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INVESTMENT IN UNCONSOLIDATED JOINT VENTURES AND INVESTEES | 9 Months Ended
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Sep. 30, 2012
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES AND INVESTEES |
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES AND INVESTEES | NOTE 4. INVESTMENT IN UNCONSOLIDATED JOINT VENTURES AND INVESTEES Investments in unconsolidated joint ventures 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. Investments in unconsolidated joint ventures and other investees consist of the following:
|  | Percentage ownership as of |
|  | September 30, 2012 |  |  | September 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. |
Our partnership interest in Garden Centura, L.P. in the amount of 5% was accounted for under the equity method because we exercise significant influence over the operations and financial activities. We guaranteed the notes payable and controlled the day-to-day activities. Accordingly, the investment was carried at cost, adjusted for the companies’ proportionate share of earnings or losses. Our investments in Garden Centura, L.P. and LK-Four Hickory, LLC were accounted for under the equity method until December 28, 2011 and January 17, 2012, respectively, when the investments were sold. The following is a summary of the financial position and results of operations from our investees:
|  | For the Nine Months Ended September 30, |
|  | 2012 |  |  | 2011 |
Other Investees |  |  |  |  |  |
Real estate, net of accumulated depreciation |  | $ | 11,798 |  |  | $ | 116,596 |
Notes receivable |  |  | 6,046 |  |  |  | 5,538 |
Other assets |  |  | 31,903 |  |  |  | 43,890 |
Notes payable |  |  | (13,864 | ) |  |  | (87,594 | )
Other liabilities |  |  | (6,868 | ) |  |  | (15,513 | )
Shareholders' equity/partners capital |  |  | (29,015 | ) |  |  | (62,917 | )
Revenue |  | $ | 30,546 |  |  | $ | 41,453 |
Depreciation |  |  | (901 | ) |  |  | (4,887 | )
Operating expenses |  |  | (27,478 | ) |  |  | (33,894 | )
Gain on land sales |  |  | - |  |  |  | - |
Interest expense |  |  | (798 | ) |  |  | (3,770 | )
Income (loss) from continuing operations |  | $ | 1,369 |  |  | $ | (1,098 | )
Income from discontinued operations |  |  | - |  |  |  | - |
Net income (loss) |  | $ | 1,369 |  |  | $ | (1,098 | )
Company's proportionate share of earnings (losses) (1) |  | $ | 274 |  |  | $ | (28 | )

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- 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. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6382943&loc=d3e33918-111571 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 35 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=6903645&loc=d3e32787-111569 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 18 -Paragraph 20 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.12) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 35 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=6903645&loc=d3e32847-111569 + Details
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