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OPERATING SEGMENTS | 9 Months Ended
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Sep. 30, 2012
OPERATING SEGMENTS |
OPERATING SEGMENTS | NOTE 8. OPERATING SEGMENTS Our segments are based on our method of internal reporting which classifies our operations by property type. Our property types are grouped into commercial, apartments, hotels, land and other operating segments. Significant differences among the accounting policies of the operating segments as compared to the consolidated financial statements principally involve the calculation and allocation of administrative and other expenses. Management evaluates the performance of each of the operating segments and allocates resources to them based on their net operating income and cash flow. Items of income that are not reflected in the segments are interest, other income, gain on debt extinguishment, gain on condemnation award, equity in partnerships, and gains on sale of real estate. Expenses that are not reflected in the segments are provision for losses, advisory, net income and incentive fees, general and administrative, non-controlling interests and net loss from discontinued operations before gains on sale of real estate. Presented below is our reportable segments’ operating income for the three and nine months ended September 30, 2012 and 2011, including segment assets and expenditures (dollars in thousands):
For the Three Months Ended September 30, 2012 |  | Commercial |  |  | Apartments |  |  | Hotels |  |  | Land |  |  | Other |  |  | Total |
Operating revenue |  | $ | 7,393 |  |  | $ | 21,519 |  |  | $ | - |  |  | $ | - |  |  | $ | 6 |  |  | $ | 28,918 |
Operating expenses |  |  | 5,172 |  |  |  | 10,714 |  |  |  | - |  |  |  | 160 |  |  |  | (1 | ) |  |  | 16,045 |
Depreciation and amortization |  |  | 1,647 |  |  |  | 3,914 |  |  |  | - |  |  |  | - |  |  |  | (66 | ) |  |  | 5,495 |
Mortgage and loan interest |  |  | 493 |  |  |  | 5,675 |  |  |  | - |  |  |  | 1,698 |  |  |  | 1,924 |  |  |  | 9,790 |
Interest income |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 2,280 |  |  |  | 2,280 |
Gain on land sales |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 2,898 |  |  |  | - |  |  |  | 2,898 |
Segment operating income |  | $ | 81 |  |  | $ | 1,216 |  |  | $ | - |  |  | $ | 1,040 |  |  | $ | 429 |  |  | $ | 2,766 |
Capital expenditures |  |  | 1,404 |  |  |  | 269 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1,673 |
Assets |  |  | 166,696 |  |  |  | 558,519 |  |  |  | - |  |  |  | 218,580 |  |  |  | - |  |  |  | 943,795 |
Property Sales |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sales price |  | $ | 3,000 |  |  | $ | - |  |  | $ | - |  |  | $ | 17,410 |  |  | $ | - |  |  | $ | 20,410 |
Cost of sale |  |  | 2,331 |  |  |  | 84 |  |  |  | - |  |  |  | 15,127 |  |  |  | - |  |  |  | 17,542 |
Deferred current gain |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (615 | ) |  |  | - |  |  |  | (615 | )
Gain (loss) on sale |  | $ | 669 |  |  | $ | (84 | ) |  | $ | - |  |  | $ | 2,898 |  |  | $ | - |  |  | $ | 3,483 |
For the Three Months Ended September 30, 2011 |  | Commercial |  | Apartments |  |  | Hotels |  |  | Land |  |  | Other |  |  | Total |
Operating revenue |  | $ | 8,900 |  |  | $ | 19,956 |  |  | $ | - |  |  | $ | 81 |  |  | $ | 172 |  |  | $ | 29,109 |
Operating expenses |  |  | 5,282 |  |  |  | 10,278 |  |  |  | - |  |  |  | 466 |  |  |  | (36 | ) |  |  | 15,990 |
Depreciation and amortization |  |  | 1,612 |  |  |  | 3,680 |  |  |  | - |  |  |  | - |  |  |  | (74 | ) |  |  | 5,218 |
Mortgage and loan interest |  |  | 2,992 |  |  |  | 6,381 |  |  |  | - |  |  |  | 2,540 |  |  |  | 1,900 |  |  |  | 13,813 |
Interest income |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1,039 |  |  |  | 1,039 |
Gain on land sales |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (942 | ) |  |  | - |  |  |  | (942 | )
