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OPERATING SEGMENTS

9 Months Ended

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

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