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OPERATING SEGMENTS (Table) | 9 Months Ended
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Sep. 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 nine months September 30, 2015 and 2014, including segment assets and expenditures (dollars in thousands):
|  | Commercial |  |  |  |  |  |  |  |  |  |
For the Three Months Ended September 30, 2015 |  | Properties |  | Apartments |  | Hotels |  | Land |  | Other |  | Total
Rental and other property revenues |  | $ | 8,107 |  |  | $ | 19,671 |  |  | $ | — |  |  | $ | — |  |  | $ | 48 |  |  | $ | 27,826 |
Property operating expenses |  |  | (4,434 | ) |  |  | (9,373 | ) |  |  | — |  |  |  | (422 | ) |  |  | (270 | ) |  |  | (14,499 | )
Depreciation |  |  | (2,358 | ) |  |  | (4,229 | ) |  |  | — |  |  |  | — |  |  |  | 18 |  |  |  | (6,569 | )
Mortgage and loan interest |  |  | (1,871 | ) |  |  | (6,299 | ) |  |  | — |  |  |  | (1,345 | ) |  |  | (5,511 | ) |  |  | (15,026 | )
Interest income |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3,950 |  |  |  | 3,950 |
Gain on sale of income producing properties |  |  | — |  |  |  | 735 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 735 |
Gain on land sales |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,958 |  |  |  | — |  |  |  | 1,958 |
Segment operating income (loss) |  | $ | (556 | ) |  | $ | 505 |  |  | $ | — |  |  | $ | 191 |  |  | $ | (1,765 | ) |  | $ | (1,625 | )
Capital expenditures |  |  | 1,404 |  |  |  | (43 | ) |  |  | — |  |  |  | 1,461 |  |  |  | — |  |  |  | 2,822 |
Real estate assets |  |  | 161,876 |  |  |  | 496,329 |  |  |  | — |  |  |  | 163,867 |  |  |  | — |  |  |  | 822,072 |
Property Sales |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sales price |  | $ | — |  |  | $ | 11,129 |  |  | $ | — |  |  | $ | 2,851 |  |  | $ | — |  |  | $ | 13,980 |
Cost of sale |  |  | — |  |  |  | (10,394 | ) |  |  | — |  |  |  | (1,854 | ) |  |  | — |  |  |  | (12,248 | )
Recognized prior deferred gain |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 961 |  |  |  | — |  |  |  | 961 |
Gain on sale |  | $ | — |  |  | $ | 735 |  |  | $ | — |  |  | $ | 1,958 |  |  | $ | — |  |  | $ | 2,693 |
|  | 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 |  |  | (1,325 | ) |  |  | (5,334 | ) |  |  | — |  |  |  | (1,182 | ) |  |  | (3,104 | ) |  |  | (10,945 | )
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 |  |  | (812 | ) |  |  | — |  |  |  | — |  |  |  | (4,229 | ) |  |  | — |  |  |  | (5,041 | )
Gain (loss) on sale |  | $ | 1,770 |  |  | $ | — |  |  | $ | — |  |  | $ | 40 |  |  | $ | — |  |  | $ | 1,810 |
|  | Commercial |  |  |  |  |  |  |  |  |  |
For the Nine Months Ended September 30, 2015 |  | Properties |  | Apartments |  | Hotels |  | Land |  | Other |  | Total
Rental and other property revenues |  | $ | 22,172 |  |  | $ | 52,948 |  |  | $ | — |  |  | $ | — |  |  | $ | 103 |  |  | $ | 75,223 |
Property operating expenses |  |  | (12,042 | ) |  |  | (24,243 | ) |  |  | — |  |  |  | (936 | ) |  |  | (246 | ) |  |  | (37,467 | )
Depreciation |  |  | (6,516 | ) |  |  | (9,949 | ) |  |  | — |  |  |  | — |  |  |  | 55 |  |  |  | (16,410 | )
Mortgage and loan interest |  |  | (5,129 | ) |  |  | (15,857 | ) |  |  | — |  |  |  | (3,766 | ) |  |  | (11,711 | ) |  |  | (36,463 | )
Interest income |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 13,722 |  |  |  | 13,722 |
Gain on sale of producing properties |  |  | — |  |  |  | 735 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 735 |
