Investments In Unconsolidated Subsidiaries And Investees

12 Months Ended

Dec. 31, 2011

Investments In Unconsolidated Subsidiaries And Investees [Abstract]

Investments In Unconsolidated Subsidiaries And Investees

NOTE 5.

INVESTMENTS IN UNCONSOLIDATED SUBSIDIARIES AND INVESTEES

Investments in unconsolidated subsidiaries, jointly owned companies and other investees in which we have a 20% to 50% interest or otherwise exercise significant influence are carried at cost, adjusted for the Company's proportionate share of their undistributed earnings or losses, via the equity method of accounting.

Investment accounted for via the equity method consists of the following:


	Percentage ownership as of December 31,
	2011			2010			2009
Garden Centura, L.P.		0.00	%		5.00	%		5.00	%
Gruppa Florentina, LLC		20.00	%		20.00	%		20.00	%
LK-Four Hickory, LLC		28.57	%		28.57	%		28.57	%

Our partnership interest in Garden Centura, L.P. in the amount of 5.0% is accounted for under the equity method, because we exercise significant influence over the operations and financial activities. We have guaranteed the notes payable and control the day to day activities. Accordingly, the investment is carried at cost, adjusted for the companies' proportionate share of earnings or losses. Our investment in Garden Centura, L.P. was accounted for under the equity method until December 28, 2011, when it was sold to a third party

The market values as of the year ended December 31, 2011 and 2010 were not determinable as there were no readily traded markets for these entities.

The following is a summary of the financial position and results of operations from our unconsolidated subsidiaries and investees:


	For the Twelve Months ended December 31,
	2011			2010			2009
	(dollars in thousands)
Other Investees
Real estate, net of accumulated depreciation	$	115,644		$	120,544		$	125,510
Notes Receivable		5,665			4,951			3,927
Other assets		42,953			42,997			43,595
Notes payable		(86,144	)		(90,227	)		(92,494	)
Other liabilities		(16,905	)		(14,578	)		(11,911	)
Shareholders equity/partners capital		(61,210	)		(63,687	)		(68,627	)

Revenue	$	56,226		$	54,222		$	52,571
Depreciation		(6,474	)		(6,356	)		(6,511	)
Operating expenses		(47,510	)		(45,209	)		(39,944	)
Interest expense		(5,047	)		(6,286	)		(6,341	)

Income from continuing operations	$	(2,805	)	$	(3,629	)	$	(225	)
Income from discontinued operations		—			—			—

Net income	$	(2,805	)	$	(3,629	)	$	(225	)

Companys proportionate share of loss	$	(335	)	$	(206	)	$	(39	)

- Definition

The entire disclosure for equity investment, or group of investments, for which combined disclosure is appropriate, including: (a) the name of each investee and percentage of ownership of common stock, (b) accounting policies for investments in common stock, (c) difference between the amount at which the investment is carried and the amount of underlying equity in net assets and the accounting treatment of the difference, (d) the total fair value of each identified investment for which a market value is available, (e) summarized information as to assets, liabilities, and results of operations of the investees (for investments in unconsolidated subsidiaries, common stock of joint ventures, or other investments using the equity method), and (f) material effects of possible conversions, exercises, or contingent issuances of the investee. Other disclosures include (a) the names of any investee in which the investor owns 20 percent or more of the voting stock and investment is not accounted for using the equity method, and the reasons why not, and (b) the names of any investee in which the investor owns less than 20 percent of the voting stock and the investment is accounted for using the equity method, and the reasons why it is.

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