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OPERATING SEGMENTS
 6 Months Ended
Jun. 30, 2016
Segment Reporting [Abstract]  
OPERATING SEGMENTS

NOTE 6. 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 months ended June 30, 2016 and 2015 (dollars in thousands):

 

For the Three Months Ended June 30, 2016   Land   Other   Total
Rental and other property revenues   $ —     $ —     $ —  
Property operating expenses     —       —       —  
Mortgage and loan interest     —       —       —  
Interest income from related parties     —       1,086       1,086  
Segment operating income (loss)   $ —     $ 1,086     $ 1,086  
                         
Real estate assets   $ 22,717     $ —     $ 22,717  
                         
For the Three Months Ended June 30, 2015     Land       Other       Total  
Rental and other property revenues   $ —     $ —     $ —  
Property operating expenses     (8 )     —     $ (8 )
Mortgage and loan interest     (165 )     —     $ (165 )
Interest income from related parties     —       1,120     $ 1,120  
Segment operating income (loss)   $ (173 )   $ 1,120     $ 947  
                         
Real estate assets   $ 25,717     $ —     $ 25,717  

  

The table below reflects the reconciliation of the segment information to the corresponding amounts in the Consolidated Statements of Operations for the three months ended June 30, 2016 and 2015 (dollars in thousands):

 

    For the Three Months Ended
June 30,
    2016   2015
Segment operating income   $ 1,086     $ 947  
Other non-segment items of income (expense)                
General and administrative     (128 )     (122 )
Net income fee to related party     (54 )     (46 )
Advisory fee to related party     (161 )     (176 )
Net income from continuing operations   $ 743     $ 603  

 

Presented below is the operating segment information for the six months ended June 30, 2016 and 2015 (dollars in thousands):

 

For the Six Months Ended June 30, 2016   Land   Other   Total
Rental and other property revenues   $ —     $ —     $ —  
Property operating expenses     —       —       —  
Mortgage and loan interest     —       —       —  
Interest income from related parties     —       2,293       2,293  
Segment operating income (loss)   $ —     $ 2,293     $ 2,293  
                         
Real estate assets   $  22,717     $  —     $ 22,717  
                         
For the Six Months Ended June 30, 2015     Land       Other       Total  
Rental and other property revenues   $ —     $ —     $ —  
Property operating expenses     (16 )     —     $ (16 )
Mortgage and loan interest     (329 )     —     $ (329 )
Interest income from related parties     —       2,239     $ 2,239  
Segment operating income (loss)   $ (345 )   $ 2,239     $ 1,894  
                         
Real estate assets   $ 25,717     $ —     $ 25,717  

 

The table below reflects the reconciliation of the segment information to the corresponding amounts in the Consolidated Statements of Operations for the six months ended June 30, 2016 and 2015 (dollars in thousands):

 

    For the Six Months Ended
June 30,
    2016   2015
Segment operating income   $ 2,293     $ 1,894  
Other non-segment items of income (expense)                
General and administrative     (221 )     (297 )
Net income fee to related party     (126 )     (90 )
Advisory fee to related party     (313 )     (350 )
Other income     3       —  
Net income from continuing operations   $ 1,636     $ 1,157  

 

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

 

    June 30,
    2016   2015
Real estate assets   $ 22,717     $ 25,717  
Notes and interest receivable     23,763       25,037  
Other assets     39,477       42,936  
Total assets   $ 85,957     $ 93,690