Segment operating loss |  | $ | (986 | ) |  | $ | (383 | ) |  | $ | - |  |  | $ | (3,867 | ) |  | $ | (579 | ) |  | $ | (5,815 | )
Capital expenditures |  |  | 1,601 |  |  |  | 10 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1,611 |
Assets |  |  | 178,021 |  |  |  | 561,555 |  |  |  | - |  |  |  | 299,960 |  |  |  | - |  |  |  | 1,039,536 |
Property Sales |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sales price |  | $ | 33,040 |  |  | $ | 28,690 |  |  | $ | 27,319 |  |  | $ | 52,565 |  |  | $ | - |  |  | $ | 141,614 |
Cost of sale |  |  | 29,402 |  |  |  | 14,601 |  |  |  | 27,358 |  |  |  | 53,507 |  |  |  | - |  |  |  | 124,868 |
Deferred current gain |  |  | - |  |  |  | 7,407 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 7,407 |
Recognized prior deferred gain |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (2,025 | ) |  |  | (2,025 | )
Gain (loss) on sale |  | $ | 3,638 |  |  | $ | 6,682 |  |  | $ | (39 | ) |  | $ | (942 | ) |  | $ | (2,025 | ) |  | $ | 7,314 |
The table below reconciles the segment information to the corresponding amounts in the Consolidated Statements of Operations:
|  | For Three Months Ended September 30, |
For the Three Months Ended September 30, 2012 |  | 2012 |  |  | 2011 |
Segment operating income (loss) |  | $ | 2,766 |  |  | $ | (5,815 | )
Other non-segment items of income (expense) |  |  |  |  |  |  |  |
General and administrative |  |  | (1,546 | ) |  |  | (3,641 | )
Advisory fees |  |  | (2,215 | ) |  |  | (3,241 | )
Other income |  |  | 1,535 |  |  |  | 115 |
Loss on sale of investments |  |  | - |  |  |  | 91 |
Equity in earnings of investees |  |  | 134 |  |  |  | (30 | )
Income tax benefit (expense) |  |  | (13 | ) |  |  | 2,815 |
Income (loss) from continuing operations |  | $ | 661 |  |  | $ | (9,706 | )
The table below reconciles the segment information to the corresponding amounts in the Consolidated Balance Sheets:
|  | September 30, |
|  | 2012 |  |  | 2011 |
Segment assets |  | $ | 943,795 |  |  | $ | 1,039,536 |
Investments in real estate partnerships |  |  | 7,625 |  |  |  | 12,499 |
Other assets and receivables |  |  | 182,170 |  |  |  | 191,430 |
Assets held for sale |  |  | - |  |  |  | 80,666 |
Total assets |  | $ | 1,133,590 |  |  | $ | 1,324,131 |
For the Nine Months Ended September 30, 2012 |  | Commercial |  |  | Apartments |  |  | Hotels |  |  | Land |  |  | Other |  |  | Total |
Operating revenue |  | $ | 26,152 |  |  | $ | 63,282 |  |  | $ | - |  |  | $ | - |  |  | $ | 81 |  |  | $ | 89,515 |
Operating expenses |  |  | 15,441 |  |  |  | 30,684 |  |  |  | - |  |  |  | 732 |  |  |  | 275 |  |  |  | 47,132 |
Depreciation and amortization |  |  | 4,871 |  |  |  | 11,650 |  |  |  | - |  |  |  | - |  |  |  | (204 | ) |  |  | 16,317 |
Mortgage and loan interest |  |  | 4,194 |  |  |  | 28,850 |  |  |  | - |  |  |  | 4,975 |  |  |  | 5,990 |  |  |  | 44,009 |
Interest income |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 10,342 |  |  |  | 10,342 |
Gain on land sales |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 6,615 |  |  |  | - |  |  |  | 6,615 |
Segment operating gain (loss) |  | $ | 1,646 |  |  | $ | (7,902 | ) |  | $ | - |  |  | $ | 908 |  |  | $ | 4,362 |  |  | $ | (986 | )
Capital expenditures |  |  | 2,281 |  |  |  | 504 |  |  |  | - |  |  |  | 40 |  |  |  | - |  |  |  | 2,825 |
Assets |  |  | 166,696 |  |  |  | 558,519 |  |  |  | - |  |  |  | 218,580 |  |  |  | - |  |  |  | 943,795 |
Property Sales |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sales price |  | $ | 9,825 |  |  | $ | 45,610 |  |  | $ | 3,369 |  |  | $ | 38,324 |  |  | $ | - |  |  | $ | 97,128 |
Cost of sale |  |  | 9,645 |  |  |  | 40,067 |  |  |  | 252 |  |  |  | 32,324 |  |  |  | - |  |  |  | 82,288 |
Deferred current gain |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (615 | ) |  |  | - |  |  |  | (615 | )
Gain on sale |  | $ | 180 |  |  | $ | 5,543 |  |  | $ | 3,117 |  |  | $ | 6,615 |  |  | $ | - |  |  | $ | 15,455 |
