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OPERATING SEGMENTS (Tables)
 3 Months Ended
Mar. 31, 2015
SCHEDULE OF OPERATING SEGMENTS  
SCHEDULE OF OPERATING SEGMENTS

Presented below is our reportable segments’ operating income for the three months ended March 31, 2015 and 2014, including segment assets and expenditures (dollars in thousands):

 

 

 

Commercial

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Three Months Ended March 31, 2015

 

Properties

 

 

Apartments

 

 

Hotels

 

 

Land

 

 

Other

 

 

Total

 

Rental and other property revenues

 

$

7,091

 

 

$

16,019

 

 

$

-

 

 

$

-

 

 

$

46

 

 

$

23,156

 

Property operating expenses

 

 

(4,267

)

 

 

(7,042

)

 

 

-

 

 

 

(349

)

 

 

(10

)

 

 

(11,668

)

Depreciation

 

 

(1,927

)

 

 

(2,795

)

 

 

-

 

 

 

-

 

 

 

18

 

 

 

(4,704

)

Mortgage and loan interest

 

 

(1,513

)

 

 

(4,073

)

 

 

-

 

 

 

(1,064

)

 

 

(2,543

)

 

 

(9,193

)

Deferred borrowing costs amortization

 

 

(103

)

 

 

(260

)

 

 

-

 

 

 

(52

)

 

 

(186

)

 

 

(601

)

Loan charges and prepayment penalties

 

 

-

 

 

 

(1,850

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(1,850

)

Interest income

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

5,237

 

 

 

5,237

 

Gain on land sales

 

 

-

 

 

 

-

 

 

 

-

 

 

 

2,876

 

 

 

-

 

 

 

2,876

 

Segment operating income (loss)

 

$

(719

)

 

$

(1

)

 

$

-

 

 

$

1,411

 

 

$

2,562

 

 

$

3,253

 

Capital expenditures

 

 

3,192

 

 

 

257

 

 

 

-

 

 

 

826

 

 

 

-

 

 

 

4,275

 

Real estate assets

 

 

143,686

 

 

 

387,847

 

 

 

-

 

 

 

165,073

 

 

 

-

 

 

 

696,606

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Property Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales price

 

$

-

 

 

$

-

 

 

$

-

 

 

$

7,257

 

 

$

-

 

 

$

7,257

 

Cost of sale

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(4,381

)

 

 

-

 

 

 

(4,381

)

Gain on sale

 

$

-

 

 

$

-

 

 

$

-

 

 

$

2,876

 

 

$

-

 

 

$

2,876

 

 

 

 

Commercial

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Three Months Ended March 31, 2014

 

Properties

 

 

Apartments

 

 

Hotels

 

 

Land

 

 

Other

 

 

Total

 

Rental and other property revenues

 

$

4,781

 

 

$

14,368

 

 

$

-

 

 

$

-

 

 

$

10

 

 

$

19,159

 

Property operating expenses

 

 

(3,147

)

 

 

(6,465

)

 

 

-

 

 

 

(311

)

 

 

(5

)

 

 

(9,928

)

Depreciation

 

 

(1,814

)

 

 

(2,534

)

 

 

-

 

 

 

-

 

 

 

35

 

 

 

(4,313

)

Mortgage and loan interest

 

 

(1,477

)

 

 

(3,849

)

 

 

-

 

 

 

(1,050

)

 

 

(1,743

)

 

 

(8,119

)

Deferred borrowing costs amortizaion

 

 

(13

)

 

 

(887

)

 

 

-

 

 

 

(35

)

 

 

(3

)

 

 

(938

)

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)

 

$

(1,679

)

 

$

(940

)

 

$

-

 

 

$

(643

)

 

$

2,411

 

 

$

(851

)

Capital expenditures

 

 

1,130

 

 

 

-

 

 

 

-

 

 

 

85

 

 

 

-

 

 

 

1,215

 

Real estate assets

 

 

130,221

 

 

 

350,226

 

 

 

-

 

 

 

167,692

 

 

 

-

 

 

 

648,139

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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