INVESTMENTS IN UNCONSOLIDATED SUBSIDIARIES AND INVESTEES

12 Months Ended

Dec. 31, 2015

Investments, All Other Investments [Abstract]

INVESTMENTS IN UNCONSOLIDATED SUBSIDIARIES AND INVESTEES

NOTE 4.          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.

	Percent ownership
Investee	2015			2014			2013
TCI Eton Square, L.P. (“Eton Square”)		0	%		0	%	0	%

Our interest in Eton Square, LP was 0% as of December 31, 2015, 2014 and 2013. We accounted for this interest under the equity method because the general partner was a related party and exercised significant influence over the operations and financial activities. Accordingly, the investment was carried at cost, and adjusted for the Companies’ proportionate share of earnings or losses. Due to the losses accounted for under the equity method, our investment is now at zero.

As of April 8, 2013, the underlying asset owned by this entity was transferred to the existing lender in a settlement agreement and IOT no longer recorded this entity as an investment on its books. IOT recorded no gain or loss on the transfer.

The market values as of the years ended December 31, 2015, 2014 and 2013 were zero, due to the transfer.

The following is a summary of the financial position and results of operations from our investees (dollars in thousands): 

		2015			2014			2013(1)
Real Estate, net of accumulated depreciation	$	—		$	—		$	—
Other liabilities		(7,470	)		(7,470	)		(7,470	)
Shareholders’ equity/partners’ capital	$	7,470		$	7,470		$	7,470
Rents	$	—		$	—		$	224
Depreciation and amortization		—			—			(140	)
Property operating expenses		—			—			(224	)
General and administrative		—			—			(5	)
Mortgage and loan interest		—			—			(155	)
Loss from continuing operations		—			—			(300	)
Income from discontinued operations		—			—			—
Net loss	$	—		$	—		$	(300	)
Company’s proportionate share of losses (2)	$	—		$	—		$	(37	)

⁽¹⁾ Financial results are represented through April 2013, the date of the asset transfer to the existing lender.

⁽²⁾ Losses are recorded to the extent of the carrying value of the partner’s capital contribution.