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INVESTMENT IN UNCONSOLIDATED JOINT VENTURES AND INVESTEES
 12 Months Ended
Dec. 31, 2015
Equity Method Investments and Joint Ventures [Abstract]  
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES AND INVESTEES
NOTE 5. INVESTMENT IN UNCONSOLIDATED JOINT VENTURES 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. ARL is our parent company and is considered as an unconsolidated joint venture.

  

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

 

    Percentage ownership as of December 31,  
    2015     2014     2013  
American Realty Investors, Inc. (1)     0.90 %     1.00 %     1.99 %

  

  (1) Unconsolidated investment in parent company

 

Our interest in the common stock of ARL in the amount of 0.90% is accounted for under the equity method. Accordingly, the investment is carried at cost, adjusted for the company’s proportionate share of earnings or losses.

 

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

 

    For the Twelve Months Ended December 31,  
Unconsolidated Subsidiaries   2015     2014     2013  
Real estate, net of accumulated depreciation   $ 14,232     $ 15,460     $ 11,944  
Notes Receivable     50,692       50,909       68,909  
Other assets     127,497       128,635       128,945  
Notes payable     (25,233 )     (50,048 )     (56,103 )
Other liabilities     (98,440 )     (80,904 )     (91,099 )
Shareholders’ equity/partners’ capital     (68,748 )     (64,052 )     (62,596 )
                         
Rents and interest and other income   $ 11,990     $ 12,427     $ 11,372  
Depreciation     (192 )     (285 )     (285 )
Operating expenses     (4,414 )     (6,983 )     (14,162 )
Gain on land sales     2,737       —       618  
Interest expense     (5,936 )     (7,144 )     (7,173 )
Income (loss) from continuing operations     4,185       (1,985 )     (9,630 )
Income (loss) from discontinued operations     1       64       (15 )
Net income (loss)   $ 4,186     $ (1,921 )   $ (9,645 )
                         
Company’s proportionate share of income (loss) (1)   $ 38     $ (19 )   $ (192 )

 

  (1) Income (loss) represents continued and discontinued operations