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OPERATING SEGMENTS | 12 Months Ended
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Dec. 31, 2018
Segment Reporting [Abstract] |
OPERATING SEGMENTS |
NOTE 14. | OPERATING SEGMENTS
Our segments are based on management’s method of internal reporting which classifies its operations by property type. The segments are commercial, apartments, land and other. 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 operating income and cash flow. Items of income that are not reflected in the segments are interest, other income, 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 the Company’s reportable segments’ operating income including segment assets and expenditures for the years 2018, 2017 and 2016 (dollars in thousands):
For the Twelve Months Ended December 31, 2018 |  | Commercial Properties |  |  | Apartments |  |  | Land |  |  | Other |  |  | Total |
Operating revenue |  | $ | 33,113 |  |  | $ | 87,832 |  |  | $ | 1 |  |  | $ | 10 |  |  | $ | 120,956 |
Operating expenses |  |  | (16,252 | ) |  |  | (42,134 | ) |  |  | (645 | ) |  |  | (556 | ) |  |  | (59,587 | )
Depreciation and amortization |  |  | (9,530 | ) |  |  | (13,140 | ) |  |  | — |  |  |  | — |  |  |  | (22,670 | )
Mortgage and loan interest |  |  | (7,663 | ) |  |  | (20,671 | ) |  |  | (636 | ) |  |  | (37,093 | ) |  |  | (66,063 | )
Interest income |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 21,645 |  |  |  | 21,645 |
Gain on land sales |  |  | — |  |  |  | — |  |  |  | 17,404 |  |  |  | — |  |  |  | 17,404 |
Segment operating income (loss) |  | $ | (332 | ) |  | $ | 11,887 |  |  | $ | 16,124 |  |  | $ | (15,994 | ) |  | $ | 11,685 |
Capital expenditures |  | $ | 8,246 |  |  | $ | 16,953 |  |  | $ | — |  |  | $ | — |  |  | $ | 25,199 |
Assets |  | $ | 153,014 |  |  | $ | 143,500 |  |  | $ | 84,529 |  |  | $ | — |  |  | $ | 381,043 |
Property Sales |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sales price |  | $ | — |  |  | $ | — |  |  | $ | 43,311 |  |  | $ | — |  |  | $ | 43,311 |
Cost of sale |  |  | — |  |  |  | — |  |  |  | (25,907 | ) |  |  | — |  |  |  | (25,907 | )
Gain on land sales |  | $ | — |  |  | $ | — |  |  | $ | 17,404 |  |  | $ | — |  |  | $ | 17,404 |
For the Twelve Months Ended December 31, 2017 |  | Commercial Properties |  |  | Apartments |  |  | Land |  |  | Other |  |  | Total |
Operating revenue |  | $ | 33,286 |  |  | $ | 92,807 |  |  | $ | 111 |  |  | $ | 17 |  |  | $ | 126,221 |
Operating expenses |  |  | (18,549 | ) |  |  | (43,677 | ) |  |  | (878 | ) |  |  | (987 | ) |  |  | (64,091 | )
Depreciation and amortization |  |  | (9,358 | ) |  |  | (16,354 | ) |  |  | — |  |  |  | 33 |  |  |  | (25,679 | )
Mortgage and loan interest |  |  | (7,527 | ) |  |  | (22,347 | ) |  |  | (1,945 | ) |  |  | (34,352 | ) |  |  | (66,171 | )
Interest income |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 18,941 |  |  |  | 18,941 |
Gain on sale of income producing properties |  |  | 2,391 |  |  |  | 12,760 |  |  |  | 1,547 |  |  |  | — |  |  |  | 16,698 |
Gain on land sales |  |  | — |  |  |  | — |  |  |  | 4,884 |  |  |  | — |  |  |  | 4,884 |
Segment operating income (loss) |  | $ | 243 |  |  | $ | 23,189 |  |  | $ | 3,719 |  |  | $ | (16,348 | ) |  | $ | 10,803 |
Capital expenditures |  | $ | (5,817 | ) |  | $ | 1,402 |  |  | $ | 609 |  |  | $ | — |  |  | $ | (3,806 | )
Assets |  | $ | 137,157 |  |  | $ | 727,508 |  |  | $ | 123,452 |  |  | $ | — |  |  | $ | 988,117 |
Property Sales |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sales price |  | $ | 5,050 |  |  | $ | — |  |  | $ | 29,969 |  |  | $ | — |  |  | $ | 35,019 |
Cost of sale |  |  | (2,659 | ) |  |  | — |  |  |  | (23,538 | ) |  |  | — |  |  |  | (26,197 | )
Recognized prior deferred gain |  |  | — |  |  |  | 12,760 |  |  |  | — |  |  |  | — |  |  |  | 12,760 |
