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OPERATING SEGMENTS (Tables)
 12 Months Ended
Dec. 31, 2017
Segment Reporting [Abstract]  
Schedule of segment operating income including segment assets and expenditures

Presented below is the Company’s reportable segments’ operating income including segment assets and expenditures for the years 2017, 2016 and 2015 (dollars in thousands): 

 

For the Twelve Months Ended December 31, 2017     Commercial Properties       Apartments       Land       Other       Total  
Operating revenue   $ 33,286     $ 92,807     $ 111     $ 16     $ 126,220  
Operating expenses     (18,549 )     (43,677 )     (875 )     (987 )     (64,088 )
Depreciation and amortization     (9,358 )     (16,354 )     —       33       (25,679 )
Mortgage and loan interest     (7,527 )     (22,347 )     (1,945 )     (34,354 )     (66,173 )
Interest income     —       —       —       18,941       18,941  
Gain on sale of income producing properties     2,391       12,760       1,547       —       16,698  
Gain on land sales     —       —       4,884       —       4,884  
Segment operating income (loss)   $ 243     $ 23,189     $ 3,722     $ (16,351 )   $ 10,803  
Capital expenditures   $ (5,817 )   $ 1,402     $ 609     $ —     $ (3,806 )
Assets   $ 137,157     $ 727,508     $ 127,554     $ —     $ 992,219  
                                         
Property Sales                                        
Sales price   $ 5,050     $ —     $ 29,969     $ —     $ 35,019  
Cost of sale     (2,659 )     —       (23,538 )     —       (26,197 )
Recognized prior deferred gain     —       12,760       —       —       12,760  
Gain on sale   $ 2,391     $ 12,760     $ 6,431     $ —     $ 21,582  

 

For the Twelve Months Ended December 31, 2016   Commercial  Properties     Apartments     Land     Other     Total  
Operating revenue   $ 33,026     $ 86,603     $ 30     $ 4     $ 119,663  
Operating expenses     (20,398 )     (40,786 )     (1,745 )     (21 )     (62,950 )
Depreciation and amortization     (9,099 )     (14,759 )     —       73       (23,785 )
Mortgage and loan interest     (7,191 )     (25,381 )     (2,232 )     (24,558 )     (59,362 )
Interest income     —       —       —       20,453       20,453  
Gain on sale of income producing properties     (238 )     16,445       —       —       16,207  
Gain on land sales     —       —       3,121       —       3,121  
Segment operating income (loss)   $ (3,900 )   $ 22,122     $ (826 )   $ (4,049 )   $ 13,347  
Capital expenditures   $ 5,008     $ 864     $ 268     $ —     $ 6,140  
Assets   $ 150,838     $ 622,061     $ 128,107     $ —     $ 901,006  
                                         
Property Sales                                        
Sales price   $ 1,500     $ 20,350     $ 29,128     $ —     $ 50,978  
Cost of sale     (1,738 )     (3,905 )     (26,007 )     —       (31,650 )
Gain on sale   $ (238 )   $ 16,445     $ 3,121     $ —     $ 19,328  

  

  

For the Twelve Months Ended December 31, 2015   Commercial 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 )     (23,699 )     (4,694 )     (17,165 )     (52,477 )
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  

 

Schedule of reconciliation 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 (dollars in thousands):  

 

    For the Years Ended December 31,  
    2017     2016     2015  
Segment operating income (loss)   $ 10,803     $ 13,347     $ 14,613  
Other non-segment items of income (expense)                        
General and administrative     (7,691 )     (7,119 )     (6,893 )
Provision on impairment of notes receivable and real estate assets     —       —       (5,300 )
Net income fee to related party     (250 )     (257 )     (492 )
Advisory fee to related party     (11,082 )     (10,918 )     (9,775 )
Other income     (454 )     2,091       4,106  
Loss on sale of investments     (331 )     —       (1 )
Earnings from unconsolidated joint ventures and investees     309       493       428  
Litigation settlement     —       —       (352 )
Income tax benefit (expense)     (67 )     (46 )     (517 )
Gain (loss) from continuing operations   $ (8,763 )   $ (2,409 )   $ (4,183 )

 

Schedule of reconciliation 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):

 

    For the Years Ended December 31,  
    2017     2016     2015  
Segment assets   $ 988,117     $ 901,006     $ 853,507  
Investments in unconsolidated subsidiaries and investees     6,396       6,087       8,365  
Notes and interest receivable     112,095       126,564       120,243  
Other assets and receivables     190,112       141,252       135,253  
Total assets   $ 1,296,720     $ 1,174,909     $ 1,117,368