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OPERATING SEGMENTS | 9 Months Ended
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Sep. 30, 2018
Segment Reporting [Abstract] |
OPERATING SEGMENTS | NOTE 11. 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 September 30, 2018 and 2017, including segment assets and expenditures (dollars in thousands):
For the Three Months Ended September 30, 2018 |  | Commercial Properties |  |  | Apartments |  |  | Land |  |  | Other |  |  | Total |
Rental and other property revenues |  | $ | 8,227 |  |  | $ | 25,274 |  |  | $ | (95 | ) |  | $ | 3 |  |  | $ | 33,409 |
Property operating expenses |  |  | (4,236 | ) |  |  | (11,345 | ) |  |  | (158 | ) |  |  | (206 | ) |  |  | (15,945 | )
Depreciation |  |  | (2,523 | ) |  |  | (4,364 | ) |  |  | — |  |  |  | 14 |  |  |  | (6,873 | )
Mortgage and loan interest |  |  | (1,921 | ) |  |  | (5,721 | ) |  |  | (306 | ) |  |  | (9,474 | ) |  |  | (17,422 | )
Interest income |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 5,710 |  |  |  | 5,710 |
Gain on land sales |  |  | — |  |  |  | — |  |  |  | 12,243 |  |  |  | — |  |  |  | 12,243 |
Segment operating (loss) income |  | $ | (453) |  |  | $ | 3,844 |  |  | $ | 11,684 |  |  | $ | (3,593) |  |  | $ | 11,122 |
Balance Sheet Data |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capital expenditures |  | $ | 962 |  |  | $ | 114 |  |  | $ | (107 | ) |  | $ | — |  |  | $ | 969 |
Property Sales |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sales price |  | $ | — |  |  | $ | — |  |  | $ | 35,519 |  |  | $ | — |  |  | $ | 35,519 |
Cost of sale |  |  | — |  |  |  | — |  |  |  | (23,276 | ) |  |  | — |  |  |  | (23,276 | )
Gain (loss) on sale |  | $ | — |  |  | $ | — |  |  | $ | 12,243 |  |  | $ | — |  |  | $ | 12,243 |
For the Three Months Ended September 30, 2017 |  | Commercial Properties |  |  | Apartments |  |  | Land |  |  | Other |  |  | Total |
Rental and other property revenues |  | $ | 8,461 |  |  | $ | 23,231 |  |  | $ | 111 |  |  | $ | 4 |  |  | $ | 31,807 |
Property operating expenses |  |  | (4,485 | ) |  |  | (10,659 | ) |  |  | (127 | ) |  |  | (132 | ) |  |  | (15,403 | )
Depreciation |  |  | (2,345 | ) |  |  | (4,028 | ) |  |  | — |  |  |  | — |  |  |  | (6,373 | )
Mortgage and loan interest |  |  | (1,902 | ) |  |  | (5,168 | ) |  |  | (420 | ) |  |  | (8,227 | ) |  |  | (15,717 | )
Interest income |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 4,232 |  |  |  | 4,232 |
Gain on sale of income-producing properties |  |  | — |  |  |  | 12,760 |  |  |  | — |  |  |  | — |  |  |  | 12,760 |
Gain on land sales |  |  | — |  |  |  | — |  |  |  | 1,062 |  |  |  | — |  |  |  | 1,062 |
Segment operating (loss) income |  | $ | (271 | ) |  | $ | 16,136 |  |  | $ | 626 |  |  | $ | (4,123 | ) |  | $ | 12,368 |
Balance Sheet Data |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capital expenditures |  | $ | 691 |  |  | $ | 543 |  |  | $ | 55 |  |  | $ | — |  |  | $ | 1,289 |
Property Sales |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sales price |  | $ | — |  |  | $ | — |  |  | $ | 850 |  |  | $ | — |  |  | $ | 850 |
Cost of sale |  |  | — |  |  |  | — |  |  |  | (320 | ) |  |  | — |  |  |  | (320 | )
Recognized prior deferred gain |  |  | — |  |  |  | 12,760 |  |  |  | 532 |  |  |  | — |  |  |  | 13,292 |
Gain on sale |  | $ | — |  |  | $ | 12,760 |  |  | $ | 1,062 |  |  | $ | — |  |  | $ | 13,822 |
The table below presents the reconciliation of segment information to the corresponding amounts in the Consolidated Statements of Operations for the three months ended September 30, 2018 and 2017 (dollars in thousands):
|  | Three Months Ended September 30, |
|  | 2018 |  |  | 2017 |
Segment operating income |  | $ | 11,122 |  |  | $ | 12,368 |
Other non-segment items of income (expense) |  |  |  |  |  |  |  |
General and administrative |  |  | (2,062 | ) |  |  | (1,766 | )
Net income fee to related party |  |  | (383 | ) |  |  | (53 | )
Advisory fee to related party |  |  | (2,936 | ) |  |  | (2,802 | )
Other income |  |  | 17,462 |  |  |  | 2,096 |
Income tax expense |  |  | (792) |  |  |  | — |
Earnings from unconsolidated investees |  |  | 205 |  |  |  | 41 |
Net income (loss) from continuing operations |  | $ | 22,616 |  |  | $ | 9,884 |
Presented below is our reportable segments’ operating income for the nine months ended September 30, 2018 and 2017, including segment assets and expenditures (dollars in thousands):
|  | Commercial |  |  |  |  |  |  |  |
For the Nine Months Ended September 30, 2018 |  | Properties |  | Apartments |  | Land |  | Other |  | Total
