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INVESTMENT IN UNCONSOLIDATED INVESTEES (Tables)
 3 Months Ended
Mar. 31, 2015
SCHEDULE OF INVESTMENT IN UNCONSOLIDATED INVESTEES  
Investments accounted for via the equity method Table Text Block

Investments in unconsolidated investees consist of the following:

 

 

 

 

 

Percentage ownership as of

 

 

 

 

March 31, 2015

 

 

March 31, 2014

 

 

Gruppa Florentina, LLC

 

 

20.00

%

 

 

20.00

%
Schedule Of The Financial Position And Results Of Operations

The following is a summary of the financial position and results of operations from our investees (dollars in thousands):

 

As of March 31,

 

2015

 

 

2014

 

Real estate, net of accumulated depreciation

 

$

11,981

 

 

$

10,518

 

Notes receivable

 

 

7,528

 

 

 

6,730

 

Other assets

 

 

29,163

 

 

 

31,026

 

Notes payable

 

 

(10,132

)

 

 

(10,473

)

Other liabilities

 

 

(6,182

)

 

 

(7,402

)

Shareholders' equity

 

 

(32,358

)

 

 

(30,399

)

 

 

 

 

 

 

 

 

 

For the Three Months Ended March 31,

 

 

2015

 

 

 

2014

 

Revenue

 

$

12,790

 

 

$

11,626

 

Depreciation

 

 

(288

)

 

 

(288

)

Operating expenses

 

 

(11,598

)

 

 

(10,669

)

Interest expense

 

 

(201

)

 

 

(227

)

Income from continuing operations

 

 

703

 

 

 

442

 

Income from discontinued operations

 

 

-

 

 

 

-

 

Net income

 

$

703

 

 

$

442

 

 

 

 

 

 

 

 

 

 

Company's proportionate share of earnings (1)

 

$

141

 

 

$

88

 

 

 

 

 

 

 

 

 

 

(1) Earnings represents continued and discontinued operations