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OPERATING SEGMENTS

3 Months Ended

Mar. 31, 2018

Segment Reporting [Abstract]

OPERATING SEGMENTS

NOTE 9. OPERATING SEGMENTS

Our segments are based on our method of internal reporting which classifies our operations by property type. Our property types are grouped into commercial properties, apartments, land and other operating segments. 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 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 our reportable segments’ operating income for the three months ended March 31, 2018 and 2017, including segment assets and expenditures (dollars in thousands):

		Commercial
For the Three Months Ended March 31, 2018		Properties				Apartments				Land				Other				Total
Rental and other property revenues		$	7,555			$	23,525			$	1			$	2			$	31,083
Property operating expenses			(3,749	)			(10,582	)			—				(93	)			(14,424	)
Depreciation			(2,292	)			(4,149	)			—				50				(6,391	)
Mortgage and loan interest			(1,849	)			(5,456	)			(195)				(8,224	)			(15,724	)
Interest income			—				—				—				5,109				5,109
Gain on land sales			—				—				1,335				—				1,335
Segment operating income (loss)		$	(335)			$	3,338			$	1,141			$	(3,156	)		$	988
Capital expenditures			633				—				—				—				633
Real estate assets			135,799				726,244				116,436				651				979,130
Property Sales
Sales price		$	—			$	2,512			$	7,239			$	—			$	9,751
Cost of sale			—				(2,512)				(5,904	)			—				(8,416	)
Gain on sale		$	—			$	—			$	1,335			$	—			$	1,335

For the Three Months Ended March 31, 2017		Commercial Properties				Apartments				Land				Other				Total
Rental and other property revenues		$	9,159			$	22,660			$	—			$	3			$	31,822
Property operating expenses			(4,939	)			(10,746	)			(279	)			(301	)			(16,265	)
Depreciation			(2,302	)			(4,046	)			—				18				(6,330	)
Mortgage and loan interest			(1,606	)			(6,758	)			(694	)			(7,738	)			(16,796	)
Interest income			—				—				—				4,792				4,792
Gain on land sales			—				—				445				—				445
Segment operating income (loss)		$	312			$	1,110			$	(528	)		$	(3,226	)		$	(2,332	)
Capital expenditures			1,375				—				399				—				1,774
Real estate assets			150,255				633,491				127,978				—				911,724
Property Sales
Sales price		$	—			$	—			$	1,089			$	—			$	1,089
Cost of sale			—				—				(644	)			—				(644	)
Gain on sale		$	—			$	—			$	445			$	—			$	445

The table below reflects the reconciliation of segment information to the corresponding amounts in the Consolidated Statements of Operations for the three months ended March 31, 2018 and 2017 (dollars in thousands):

		For the Three Months Ended March 31,
		2018				2017
Segment operating income (loss)		$	988			$	(2,332	)
Other non-segment items of income (expense)
General and administrative			(2,341	)			(2,031	)
Net income fee to related party			(53	)			(60	)
Advisory fee to related party			(2,956	)			(2,659	)
Other income			3,657				1,120
Earnings from unconsolidated investees			320				55
Net loss from continuing operations		$	(385)			$	(5,907	)

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

		As of March 31,
		2018				2017
Segment assets		$	979,130			$	911,724
Investments in unconsolidated investees			6,716				6,141
Notes and interest receivable			128,756				121,696
Other assets			197,721				174,164
Total assets		$	1,312,323			$	1,213,725

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- References

No definition available.

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- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

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