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Investment in Unconsolidated Joint Ventures
 3 Months Ended
Mar. 31, 2018
Investment in Unconsolidated Joint Ventures  
Investment in Unconsolidated Joint Ventures

 

Note 7 — Investment in Unconsolidated Joint Ventures

 

At March 31, 2018 and December 31, 2017, 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 $10,921,000 and $10,723,000, respectively.  The Company recorded equity in earnings of $195,000 and $245,000 for the three months ended March 31, 2018 and 2017, respectively.

 

At March 31, 2018, MCB is the Company’s joint venture partner in one of these unconsolidated joint ventures in which the Company has an equity investment of $8,324,000.

 

On April 5, 2018, an unconsolidated joint venture sold its building and a portion of its land, located in Savannah, Georgia for $2,600,000, net of closing costs. The Company anticipates its 50% share of the gain from this sale will be approximately $70,000, which will be recognized in the three months ending June 30, 2018. The unconsolidated joint venture retained approximately 5 acres of land at this property.