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OPERATING SEGMENTS (Table)

6 Months Ended

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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Tabular disclosure of all significant reconciling items in the reconciliation of total assets from reportable segments to the entity's consolidated assets.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef



-Publisher FASB



-Name Accounting Standards Codification



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Tabular disclosure of all significant reconciling items in the reconciliation of total revenues from reportable segments to the entity's consolidated revenues.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef



-Publisher FASB



-Name Accounting Standards Codification



-Topic 280



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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

Reference 1: http://www.xbrl.org/2003/role/presentationRef



-Publisher FASB



-Name Accounting Standards Codification



-Topic 280



-SubTopic 10



-Section 50



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-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8906-108599



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-Name Accounting Standards Codification



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