Gain on land sales |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 7,861 |  |  |  | — |  |  |  | 7,861 |
Segment operating income (loss) |  | $ | (1,515 | ) |  | $ | 3,634 |  |  | $ | — |  |  | $ | 3,159 |  |  | $ | 1,923 |  |  | $ | 7,201 |
Capital expenditures |  |  | 7,539 |  |  |  | 438 |  |  |  | — |  |  |  | 2,772 |  |  |  | — |  |  |  | 10,749 |
Real estate assets |  |  | 161,876 |  |  |  | 496,329 |  |  |  | — |  |  |  | 163,867 |  |  |  | — |  |  |  | 822,072 |
Property Sales |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sales price |  | $ | — |  |  | $ | 11,129 |  |  | $ | — |  |  | $ | 11,987 |  |  | $ | — |  |  | $ | 23,116 |
Cost of sale |  |  | — |  |  |  | (10,394 | ) |  |  | — |  |  |  | (6,863 | ) |  |  | — |  |  |  | (17,257 | )
Recognized prior deferred gain |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2,737 |  |  |  | — |  |  |  | 2,737 |
Gain on sale |  | $ | — |  |  | $ | 735 |  |  | $ | — |  |  | $ | 7,861 |  |  | $ | — |  |  | $ | 8,596 |
|  | 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 |  |  | (4,469 | ) |  |  | (15,512 | ) |  |  | — |  |  |  | (3,725 | ) |  |  | (7,571 | ) |  |  | (31,277 | )
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 |  |  | (10,409 | ) |  |  | (17,078 | ) |  |  | — |  |  |  | (4,352 | ) |  |  | — |  |  |  | (31,839 | )
Gain on sale |  | $ | 8,773 |  |  | $ | 6,053 |  |  | $ | — |  |  | $ | 634 |  |  | $ | — |  |  | $ | 15,460 |
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
|  | September 30,
|  | 2015 |  | 2014
Segment operating income |  | $ | (1,625 | ) |  | $ | (1,702 | )
Other non-segment items of income (expense) |  |  |  |  |  |  |  |
General and administrative |  |  | (1,417 | ) |  |  | (1,590 | )
Net income fee to related party |  |  | (232 | ) |  |  | 186 |
Advisory fee to related party |  |  | (3,024 | ) |  |  | (2,225 | )
Other income |  |  | (72 | ) |  |  | 1,332 |
Earnings from unconsolidated investees |  |  | 81 |  |  |  | 320 |
Litigation settlement |  |  | (85 | ) |  |  | (86 | )
Income tax benefit |  |  | 16 |  |  |  | 786 |
Net income (loss) from continuing operations |  | $ | (6,358 | ) |  | $ | (2,979 | )
|  | For the Nine Months Ended
|  | September 30,
|  | 2015 |  | 2014
Segment operating income (loss) |  | $ | 7,201 |  |  | $ | (1,169 | )
Other non-segment items of income (expense) |  |  |  |  |  |  |  |
General and administrative |  |  | (5,215 | ) |  |  | (6,770 | )
Net income fee to related party |  |  | (567 | ) |  |  | (514 | )
Advisory fee to related party |  |  | (7,625 | ) |  |  | (6,670 | )
Other income |  |  | 4,040 |  |  |  | 1,738 |
Earnings from unconsolidated investees |  |  | 276 |  |  |  | 266 |
Litigation settlement |  |  | (203 | ) |  |  | 3,666 |
Income tax benefit |  |  | 107 |  |  |  | 5,030 |
Net income (loss) from continuing operations |  | $ | (1,986 | ) |  | $ | (4,423 | )
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 September 30,
|  | 2015 |  | 2014
Segment assets |  | $ | 822,072 |  |  | $ | 639,786 |
Investments in unconsolidated investees |  |  | 5,152 |  |  |  | 4,137 |
Notes and interest receivable |  |  | 115,415 |  |  |  | 148,207 |
Other assets |  |  | 144,472 |  |  |  | 130,169 |
Total assets |  | $ | 1,087,111 |  |  | $ | 922,299 |
|  | As of September 30,
|  | 2015 |  | 2014
Segment assets |  | $ | 822,072 |  |  | $ | 639,786 |
Investments in unconsolidated investees |  |  | 5,152 |  |  |  | 4,137 |
Notes and interest receivable |  |  | 115,415 |  |  |  | 148,207 |
Other assets |  |  | 144,472 |  |  |  | 130,169 |
Total assets |  | $ | 1,087,111 |  |  | $ | 922,299 |

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