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OPERATING SEGMENTS
 3 Months Ended
Mar. 31, 2012
OPERATING SEGMENTS  
OPERATING SEGMENTS

NOTE 7. OPERATING SEGMENTS

 

Our segments are based on our method of internal reporting which classifies our operations by property type.  Our segments are land and other.  Presented below is the operating segment information for the three months ended March 31, 2012 and 2011 (dollars in thousands):

 

For the Three Months Ended March 31, 2012

 

Land

 

 

Other

 

 

Total

 

Operating revenue

 

$

-

 

 

$

-

 

 

$

-

 

Operating expenses

 

 

31

 

 

 

-

 

 

 

31

 

Depreciation and amortization

 

 

-

 

 

 

-

 

 

 

-

 

Mortgage and loan interest

 

 

276

 

 

 

-

 

 

 

276

 

Interest income

 

 

-

 

 

 

1,183

 

 

 

1,183

 

Gain on land sales

 

 

-

 

 

 

-

 

 

 

-

 

Segment operating income (loss)

 

$

(307

)

 

$

1,183

 

 

$

876

 

Capital expenditures

 

 

-

 

 

 

-

 

 

 

-

 

Assets

 

 

24,511

 

 

 

-

 

 

 

24,511

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Three Months Ended March 31, 2011

 

Land

 

 

Other

 

 

Total

 

Operating revenue

 

$

-

 

 

$

-

 

 

$

-

 

Operating expenses

 

 

4

 

 

 

5

 

 

 

9

 

Depreciation and amortization

 

 

-

 

 

 

-

 

 

 

-

 

Mortgage and loan interest

 

 

280

 

 

 

-

 

 

 

280

 

Interest income

 

 

-

 

 

 

294

 

 

 

294

 

Gain on land sales

 

 

-

 

 

 

-

 

 

 

-

 

Segment operating income (loss)

 

$

(284

)

 

$

289

 

 

$

5

 

Capital expenditures

 

 

-

 

 

 

-

 

 

 

-

 

Assets

 

 

29,561

 

 

 

-

 

 

 

29,561

 

 

 

The table below reconciles the segment information to the corresponding amounts in the Statements of Operations:

 

 

 

 

For the Three Months Ended

 

 

 

March 31,

 

 

 

2012

 

 

2011

 

Segment operating income

 

$

876

 

 

$

5

 

Other non-segment items of income (expense)

 

 

 

 

 

General and administrative

 

 

(154

)

 

 

(94

)

Advisory fee

 

 

(198

)

 

 

(221

)

Equity in earnings of investees

 

 

(10

)

 

 

-

 

Income tax benefit (expense)

 

 

(2

)

 

 

1

 

Income (loss) from continuing operations

 

$

512

 

 

$

(309

)

 

The table below reconciles the segment assets to total assets:

 

 

 

March 31,

 

 

 

2012

 

 

2011

 

Segment assets

 

$

24,511

 

 

$

29,561

 

Investments in real estate partnerships

 

 

27

 

 

 

89

 

Other assets and receivables

 

 

83,976

 

 

 

86,955

 

Total assets

 

$

108,514

 

 

$

116,605