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Investment in Unconsolidated Joint Ventures | 6 Months Ended
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Jun. 30, 2015
Investment in Unconsolidated Joint Ventures |
Investment in Unconsolidated Joint Ventures | Note 7 - Investment in Unconsolidated Joint Ventures On March 31, 2015, the Company purchased its partner’s 50% interest in an unconsolidated joint venture for $6,300,000 (see Note 4). In June 2015, the Company entered into a joint venture in which it has a 50% interest, with MCB and an affiliate of The Hampshire Companies. The joint venture purchased a retail center located in Manahawkin, New Jersey for approximately $43,500,000, before closing costs. The purchase was financed with $26,100,000 of new mortgage debt which bears an annual fixed interest rate of 4% and matures in 2025. At June 30, 2015, the Company’s equity investment in the joint venture is $8,559,000. At June 30, 2015 and December 31, 2014, the Company’s five unconsolidated joint ventures each owned and operated one property. The Company’s equity investment in such unconsolidated joint ventures at such dates totaled $11,118,000 and $4,907,000, respectively. The Company recorded equity in loss of $183,000 and $36,000 for the three and six months ended June 30, 2015, respectively, and equity in earnings of $130,000 and $263,000 for the three and six months ended June 30, 2014, respectively. The loss in the three and six months ended June 30, 2015 results from the Company’s $400,000 share of the acquisition expenses associated with the June 2015 purchase of the Manahawkin, New Jersey property.

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