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Investment in Unconsolidated Joint Ventures
6 Months Ended
Jun. 30, 2016
Investment in Unconsolidated Joint Ventures  
Investment in Unconsolidated Joint Ventures

 

Note 7 — Investment in Unconsolidated Joint Ventures

 

At June 30, 2016 and December 31, 2015, the Company’s five unconsolidated joint ventures each own and operate one property.  Such ventures are not considered VIEs (see Note 2).  The Company’s equity investment in such unconsolidated joint ventures at such dates totaled $11,132,000 and $11,350,000, respectively. The Company recorded equity in earnings of $357,000 and $566,000 for the three and six months ended June 30, 2016 and equity in loss of $183,000 and $36,000 for the three and six months ended June 30, 2015. The loss in the three and six months ended June 30, 2015 resulted from the Company’s share of the acquisition expenses associated with the June 2015 purchase of a property located in Manahawkin, New Jersey.