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INVESTMENT IN UNCONSOLIDATED JOINT VENTURES AND INVESTEES (Tables)

6 Months Ended

Jun. 30, 2012

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES AND INVESTEES (Tables)

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES AND INVESTEES (Tables)

Investments in unconsolidated joint ventures and other investees consist of the following:

		Percentage ownership as of
		June 30, 2012				June 30, 2011

Garden Centura, L.P. (2)			0.00	%			5.00	%
Gruppa Florentina, LLC (1)			20.00	%			20.00	%
LK-Four Hickory, LLC (3)			0.00	%			28.57	%

(1) Other Investees
(2) Other Investees. Investment in Garden Centura, L.P. sold on December 28, 2011.
(3) Other Investees. Investment in LK-Four Hickory, LLC sold on January 17, 2012.

financial position and results of operations from our investees (Tables)

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

		For the Six Months Ended June 30,
		2012				2011
Other Investees
Real estate, net of accumulated depreciation		$	11,694			$	118,000
Notes receivable			5,887				5,435
Other assets			31,356				43,060
Notes payable			(13,842	)			(88,968	)
Other liabilities			(6,514	)			(14,294	)
Shareholders' equity/partners' capital			(28,581	)			(63,233	)

Revenue		$	19,183			$	28,133
Depreciation			(580	)			(3,258	)
Operating expenses			(17,170	)			(23,174	)
Gain on land sales			-				-
Interest expense			(498	)			(2,485	)
Income (loss) from continuing operations		$	935			$	(784	)
Income from discontinued operations			-				-
Net income (loss)		$	935			$	(784	)

Company's proportionate share of earnings (1)		$	187			$	3

(1)Earnings represent continued and discontinued operatons.