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OPERATING SEGMENTS (Tables)

6 Months Ended

Jun. 30, 2016

Segment Reporting [Abstract]

Schedule of operating income of each operating segment and each segment's assets

Presented below is our reportable segments’ operating income for the three months ended June 30, 2016 and 2015, including capital expenditures and segment assets (dollars in thousands):

For the Three Months Ended June 30, 2016		Commercial Properties				Apartments				Land				Other				Total
Rental and other property revenues		$	8,947			$	21,856			$	30			$	1			$	30,834
Property operating expenses			(4,836	)			(10,168	)			(169	)			(18	)			(15,191	)
Depreciation			(2,270	)			(3,616	)			—				18				(5,868	)
Mortgage and loan interest			(1,696	)			(6,109	)			(841	)			(5,329	)			(13,975	)
Interest income			—				—				—				4,788				4,788
Gain on sale of income-producing properties			6				5,162				—				—				5,168
Gain on land sales			—				—				1,719				—				1,719
Segment operating income (loss)		$	151			$	7,125			$	739			$	(540	)		$	7,475
Balance Sheet Data
Capital expenditures		$	680			$	(146	)		$	727			$	—			$	1,261
Real estate assets		$	151,759			$	603,829			$	145,816			$	—			$	901,404
Property Sales
Sales price		$	—			$	8,100			$	3,154			$	—			$	11,254
Cost of sale			—				(2,932	)			(1,435	)			—				(4,367	)
Gain on sale		$	—			$	5,168			$	1,719			$	—			$	6,887

For the Three Months Ended June 30, 2015		Commercial Properties				Apartments				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			(1,693	)			(3,376	)			(1,304	)			(3,421	)			(9,794	)
Interest income			—				—				—				4,535				4,535
Gain on land sales			—				—				3,027				—				3,027
Segment operating income (loss)		$	(290	)		$	3,127			$	1,558			$	1,176			$	5,571
Balance Sheet Data
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

Presented below is our reportable segments’ operating income for the six months ended June 30, 2016 and 2015, including capital expenditures and segment assets (dollars in thousands): 

For the Six Months Ended June 30, 2016		Commercial Properties				Apartments				Land				Other				Total
Rental and other property revenues		$	16,838			$	43,170			$	30			$	1			$	60,039
Property operating expenses			(9,931	)			(19,562	)			(916	)			2				(30,407	)
Depreciation			(4,584	)			(7,151	)			—				37				(11,698	)
Mortgage and loan interest			(3,671	)			(12,265	)			(1,153	)			(11,100	)			(28,189	)
Interest income			—				—				—				10,079				10,079
Gain (loss) on sale of income producing properties			6				4,919				—				—				4,925
Gain on land sales			—				—				3,370				—				3,370
Segment operating income (loss)		$	(1,342	)		$	9,111			$	1,331			$	(981	)		$	8,119
Balance Sheet Data
Capital expenditures		$	2,080			$	(146	)		$	1,498			$	—			$	3,432
Real estate assets		$	151,759			$	603,829			$	145,816			$	—			$	901,404
Property Sales
Sales price		$	1,500			$	8,100			$	7,334			$	—			$	16,934
Cost of sale			(1,743	)			(2,932	)			(3,964	)			—				(8,639	)
Gain on sale		$	(243	)		$	5,168			$	3,370			$	—			$	8,295

For the Six Months Ended June 30, 2015		Commercial Properties				Apartments				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			(3,259	)			(9,559	)			(2,421	)			(6,200	)			(21,439	)
Interest income			—				—				—				9,772				9,772
Gain on land sales			—				—				5,903				—				5,903
Segment operating income (loss)		$	(959	)		$	3,126			$	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

Schedule of Segment information to Consolidated Statements of Operations

The table below reflects the reconciliation of segment information to the corresponding amounts in the Consolidated Statements of Operations for the six months ended June 30, 2016 and 2015 (dollars in thousands):

		Six Months Ended June 30,
		2016				2015
Segment operating income		$	8,119			$	8,823
Other non-segment items of income (expense)
General and administrative			(3,562	)			(3,798	)
Net income fee to related party			(126	)			(335	)
Advisory fee to related party			(5,425	)			(4,601	)
Other income			325				4,111
Earnings from unconsolidated investees			284				196
Litigation settlement			—				(117	)
Income tax benefit			1				91
Net income (loss) from continuing operations		$	(384	)		$	4,370

Schedule of Segment information to Consolidated Balance Sheets

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

		As of June 30,
		2016				2015
Segment assets		$	901,404			$	801,914
Investments in unconsolidated investees			5,868				1,299
Notes and interest receivable			123,854				125,385
Other assets			100,549				148,020
Total assets		$	1,131,675			$	1,076,618

X

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8906-108599

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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.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8924-108599

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- Definition

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
-Paragraph 30
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8906-108599

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