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INVESTMENTS IN UNCONSOLIDATED SUBSIDIARIES AND INVESTEES | 12 Months Ended
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Dec. 31, 2018
Investments in and Advances to Affiliates, Schedule of Investments [Abstract] |
INVESTMENTS IN UNCONSOLIDATED SUBSIDIARIES AND INVESTEES |
NOTE 6. | 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. The summary data presented below includes our investments accounted for under the equity method, except for our investment in VAA which is discussed in detail in Note 2 ‘Investment in VAA’.
|  | Percentage ownership as of December 31, |
|  | 2018 |  |  | 2017 |  |  | 2016 |
Gruppa Florentina, LLC(1) |  |  | 20.00% |  |  |  | 20.00% |  |  |  | 20.00% |
| (1) | Other investees.
The market values, other than unconsolidated subsidiaries, as of the years ended December 31, 2018, 2017 and 2016 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 investees (dollars in thousands):
|  | For the Twelve Months Ended December 31, |
|  | 2018 |  |  | 2017 |  |  | 2016 |
Other Investees |  |  |  |  |  |  |  |  |  |  |  |
Real estate, net of accumulated depreciation |  | $ | 13,810 |  |  | $ | 12,587 |  |  | $ | 13,641 |
Notes receivable |  |  | 11,238 |  |  |  | 2,724 |  |  |  | 9,561 |
Other assets |  |  | 32,566 |  |  |  | 32,176 |  |  |  | 31,135 |
Notes payable |  |  | (11,287 | ) |  |  | (17,845 | ) |  |  | (9,834 | )
Other liabilities |  |  | (7,320 | ) |  |  | (5,991 | ) |  |  | (8,284 | )
Shareholders’ equity/partners capital |  |  | (39,007 | ) |  |  | (23,651 | ) |  |  | (36,219 | )
Revenue |  | $ | 53,834 |  |  | $ | 38,747 |  |  | $ | 54,264 |
Depreciation |  |  | (1,456 | ) |  |  | (1,279 | ) |  |  | (1,150 | )
Operating expenses |  |  | (49,647 | ) |  |  | (35,410 | ) |  |  | (49,856 | )
Interest expense |  |  | (673 | ) |  |  | (1,065 | ) |  |  | (793 | )
Income (loss) from continuing operations |  | $ | 2,058 |  |  | $ | 993 |  |  | $ | 2,465 |
Income (loss) from discontinued operations |  |  | — |  |  |  | — |  |  |  | — |
Net income (loss) |  | $ | 2,058 |  |  | $ | 993 |  |  | $ | 2,465 |
Company’s proportionate share of earnings (1) |  | $ | 412 |  |  | $ | 199 |  |  | $ | 493 |
| (1) | Earnings represent continued and discontinued operations

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- Definition The entire disclosure for the information summarizing investments in and advances to majority-owned subsidiaries, other controlled companies, and other affiliates. It reflects specified information about ownership, financial results from, and financial position in such entities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2324412 + Details
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