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OPERATING SEGMENTS

6 Months Ended

Jun. 30, 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 June 30, 2018 and 2017, including segment assets and expenditures (dollars in thousands):

For the Three Months Ended June 30, 2018		Commercial Properties				Apartments				Land				Other				Total
Rental and other property revenues		$	7,404			$	24,201			$	—			$	2			$	31,607
Property operating expenses			(4,238	)			(11,199	)			(135	)			22				(15,550	)
Depreciation			(2,323	)			(4,195	)			—				14				(6,504	)
Mortgage and loan interest			(1,893	)			(5,342	)			65				(8,737	)			(15,907	)
Interest income			—				—				—				4,882				4,882
Segment operating (loss) income		$	(1,050	)		$	3,465			$	(70	)		$	(3,817	)		$	(1,472	)
Balance Sheet Data
Capital expenditures		$	2,092			$	—			$	—			$	—			$	2,092
Property Sales
Sales price		$	2,313			$	—			$	—			$	—			$	2,313
Cost of sale			(2,313	)			—				—				—				(2,313	)
Gain (loss) on sale		$	—			$	—			$	—			$	—			$	—

For the Three Months Ended June 30, 2017		Commercial Properties				Apartments				Land				Other				Total
Rental and other property revenues		$	8,553			$	23,030			$	—			$	4			$	31,587
Property operating expenses			(4,900	)			(10,211	)			(168	)			(150	)			(15,429	)
Depreciation			(2,397	)			(4,030	)			—				18				(6,409	)
Mortgage and loan interest			(2,121	)			(5,028	)			(389	)			(9,809	)			(17,347	)
Interest income			—				—				—				5,059				5,059
Loss on land sales			—				—				(476	)			—				(476	)
Segment operating (loss) income		$	(865	)		$	3,761			$	(1,033	)		$	(4,878	)		$	(3,015	)
Balance Sheet Data
Capital expenditures		$	557			$	—			$	186			$	—			$	743
Property Sales
Sales price		$	—			$	—			$	507			$	—			$	507
Cost of sale			—				—				(983	)			—				(983	)
Loss on sale		$	—			$	—			$	(476	)		$	—			$	(476	)

The table below presents the reconciliation of segment information to the corresponding amounts in the Consolidated Statements of Operations for the three months ended June 30, 2018 and 2017 (dollars in thousands):

		Three Months Ended June 30,
		2018				2017
Segment operating loss		$	(1,472	)		$	(3,015	)
Other non-segment items of income (expense)
General and administrative			(2,954	)			(1,995	)
Net income fee to related party			(53	)			(77	)
Advisory fee to related party			(2,929	)			(2,849	)
Other income			13,426				(3,541	)
Earnings from unconsolidated investees			277				153
Net income (loss) from continuing operations		$	6,295			$	(11,324	)

Presented below is our reportable segments’ operating income for the six months ended June 30, 2018 and 2017, including segment assets and expenditures (dollars in thousands):

For the Six Months Ended June 30, 2018		Commercial Properties				Apartments				Land				Other				Total
Rental and other property revenues		$	14,959			$	47,726			$	1			$	4			$	62,690
Property operating expenses			(7,986	)			(21,782	)			(134	)			(72	)			(29,974	)
Depreciation			(4,616	)			(8,344	)			—				65				(12,895	)
Mortgage and loan interest			(3,742	)			(10,798	)			(130	)			(16,961	)			(31,631	)
Interest income			—				—				—				9,991				9,991
Gain on land sales			—				—				1,335				—				1,335
Segment operating (loss) income		$	(1,385	)		$	6,802			$	1,072			$	(6,973	)		$	(484	)
Balance Sheet Data
Capital expenditures		$	2,725			$	—			$	—			$	—			$	2,725
Real estate assets		$	135,288			$	762,410			$	111,899			$	647			$	1,010,244
Property Sales
Sales price		$	2,313			$	8,512			$	7,239			$	—			$	18,064
Cost of sale			(2,313	)			(8,512	)			(5,904	)			—				(16,729	)
Gain on land sales		$	—			$	—			$	1,335			$	—			$	1,335

For the Six Months Ended June 30, 2017		Commercial Properties				Apartments				Land				Other				Total
Rental and other property revenues		$	17,711			$	45,691			$	—			$	7			$	63,409
Property operating expenses			(9,839	)			(20,956	)			(447	)			(451	)			(31,693	)
Depreciation			(4,699	)			(8,076	)			—				36				(12,739	)
Mortgage and loan interest			(3,727	)			(11,787	)			(1,083	)			(17,546	)			(34,143	)
Interest income			—				—				—				9,852				9,852
Loss on land sales			—				—				(31	)			—				(31	)
Segment operating (loss) income		$	(554	)		$	4,872			$	(1,561	)		$	(8,102	)		$	(5,345	)
Balance Sheet Data
Capital expenditures		$	1,932			$	585			$	—			$	—			$	2,517
Real estate assets		$	148,718			$	654,119			$	127,810			$	—			$	930,647
Property Sales
Sales price		$	—			$	—			$	1,596			$	—			$	1,596
Cost of sale			—				—				(1,627	)			—				(1,627	)
Loss on land sales		$	—			$	—			$	(31	)		$	—			$	(31	)

The table below presents the reconciliation of segment information to the corresponding amounts in the Consolidated Statements of Operations for the six months ended June 30, 2018 and 2017 (dollars in thousands):

		For the Six Months Ended
		June 30,
		2018				2017
Segment operating income (loss)		$	(484	)		$	(5,345	)
Other non-segment items of income (expense)
General and administrative			(5,295	)			(4,026	)
Net income fee to related party			(106	)			(137	)
Advisory fee to related party			(5,885	)			(5,508	)
Other income			17,083				(2,420	)
Earnings from unconsolidated investees			597				208
Net income (loss) from continuing operations		$	5,910			$	(17,228	)

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

		As of June 30,
		2018				2017
Segment assets		$	1,010,244			$	930,647
Investments in unconsolidated investees			6,993				6,294
Notes and interest receivable			126,507				106,874
Other assets			205,360				188,921
Total assets		$	1,349,104			$	1,232,736

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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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