XML 30 R15.htm IDEA: XBRL DOCUMENT v3.7.0.1
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
 12 Months Ended
Dec. 31, 2016
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES  
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES

NOTE 7—INVESTMENT IN UNCONSOLIDATED JOINT VENTURES

        In March 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 December 31, 2016, the Company's equity investment in the joint venture is $8,385,000.

        At December 31, 2016 and 2015, 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 $10,833,000 and $11,350,000, respectively. The Company recorded equity in earnings of $1,005,000, $412,000 and $533,000 for the years ended December 31, 2016, 2015 and 2014, respectively.