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INVESTMENT IN UNCONSOLIDATED JOINT VENTURES | 12 Months Ended
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Dec. 31, 2022
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES |
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES | NOTE 7—INVESTMENT IN UNCONSOLIDATED JOINT VENTURES As of December 31, 2022 and 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 $10,400,000 and $10,172,000, respectively. The Company recorded equity in earnings of $400,000, $202,000 and $38,000 during 2022, 2021 and 2020, respectively. In July 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 $805,000, which is included in Equity in earnings from sale of unconsolidated joint venture properties on the consolidated statement of income for the year ended December 31, 2021. The unconsolidated joint venture retained approximately 2.2 acres of land at this property. In March 2020, an unconsolidated joint venture sold another of its properties 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 properties on the consolidated statement of income for the year ended December 31, 2020. At December 31, 2022 and 2021, MCB and the Company are partners in an unconsolidated joint venture in which the Company’s equity investment is approximately $8,963,000 and $8,773,000, respectively.

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