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INVESTMENT IN UNCONSOLIDATED INVESTEES (Tables)
 6 Months Ended
Jun. 30, 2016
Equity Method Investments and Joint Ventures [Abstract]  
Schedule of Investments accounted for via the equity method

Investments in unconsolidated investees consist of the following:

 

   Percentage ownership as of  
   June 30, 2016    June 30, 2015  
Gruppa Florentina, LLC   20.00%   20.00%
Schedule of financial position and results of operations from our investees

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

 

As of June 30,  2016   2015 
Real estate, net of accumulated depreciation  $13,692   $12,518 
Notes receivable   8,858    7,681 
Other assets   30,655    30,233 
Notes payable   (10,648)   (10,685)
Other liabilities   (7,304)   (6,500)
Shareholders’ equity   (35,253)   (33,247)

 

For the Six Months Ended June 30,  2016   2015 
Revenue  $27,321   $26,048 
Depreciation   (575)   (575)
Operating expenses   (24,841)   (23,609)
Interest expense   (405)   (404)
Net income  $1,500   $1,460 
           
Company’s proportionate share of earnings  $300   $292