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OPERATING SEGMENTS | 9 Months Ended
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Sep. 30, 2014
OPERATING SEGMENTS |
OPERATING SEGMENTS | NOTE 7. 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. The segment labeled as “Other” consists of revenue and operating expenses related to the notes receivable and corporate debt. Presented below is our reportable segments’ operating income for the three and nine months ended September 30, 2014 and 2013, including segment assets and expenditures (dollars in thousands):
|  | Commercial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
For the Three Months Ended September 30, 2014 | Properties |  |  | Apartments |  |  | Hotels |  |  | Land |  |  | Other |  |  | Total |
Rental and other property revenues |  | $ | 4,609 |  |  | $ | 14,704 |  |  | $ | - |  |  | $ | - |  |  | $ | 13 |  |  | $ | 19,326 |
Property operating expenses |  |  | 2,890 |  |  |  | 7,284 |  |  |  | - |  |  |  | 585 |  |  |  | 7 |  |  |  | 10,766 |
Depreciation |  |  | 1,944 |  |  |  | 2,537 |  |  |  | - |  |  |  | - |  |  |  | (18 | ) |  |  | 4,463 |
Mortgage and loan interest |  |  | 1,310 |  |  |  | 3,768 |  |  |  | - |  |  |  | 1,058 |  |  |  | 2,917 |  |  |  | 9,053 |
Deferred borrowing costs amortization |  |  | 15 |  |  |  | 540 |  |  |  | - |  |  |  | 106 |  |  |  | 187 |  |  |  | 848 |
Loan charges and prepayment penalties |  |  | - |  |  |  | 1,026 |  |  |  | - |  |  |  | 18 |  |  |  | - |  |  |  | 1,044 |
Interest income |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 5,106 |  |  |  | 5,106 |
Gain on land sales |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 40 |  |  |  | - |  |  |  | 40 |
Segment operating income (loss) |  | $ | (1,550 | ) |  | $ | (451 | ) |  | $ | - |  |  | $ | (1,727 | ) |  | $ | 2,026 |  |  | $ | (1,702 | )
Capital expenditures |  |  | 486 |  |  |  | 38 |  |  |  | - |  |  |  | 1,435 |  |  |  | - |  |  |  | 1,959 |
Real estate assets |  |  | 129,361 |  |  |  | 345,281 |  |  |  | - |  |  |  | 165,144 |  |  |  | - |  |  |  | 639,786 |
Property Sales |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sales price |  | $ | 2,582 |  |  | $ | - |  |  | $ | - |  |  | $ | 4,269 |  |  | $ | - |  |  | $ | 6,851 |
Cost of sale |  |  | 813 |  |  |  | - |  |  |  | - |  |  |  | 4,229 |  |  |  | - |  |  |  | 5,042 |
Gain on sale |  | $ | 1,769 |  |  | $ | - |  |  | $ | - |  |  | $ | 40 |  |  | $ | - |  |  | $ | 1,809 |
|  | Commercial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
For the Three Months Ended September 30, 2013 | Properties |  |  | Apartments |  |  | Hotels |  |  | Land |  |  | Other |  |  | Total |
Rental and other property revenues |  | $ | 5,162 |  |  | $ | 14,226 |  |  | $ | - |  |  | $ | 45 |  |  | $ | 97 |  |  | $ | 19,530 |
Property operating expenses |  |  | 3,067 |  |  |  | 6,784 |  |  |  | - |  |  |  | 514 |  |  |  | 22 |  |  |  | 10,387 |
Depreciation |  |  | 1,541 |  |  |  | 2,551 |  |  |  | - |  |  |  | - |  |  |  | (39 | ) |  |  | 4,053 |
Mortgage and loan interest |  |  | 1,330 |  |  |  | 3,958 |  |  |  | - |  |  |  | 1,653 |  |  |  | 2,189 |  |  |  | 9,130 |
Deferred borrowing costs amortizaion |  |  | 17 |  |  |  | (10 | ) |  |  | - |  |  |  | 34 |  |  |  | 206 |  |  |  | 247 |
Loan charges and prepayment penalties |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 49 |  |  |  | 49 |
Interest income |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 3,778 |  |  |  | 3,778 |
Gain on land sales |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 598 |  |  |  | - |  |  |  | 598 |
Segment operating income (loss) |  | $ | (793 | ) |  | $ | 943 |  |  | $ | - |  |  | $ | (1,558 | ) |  | $ | 1,448 |  |  | $ | 40 |
Capital expenditures |  |  | 2,955 |  |  |  | 37 |  |  |  | - |  |  |  | 83 |  |  |  | - |  |  |  | 3,075 |
Real estate assets |  |  | 140,616 |  |  |  | 355,251 |  |  |  | - |  |  |  | 209,788 |  |  |  | - |  |  |  | 705,655 |