For the Nine Months Ended September 30, 2011 |  | Commercial |  |  | Apartments |  |  | Hotels |  |  | Land |  |  | Other |  |  | Total |
Operating revenue |  | $ | 29,101 |  |  | $ | 55,780 |  |  | $ | - |  |  | $ | 550 |  |  | $ | 158 |  |  | $ | 85,589 |
Operating expenses |  |  | 16,204 |  |  |  | 28,609 |  |  |  | - |  |  |  | 1,594 |  |  |  | 250 |  |  |  | 46,657 |
Depreciation and amortization |  |  | 5,242 |  |  |  | 10,386 |  |  |  | - |  |  |  | - |  |  |  | (248 | ) |  |  | 15,380 |
Mortgage and loan interest |  |  | 7,601 |  |  |  | 21,104 |  |  |  | - |  |  |  | 9,126 |  |  |  | 5,879 |  |  |  | 43,710 |
Interest income |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 2,910 |  |  |  | 2,910 |
Gain on land sales |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 18,431 |  |  |  | - |  |  |  | 18,431 |
Segment operating income (loss) |  | $ | 54 |  |  | $ | (4,319 | ) |  | $ | - |  |  | $ | 8,261 |  |  | $ | (2,813 | ) |  | $ | 1,183 |
Capital expenditures |  |  | 1,650 |  |  |  | 439 |  |  |  | - |  |  |  | 37 |  |  |  | - |  |  |  | 2,126 |
Assets |  |  | 178,021 |  |  |  | 561,555 |  |  |  | - |  |  |  | 299,960 |  |  |  | - |  |  |  | 1,039,536 |
Property Sales |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sales price |  | $ | 142,451 |  |  | $ | 28,690 |  |  | $ | 29,844 |  |  | $ | 180,112 |  |  | $ | - |  |  | $ | 381,097 |
Cost of sale |  |  | 151,695 |  |  |  | 14,601 |  |  |  | 26,224 |  |  |  | 176,550 |  |  |  | - |  |  |  | 369,070 |
Deferred current gain |  |  | - |  |  |  | 7,407 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 7,407 |
Recognized prior deferred gain |  |  | 9,143 |  |  |  | 963 |  |  |  | - |  |  |  | 14,869 |  |  |  | 8,909 |  |  |  | 33,884 |
Gain (loss) on sale |  | $ | (101 | ) |  | $ | 7,645 |  |  | $ | 3,620 |  |  | $ | 18,431 |  |  | $ | 8,909 |  |  | $ | 38,504 |
The table below reconciles the segment information to the corresponding amounts in the Consolidated Statements of Operations:
|  | For Nine Months Ended |
|  | September 30, |
|  | 2012 |  |  | 2011 |
Segment operating gain (loss) |  | $ | (986 | ) |  | $ | 1,183 |
Other non-segment items of income (expense) |  |  |  |  |  |  |  |
General and administrative |  |  | (5,052 | ) |  |  | (10,556 | )
Advisory fees |  |  | (7,573 | ) |  |  | (10,225 | )
Provision on impairment of notes receivable and real estate assets |  |  | - |  |  |  | (5,622 | )
Other income |  |  | 5,334 |  |  |  | 1,881 |
Equity in earnings of investees |  |  | 284 |  |  |  | (104 | )
Gain (loss) on sale of investment |  |  | (361 | ) |  |  | 91 |
Income tax benefit |  |  | 2,535 |  |  |  | 5,166 |
Loss from continuing operations |  | $ | (5,819 | ) |  | $ | (18,186 | )
The table below reconciles the segment information to the corresponding amounts in the Consolidated Balance Sheets:
|  | September 30, |
|  | 2012 |  |  | 2011 |
Segment assets |  | $ | 943,795 |  |  | $ | 1,039,536 |
Investments in real estate partnerships |  |  | 7,625 |  |  |  | 12,499 |
Other assets |  |  | 182,170 |  |  |  | 191,430 |
Assets held for sale |  |  | - |  |  |  | 80,666 |
Total assets |  | $ | 1,133,590 |  |  | $ | 1,324,131 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8595-108599 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8538-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 33 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8971-108599 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8864-108599 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8380-108599 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8984-108599 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 131 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8844-108599 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9031-108599 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9054-108599 Reference 15: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8924-108599 + Details
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