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INVESTMENT IN UNCONSOLIDATED JOINT VENTURES | 12 Months Ended
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Dec. 31, 2023
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES |
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES | NOTE 7 — INVESTMENT IN UNCONSOLIDATED JOINT VENTURES ​ In September 2023, an unconsolidated joint venture in which the Company had a 50% interest entered into a contract to sell this multi-tenant shopping center in Manahawkin, New Jersey for $36,500,000. As a result, the joint venture recorded an impairment charge of $1,699,000, of which the Company’s 50% share was $850,000 and was recorded in Equity in loss from unconsolidated joint ventures on the consolidated statement of income for the year ended December 31, 2023. On December 15, 2023, this property was sold for $35,070,000, net of closing costs. The Company’s 50% share of the loss from this sale was $108,000, which is included in Equity in loss from sale of unconsolidated joint venture properties on the consolidated statement of income for the year ended December 31, 2023. ​ In July 2021, an unconsolidated joint venture in which the Company had a 50% interest sold a portion of its land 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. ​ The Company’s remaining two unconsolidated joint ventures each own and operate one property. As of December 31, 2023 and 2022, the Company’s equity investment in unconsolidated joint ventures totaled $2,051,000 and $10,400,000, respectively. The Company recorded equity in loss of $904,000 during 2023 and equity in earnings of $400,000 and $202,000 during 2022 and 2021, respectively.

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