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INVESTMENT IN UNCONSOLIDATED INVESTEES
 6 Months Ended
Jun. 30, 2019
Equity Method Investments and Joint Ventures [Abstract]  
INVESTMENT IN UNCONSOLIDATED INVESTEES

NOTE 6. INVESTMENT IN UNCONSOLIDATED INVESTEES

 

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’.

 

The Company owns a 20% interest in Gruppa Florentina, LLC which 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 Siena Corp, 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):

 

   June 30, 
SUMMARY OF FINANCIAL POSITION:  2019   2018 
Real estate, net of accumulated depreciation  $13,336   $13,485 
Notes receivable   11,156    10,918 
Other assets   32,107    32,290 
Notes payable   (9,621)   (10,745)
Other liabilities   (6,737)   (7,775)
Shareholders’ equity   (40,241)   (38,173)

 

   For the six months ended
June 30,		 
SUMMARY OF OPERATIONS:  2019   2018 
Revenue  $27,869   $27,195 
Depreciation   (728)   (728)
Operating expenses   (25,579)   (25,630)
Interest expense   (320)   (340)
Income from continuing operations   1,242    497 
Net income  $1,242   $497 
           
Company’s 20% proportionate share of earnings  $248   $99