XML 36 R22.htm IDEA: XBRL DOCUMENT v3.24.0.1
OTHER INCOME
12 Months Ended
Dec. 31, 2023
OTHER INCOME  
OTHER INCOME

NOTE 13 OTHER INCOME

Settlement of Litigation

During 2022, the Company received $5,388,000 in connection with the settlement of a lawsuit which was recognized as Income on settlement of litigation on the consolidated statement of income for such year.

Insurance Recoveries on Hurricane Casualty

During 2022 and 2021, the Company recognized a gain on insurance recoveries of $918,000 and $695,000, respectively, which is included in Other income on the consolidated statements of income for such years, related to hurricane damage to one of its properties in 2020. No such gain was recognized during 2023.

Lease Assignment Fee Income

During 2021, the Company received $100,000 from a tenant in connection with consenting to a lease assignment related to six of its properties; such amount is included in Other income on the consolidated statement of income for such year. No such income was recognized during 2023 and 2022.