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INVESTMENT IN UNCONSOLIDATED JOINT VENTURES AND INVESTEES
 12 Months Ended
Dec. 31, 2017
Equity Method Investments and Joint Ventures [Abstract]  
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES AND INVESTEES

NOTE 4.     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,
    2017   2016   2015
American Realty Investors, Inc. (1)   0.90%   0.90%   0.90%

 

   

 

(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   2017     2016     2015  
Real estate, net of accumulated depreciation   $ 12,349     $ 14,504     $ 14,232  
Notes Receivable     41,928       47,257       50,692  
Other assets     126,238       127,001       127,497  
Notes payable     (6,507 )     (9,485 )     (25,233 )
Other liabilities     (102,014 )     (111,707 )     (98,440 )
Shareholders’ equity/partners’ capital     (71,994 )     (67,570 )     (68,748 )
                         
                         
Rents and interest and other income   $ 9,193     $ 7,251     $ 11,990  
Depreciation     (157 )     (175 )     (192 )
Operating expenses     (3,149 )     (3,633 )     (4,414 )
Gain on land sales     4,765       —       2,737  
Interest expense     (6,228 )     (6,274 )     (5,936 )
Income (loss) from continuing operations     4,424       (2,831 )     4,185  
Income from discontinued operations     —       —       1  
Net income (loss)   $ 4,424     $ (2,831 )   $ 4,186  
                         
Company’s proportionate share of income (loss) (1)   $ 40     $ (25 )   $ 38  

 

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