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OPERATING SEGMENTS
 3 Months Ended
Mar. 31, 2013
OPERATING SEGMENTS  
OPERATING SEGMENTS

NOTE 7. OPERATING SEGMENTS

 

Our segments are based on management’s method of internal reporting which classifies its operations by property type. The segments are land and other. 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 expenses. Management evaluates the performance of each of the operating segments and allocates resources to them based on their 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 the operating segment information for the three months ended March 31, 2013 and 2012 (dollars in thousands):

 

For the Three Months Ended March 31, 2013

 

Land

 

 

Other

 

 

Total

 

Operating revenue

 

 

 

 

 

 

 

$

-

 

Operating expenses

 

 

14

 

 

 

 

 

 

14

 

Mortgage and loan interest

 

 

288

 

 

 

 

 

 

288

 

Interest income

 

 

 

 

 

 

1,407

 

 

 

1,407

 

Segment operating income (loss)

 

$

(302

)

 

$

1,407

 

 

$

1,105

 

Capital expenditures

 

 

 

 

 

 

 

 

 

 

-

 

Assets

 

 

24,511

 

 

 

 

 

 

 

24,511

 

 

   

 

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

 

 

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

 

 

 

For Three Months Ended

 

 

 

March 31,

 

 

 

2013

 

 

2012

 

Segment operating income

 

$

1,105

 

 

$

876

 

Other non-segment items of income (expense)

 

 

 

 

 

 

 

 

General and administrative

 

 

(188

)

 

 

(154

)

Advisory fee

 

 

(204

)

 

 

(198

)

Equity from unconsolidated subsidiaries and investees

 

 

-

 

 

 

(10

)

Net income fee to advisor

 

 

-

 

 

 

-

 

Income tax expense

 

 

(6

)

 

 

(2

)

Income from continuing operations

 

$

707

 

 

$

512

 

 

The table below reconciles the segment assets to total assets:

 

 

 

March 31,

 

 

 

2013

 

 

2012

 

Segment assets

 

$

24,511

 

 

$

24,511

 

Investments in real estate partnerships

 

 

-

 

 

 

27

 

Other assets and receivables

 

 

85,602

 

 

 

83,976

 

Total assets

 

$

110,113

 

 

$

108,514