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OPERATING SEGMENTS
 9 Months Ended
Sep. 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 nine months ended September 30, 2012 and 2011 (dollars in thousands):

 

For the Three Months Ended September 30, 2012

 

Land

 

 

Other

 

 

Total

 

Operating revenue

 

$

-

 

 

$

-

 

 

$

-

 

Operating expenses

 

 

12

 

 

 

-

 

 

 

12

 

Mortgage and loan interest

 

 

276

 

 

 

-

 

 

 

276

 

Interest income

 

 

-

 

 

 

972

 

 

 

972

 

Segment operating income

 

$

(288

)

 

$

972

 

 

$

684

 

Capital expenditures

 

 

-

 

 

 

-

 

 

 

-

 

Assets

 

 

24,511

 

 

 

-

 

 

 

24,511

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Three Months Ended September 30, 2011

 

Land

 

 

Other

 

 

Total

 

Operating revenue

 

$

-

 

 

$

-

 

 

$

-

 

Operating expenses

 

 

6

 

 

 

-

 

 

 

6

 

Mortgage and loan interest

 

 

282

 

 

 

-

 

 

 

282

 

Interest income

 

 

-

 

 

 

543

 

 

 

543

 

Segment operating income

 

$

(288

)

 

$

543

 

 

$

255

 

Capital expenditures

 

 

-

 

 

 

-

 

 

 

-

 

Assets

 

 

24,511

 

 

 

-

 

 

 

24,511

 

 

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

 

 

 

For Three Months Ended

 

 

 

September 30,

 

 

 

2012

 

 

2011

 

Segment operating income

 

$

684

 

 

$

255

 

Other non-segment items of income (expense)

 

 

 

 

 

General and administrative

 

 

(65

)

 

 

(94

)

Advisory fee

 

 

(206

)

 

 

(219

)

Equity in earnings of investees

 

 

(14

)

 

 

28

 

Income tax expense

 

 

(15

)

 

 

(170

)

Income (loss) from continuing operations

 

$

384

 

 

$

(200

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The table below reconciles the segment assets to total assets:

 

 

 

 

 

 

 

 

 

 

 

 

September 30,

 

 

 

 

2012

 

 

 

2011

 

Segment assets

 

$

24,511

 

 

$

24,511

 

Investments in real estate partnerships

 

 

-

 

 

 

67

 

Other assets and receivables

 

 

85,193

 

 

 

81,975

 

Total assets

 

$

109,704

 

 

$

106,553

 

 

      For the Nine Months Ended September 30, 2012

 

Land

 

 

Other

 

 

Total

 

Operating revenue

 

$

-

 

 

$

-

 

 

$

-

 

Operating expenses

 

 

55

 

 

 

1

 

 

 

56

 

Mortgage and loan interest

 

 

828

 

 

 

-

 

 

 

828

 

Interest income

 

 

-

 

 

 

3,868

 

 

 

3,868

 

Segment operating income (loss)

 

$

(883

)

 

$

3,867

 

 

$

2,984

 

Capital expenditures

 

 

-

 

 

 

-

 

 

 

-

 

Assets

 

 

24,511

 

 

 

-

 

 

 

24,511

 

 

For the Nine Months Ended September 30, 2011

 

Land

 

 

Other

 

 

Total

 

Operating revenue

 

$

-

 

 

$

-

 

 

$

-

 

Operating expenses

 

 

10

 

 

 

8

 

 

 

18

 

Mortgage and loan interest

 

 

928

 

 

 

-

 

 

 

928

 

Interest income

 

 

-

 

 

 

1,560

 

 

 

1,560

 

Segment operating income (loss)

 

$

(938

)

 

$

1,552

 

 

$

614

 

Capital expenditures

 

 

-

 

 

 

-

 

 

 

-

 

Assets

 

 

24,511

 

 

 

-

 

 

 

24,511

 

 

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

 

 

 

For Nine Months Ended

 

 

 

September 30,

 

 

 

2012

 

 

2011

 

Segment operating income

 

$

2,984

 

 

$

614

 

Other non-segment items of income (expense)

 

 

 

 

 

General and administrative

 

 

(425

)

 

 

(370

)

Advisory fee

 

 

(608

)

 

 

(650

)

Equity in earnings of investees

 

 

(37

)

 

 

(22

)

Income tax expense

 

 

(18

)

 

 

(672

)

Income (loss) from continuing operations

 

$

1,896

 

 

$

(1,100

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The table below reconciles the segment assets to total assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

September 30,

 

 

 

 

2012

 

 

 

2011

 

Segment assets

 

$

24,511

 

 

$

24,511

 

Investments in real estate partnerships

 

 

-

 

 

 

67

 

Other assets and receivables

 

 

85,193

 

 

 

81,975

 

Total assets

 

$

109,704

 

 

$

106,553