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OPERATING SEGMENTS
 12 Months Ended
Dec. 31, 2011
OPERATING SEGMENTS  
OPERATING SEGMENTS

NOTE 9.                      OPERATING SEGMENTS

 

The Company’s segments are based on our method of internal reporting which classifies operations by the type of property in the portfolio. The Company’s segments by use of property are; land and other (dollars in thousands).

 

 

 

 

Commercial

 

 

 

 

 

 

 

 

 

 

 

For year ended 2011

 

Properties

 

Apartments

 

Land

 

 

Other

 

 

Total

 

Operating revenue

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

Operating expenses

 

 

-

 

 

 

-

 

 

 

15

 

 

 

7

 

 

 

22

 

Depreciation and amortization

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Mortgage and loan interest

 

 

-

 

 

 

-

 

 

 

1,211

 

 

 

-

 

 

 

1,211

 

Interest income

 

 

-

 

 

 

-

 

 

 

-

 

 

 

4,447

 

 

 

4,447

 

Segment operating income (loss)

 

$

-

 

 

$

-

 

 

$

(1,226

)

 

$

4,440

 

 

$

3,214

 

Capital expenditures

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Assets

 

 

-

 

 

 

-

 

 

 

24,511

 

 

 

-

 

 

 

24,511

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Property Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales price

 

$

-

 

 

$

-

 

 

$

5,050

 

 

$

-

 

 

$

5,050

 

Cost of sale

 

 

-

 

 

 

-

 

 

 

5,525

 

 

 

-

 

 

 

5,525

 

Deferred current gain

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Recognized prior deferred gain

 

 

1,422

 

 

 

-

 

 

 

-

 

 

 

 

 

 

 

1,422

 

Gain on sale

 

$

1,422

 

 

$

-

 

 

$

(475

)

 

$

-

 

 

$

947

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial

 

 

 

 

 

 

 

 

 

 

 

 

 

Properties

 

Apartments

 

Land

 

 

Other

 

 

Total

 

For year ended 2010

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenue

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

Operating expenses

 

 

-

 

 

 

-

 

 

 

39

 

 

 

4

 

 

 

43

 

Mortgage and loan interest

 

 

-

 

 

 

-

 

 

 

1,116

 

 

 

-

 

 

 

1,116

 

Interest income

 

 

-

 

 

 

-

 

 

 

-

 

 

 

4,292

 

 

 

4,292

 

Segment operating income (loss)

 

$

-

 

 

$

-

 

 

$

(1,155

)

 

$

4,288

 

 

$

3,133

 

Capital expenditures

 

 

-

 

 

 

-

 

 

 

58

 

 

 

-

 

 

 

58

 

Assets

 

 

-

 

 

 

-

 

 

 

29,561

 

 

 

-

 

 

 

29,561

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Property Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales price

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

Cost of sale

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Deferred current gain

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Gain on sale

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial

 

 

 

 

 

 

 

 

 

 

 

 

 

Properties

 

Apartments

 

Land

 

 

Other

 

 

Total

 

For year ended 2009

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenue

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

Operating expenses

 

 

-

 

 

 

-

 

 

 

23

 

 

 

27

 

 

 

50

 

Mortgage and loan interest

 

 

-

 

 

 

-

 

 

 

1,679

 

 

 

-

 

 

 

1,679

 

Interest income

 

 

-

 

 

 

-

 

 

 

-

 

 

 

4,661

 

 

 

4,661

 

Gain on land sales

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Segment operating income (loss)

 

$

-

 

 

$

-

 

 

$

(1,702

)

 

$

4,634

 

 

 

2,932

 

Capital expenditures

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Assets

 

 

-

 

 

 

-

 

 

 

29,503

 

 

 

-

 

 

 

29,503

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Property Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales price

 

$

7,150

 

 

$

6,891

 

 

$

-

 

 

$

-

 

 

$

14,041

 

Cost of sale

 

 

5,727

 

 

 

1,973

 

 

 

-

 

 

 

-

 

 

 

7,700

 

Deferred current gain

 

 

1,423

 

 

 

4,918

 

 

 

-

 

 

 

-

 

 

 

6,341

 

Gain on sale

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

The tables below reconcile the segment information to the corresponding amounts in the Consolidated Statements of Operations (dollars in thousands):

 

 

 

 

2011

 

 

2010

 

 

2009

 

Segment operating income

 

$

3,214

 

 

$

3,133

 

 

$

2,932

 

Other non-segment items of income (expense)

 

 

 

 

 

 

 

 

General and administrative

 

 

(445

)

 

 

(376

)

 

 

(394

)

Advisory fee

 

 

(850

)

 

 

(866

)

 

 

(881

)

Net income fee to affiliate

 

 

(54

)

 

 

(99

)

 

 

(115

)

Equity from unconsolidated subsidiaries and investees

 

 

(52

)

 

 

(3

)

 

 

18

 

Income tax benefit (expense)

 

 

(821

)

 

 

48

 

 

 

(546

)

Income from continuing operations

 

$

992

 

 

$

1,837

 

 

$

1,014

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SEGMENT ASSET RECONCILIATION TO TOTAL ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2011

 

 

 

2010

 

 

 

2009

 

Segment assets

 

$

24,511

 

 

$

29,561

 

 

$

29,503

 

Investments in real estate partnerships

 

 

37

 

 

 

89

 

 

 

92

 

Other assets and receivables

 

 

84,087

 

 

 

87,437

 

 

 

86,070

 

Assets held for sale

 

 

-

 

 

 

-

 

 

 

-

 

Total assets

 

$

108,635

 

 

$

117,087

 

 

$

115,665