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Note 7 - Other Investments | 12 Months Ended
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Dec. 31, 2023
Notes to Financial Statements |
Other Real Estate Investments and Other Assets [Text Block] | 7. Other Investments: The Company has provided capital to owners and developers of real estate properties through its Preferred Equity program, which is included in Other investments on the Company’s Consolidated Balance Sheets. In addition, the Company has invested capital in structured investments which are primarily accounted for on the equity method of accounting. As of December 31, 2023, the Company’s other investments were $144.1 million, of which the Company’s net investment under the Preferred Equity program was $104.1 million. As of December 31, 2022, the Company’s other investments were $107.6 million, of which the Company’s net investment under the Preferred Equity program was $69.4 million. During 2023 and 2022, the Company recognized equity in income of $11.1 million and $16.9 million, respectively, from its preferred equity investments. 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 December 31, 2023, the Company’s investment was $33.3 million. As of December 31, 2023, these preferred equity investment properties had non-recourse mortgage loans aggregating $231.2 million. These loans have scheduled maturities of less than one year and bear interest at rates ranging from 4.19% to Secured Overnight Financing Rate (“SOFR”) plus 265 basis points (8.14% as of December 31, 2023). 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.

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