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OPERATING SEGMENTS
 6 Months Ended
Jun. 30, 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 and six months ended June 30, 2012 and 2011 (dollars in thousands):

 

For the Three Months Ended June 30, 2012

 

Land

 

 

Other

 

 

Total

 

Operating revenue

 

$

-

 

 

$

-

 

 

$

-

 

Operating expenses

 

 

-

 

 

 

14

 

 

 

14

 

Depreciation and amortization

 

 

-

 

 

 

-

 

 

 

-

 

Mortgage and loan interest

 

 

277

 

 

 

-

 

 

 

277

 

Interest income

 

 

-

 

 

 

1,713

 

 

 

1,713

 

Gain on land sales

 

 

-

 

 

 

-

 

 

 

-

 

Segment operating income (loss)

 

$

(277

)

 

$

1,699

 

 

$

1,422

 

Capital expenditures

 

 

-

 

 

 

-

 

 

 

-

 

Assets

 

 

24,511

 

 

 

-

 

 

 

24,511

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Three Months Ended June 30, 2011

 

Land

 

 

Other

 

 

Total

 

Operating revenue

 

$

-

 

 

$

-

 

 

$

-

 

Operating expenses

 

 

-

 

 

 

3

 

 

 

3

 

Depreciation and amortization

 

 

-

 

 

 

-

 

 

 

-

 

Mortgage and loan interest

 

 

365

 

 

 

-

 

 

 

365

 

Interest income

 

 

-

 

 

 

723

 

 

 

723

 

Gain on land sales

 

 

-

 

 

 

-

 

 

 

-

 

Segment operating income (loss)

 

$

(365

)

 

$

720

 

 

$

355

 

Capital expenditures

 

 

-

 

 

 

-

 

 

 

-

 

Assets

 

 

28,087

 

 

 

-

 

 

 

28,087

 

 

 

 

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

 

 

 

For Three Months Ended

 

 

 

June 30,

 

 

 

2012

 

 

2011

 

Segment operating income

 

$

1,422

 

 

$

355

 

Other non-segment items of income (expense)

 

 

 

 

 

 

 

 

General and administrative

 

 

(207

)

 

 

(182

)

Advisory fee

 

 

(205

)

 

 

(211

)

Equity in earnings of investees

 

 

(12

)

 

 

(50

)

Income tax expense

 

 

-

 

 

 

(503

)

Income (loss) from continuing operations

 

$

998

 

 

$

(591

)

 

The table below reconciles the segment assets to total assets:

 

 

 

June 30,

 

 

 

2012

 

 

2011

 

Segment assets

 

$

24,511

 

 

$

28,087

 

Investments in real estate partnerships

 

 

14

 

 

 

39

 

Other assets and receivables

 

 

84,971

 

 

 

88,506

 

Total assets

 

$

109,496

 

 

$

116,632

 

 

For the Six Months Ended June 30, 2012

 

Land

 

 

Other

 

 

Total

 

Operating revenue

 

$

-

 

 

$

-

 

 

$

-

 

Operating expenses

 

 

31

 

 

 

14

 

 

 

45

 

Depreciation and amortization

 

 

-

 

 

 

-

 

 

 

-

 

Mortgage and loan interest

 

 

552

 

 

 

-

 

 

 

552

 

Interest income

 

 

-

 

 

 

2,896

 

 

 

2,896

 

Gain on land sales

 

 

-

 

 

 

-

 

 

 

-

 

Segment operating income (loss)

 

$

(583

)

 

$

2,882

 

 

$

2,299

 

Capital expenditures

 

 

-

 

 

 

-

 

 

 

-

 

Assets

 

 

24,511

 

 

 

-

 

 

 

24,511

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Six Months Ended June 30, 2011

 

Land

 

 

Other

 

 

Total

 

Operating revenue

 

$

-

 

 

$

-

 

 

$

-

 

Operating expenses

 

 

4

 

 

 

7

 

 

 

11

 

Depreciation and amortization

 

 

-

 

 

 

-

 

 

 

-

 

Mortgage and loan interest

 

 

646

 

 

 

-

 

 

 

646

 

Interest income

 

 

-

 

 

 

1,017

 

 

 

1,017

 

Gain on land sales

 

 

-

 

 

 

-

 

 

 

-

 

Segment operating income (loss)

 

$

(650

)

 

$

1,010

 

 

$

360

 

Capital expenditures

 

 

-

 

 

 

-

 

 

 

-

 

Assets

 

 

28,087

 

 

 

-

 

 

 

28,087

 

 

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

 

 

 

For Six Months Ended

 

 

 

June 30,

 

 

 

2012

 

 

2011

 

Segment operating income

 

$

2,299

 

 

$

360

 

Other non-segment items of income (expense)

 

 

 

 

 

 

 

 

General and administrative

 

 

(360

)

 

 

(276

)

Advisory fee

 

 

(402

)

 

 

(431

)

Equity in earnings of investees

 

 

(23

)

 

 

(50

)

Income tax expense

 

 

(3

)

 

 

(502

)

Income (loss) from continuing operations

 

$

1,511

 

 

$

(899

)

 

 

The table below reconciles the segment assets to total assets:

 

 

 

June 30,

 

 

 

2012

 

 

2011

 

Segment assets

 

$

24,511

 

 

$

28,087

 

Investments in real estate partnerships

 

 

14

 

 

 

39

 

Other assets and receivables

 

 

84,971

 

 

 

88,506

 

Total assets

 

$

109,496

 

 

$

116,632