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OPERATING SEGMENTS (Table) | 6 Months Ended
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Jun. 30, 2015
Operating Segments Table |
Schedule of operating segment, including segment assets and expenditures | Presented below is our reportable segments’ operating income for the three and six months ended June 30, 2015 and 2014, including segment assets and expenditures (dollars in thousands):
|  | Commercial |  |  |  |  |  |  |  |  |  |
For the Three Months Ended June 30, 2015 |  | Properties |  | Apartments |  | Hotels |  | Land |  | Other |  | Total
Rental and other property revenues |  | $ | 6,974 |  |  | $ | 17,258 |  |  | $ | — |  |  | $ | — |  |  | $ | 9 |  |  | $ | 24,241 |
Property operating expenses |  |  | (3,341 | ) |  |  | (7,829 | ) |  |  | — |  |  |  | (165 | ) |  |  | 34 |  |  |  | (11,301 | )
Depreciation |  |  | (2,230 | ) |  |  | (2,926 | ) |  |  | — |  |  |  | — |  |  |  | 19 |  |  |  | (5,137 | )
Mortgage and loan interest |  |  | (1,642 | ) |  |  | (3,377 | ) |  |  | — |  |  |  | (1,304 | ) |  |  | (3,471 | ) |  |  | (9,794 | )
Interest income |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 4,535 |  |  |  | 4,535 |
Gain on land sales |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3,027 |  |  |  | — |  |  |  | 3,027 |
Segment operating income (loss) |  | $ | (239 | ) |  | $ | 3,126 |  |  | $ | — |  |  | $ | 1,558 |  |  | $ | 1,126 |  |  | $ | 5,571 |
Capital expenditures |  |  | 2,943 |  |  |  | 224 |  |  |  | — |  |  |  | 485 |  |  |  | — |  |  |  | 3,652 |
Real estate assets |  |  | 162,333 |  |  |  | 473,908 |  |  |  | — |  |  |  | 165,673 |  |  |  | — |  |  |  | 801,914 |
Property Sales |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sales price |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,878 |  |  | $ | — |  |  | $ | 1,878 |
Cost of sale |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (628 | ) |  |  | — |  |  |  | (628 | )
Recognized prior deferred gain |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,777 |  |  |  | — |  |  |  | 1,777 |
Gain on sale |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 3,027 |  |  | $ | — |  |  | $ | 3,027 |
|  | Commercial |  |  |  |  |  |  |  |  |  |
For the Three Months Ended June 30, 2014 |  | Properties |  | Apartments |  | Hotels |  | Land |  | Other |  | Total
Rental and other property revenues |  | $ | 4,776 |  |  | $ | 14,706 |  |  | $ | — |  |  | $ | — |  |  | $ | 18 |  |  | $ | 19,500 |
Property operating expenses |  |  | (3,169 | ) |  |  | (6,535 | ) |  |  | — |  |  |  | (279 | ) |  |  | — |  |  |  | (9,983 | )
Depreciation |  |  | (1,757 | ) |  |  | (2,585 | ) |  |  | — |  |  |  | — |  |  |  | 19 |  |  |  | (4,323 | )
Mortgage and loan interest |  |  | (1,645 | ) |  |  | (3,869 | ) |  |  | — |  |  |  | (1,458 | ) |  |  | (2,721 | ) |  |  | (9,693 | )
Interest income |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 6,041 |  |  |  | 6,041 |
Loss on land sales |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (159 | ) |  |  | — |  |  |  | (159 | )
Segment operating income (loss) |  | $ | (1,795 | ) |  | $ | 1,717 |  |  | $ | — |  |  | $ | (1,896 | ) |  | $ | 3,357 |  |  | $ | 1,383 |
Capital expenditures |  |  | 1,862 |  |  |  | 99 |  |  |  | — |  |  |  | 66 |  |  |  | — |  |  |  | 2,027 |
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 Six Months Ended June 30, 2015 |  | Properties |  | Apartments |  | Hotels |  | Land |  | Other |  | Total
Rental and other property revenues |  | $ | 14,065 |  |  | $ | 33,277 |  |  | $ | — |  |  | $ | — |  |  | $ | 55 |  |  | $ | 47,397 |
Property operating expenses |  |  | (7,608 | ) |  |  | (14,871 | ) |  |  | — |  |  |  | (514 | ) |  |  | 24 |  |  |  | (22,969 | )
Depreciation |  |  | (4,157 | ) |  |  | (5,721 | ) |  |  | — |  |  |  | — |  |  |  | 37 |  |  |  | (9,841 | )
Mortgage and loan interest |  |  | (3,258 | ) |  |  | (9,560 | ) |  |  | — |  |  |  | (2,421 | ) |  |  | (6,200 | ) |  |  | (21,439 | )
Interest income |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 9,772 |  |  |  | 9,772 |
Gain on land sales |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 5,903 |  |  |  | — |  |  |  | 5,903 |
Segment operating income (loss) |  | $ | (958 | ) |  | $ | 3,125 |  |  | $ | — |  |  | $ | 2,968 |  |  | $ | 3,688 |  |  | $ | 8,823 |
Capital expenditures |  |  | 6,135 |  |  |  | 481 |  |  |  | — |  |  |  | 1,311 |  |  |  | — |  |  |  | 7,927 |
Real estate assets |  |  | 162,333 |  |  |  | 473,908 |  |  |  | — |  |  |  | 165,673 |  |  |  | — |  |  |  | 801,914 |
