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OPERATING SEGMENTS
 12 Months Ended
Dec. 31, 2015
Segment Reporting [Abstract]  
OPERATING SEGMENTS

NOTE 13.     OPERATING SEGMENTS

 

Our segments are based on management’s method of internal reporting which classifies its operations by property type. The segments are commercial, apartments, land and other. Significant differences among the accounting policies of the operating segments as compared to the Consolidated Financial Statements principally involve the calculation and allocation of administrative and other expenses. Management evaluates the performance of each of the operating segments and allocates resources to them based on their net operating income and cash flow.

 

Items of income that are not reflected in the segments are interest, other income, gain on debt extinguishment, gain on condemnation award, equity in partnerships, and gains on sale of real estate. Expenses that are not reflected in the segments are provision for losses, advisory, net income and incentive fees, general and administrative, non-controlling interests, foreign currency transaction loss and net loss from discontinued operations before gains on sale of real estate.

 

The segment labeled as “Other” consists of revenue and operating expenses related to the notes receivable and corporate debt.

 

Presented below is the operating income of each operating segment and each segment’s assets for 2015, 2014 and 2013 (dollars in thousands):

                               
    Commercial                          
For the Twelve Months Ended December 31, 2015   Properties     Apartments     Land     Other     Total  
Operating revenue   $ 30,540     $ 73,543     $ —     $ 105     $ 104,188  
Operating expenses     (17,761 )     (34,955 )     (1,029 )     (257 )     (54,002 )
Depreciation and amortization     (8,993 )     (12,498 )     —       73       (21,418 )
Mortgage and loan interest     (6,919 )     (18,767 )     (4,694 )     (17,132 )     (47,512 )
Loan charges and prepayment penalties             (4,932 )             (33 )     (4,965 )
Interest income                             16,674       16,674  
Gain on land sales                     21,648               21,648  
Segment operating income (loss)   $ (3,133 )   $ 2,391     $ 15,925     $ (570 )   $ 14,613  
Capital expenditures     8,133       506       2,621       —       11,260  
Assets     155,147       551,415       146,945       —       853,507  
                                         
Property Sales                                        
Sales price   $ —     $ 11,129     $ 107,298     $ —     $ 118,427  
Cost of sale     —       (10,394 )     (88,387 )     —       (98,781 )
Recognized prior deferred gain     —       —       2,737       —       2,737  
Gain on sale   $ —     $ 735     $ 21,648     $ —     $ 22,383  

                               
    Commercial                          
For the Twelve Months Ended December 31, 2014   Properties     Apartments     Land     Other     Total  
Operating revenue   $ 20,476     $ 58,882     $ 1     $ 53     $ 79,412  
Operating expenses     (13,127 )     (27,588 )     (1,397 )     (12 )     (42,124 )
Depreciation and amortization     (7,413 )     (10,270 )     —       90       (17,593 )
Mortgage and loan interest     (6,026 )     (16,777 )     (4,619 )     (10,550 )     (37,972 )
Loan charges and prepayment penalties     (113 )     (2,625 )     (66 )     (50 )     (2,854 )
Interest income     —       —       —       20,054       20,054  
Gain on land sales     —       —       561       —       561  
Segment operating income (loss)   $ (6,203 )   $ 1,622     $ (5,520 )   $ 9,585     $ (516 )
Capital expenditures     4,874       320       2,436       —       7,630  
Assets     142,118       390,366       167,279       —       699,763  
                                         
Property Sales                                        
Sales price   $ 19,182     $ 115,273     $ 8,091     $ —     $ 142,546  
Cost of sale     (9,168 )     (63,408 )     (7,530 )     —       (80,106 )
Deferred current gain     —       —       —       —       —  
Recognized prior deferred gain     —       —       —       —       —  
Gain on sale   $ 10,014     $ 51,865     $ 561     $ —     $ 62,440  

                                         
    Commercial                                  
For the Twelve Months Ended December 31, 2013   Properties     Apartments     Land     Other     Total  
Operating revenue   $ 24,215     $ 56,369     $ 39     $ 127     $ 80,750  
Operating expenses     (11,623 )     (26,223 )     (1,431 )     (41 )     (39,318 )
Depreciation and amortization     (5,938 )     (10,188 )     —       172       (15,954 )
Mortgage and loan interest     (5,865 )     (18,474 )     (6,412 )     (8,359 )     (39,110 )
Loan charges and prepayment penalties     (150 )     (3,937 )     (1,080 )     (390 )     (5,557 )
Interest income     —       —       —       19,445       19,445  
Loss on land sales     —       —       (455 )     —       (455 )
Segment operating income (loss)   $ 639     $ (2,453 )   $ (9,339 )   $ 10,954     $ (199 )
Capital expenditures     6,964       315       387       —       7,666  
Assets     141,200       394,397       164,697       —       700,294  
                                         
Property Sales                                        
Sales price   $ 26,974     $ 239,676     $ 7,186     $ —     $ 273,836  
Cost of sale     (14,914 )     (152,785 )     (7,641 )     —       (175,340 )
Deferred current gain     —       —       —       —       —  
Recognized prior deferred gain     —       —       —       —       —  
Gain (loss) on sale   $ 12,060     $ 86,891     $ (455 )   $ —     $ 98,496  

 

 

The table below reconciles the segment information to the corresponding amounts in the Consolidated Statements of Operations (dollars in in thousands):  

                   
    For Twelve Months Ended December 31,  
    2015     2014     2013  
Segment operating income (loss)   $ 14,613     $ (516 )   $ (199 )
Other non-segment items of income (expense)                        
General and administrative     (6,893 )     (10,282 )     (7,919 )
Provision on impairment of notes receivable and real estate assets     (5,300 )     —       (18,980 )
Net income fee to related party     (492 )     (3,669 )     (4,089 )
Advisory fee to related party     (9,775 )     (8,943 )     (10,166 )
Other income     4,106       1,415       10,163  
Loss on sale of investments     (1 )     (92 )     (283 )
Earnings from unconsolidated joint ventures and investees     428       347       391  
Litigation settlement     (352 )     3,591       (20,313 )
Income tax benefit (expense)     (517 )     20,413       40,513  
Gain (loss) from continuing operations   $ (4,183 )   $ 2,264     $ (10,882 )

 

SEGMENT ASSET RECONCILIATION TO TOTAL ASSETS

 

The table below reconciles the segment information to the corresponding amounts in the Consolidated Balance Sheets (dollars in thousands): 

                   
    For the Years Ended December 31,  
    2015     2014     2013  
Segment assets   $ 853,507     $ 699,763     $ 700,294  
Investments in unconsolidated subsidiaries and investees     8,365       4,279       3,789  
Notes and interest receivable     120,243       134,366       136,815  
Other assets and receivables     124,393       127,090       102,424  
Total assets   $ 1,106,508     $ 965,498     $ 943,322