XML 51 R26.htm IDEA: XBRL DOCUMENT

7. Operating Segments (Tables)

6 Months Ended

Jun. 30, 2014

	Commercial
For the Three Months Ended June 30, 2014	Properties			Apartments			Hotels		Land			Other			Total
Rental and other property revenues	$	4,775		$	16,055		$	-	$	-		$	18		$	20,848
Property operating expenses		3,168			6,871			-		280			-			10,319
Depreciation		1,758			2,741			-		-			(18	)		4,481
Mortgage and loan interest		1,637			4,161			-		1,412			2,536			9,746
Deferred borrowing costs amortization		8			104			-		46			185			343
Interest income		-			-			-		-			6,041			6,041
Gain on land sales		-			-			-		(159	)		-			(159	)
Segment operating income (loss)	$	(1,796	)	$	2,178		$	-	$	(1,897	)	$	3,356		$	1,841
Capital expenditures		1,862			99			-		159			-			2,120
Real estate assets		131,193			372,674			-		167,293			-			671,160

Property Sales
Sales price	$	16,600		$	-		$	-	$	717		$	-		$	17,317
Cost of sale		9,597			-			-		876			-			10,473
Gain (loss) on sale	$	7,003		$	-		$	-	$	(159	)	$	-		$	6,844


	Commercial
For the Three Months Ended June 30, 2013	Properties			Apartments			Hotels		Land			Other			Total
Rental and other property revenues	$	5,121		$	15,252		$	-	$	22		$	7		$	20,402
Property operating expenses		2,383			6,645			-		356			32			9,416
Depreciation		1,669			2,701			-		-			(39	)		4,331
Mortgage and loan interest		1,655			4,336			-		1,504			1,790			9,285
Deferred borrowing costs amortizaion		21			(94	)		-		35			7			(31	)
Loan charges and prepayment penalties		-			-			-		-			180			180
Interest income		-			-			-		-			3,512			3,512
Segment operating income (loss)	$	(607	)	$	1,664		$	-	$	(1,873	)	$	1,549		$	733
Capital expenditures		2,236			79			-		-			-			2,315
Real estate assets		138,990			383,068			-		210,095			-			732,153

Property Sales
Sales price	$	26,974		$	24,822		$	-	$	-		$	-		$	51,796
Cost of sale		14,914			18,808			-		-			-			33,722
Gain on sale	$	12,060		$	6,014		$	-	$	-		$	-		$	18,074

	For the Three Months Ended
	June 30,
	2014			2013
Segment operating income	$	1,841		$	733
Other non-segment items of income (expense)
General and administrative		(3,196	)		(2,041	)
Net income fee to related party		(210	)		(48	)
Advisory fee to related party		(2,202	)		(2,487	)
Other income		232			149
Provision on impairment of notes receivable and real estate assets		-			(800	)
Earnings from unconsolidated investees		(124	)		(25	)
Litigation settlement		(86	)		57
Income tax benefit		2,035			5,217
Net income (loss) from continuing operations	$	(1,710	)	$	755

	June 30,
	2014		2013
Segment assets	$	671,160	$	732,153
Investments in unconsolidated investees		3,833		10,415
Notes and interest receivable		138,014		103,690
Other assets		109,218		212,355
Total assets	$	922,225	$	1,058,613

	Commercial
For the Six Months Ended June 30, 2014	Properties			Apartments			Hotels		Land			Other			Total
Rental and other property revenues	$	9,557		$	31,736		$	-	$	-		$	28		$	41,321
Property operating expenses		6,315			13,668			-		590			5			20,578
Depreciation		3,571			5,435			-		(54	)		-			8,952
Mortgage and loan interest		3,114			8,357			-		2,462			4,279			18,212
Deferred borrowing costs amortization		21			992			-		81			188			1,282
Loan charges and prepayment penalties		9			1,573			-		-			-			1,582
Interest income		-			-			-		-			10,158			10,158
Gain on land sales		-			-			-		594			-			594
Segment operating income (loss)	$	(3,473	)	$	1,711		$	-	$	(2,485	)	$	5,714		$	1,467
Capital expenditures		2,992			99			-		151			-			3,242
Real estate assets		131,193			372,674			-		167,293			-			671,160

Property Sales
Sales price	$	16,600		$	23,131		$	-	$	717		$	-		$	40,448
Cost of sale		9,597			17,077			-		123			-			26,797
Gain on sale	$	7,003		$	6,054		$	-	$	594		$	-		$	13,651


	Commercial
For the Six Months Ended June 30, 2013	Properties			Apartments			Hotels		Land			Other			Total
Rental and other property revenues	$	10,384		$	30,183		$	-	$	56		$	14		$	40,637
Property operating expenses		5,594			13,009			-		726			9			19,338
Depreciation		2,777			5,401			-		-			(98	)		8,080
Mortgage and loan interest		2,986			9,000			-		3,041			3,693			18,720
Deferred borrowing costs amortizaion		43			2,247			-		97			42			2,429
Loan charges and prepayment penalties		-			3,937			-		-			180			4,117
Interest income		-			-			-		-			7,053			7,053
Loss on land sales		-			-			-		(35	)		-			(35	)
Segment operating income (loss)	$	(1,016	)	$	(3,411	)	$	-	$	(3,843	)	$	3,241		$	(5,029	)
Capital expenditures		2,913			110			-		281			-			3,304
Real estate assets		138,990			383,068			-		210,095			-			732,153

Property Sales
Sales price	$	26,974		$	50,122		$	-	$	2,250		$	-		$	79,346
Cost of sale		14,914			36,881			-		2,285			-			54,080
Gain (loss) on sale	$	12,060		$	13,241		$	-	$	(35	)	$	-		$	25,266

	For the Six Months Ended
	June 30,
	2014			2013
Segment operating income (loss)	$	1,467		$	(5,029	)
Other non-segment items of income (expense)
General and administrative		(5,188	)		(4,053	)
Net income fee to related party		(700	)		(104	)
Advisory fee to related party		(4,445	)		(5,042	)
Other income		411			2,685
Loss on sale of investments		-			(8	)
Provision on impairment of notes receivable and real estate assets		-			(800	)
Earnings from unconsolidated investees		(54	)		188
Litigation settlement		3,752			12
Income tax benefit		3,918			7,905
Net loss from continuing operations	$	(839	)	$	(4,246	)

	June 30,
	2014		2013
Segment assets	$	671,160	$	732,153
Investments in unconsolidated investees		3,833		10,415
Notes and interest receivable		138,014		103,690
Other assets		109,218		212,355
Total assets	$	922,225	$	1,058,613

- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

+ References+ Details