4. Investments in Unconsolidated Entities

As of June 30, 2013, the Company owns interests in the following entities that are accounted for under the equity method of accounting:

Entity⁽¹⁾	Property Type	Acquired	Investment⁽²⁾		Ownership%
Littleton Specialty Rehabilitation Facility	Inpatient Rehabilitation Facility	December 2010	$	1,724,000	90.0
Physicians Center MOB	Medical Office Building	April 2012		1,607,000	71.9

			$	3,331,000

⁽¹⁾	These entities are not consolidated because the Company exercises significant influence, but does not control or direct the activities that most significantly impact the entities’ performance.
⁽²⁾	Represents the carrying value of the Company’s investment in the unconsolidated entities.

Summarized combined financial information for the Company’s unconsolidated entities is as follows:

	June 30, 2013		December 31, 2012
Cash and cash equivalents	$	289,000	$	423,000
Investments in real estate, net		15,868,000		16,312,000
Other assets		596,000		549,000
Total assets	$	16,753,000	$	17,284,000

Notes payable		12,358,000		12,504,000
Accounts payable and accrued liabilities		221,000		219,000
Other liabilities		89,000		99,000
Total stockholders’ equity		4,085,000		4,462,000
Total liabilities and equity	$	16,753,000	$	17,284,000

	Three Months Ended June 30,				Six Months Ended June 30,
	2013⁽¹⁾⁽²⁾		2012⁽¹⁾⁽²⁾		2013⁽¹⁾⁽²⁾		2012^(1)(2)(3)
Total revenues	$	685,000	$	446,000	$	1,393,000	$	1,654,000
Net income (loss)		45,000		(561,000)		59,000		797,000
Company’s equity in (income) loss from unconsolidated entities		(51,000)		442,000		(80,000)		376,000

(1)	Littleton Specialty Rehabilitation Facility was completed in April 2012 and the single tenant began paying rent in July 2012, in accordance with the lease. Tenant operations commenced upon licensure of the facility in July 2012. Littleton Specialty Rehabilitation Facility was accounted for under the equity method of accounting. Under the terms of the joint venture agreement, the joint venture may be obligated to monetize a portion of our partners’ interest in the appreciation of value in the joint venture property. These obligations may be exercised by our partners, at their sole discretion, up to three times between years two and four of the joint venture. The amount that would be paid upon monetization is subject to change based on a number of factors, including the value of the property, net income earned by the property and payment of preferred returns on equity. On December 17, 2012, our joint venture partner noticed the Company of their intent to exercise their promote monetization right, and the Company has elected to satisfy the monetization provision through a sale of the property. See additional detail in Footnote 13.
(2)	The Physicians Centre MOB joint venture was acquired in April 2012 and has been accounted for under the equity method of accounting beginning with the second quarter of 2012.
(3)	The Company acquired the controlling interest in the operations of Rome LTACH in April 2012 and as a result, Rome LTACH was consolidated in the second quarter of 2012. Accordingly, Rome LTACH was accounted for under the equity method of accounting during the three months ended March 31, 2012.