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v3.19.1

OPERATING SEGMENTS (Tables) | 12 Months Ended
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Dec. 31, 2018
Segment Reporting [Abstract] |
Schedule of segment operating income including segment assets and expenditures | 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 |
Schedule of reconciliation of segment information to Consolidated Statements of Operations | 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 | )
Schedule of reconciliation of segment information to Consolidated Balance Sheets | 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 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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