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INVESTMENT IN UNCONSOLIDATED JOINT VENTURES | 9 Months Ended
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Sep. 30, 2022
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES |
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES | NOTE 7 – INVESTMENT IN UNCONSOLIDATED JOINT VENTURES As of September 30, 2022 and December 31, 2021, the Company participated in three unconsolidated joint ventures, each of which owns and operates one property; the Company’s equity investment in these ventures totaled $10,309,000 and $10,172,000, respectively. The Company recorded equity in earnings of $82,000 and $310,000 for the three and nine months ended September 30, 2022, respectively, and equity in earnings of $77,000 and $75,000 for the three and nine months ended September 30, 2021, respectively. On July 12, 2021, an unconsolidated joint venture sold a portion of its land, located in Savannah, Georgia for $2,559,000, net of closing costs. The Company’s 50% share of the gain from this sale was $801,000, which is included in Equity in earnings from sale of unconsolidated joint venture property on the consolidated statements of income for the three and nine months ended September 30, 2021. The unconsolidated joint venture retained approximately 2.2 acres of land at this property. As of September 30, 2022 and December 31, 2021, MCB and the Company are partners in an unconsolidated joint venture in which the Company’s equity investment is approximately $8,920,000 and $8,773,000, respectively.

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