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INVESTMENT IN UNCONSOLIDATED INVESTEES (Tables)
 9 Months Ended
Sep. 30, 2016
Equity Method Investments and Joint Ventures [Abstract]  
Schedule of investments in unconsolidated investees accounted for via the equity method

Investments in unconsolidated investees consist of the following:

 

   Percentage ownership as of 
   September 30, 2016   September 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 September 30,  2016   2015 
Real estate, net of accumulated depreciation  $13,582   $13,435 
Notes receivable   9,359    8,255 
Other assets   30,332    29,393 
Notes payable   (10,231)   (10,307)
Other liabilities   (7,372)   (7,173)
Shareholders’ equity   (35,670)   (33,603)
           
For the Nine Months Ended September 30,  2016   2015 
Revenue  $40,598   $38,428 
Depreciation   (863)   (863)
Operating expenses   (37,215)   (35,144)
Interest expense   (602)   (605)
Income from continuing operations   1,918    1,816 
Income from discontinued operations   —    — 
Net income  $1,918   $1,816 
           
Company’s proportionate share of earnings (1)  $384   $363 

 

(1) Earnings represent continued and discontinued operations.