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OPERATING SEGMENTS (Tables) | 9 Months Ended
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Sep. 30, 2018
Segment Reporting [Abstract] |
Schedule of segment operating income including segment assets and expenditures | 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 |
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 |
Schedule of reconciliation of segment information to Consolidated Statements of Operations | 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 |
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 | )
Schedule of reconciliation of segment information to Consolidated Balance Sheets | 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 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8736-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8813-108599 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=108376223&loc=d3e13816-109267 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8721-108599 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8906-108599 + Details
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