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Operating Segments.(Tables) | 9 Months Ended
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Sep. 30, 2013
Segments Operating Income Including Segments Assets And Expenditure |
Segments Operating Income Including Segments Assets And Expenditure | Presented below is our reportable segments’ operating income for the three and nine months ended September 30, 2013 and 2012, including segment assets and expenditures (dollars in thousands):
|  | Commercial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
For the Three Months Ended September 30, 2013 | Properties |  |  | Apartments |  | Hotels |  |  | Land |  |  | Other |  |  | Total |
Rental and other property revenues |  | $ | 6,081 |  |  | $ | 21,259 |  |  | $ | - |  |  | $ | 45 |  |  | $ | 97 |  |  | $ | 27,482 |
Property operating expenses |  |  | 3,883 |  |  |  | 9,623 |  |  |  | - |  |  |  | 514 |  |  |  | 22 |  |  |  | 14,042 |
Depreciation and amortization |  |  | 1,703 |  |  |  | 3,640 |  |  |  | - |  |  |  | - |  |  |  | (39 | ) |  |  | 5,304 |
Mortgage and loan interest |  |  | 1,467 |  |  |  | 5,414 |  |  |  | - |  |  |  | 1,653 |  |  |  | 2,189 |  |  |  | 10,723 |
Deferred borrowing costs |  |  | 17 |  |  |  | 8 |  |  |  | - |  |  |  | 34 |  |  |  | 205 |  |  |  | 264 |
Loan charges and prepayment penalties |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 49 |  |  |  | 49 |
Interest income |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 3,778 |  |  |  | 3,778 |
Gain on land sales |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 598 |  |  |  |  |  |  |  | 598 |
Segment operating income (loss) |  | $ | (989 | ) |  | $ | 2,574 |  |  | $ | - |  |  | $ | (1,558 | ) |  | $ | 1,449 |  |  | $ | 1,476 |
Capital expenditures |  |  | 2,998 |  |  |  | 37 |  |  |  | - |  |  |  | 83 |  |  |  | - |  |  |  | 3,118 |
Real estate assets |  |  | 151,231 |  |  |  | 509,768 |  |  |  | - |  |  |  | 209,788 |  |  |  | - |  |  |  | 870,787 |
Property Sales |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sales price |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 1,187 |  |  | $ | - |  |  | $ | 1,187 |
Cost of sale |  |  | - |  |  |  | (127 | ) |  |  | - |  |  |  | 589 |  |  |  | - |  |  |  | 462 |
Gain on sale |  | $ | - |  |  | $ | 127 |  |  | $ | - |  |  | $ | 598 |  |  | $ | - |  |  | $ | 725 |
|  | Commercial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
For the Three Months Ended September 30, 2012 | Properties |  |  | Apartments |  | Hotels |  |  | Land |  |  | Other |  |  | Total |
Rental and other property revenues |  | $ | 7,416 |  |  | $ | 20,350 |  |  | $ | - |  |  | $ | - |  |  | $ | 5 |  |  | $ | 27,771 |
Property operating expenses |  |  | 4,186 |  |  |  | 9,550 |  |  |  | - |  |  |  | 159 |  |  |  | (1 | ) |  |  | 13,894 |
Depreciation and amortization |  |  | 1,462 |  |  |  | 3,637 |  |  |  | - |  |  |  | - |  |  |  | (66 | ) |  |  | 5,033 |
Mortgage and loan interest |  |  | 1,099 |  |  |  | 6,336 |  |  |  | - |  |  |  | 1,604 |  |  |  | 1,923 |  |  |  | 10,962 |
Deferred borrowing costs |  |  | 23 |  |  |  | (629 | ) |  |  | - |  |  |  | 58 |  |  |  | 1 |  |  |  | (547 | )
Loan charges and prepayment penalties |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 35 |  |  |  | - |  |  |  | 35 |
Interest income |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 2,280 |  |  |  | 2,280 |
Gain on land sales |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 2,898 |  |  |  | - |  |  |  | 2,898 |
Segment operating income (loss) |  | $ | 646 |  |  | $ | 1,456 |  |  | $ | - |  |  | $ | 1,042 |  |  | $ | 428 |  |  | $ | 3,572 |
Capital expenditures |  |  | 1,404 |  |  |  | 269 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1,673 |
Real estate 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 |

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