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OPERATING SEGMENTS
 12 Months Ended
Dec. 31, 2013
OPERATING SEGMENTS  
OPERATING SEGMENTS

NOTE 9.         OPERATING SEGMENTS

 

Our segments are based on management’s method of internal reporting which classifies its operations by property type. The segments are commercial, 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 and other expenses.  Management evaluates the performance of each of the operating segments and allocates resources to them based on their net 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, foreign currency transaction loss 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.

 

The Company’s segments are based on our method of internal reporting which classifies operations by the type of property in the portfolio. The Company’s segments by use of property are; commercial, land and other (dollars in thousands).

 

 

 

Commercial

 

 

 

 

 

 

 

 

For year ended 2013

 

Properties

 

Land

 

 

Other

 

 

Total

 

Operating revenue

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

Operating expenses

 

 

-

 

 

 

87

 

 

 

-

 

 

 

87

 

Mortgage and loan interest

 

 

-

 

 

 

1,160

 

 

 

-

 

 

 

1,160

 

Loan charges

 

 

-

 

 

 

830

 

 

 

-

 

 

 

830

 

Interest income

 

 

-

 

 

 

-

 

 

 

7,129

 

 

 

7,129

 

Segment operating income (loss)

 

$

-

 

 

$

(2,077

)

 

$

7,129

 

 

$

5,052

 

Capital expenditures

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Assets

 

 

-

 

 

 

24,511

 

 

 

-

 

 

 

24,511

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Property Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales price

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

Cost of sale

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Deferred current gain

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Recognized prior deferred gain

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Gain on sale

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial

 

 

 

 

 

 

 

 

 

 

 

 

Properties

 

Land

 

 

Other

 

 

Total

 

For year ended 2012

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenue

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

Operating expenses

 

 

-

 

 

 

67

 

 

 

-

 

 

 

67

 

Mortgage and loan interest

 

 

-

 

 

 

1,284

 

 

 

-

 

 

 

1,284

 

Interest income

 

 

-

 

 

 

-

 

 

 

5,183

 

 

 

5,183

 

Segment operating income (loss)

 

$

-

 

 

$

(1,351

)

 

$

5,183

 

 

$

3,832

 

Capital expenditures

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Assets

 

 

-

 

 

 

24,511

 

 

 

-

 

 

 

24,511

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Property Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales price

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

Cost of sale

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Deferred current gain

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Recognized prior deferred gain

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Gain on sale

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   

 

 

Commercial

 

 

 

 

 

 

 

 

 

 

Properties

 

 

Land

 

 

Other

 

 

Total

 

For year ended 2011

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenue

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

Operating expenses

 

 

-

 

 

 

31

 

 

 

7

 

 

 

38

 

Mortgage and loan interest

 

 

-

 

 

 

1,211

 

 

 

-

 

 

 

1,211

 

Interest income

 

 

-

 

 

 

-

 

 

 

4,447

 

 

 

4,447

 

Segment operating income (loss)

 

$

-

 

 

$

(1,242

)

 

$

4,440

 

 

 

3,198

 

Capital expenditures

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Assets

 

 

-

 

 

 

24,511

 

 

 

-

 

 

 

24,511

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Property Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales price

 

$

-

 

 

$

5,050

 

 

$

-

 

 

$

5,050

 

Cost of sale

 

 

-

 

 

 

5,525

 

 

 

-

 

 

 

5,525

 

Deferred current gain

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Recognized prior deferred gain

 

 

1,422

 

 

 

-

 

 

 

-

 

 

 

1,422

 

Gain (loss) on sale

 

$

1,422

 

 

$

(475

)

 

$

-

 

 

$

947

 

 

The tables below reconcile the segment information to the corresponding amounts in the Consolidated Statements of Operations (dollars in thousands):

 

 

 

2013

 

 

2012

 

 

2011

 

Segment operating income

 

$

5,052

 

 

$

3,832

 

 

$

3,198

 

Other non-segment items of income (expense)

 

 

 

 

 

 

 

 

 

General and administrative

 

 

(734

)

 

 

(334

)

 

 

(446

)

Net income fee

 

 

(695

)

 

 

(180

)

 

 

(54

)

Advisory fee to related party

 

 

(830

)

 

 

(815

)

 

 

(850

)

Other income

 

 

5,804

 

 

 

-

 

 

 

-

 

Equity from unconsolidated subsidiaries and investees

 

 

-

 

 

 

(37

)

 

 

(52

)

Income tax expense

 

 

(3,063

)

 

 

(876

)

 

 

(815

)

Income from continuing operations

 

$

5,534

 

 

$

1,590

 

 

$

981

 

 

The table below reconciles the segment information to the corresponding amounts in the Consolidated Balance Sheets (dollars in thousands):

 

 

 

2013

 

 

2012

 

 

2011

 

Segment assets

 

$

24,511

 

 

$

24,511

 

 

$

29,561

 

Notes and interest receivable

 

 

28,866

 

 

 

25,176

 

 

 

29,786

 

Other assets and receivables

 

 

40,436

 

 

 

54,692

 

 

 

48,694

 

Total assets

 

$

93,813

 

 

$

104,379

 

 

$

108,041