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Operating Segments As Follows (Tables)
 3 Months Ended
Mar. 31, 2014
Operating Segments As Follows  
Operating Segments As Follows

Presented below is our reportable segments’ operating income for the three months ended March 31, 2014 and 2013, including segment assets and expenditures (dollars in thousands):

 

 

 

Commercial

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Three Months Ended March 31, 2014

 

Properties

 

 

Apartments

 

 

Hotels

 

 

Land

 

 

Other

 

 

Total

 

Rental and other property revenues

 

$

4,892

 

 

$

15,681

 

 

$

-

 

 

$

-

 

 

$

10

 

 

$

20,583

 

Property operating expenses

 

 

3,205

 

 

 

6,796

 

 

 

-

 

 

 

311

 

 

 

5

 

 

 

10,317

 

Depreciation

 

 

1,820

 

 

 

2,691

 

 

 

-

 

 

 

-

 

 

 

(35

)

 

 

4,476

 

Mortgage and loan interest

 

 

1,486

 

 

 

4,196

 

 

 

-

 

 

 

1,050

 

 

 

1,742

 

 

 

8,474

 

Deferred borrowing costs amortization

 

 

13

 

 

 

888

 

 

 

-

 

 

 

35

 

 

 

3

 

 

 

939

 

Loan charges and prepayment penalties

 

 

9

 

 

 

1,573

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

1,582

 

Interest income

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

4,117

 

 

 

4,117

 

Gain on land sales

 

 

-

 

 

 

-

 

 

 

-

 

 

 

753

 

 

 

-

 

 

 

753

 

Segment operating income (loss)

 

$

(1,641

)

 

$

(463

)

 

$

-

 

 

$

(643

)

 

$

2,412

 

 

$

(335

)

Capital expenditures

 

 

1,130

 

 

 

-

 

 

 

-

 

 

 

85

 

 

 

-

 

 

 

1,215

 

Real estate assets

 

 

130,838

 

 

 

375,296

 

 

 

-

 

 

 

167,692

 

 

 

-

 

 

 

673,826

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Property Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales price

 

$

-

 

 

$

23,131

 

 

$

-

 

 

$

1,565

 

 

$

-

 

 

$

24,696

 

Cost of sale

 

 

-

 

 

 

17,078

 

 

 

-

 

 

 

812

 

 

 

-

 

 

 

17,890

 

Gain on sale

 

$

-

 

 

$

6,053

 

 

$

-

 

 

$

753

 

 

$

-

 

 

$

6,806

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Three Months Ended March 31, 2013

 

Properties

 

 

Apartments

 

 

Hotels

 

 

Land

 

 

Other

 

 

Total

 

Rental and other property revenues

 

$

5,377

 

 

$

14,932

 

 

$

-

 

 

$

34

 

 

$

7

 

 

$

20,350

 

Property operating expenses

 

 

3,271

 

 

 

6,365

 

 

 

-

 

 

 

369

 

 

 

(23

)

 

 

9,982

 

Depreciation

 

 

1,113

 

 

 

2,701

 

 

 

-

 

 

 

-

 

 

 

(59

)

 

 

3,755

 

Mortgage and loan interest

 

 

1,341

 

 

 

4,665

 

 

 

-

 

 

 

1,536

 

 

 

1,902

 

 

 

9,444

 

Deferred borrowing costs amortizaion

 

 

22

 

 

 

2,342

 

 

 

-

 

 

 

61

 

 

 

36

 

 

 

2,461

 

Loan charges and prepayment penalties

 

 

-

 

 

 

3,937

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

3,937

 

Interest income

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

3,541

 

 

 

3,541

 

Loss on land sales

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(35

)

 

 

-

 

 

 

(35

)

Segment operating income (loss)

 

$

(370

)

 

$

(5,078

)

 

$

-

 

 

$

(1,967

)

 

$

1,692

 

 

$

(5,723

)

Capital expenditures

 

 

678

 

 

 

31

 

 

 

-

 

 

 

53

 

 

 

-

 

 

 

762

 

Real estate assets

 

 

138,683

 

 

 

385,672

 

 

 

-

 

 

 

209,773

 

 

 

-

 

 

 

734,128

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Property Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales price

 

$

-

 

 

$

25,300

 

 

$

-

 

 

$

2,250

 

 

$

-

 

 

$

27,550

 

Cost of sale

 

 

-

 

 

 

18,073

 

 

 

-

 

 

 

2,285

 

 

 

-

 

 

 

20,358

 

Gain (loss) on sale

 

$

-

 

 

$

7,227

 

 

$

-

 

 

$

(35

)

 

$

-

 

 

$

7,192