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OPERATING SEGMENTS (Tables)

12 Months Ended

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

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