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OPERATING SEGMENTS
 6 Months Ended
Jun. 30, 2013
OPERATING SEGMENTS [Abstract]  
OPERATING SEGMENTS [TextBlock]

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 and six months ended June 30, 2013 and 2012 (dollars in thousands):

 

For the Three Months Ended June 30, 2013

 

Land

 

 

Other

 

 

Total

 

Rental and other property revenues

 

$

-

 

 

$

-

 

 

$

-

 

Property operating expenses

 

 

9

 

 

 

-

 

 

 

9

 

Mortgage and loan interest

 

 

294

 

 

 

-

 

 

 

294

 

Interest income

 

 

-

 

 

 

1,417

 

 

 

1,417

 

Segment operating income (loss)

 

$

(303

)

 

$

1,417

 

 

$

1,114

 

Capital expenditures

 

 

-

 

 

 

-

 

 

 

-

 

Real estate assets

 

 

24,511

 

 

 

-

 

 

 

24,511

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Three Months Ended June 30, 2012

 

Land

 

 

Other

 

 

Total

 

Rental and other property revenues

 

$

-

 

 

$

-

 

 

$

-

 

Property operating expenses

 

 

14

 

 

 

-

 

 

 

14

 

Mortgage and loan interest

 

 

277

 

 

 

-

 

 

 

277

 

Interest income

 

 

-

 

 

 

1,713

 

 

 

1,713

 

Segment operating income (loss)

 

$

(291

)

 

$

1,713

 

 

$

1,422

 

Capital expenditures

 

 

-

 

 

 

-

 

 

 

-

 

Real estate assets

 

 

24,511

 

 

 

-

 

 

 

24,511

 

 

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

 

 

 

For the Three Months Ended

 

 

 

June 30,

 

 

 

2013

 

 

2012

 

Segment operating income

 

$

1,114

 

 

$

1,422

 

Other non-segment items of income (expense)

 

 

 

 

 

 

 

 

General and administrative

 

 

(261

)

 

 

(207

)

Advisory fee

 

 

(207

)

 

 

(205

)

Equity from unconsolidated subsidiaries and investees

 

 

-

 

 

 

(12

)

Income from continuing operations

 

$

646

 

 

$

998

 

 

The table below reconciles the segment information to the corresponding amounts in the Consolidated Balance Sheets:

 

 

 

June 30,

 

 

 

2013

 

 

2012

 

Segment assets

 

$

24,511

 

 

$

24,511

 

Notes and interest receivable

 

 

25,734

 

 

 

25,247

 

Other assets and related party receivables

 

 

60,691

 

 

 

59,738

 

Total assets

 

$

110,936

 

 

$

109,496

 

 

 

 

For the Six Months Ended June 30, 2013

 

Land

 

 

Other

 

 

Total

 

Rental and other property revenues

 

$

-

 

 

$

-

 

 

$

-

 

Property operating expenses

 

 

23

 

 

 

-

 

 

 

23

 

Mortgage and loan interest

 

 

581

 

 

 

-

 

 

 

581

 

Interest income

 

 

-

 

 

 

2,824

 

 

 

2,824

 

Segment operating income (loss)

 

$

(604

)

 

$

2,824

 

 

$

2,220

 

Capital expenditures

 

 

-

 

 

 

-

 

 

 

-

 

Real estate assets

 

 

24,511

 

 

 

-

 

 

 

24,511

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Six Months Ended June 30, 2012

 

Land

 

 

Other

 

 

Total

 

Rental and other property revenues

 

$

-

 

 

$

-

 

 

$

-

 

Property operating expenses

 

 

45

 

 

 

-

 

 

 

45

 

Mortgage and loan interest

 

 

552

 

 

 

-

 

 

 

552

 

Interest income

 

 

-

 

 

 

2,896

 

 

 

2,896

 

Segment operating income (loss)

 

$

(597

)

 

$

2,896

 

 

$

2,299

 

Capital expenditures

 

 

-

 

 

 

-

 

 

 

-

 

Real estate assets

 

 

24,511

 

 

 

-

 

 

 

24,511

 

 

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

 

 

 

For the Six Months Ended

 

 

 

June 30,

 

 

 

2013

 

 

2012

 

Segment operating income

 

$

2,220

 

 

$

2,299

 

Other non-segment items of income (expense)

 

 

 

 

 

 

 

 

General and administrative

 

 

(449

)

 

 

(360

)

Advisory fee

 

 

(412

)

 

 

(402

)

Equity from unconsolidated subsidiaries and investees

 

 

-

 

 

 

(23

)

Income tax expense

 

 

(6

)

 

 

(3

)

Income from continuing operations

 

$

1,353

 

 

$

1,511

 

 

The table below reconciles the segment information to the corresponding amounts in the Consolidated Balance Sheets:

 

 

 

June 30,

 

 

 

2013

 

 

2012

 

Segment assets

 

$

24,511

 

 

$

24,511

 

Notes and interest receivable

 

 

25,734

 

 

 

25,247

 

Other assets and related party receivables

 

 

60,691

 

 

 

59,738

 

Total assets

 

$

110,936

 

 

$

109,496