Property Sales |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sales price |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 1,187 |  |  | $ | - |  |  | $ | 1,187 |
Cost of sale |  |  | - |  |  |  | (127 | ) |  |  | - |  |  |  | 589 |  |  |  | - |  |  |  | 462 |
Gain on sale |  | $ | - |  |  | $ | 127 |  |  | $ | - |  |  | $ | 598 |  |  | $ | - |  |  | $ | 725 |
The table below reconciles the segment information to the corresponding amounts in the Consolidated Statements of Operations:
|  | For the Three Months Ended |
|  | September 30, |
|  | 2014 |  |  | 2013 |
Segment operating income (loss) |  | $ | (1,702 | ) |  | $ | 40 |
Other non-segment items of income (expense) |  |  |  |  |  |  |  |
General and administrative |  |  | (1,590 | ) |  |  | (1,867 | )
Net income fee to related party |  |  | 186 |  |  |  | (55 | )
Advisory fee to related party |  |  | (2,225 | ) |  |  | (2,584 | )
Other income |  |  | 1,332 |  |  |  | 59 |
Loss on sale of investments |  |  | - |  |  |  | (275 | )
Provision on impairment of notes receivable and real estate assets |  |  | - |  |  |  | (1,125 | )
Earnings from unconsolidated investees |  |  | 320 |  |  |  | 69 |
Litigation settlement |  |  | (86 | ) |  |  | (2,739 | )
Income tax benefit |  |  | 786 |  |  |  | 402 |
Net loss from continuing operations |  | $ | (2,979 | ) |  | $ | (8,075 | )
The table below reconciles the segment information to the corresponding amounts in the Consolidated Balance Sheets:
|  | September 30, |
|  | 2014 |  |  | 2013 |
Segment assets |  | $ | 639,786 |  |  | $ | 705,655 |
Investments in unconsolidated investees |  |  | 4,137 |  |  |  | 10,337 |
Notes and interest receivable |  |  | 148,207 |  |  |  | 105,139 |
Other assets |  |  | 143,856 |  |  |  | 244,245 |
Total assets |  | $ | 935,986 |  |  | $ | 1,065,376 |
|  | Commercial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
For the Nine Months Ended September 30, 2014 |  | Properties |  |  | Apartments |  |  | Hotels |  |  | Land |  |  | Other |  |  | Total |
Rental and other property revenues |  | $ | 14,166 |  |  | $ | 43,779 |  |  | $ | - |  |  | $ | - |  |  | $ | 41 |  |  | $ | 57,986 |
Property operating expenses |  |  | 9,206 |  |  |  | 20,284 |  |  |  | - |  |  |  | 1,175 |  |  |  | 12 |  |  |  | 30,677 |
Depreciation |  |  | 5,515 |  |  |  | 7,656 |  |  |  | - |  |  |  | - |  |  |  | (72 | ) |  |  | 13,099 |
Mortgage and loan interest |  |  | 4,424 |  |  |  | 11,433 |  |  |  | - |  |  |  | 3,520 |  |  |  | 7,196 |  |  |  | 26,573 |
Deferred borrowing costs amortization |  |  | 36 |  |  |  | 1,480 |  |  |  | - |  |  |  | 187 |  |  |  | 375 |  |  |  | 2,078 |
Loan charges and prepayment penalties |  |  | 9 |  |  |  | 2,599 |  |  |  | - |  |  |  | 18 |  |  |  | - |  |  |  | 2,626 |
Interest income |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 15,264 |  |  |  | 15,264 |
Gain on land sales |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 634 |  |  |  | - |  |  |  | 634 |
Segment operating income (loss) |  | $ | (5,024 | ) |  | $ | 327 |  |  | $ | - |  |  | $ | (4,266 | ) |  | $ | 7,794 |  |  | $ | (1,169 | )
Capital expenditures |  |  | 3,476 |  |  |  | 137 |  |  |  | - |  |  |  | 1,586 |  |  |  | - |  |  |  | 5,199 |
Real estate assets |  |  | 129,361 |  |  |  | 345,281 |  |  |  | - |  |  |  | 165,144 |  |  |  | - |  |  |  | 639,786 |
Property Sales |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sales price |  | $ | 19,182 |  |  | $ | 23,131 |  |  | $ | - |  |  | $ | 4,986 |  |  | $ | - |  |  | $ | 47,299 |
Cost of sale |  |  | 10,410 |  |  |  | 17,077 |  |  |  | - |  |  |  | 4,352 |  |  |  | - |  |  |  | 31,839 |
Gain on sale |  | $ | 8,772 |  |  | $ | 6,054 |  |  | $ | - |  |  | $ | 634 |  |  | $ | - |  |  | $ | 15,460 |
|  | Commercial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
For the Nine Months Ended September 30, 2013 |  | Properties |  |  | Apartments |  |  | Hotels |  |  | Land |  |  | Other |  |  | Total |
Rental and other property revenues |  | $ | 15,545 |  |  | $ | 42,053 |  |  | $ | - |  |  | $ | 101 |  |  | $ | 111 |  |  | $ | 57,810 |