Property Sales |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sales price |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 9,135 |  |  | $ | — |  |  | $ | 9,135 |
Cost of sale |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (5,009 | ) |  |  | — |  |  |  | (5,009 | )
Recognized prior deferred gain |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,777 |  |  |  | — |  |  |  | 1,777 |
Gain on sale |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 5,903 |  |  | $ | — |  |  | $ | 5,903 |
|  | Commercial |  |  |  |  |  |  |  |  |  |
For the Six Months Ended June 30, 2014 |  | Properties |  | Apartments |  | Hotels |  | Land |  | Other |  | Total
Rental and other property revenues |  | $ | 9,557 |  |  | $ | 29,074 |  |  | $ | — |  |  | $ | — |  |  | $ | 28 |  |  | $ | 38,659 |
Property operating expenses |  |  | (6,316 | ) |  |  | (13,000 | ) |  |  | — |  |  |  | (590 | ) |  |  | (5 | ) |  |  | (19,911 | )
Depreciation |  |  | (3,571 | ) |  |  | (5,119 | ) |  |  | — |  |  |  | — |  |  |  | 54 |  |  |  | (8,636 | )
Mortgage and loan interest |  |  | (3,144 | ) |  |  | (10,178 | ) |  |  | — |  |  |  | (2,543 | ) |  |  | (4,467 | ) |  |  | (20,332 | )
Interest income |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 10,158 |  |  |  | 10,158 |
Gain on land sales |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 594 |  |  |  | — |  |  |  | 594 |
Segment operating income (loss) |  | $ | (3,474 | ) |  | $ | 777 |  |  | $ | — |  |  | $ | (2,539 | ) |  | $ | 5,768 |  |  | $ | 532 |
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 |  |  | $ | — |  |  | $ | 2,367 |  |  | $ | — |  |  | $ | 42,098 |
Cost of sale |  |  | (9,597 | ) |  |  | (17,077 | ) |  |  | — |  |  |  | (1,773 | ) |  |  | — |  |  |  | (28,447 | )
Gain on sale |  | $ | 7,003 |  |  | $ | 6,054 |  |  | $ | — |  |  | $ | 594 |  |  | $ | — |  |  | $ | 13,651 |
Schedule of Segment information to Consolidated Statements of Operations | The table below reconciles the segment information to the corresponding amounts in the Consolidated Statements of Operations (dollars in thousands):
|  | For the Three Months Ended
|  | June 30,
|  | 2015 |  | 2014
Segment operating income |  | $ | 5,571 |  |  | $ | 1,383 |
Other non-segment items of income (expense) |  |  |  |  |  |  |  |
General and administrative |  |  | (1,596 | ) |  |  | (3,195 | )
Net income fee to related party |  |  | (45 | ) |  |  | (210 | )
Advisory fee to related party |  |  | (2,309 | ) |  |  | (2,202 | )
Other income |  |  | 14 |  |  |  | 232 |
Earnings from unconsolidated investees |  |  | 151 |  |  |  | (124 | )
Litigation settlement |  |  | (45 | ) |  |  | (86 | )
Income tax benefit (expense) |  |  | (12 | ) |  |  | 2,195 |
Net income (loss) from continuing operations |  | $ | 1,729 |  |  | $ | (2,007 | )
The table below reconciles the segment information to the corresponding amounts in the Consolidated Statements of Operations:
|  | For the Six Months Ended
|  | June 30,
|  | 2015 |  | 2014
Segment operating income |  | $ | 8,823 |  |  | $ | 532 |
Other non-segment items of income (expense) |  |  |  |  |  |  |  |
General and administrative |  |  | (3,798 | ) |  |  | (5,179 | )
Net income fee to related party |  |  | (335 | ) |  |  | (700 | )
Advisory fee to related party |  |  | (4,601 | ) |  |  | (4,445 | )
Other income |  |  | 4,111 |  |  |  | 406 |
Earnings from unconsolidated investees |  |  | 196 |  |  |  | (54 | )
Litigation settlement |  |  | (117 | ) |  |  | 3,752 |
Income tax benefit |  |  | 91 |  |  |  | 4,244 |
Net income (loss) from continuing operations |  | $ | 4,370 |  |  | $ | (1,444 | )
Schedule of Segment information to Consolidated Balance Sheets | The table below reconciles the segment information to the corresponding amounts in the Consolidated Balance Sheets (dollars in thousands):
|  | As of June 30,
|  | 2015 |  | 2014
Segment assets |  | $ | 801,914 |  |  | $ | 671,160 |
Investments in unconsolidated investees |  |  | 1,299 |  |  |  | 3,833 |
Notes and interest receivable |  |  | 125,385 |  |  |  | 138,014 |
Other assets |  |  | 148,020 |  |  |  | 95,172 |
Total assets |  | $ | 1,076,618 |  |  | $ | 908,179 |
The table below reconciles the segment information to the corresponding amounts in the Consolidated Balance Sheets:
|  | As of June 30,
|  | 2015 |  | 2014
Segment assets |  | $ | 801,914 |  |  | $ | 671,160 |
Investments in unconsolidated investees |  |  | 1,299 |  |  |  | 3,833 |
Notes and interest receivable |  |  | 125,385 |  |  |  | 138,014 |
Other assets |  |  | 148,020 |  |  |  | 95,172 |
Total assets |  | $ | 1,076,618 |  |  | $ | 908,179 |

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