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INVESTMENT IN UNCONSOLIDATED JOINT VENTURES | 12 Months Ended
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Dec. 31, 2018
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES |
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES | NOTE 8—INVESTMENT IN UNCONSOLIDATED JOINT VENTURES On July 31, 2018, an unconsolidated joint venture sold its property located in Milwaukee, Wisconsin for $12,813,000, net of closing costs, and paid off the related $6,970,000 mortgage. The Company’s 50% share of the gain from this sale was $1,986,000, which is included in Equity in earnings from sale of unconsolidated joint venture properties on the consolidated statement of income during 2018. 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’s 50% share of the gain from this sale was $71,000, which is included in Equity in earnings from sale of unconsolidated joint venture properties on the consolidated statement of income during 2018. The unconsolidated joint venture retained approximately five acres of land at this property. The Company’s remaining four unconsolidated joint ventures each own and operate one property. At December 31, 2018 and 2017, the Company’s equity investment in unconsolidated joint ventures totaled $10,857,000 and $10,723,000, respectively. In addition to the equity in earnings from the sale of properties of $2,057,000 in 2018, the Company recorded equity in earnings of $1,304,000, $826,000 and $1,005,000 during 2018, 2017 and 2016, respectively. Included in equity in earnings from unconsolidated joint ventures during 2018 is income of $550,000 due to the write-off of an intangible lease liability in connection with the expiration of the Kmart lease at the Manahawkin, New Jersey property and $110,000 related to the discontinuance of hedge accounting on a mortgage swap related to the Milwaukee, Wisconsin property sold in July 2018 (see above and Note 10). At December 31, 2018 and 2017, MCB and the Company are partners in an unconsolidated joint venture in which the Company's equity investment is approximately $9,087,000 and $8,245,000, respectively.

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