Property operating expenses |  |  | 8,660 |  |  |  | 19,176 |  |  |  | - |  |  |  | 1,240 |  |  |  | 31 |  |  |  | 29,107 |
Depreciation |  |  | 4,318 |  |  |  | 7,639 |  |  |  | - |  |  |  | - |  |  |  | (137 | ) |  |  | 11,820 |
Mortgage and loan interest |  |  | 4,317 |  |  |  | 12,261 |  |  |  | - |  |  |  | 4,692 |  |  |  | 5,882 |  |  |  | 27,152 |
Deferred borrowing costs amortizaion |  |  | 60 |  |  |  | 2,233 |  |  |  | - |  |  |  | 131 |  |  |  | 248 |  |  |  | 2,672 |
Loan charges and prepayment penalties |  |  | - |  |  |  | 3,937 |  |  |  | - |  |  |  | - |  |  |  | 229 |  |  |  | 4,166 |
Interest income |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 10,831 |  |  |  | 10,831 |
Gain on land sales |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 563 |  |  |  | - |  |  |  | 563 |
Segment operating income (loss) |  | $ | (1,810 | ) |  | $ | (3,193 | ) |  | $ | - |  |  | $ | (5,399 | ) |  | $ | 4,689 |  |  | $ | (5,713 | )
Capital expenditures |  |  | 5,869 |  |  |  | 147 |  |  |  | - |  |  |  | 364 |  |  |  | - |  |  |  | 6,380 |
Real estate assets |  |  | 140,616 |  |  |  | 355,251 |  |  |  | - |  |  |  | 209,788 |  |  |  | - |  |  |  | 705,655 |
Property Sales |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sales price |  | $ | 26,974 |  |  | $ | 50,122 |  |  | $ | - |  |  | $ | 3,437 |  |  | $ | - |  |  | $ | 80,533 |
Cost of sale |  |  | 14,914 |  |  |  | 36,753 |  |  |  | - |  |  |  | 2,874 |  |  |  | - |  |  |  | 54,541 |
Gain on sale |  | $ | 12,060 |  |  | $ | 13,369 |  |  | $ | - |  |  | $ | 563 |  |  | $ | - |  |  | $ | 25,992 |
The table below reconciles the segment information to the corresponding amounts in the Consolidated Statements of Operations:
|  | For the Nine Months Ended |
|  | September 30, |
|  | 2014 |  |  | 2013 |
Segment operating loss |  | $ | (1,169 | ) |  | $ | (5,713 | )
Other non-segment items of income (expense) |  |  |  |  |  |  |  |
General and administrative |  |  | (6,770 | ) |  |  | (5,911 | )
Net income fee to related party |  |  | (514 | ) |  |  | (159 | )
Advisory fee to related party |  |  | (6,670 | ) |  |  | (7,625 | )
Other income |  |  | 1,738 |  |  |  | 2,734 |
Loss on sale of investments |  |  | - |  |  |  | (283 | )
Provision on impairment of notes receivable and real estate assets |  |  | - |  |  |  | (1,926 | )
Earnings from unconsolidated investees |  |  | 266 |  |  |  | 256 |
Litigation settlement |  |  | 3,666 |  |  |  | (2,727 | )
Income tax benefit |  |  | 5,030 |  |  |  | 8,561 |
Net loss from continuing operations |  | $ | (4,423 | ) |  | $ | (12,793 | )
The table below reconciles the segment information to the corresponding amounts in the Consolidated Balance Sheets:
|  | September 30, |
|  | 2014 |  |  | 2013 |
Segment assets |  | $ | 639,786 |  |  | $ | 705,655 |
Investments in unconsolidated investees |  |  | 4,137 |  |  |  | 10,337 |
Notes and interest receivable |  |  | 148,207 |  |  |  | 105,139 |
Other assets |  |  | 143,856 |  |  |  | 244,245 |
Total assets |  | $ | 935,986 |  |  | $ | 1,065,376 |

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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 29 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8864-108599 Reference 2: 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 3: 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 4: 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 5: 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 6: 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 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 30 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599 Reference 10: 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 11: 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 Reference 12: 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 13: 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 14: 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 + Details
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