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Note 6 - Other Investments | 9 Months Ended
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Sep. 30, 2021
Notes to Financial Statements |
Other Real Estate Investments and Other Assets [Text Block] | 6. 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 September 30, 2021, the Company’s net investment under the Preferred Equity Program was $108.3 million relating to 49 properties, including 38 net leased properties. During the nine months ended September 30, 2021, the Company recognized net income of $8.5 million from its preferred equity investments, including net transactional losses of $1.2 million. During the nine months ended September 30, 2020, the Company recognized income of $26.8 million from its preferred equity investments, including net profit participation of $15.9 million. These amounts are included in Equity in income of other investments, net on the Company’s Condensed Consolidated Statements of Operations. During September 2021, the Company entered into an equity investment commitment of up to $25 million with Fifth Wall’s Climate Technology Fund, of which $2.3 million has been funded as of September 30, 2021. During October 2021, Mary Hogan Preusse, a member of the Company’s Board of Directors, joined Fifth Wall as a Senior Advisor. During the nine months ended September 30, 2021, the Company invested $54.9 million in a new preferred equity investment in a property located in San Antonio, TX.

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