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OPERATING SEGMENTS

6 Months Ended

Jun. 30, 2019

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 June 30, 2019 and 2018, including segment assets and expenditures (dollars in thousands):

		Commercial
For the Three Months Ended June 30, 2019		Properties				Apartments				Land				Other				Total
Rental and other property revenues		$	8,020			$	3,818			$	—			$	2			$	11,840
Property operating expenses			(4,410	)			(2,018	)			(88	)			(807	)			(7,323	)
Depreciation			(2,732	)			(707	)			—				—				(3,439	)
Mortgage and loan interest			(1,947	)			(1,003	)			(41	)			(6,417	)			(9,408	)
Interest income			—				—				—				6,505				6,505
Loss on the sale of income producing property			—				(80	)			—				—				(80	)
Gain on land sales			—				—				2,517				—				2,517
Segment operating income (loss)		$	(1,069	)		$	10			$	2,388			$	(717	)		$	612
Capital expenditures		$	346			$	9,596			$	353							$	10,295
Property Sales
Sales price		$	—			$	3,096			$	7,602			$	—			$	9,497
Cost of sale			—				(3,176	)			(5,085	)			—				(7,060	)
(Loss) gain on sale		$	—			$	(80	)		$	2,517			$	—			$	2,437

		Commercial
For the Three Months Ended June 30, 2018		Properties				Apartments				Land				Other				Total
Rental and other property revenues		$	7,404			$	24,201			$	—			$	2			$	31,607
Property operating expenses			(4,238	)			(11,199	)			(135	)			22				(15,550	)
Depreciation			(2,323	)			(4,195	)			—				14				(6,504	)
Mortgage and loan interest			(1,893	)			(5,342	)			65				(8,737	)			(15,907	)
Interest income			—				—				—				4,882				4,882
Gain on sale of income producing properties			—				—				—				—				—
Segment operating income (loss)		$	(1,050	)		$	3,465			$	(70	)		$	(3,817	)		$	(1,472	)
Capital expenditures		$	2,092			$	—			$	—			$	—			$	2,092
Property Sales
Sales price		$	2,313			$	—			$	—			$	—			$	2,313
Cost of sale			(2,313	)			—				—				—				(2,313	)
Gain on sale		$	—			$	—			$	—			$	—			$	—

The following table presents the reconciliation of segment information to the corresponding amounts in the Consolidated Statements of Operations for the three months ended June 30, 2019 and 2018 (dollars in thousands):

		For the Three Months Ended
		June 30,
		2019				2018
Segment operating income (loss)		$	612			$	(1,472	)
Other non-segment items of income (expense)
General and administrative			(4,127	)			(2,954	)
Net income fee to related party			(90	)			(53	)
Advisory fee to related party			(1,238	)			(2,929	)
Other income			3,364				7,537
Foreign currency translation (loss) gain			(2,325	)			5,889
Loss from joint venture			(236	)			—
Earnings from unconsolidated investees			173				277
Net (loss) income from continuing operations		$	(3,867	)		$	6,295

Presented below is our reportable segments’ operating income for the six months ended June 30, 2019 and 2018, including segment assets and expenditures (dollars in thousands):

		Commercial
For the Six Months Ended June 30, 2019		Properties				Apartments				Land				Other				Total
Rental and other property revenues		$	16,247			$	7,518			$	—			$	4			$	23,769
Property operating expenses			(8,346	)			(4,076	)			(45	)			(853	)			(13,320	)
Depreciation			(5,107	)			(1,441	)			—				—				(6,548	)
Mortgage and loan interest			(3,914	)			(1,937	)			(370	)			(13,155	)			(19,376	)
Interest income			—				—				—				12,658				12,658
Loss on the sale of income producing property			—				(80	)			—				—				(80	)
Gain on land sales			—				—				4,733				—				4,733
Segment operating (loss) income		$	(1,120	)		$	(16	)		$	4,318			$	(1,346	)		$	1,836
Capital expenditures		$	4,045			$	17,434			$	2,832			$	—			$	24,311
Real estate assets			152,863				151,688				78,871				—				383,422
Property Sales
Sales price		$	—			$	3,096			$	16,317			$	—			$	18,212
Cost of sale			—				(3,176	)			(11,584	)			—				(13,559	)
Gain on sale		$	—			$	(80	)		$	4,733			$	—			$	4,653

		Commercial
For the Six Months Ended June 30, 2018		Properties				Apartments				Land				Other				Total
Rental and other property revenues		$	14,959			$	47,726			$	1			$	4			$	62,690
Property operating expenses			(7,986	)			(21,782	)			(134	)			(72	)			(29,974	)
Depreciation			(4,616	)			(8,344	)			—				65				(12,895	)
Mortgage and loan interest			(3,742	)			(10,798	)			(130	)			(16,961	)			(31,631	)
Interest income			—				—				—				9,991				9,991
Gain on land sales			—				—				1,335				—				1,335
Segment operating (loss) income		$	(1,385	)		$	6,802			$	1,072			$	(6,973	)		$	(484	)
Capital expenditures		$	2,725			$	—			$	—			$	—			$	2,725
Real estate assets		$	135,288			$	762,410			$	111,899			$	647			$	1,010,244
Property Sales
Sales price		$	2,313			$	8,512			$	7,239			$	—			$	18,064
Cost of sale			(2,313	)			(8,512	)			(5,904	)			—				(16,729	)
Gain on sale		$	—			$	—			$	1,335			$	—			$	1,335

The following table presents the reconciliation of the segment information to the corresponding amounts in the Consolidated Balance Sheets (dollars in thousands):

		For the Six Months Ended
		June 30,
		2019				2018
Segment operating income (loss)		$	1,836			$	(484	)
Other non-segment items of income (expense)
General and administrative			(6,732	)			(5,295	)
Net income fee to related party			(190	)			(106	)
Advisory fee to related party			(3,091	)			(5,885	)
Other income			7,031				9,438
Foreign currency translation (loss) gain			(8,143	)			7,645
Loss from joint venture			(1,291	)			—
Earnings from unconsolidated investees			231				597
Net (loss) income from continuing operations		$	(10,349	)		$	5,910

The table below reconciles the segment information to the corresponding amounts in the Consolidated Balance Sheets:

		As of June 30,
		2019				2018
Segment assets		$	383,422			$	1,010,244
Investments in unconsolidated investees			74,911				6,993
Notes and interest receivable			159,582				126,507
Other assets			199,638				205,360
Total assets		$	817,553			$	1,349,104

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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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