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INVESTMENT IN UNCONSOLIDATED JOINT VENTURES | 12 Months Ended
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Dec. 31, 2024
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES |
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES | NOTE 7 — INVESTMENT IN UNCONSOLIDATED JOINT VENTURES ​ As of December 31, 2024 and 2023, the Company participated in two unconsolidated joint ventures, each of which owns and operates one property; the Company’s equity investment in these ventures totaled $2,101,000 and $2,051,000, respectively. The Company recorded equity in earnings of $143,000 and $400,000 during 2024 and 2022, respectively, and equity in loss of $904,000 during 2023. ​ Included in equity in loss for 2023 is the Company’s 50% share of an impairment charge, or $850,000, related to its former Manahawkin, New Jersey joint venture property which was sold in December 2023. 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 property on the consolidated statement of income for the year ended December 31, 2023.

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