XML 40 R13.htm IDEA: XBRL DOCUMENT v2.4.0.8
OPERATING SEGMENTS
 6 Months Ended
Jun. 30, 2014
Segment Reporting [Abstract]  
OPERATING SEGMENTS

The Company’s segments are based on management’s method of internal reporting which classifies operations by the type of property in the portfolio.  The Company’s segments by use of property 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 and other 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, 2014 and 2013 (dollars in thousands):

 

For the Three Months Ended June 30, 2014   Land     Other     Total  
Rental and other property revenues   $ -     $ -     $ -  
Property operating expenses     11       -       11  
Mortgage and loan interest     178       -       178  
Interest income from related parties     -       1,236       1,236  
Segment operating income (loss)   $ (189 )   $ 1,236     $ 1,047  
                         
Real estate assets     24,511       -       24,511  
                         
                         
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 from related parties     -       1,417       1,417  
Segment operating income (loss)   $ (303 )   $ 1,417     $ 1,114  
                         
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,  
    2014     2013  
Segment operating income   $ 1,047     $ 1,114  
Other non-segment items of income (expense)                
General and administrative     (118 )     (213 )
Net income fee due to related party     (56 )     (48 )
Advisory fee to related party     (178 )     (207 )
Income tax expense     -       -  
Net income from continuing operations   $ 695     $ 646  

 

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

 

    June 30,  
    2014     2013  
Real estate assets   $ 24,511     $ 24,511  
Notes and interest receivable     25,605       27,560  
Other assets     42,684       58,865  
Total assets   $ 92,800     $ 110,936  

 

 

For the Six Months Ended June 30, 2014   Land     Other     Total  
Rental and other property revenues   $ -     $ -     $ -  
Property operating expenses     28       -       28  
Mortgage and loan interest     363       -       363  
Interest income from related parties     -       2,369       2,369  
Segment operating income (loss)   $ (391 )   $ 2,369     $ 1,978  
                         
Real estate assets     24,511       -       24,511  
                         
                         
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 from related parties     -       2,824       2,824  
Segment operating income (loss)   $ (604 )   $ 2,824     $ 2,220  
                         
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,  
    2014     2013  
Segment operating income   $ 1,978     $ 2,220  
Other non-segment items of income (expense)                
General and administrative     (280 )     (345 )
Net income fee due to related party     (101 )     (104 )
Advisory fee to related party     (343 )     (412 )
Income tax expense     -       (6 )
Net income from continuing operations   $ 1,254     $ 1,353  

 

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

 

    June 30,  
    2014     2013  
Real estate assets   $ 24,511     $ 24,511  
Notes and interest receivable     25,605       27,560  
Other assets     42,684       58,865  
Total assets   $ 92,800     $ 110,936