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Investment in Unconsolidated Joint Ventures | 6 Months Ended
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Jun. 30, 2020
Investment in Unconsolidated Joint Ventures |
Investment in Unconsolidated Joint Ventures | Note 7 – Investment in Unconsolidated Joint Ventures As of June 30, 2020 and December 31, 2019, the Company participates in three and four unconsolidated joint ventures, respectively, each of which owns and operates one property; the Company’s equity investment in these ventures totaled $10,849,000 and $11,061,000, respectively. The Company recorded equity in loss of $10,000 and equity in earnings of $54,000 for the three and six months ended June 30, 2020 , respectively, and equity in earnings of $34,000 and equity in loss of $82,000 for the three and six months ended June 30, 2019, respectively. In March 2020, an unconsolidated joint venture sold its property located in Savannah, Georgia for $819,000, net of closing costs. The Company’s 50% share of the gain from this sale was $121,000, which is included in Equity in earnings from sale of unconsolidated joint venture property on the consolidated statement of income for the six months ended June 30, 2020. As of June 30, 2020 and December 31, 2019, MCB and the Company are partners in an unconsolidated joint venture in which the Company’s equity investment is approximately $8,862,000 and $8,834,000, respectively.

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