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INVESTMENTS IN UNCONSOLIDATED SUBSIDIARIES AND INVESTEES
 12 Months Ended
Dec. 31, 2014
INVESTMENTS IN UNCONSOLIDATED SUBSIDIARIES AND INVESTEES  
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.

 

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

 

 

 

Percentage ownership as of December 31,

 

 

 

2014

 

 

2013

 

 

2012

 

 

 

 

 

 

 

 

 

 

 

Gruppa Florentina, LLC(1)

 

 

20.00

%

 

 

20.00

%

 

 

20.00

%

LK-Four Hickory, LLC(2)

 

 

0.00

%

 

 

0.00

%

 

 

0.00

%

 

 

 

 

 

 

 

 

 

 

 

 

 

______________________ 

 

 

 

 

 

 

 

 

 

 

 

 

(1)  Other investees.

 

 

 

 

 

 

 

 

 

 

 

 

(2) Other investees. ARL's 28.57% investment in LK-Four Hickory, LLC was sold on January 17, 2012.

 

 

The market values, other than unconsolidated subsidiaries, as of the year ended December 31, 2014, 2013 and 2012 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 (dollars in thousands):

 

 

 

For the Twelve Months Ended December 31,

 

 

 

2014

 

 

2013

 

 

2012

 

Other Investees

 

 

 

 

 

 

 

 

 

Real estate, net of accumulated depreciation

 

$

11,647

 

 

$

10,823

 

 

$

12,343

 

Notes receivable

 

 

7,326

 

 

 

6,526

 

 

 

6,192

 

Other assets

 

 

30,291

 

 

 

32,131

 

 

 

32,145

 

Notes payable

 

 

(10,429

)

 

 

(11,022

)

 

 

(13,824

)

Other liabilities

 

 

(7,192

)

 

 

(8,134

)

 

 

(7,443

)

Shareholders' equity/partners capital

 

 

(31,643

)

 

 

(30,324

)

 

 

(29,413

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

$

48,893

 

 

$

46,276

 

 

$

45,505

 

Depreciation

 

 

(1,151

)

 

 

(1,166

)

 

 

(1,277

)

Operating expenses

 

 

(45,590

)

 

 

(42,330

)

 

 

(41,188

)

Interest expense

 

 

(901

)

 

 

(1,022

)

 

 

(1,181

)

Income from continuing operations

 

$

1,251

 

 

$

1,758

 

 

$

1,859

 

Income from discontinued operations

 

 

-

 

 

 

-

 

 

 

-

 

Net income

 

$

1,251

 

 

$

1,758

 

 

$

1,859

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Company's proportionate share of earnings (1)

 

$

250

 

 

$

352

 

 

$

372

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Earnings represent continued and discontinued operations