INVESTMENTS IN UNCONSOLIDATED SUBSIDIARIES AND INVESTEES

12 Months Ended

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