INVESTMENTS IN UNCONSOLIDATED SUBSIDIARIES AND INVESTEES

12 Months Ended

Dec. 31, 2016

Equity Method Investments and Joint Ventures [Abstract]

INVESTMENTS IN UNCONSOLIDATED SUBSIDIARIES AND INVESTEES

NOTE 5.    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.

Investments accounted for via the equity method consists of the following:

	Percentage ownership as of December 31,
	2016			2015			2014
Gruppa Florentina, LLC(1)		20.00	%		20.00	%		20.00	%

⁽¹⁾ Other investees.

The market values, other than unconsolidated subsidiaries, as of the year ended December 31, 2016, 2015 and 2014 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 Years Ended December 31,
	2016			2015			2014
Other Investees
Real estate, net of accumulated depreciation	$	13,641		$	13,899		$	11,647
Notes receivable		9,561			8,457			7,326
Other assets		31,135			30,834			30,291
Notes payable		(9,734	)		(10,883	)		(10,429	)
Other liabilities		(8,384	)		(7,967	)		(7,192	)
Shareholders’ equity/partners capital		(36,219	)		(34,340	)		(31,643	)
Revenue	$	54,264		$	51,650		$	48,893
Depreciation		(1,150	)		(1,150	)		(1,151	)
Operating expenses		(49,856	)		(47,143	)		(45,590	)
Interest expense		(793	)		(805	)		(901	)
Income (loss) from continuing operations		2,465			2,552			1,251
Income (loss) from discontinued operations		—			—			—
Net  income (loss)	$	2,465		$	2,552		$	1,251
Company’s proportionate share of earnings (1)	$	493		$	510		$	250

⁽¹⁾ Earnings represent continued and discontinued operations