NOTE 7—INVESTMENT IN UNCONSOLIDATED JOINT VENTURES

        In March 2015, the Company purchased its partner's 50% interest in an unconsolidated joint venture for $6,300,000 (see Note 4).

        In June 2015, the Company entered into a joint venture in which it has a 50% interest, with MCB and an affiliate of The Hampshire Companies. The joint venture purchased a retail center located in Manahawkin, New Jersey for approximately $43,500,000, before closing costs. The purchase was financed with $26,100,000 of new mortgage debt which bears an annual fixed interest rate of 4% and matures in 2025. At December 31, 2016, the Company's equity investment in the joint venture is $8,385,000.

        At December 31, 2016 and 2015, the Company's five unconsolidated joint ventures each owned and operated one property. The Company's equity investment in such unconsolidated joint ventures at such dates totaled $10,833,000 and $11,350,000, respectively. The Company recorded equity in earnings of $1,005,000, $412,000 and $533,000 for the years ended December 31, 2016, 2015 and 2014, respectively.