Gain on sale |  | $ | 2,391 |  |  | $ | 12,760 |  |  | $ | 6,431 |  |  | $ | — |  |  | $ | 21,582 |
For the Twelve Months Ended December 31, 2016 |  | Commercial Properties |  |  | Apartments |  |  | Land |  |  | Other |  |  | Total |
Operating revenue |  | $ | 33,026 |  |  | $ | 86,603 |  |  | $ | 30 |  |  | $ | 4 |  |  | $ | 119,663 |
Operating expenses |  |  | (20,398 | ) |  |  | (40,786 | ) |  |  | (1,745 | ) |  |  | (21 | ) |  |  | (62,950 | )
Depreciation and amortization |  |  | (9,099 | ) |  |  | (14,759 | ) |  |  | — |  |  |  | 73 |  |  |  | (23,785 | )
Mortgage and loan interest |  |  | (7,191 | ) |  |  | (25,381 | ) |  |  | (2,232 | ) |  |  | (24,558 | ) |  |  | (59,362 | )
Interest income |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 20,453 |  |  |  | 20,453 |
Gain on sale of income producing properties |  |  | (238 | ) |  |  | 16,445 |  |  |  | — |  |  |  | — |  |  |  | 16,207 |
Gain on land sales |  |  | — |  |  |  | — |  |  |  | 3,121 |  |  |  | — |  |  |  | 3,121 |
Segment operating income (loss) |  | $ | (3,900 | ) |  | $ | 22,122 |  |  | $ | (826 | ) |  | $ | (4,049 | ) |  | $ | 13,347 |
Capital expenditures |  | $ | 5,008 |  |  | $ | 864 |  |  | $ | 268 |  |  | $ | — |  |  | $ | 6,140 |
Assets |  | $ | 150,838 |  |  | $ | 622,061 |  |  | $ | 128,107 |  |  | $ | — |  |  | $ | 901,006 |
Property Sales |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sales price |  | $ | 1,500 |  |  | $ | 20,350 |  |  | $ | 29,128 |  |  | $ | — |  |  | $ | 50,978 |
Cost of sale |  |  | (1,738 | ) |  |  | (3,905 | ) |  |  | (26,007 | ) |  |  | — |  |  |  | (31,650 | )
Gain on sale |  | $ | (238 | ) |  | $ | 16,445 |  |  | $ | 3,121 |  |  | $ | — |  |  | $ | 19,328 |
The table below reflects the reconciliation of segment information to the corresponding amounts in the Consolidated Statements of Operations (dollars in thousands):
|  | For the Years Ended December 31, |
|  | 2018 |  |  | 2017 |  |  | 2016 |
Segment operating income (loss) |  | $ | 11,685 |  |  | $ | 10,803 |  |  | $ | 13,347 |
Other non-segment items of income (expense) |  |  |  |  |  |  |  |  |  |  |  |
General and administrative |  |  | (12,708 | ) |  |  | (7,691 | ) |  |  | (7,119 | )
Net income fee to related party |  |  | (631 | ) |  |  | (250 | ) |  |  | (257 | )
Advisory fee to related party |  |  | (11,475 | ) |  |  | (11,082 | ) |  |  | (10,918 | )
Other income |  |  | 28,993 |  |  |  | 4,082 |  |  |  | 2,091 |
Gain on disposition of 50% interest in VAA |  |  | 154,126 |  |  |  | — |  |  |  | — |
Loss on sale of investments |  |  | — |  |  |  | (331 | ) |  |  | — |
Earnings from unconsolidated joint ventures and investees |  |  | 1,513 |  |  |  | 309 |  |  |  | 493 |
Foreign currency transaction gain (loss) |  |  | 12,399 |  |  |  | (4,536 | ) |  |  | — |
Income tax expense |  |  | (1,210 | ) |  |  | (180 | ) |  |  | (46 | )
Net income (loss) from continuing operations |  | $ | 182,692 |  |  | $ | (8,876 | ) |  | $ | (2,409 | )
The table below reflects the reconciliation of segment information to the corresponding amounts in the Consolidated Balance Sheets (dollars in thousands):
|  | For the Years Ended December 31, |
|  | 2018 |  |  | 2017 |  |  | 2016 |
Segment assets |  | $ | 381,043 |  |  | $ | 988,117 |  |  | $ | 901,006 |
Investments in unconsolidated subsidiaries and investees |  |  | 76,001 |  |  |  | 6,396 |  |  |  | 6,087 |
Notes and interest receivable |  |  | 126,058 |  |  |  | 112,095 |  |  |  | 126,564 |
Other assets and receivables |  |  | 243,047 |  |  |  | 190,112 |  |  |  | 141,252 |
Total assets |  | $ | 826,149 |  |  | $ | 1,296,720 |  |  | $ | 1,174,909 |

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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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