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INVESTMENT IN UNCONSOLIDATED INVESTEES
 6 Months Ended
Jun. 30, 2015
INVESTMENTS IN UNCONSOLIDATED SUBSIDIARIES AND INVESTEES  
INVESTMENT IN UNCONSOLIDATED INVESTEES

NOTE 4. INVESTMENT IN UNCONSOLIDATED INVESTEES

Investments in unconsolidated investees in which we have a 20% to 50% interest or otherwise exercise significant influence are carried at cost and adjusted for the Company’s proportionate share of their undistributed earnings or losses under the equity method of accounting.

Investments in unconsolidated investees consist of the following:

              Percentage ownership as of
      June 30, 2015   June 30, 2014
Gruppa Florentina, LLC   20.00%   20.00%

Gruppa Florentina, LLC is the sole shareholder of Milano Restaurants International Corporation (“Milano”), which operates 33 pizza parlors under the trade name “Me-N-Ed’s Pizza Parlors” and four pizza parlors operating under the trade name “Blast 825 Pizza”, located primarily in Central and Northern California. Milano has a 100% ownership interest in SienaCorp, which operates two grills under the trade names “Me-N-Ed’s Victory Grill” and “Me-N-Ed’s Coney Island Grill”. Milano has a 100% ownership interest in Piazza del Pane, Inc., which operates two restaurants located in Central California. Milano also has 23 franchised locations, including two operating, under the trade name Angelo & Vito’s Pizzerias.

  

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

 

As of June 30,  2015  2014
Real estate, net of accumulated depreciation  $12,518   $10,832 
Notes receivable   7,681    6,934 
Other assets   30,233    31,107 
Notes payable   (10,685)   (11,002)
Other liabilities   (6,500)   (6,631)
Shareholders' equity   (33,247)   (31,240)
           
For the Six Months Ended June 30,   2015    2014 
Revenue  $26,048   $23,990 
Depreciation   (575)   (575)
Operating expenses   (23,609)   (22,121)
Interest expense   (404)   (445)
Income from continuing operations   1,460    849 
Income from discontinued operations   —      —   
Net income  $1,460   $849 
           
Company's proportionate share of earnings   $292   $170