  |  | $ | 91.6 |
Other assets |  |  | 216.5 |  |  |  | 484.6 |
Total Assets |  | $ | 312.2 |  |  | $ | 576.2 |
Liabilities and Partners’/Members’ Capital: |  |  |  |  |  |  |  |
Mortgages payable, net |  | $ | 146.7 |  |  | $ | 236.1 |
Other liabilities |  |  | 4.5 |  |  |  | 2.6 |
Partners’/Members’ capital |  |  | 161.0 |  |  |  | 337.5 |
Total Liabilities and Partners’/Members' Capital |  | $ | 312.2 |  |  | $ | 576.2 |
|  | Year Ended December 31, |
|  | 2020 |  |  | 2019 |  |  | 2018 |
Revenues |  | $ | 44.6 |  |  | $ | 66.6 |  |  | $ | 77.0 |
Operating expenses |  |  | (11.1 | ) |  |  | (16.0 | ) |  |  | (15.5 | )
Depreciation and amortization |  |  | (2.9 | ) |  |  | (3.2 | ) |  |  | (4.3 | )
Gain on sale of properties |  |  | 0.2 |  |  |  | 13.6 |  |  |  | 1.9 |
Interest expense |  |  | (7.0 | ) |  |  | (11.9 | ) |  |  | (16.9 | )
Other expense, net |  |  | (4.0 | ) |  |  | (7.9 | ) |  |  | (8.2 | )
Net income |  | $ | 19.8 |  |  | $ | 41.2 |  |  | $ | 34.0 |

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