Rental and other property revenues |  | $ | 23,187 |  |  | $ | 73,001 |  |  | $ | (95 | ) |  | $ | 6 |  |  | $ | 96,099 |
Property operating expenses |  |  | (12,222 | ) |  |  | (33,127 | ) |  |  | (291 | ) |  |  | (279 | ) |  | $ | (45,919 | )
Depreciation |  |  | (7,138 | ) |  |  | (12,709 | ) |  |  |  |  |  |  | 79 |  |  | $ | (19,768 | )
Mortgage and loan interest |  |  | (5,662 | ) |  |  | (16,520 | ) |  |  | (437 | ) |  |  | (26,434 | ) |  | $ | (49,053 | )
Interest income |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 15,701 |  |  |  | 15,701 |
Gain on land sales |  |  | — |  |  |  | — |  |  |  | 13,578 |  |  |  | — |  |  |  | 13,578 |
Segment operating (loss) income |  | $ | (1,835 | ) |  | $ | 10,645 |  |  | $ | 12,755 |  |  | $ | (10,927 | ) |  | $ | 10,638 |
Balance Sheet Data |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capital expenditures |  | $ | 3,688 |  |  | $ | (2,398 | ) |  | $ | (724 | ) |  | $ | — |  |  | $ | 566 |
Real estate assets |  | $ | 134,142 |  |  | $ | 823,619 |  |  | $ | 91,586 |  |  | $ | 643 |  |  | $ | 1,049,990 |
Property Sales |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sales price |  | $ | 2,313 |  |  | $ | 8,512 |  |  | $ | 38,503 |  |  | $ | — |  |  | $ | 49,328 |
Cost of sale |  |  | (2,313 | ) |  |  | (8,512 | ) |  |  | (24,925 | ) |  |  | — |  |  |  | (35,750 | )
Gain on land sales |  | $ | — |  |  | $ | — |  |  | $ | 13,578 |  |  | $ | — |  |  | $ | 13,578 |
|  | Commercial |  |  |  |  |  |  |  |
For the Nine Months Ended September 30, 2017 |  | Properties |  | Apartments |  | Land |  | Other |  | Total
Rental and other property revenues |  | $ | 26,172 |  |  | $ | 68,922 |  |  | $ | 111 |  |  | $ | 11 |  |  | $ | 95,216 |
Property operating expenses |  |  | (14,324 | ) |  |  | (31,616 | ) |  |  | (575 | ) |  |  | (583 | ) |  |  | (47,098 | )
Depreciation |  |  | (7,045 | ) |  |  | (12,105 | ) |  |  | — |  |  |  | 37 |  |  |  | (19,113 | )
Mortgage and loan interest |  |  | (5,629 | ) |  |  | (16,955 | ) |  |  | (1,503 | ) |  |  | (25,772 | ) |  |  | (49,859 | )
Interest income |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 14,083 |  |  |  | 14,083 |
Gain on sale of income-producing properties |  |  | — |  |  |  | 12,760 |  |  |  | — |  |  |  | — |  |  |  | 12,760 |
Loss on land sales |  |  | — |  |  |  | — |  |  |  | 1,032 |  |  |  | — |  |  |  | 1,032 |
Segment operating (loss) income |  | $ | (826 | ) |  | $ | 21,006 |  |  | $ | (935 | ) |  | $ | (12,224 | ) |  | $ | 7,021 |
Balance Sheet Data |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capital expenditures |  | $ | 2,623 |  |  | $ | 543 |  |  | $ | 641 |  |  | $ | — |  |  | $ | 3,807 |
Real estate assets |  | $ | 147,377 |  |  | $ | 663,636 |  |  | $ | 128,230 |  |  | $ | — |  |  | $ | 939,243 |
Property Sales |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sales price |  | $ | — |  |  | $ | — |  |  | $ | 2,446 |  |  | $ | — |  |  | $ | 2,446 |
Cost of sale |  |  | — |  |  |  | — |  |  |  | (1,946 | ) |  |  | — |  |  |  | (1,946 | )
Recognized prior deferred gain |  |  | — |  |  |  | 12,760 |  |  |  | 532 |  |  |  | — |  |  |  | 13,292 |
Gain on land sales |  | $ | — |  |  | $ | 12,760 |  |  | $ | 1,032 |  |  | $ | — |  |  | $ | 13,792 |
The table below presents the reconciliation of segment information to the corresponding amounts in the Consolidated Statements of Operations for the nine months ended September 30, 2018 and 2017 (dollars in thousands):
|  | For the Nine Months Ended
|  | September 30,
|  | 2018 |  | 2017
Segment operating income (loss) |  | $ | 10,638 |  |  | $ | 7,021 |
Other non-segment items of income (expense) |  |  |  |  |  |  |  |
General and administrative |  |  | (7,357 | ) |  |  | (5,797 | )
Net income fee to related party |  |  | (489 | ) |  |  | (189 | )
Advisory fee to related party |  |  | (8,821 | ) |  |  | (8,310 | )
Other income |  |  | 34,545 |  |  |  | (324 | )
Income tax expense |  |  | (792 | ) |  |  | — |
Earnings from unconsolidated investees |  |  | 802 |  |  |  | 249 |
Net income (loss) from continuing operations |  | $ | 28,526 |  |  | $ | (7,350 | )
The following table reconciles segment information to the corresponding amounts in the Consolidated Balance Sheets (dollars in thousands):
|  | As of September 30,
|  | 2018 |  | 2017
Segment assets |  | $ | 1,049,990 |  |  | $ | 939,243 |
Investments in unconsolidated investees |  |  | 7,504 |  |  |  | 6,335 |
Notes and interest receivable |  |  | 124,020 |  |  |  | 102,555 |
Other assets |  |  | 220,924 |  |  |  | 184,431 |
Total assets |  | $ | 1,402,438 |  |  | $ | 1,232,564 |

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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