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OPERATING SEGMENTS (Table)

9 Months Ended

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