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OPERATING SEGMENTS
 9 Months Ended
Sep. 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 September 30, 2016 and 2015 (dollars in thousands):

 

For the Three Months Ended September 30, 2016  Land   Other   Total
Rental and other property revenues  $ —   $ —   $ —
Property operating expenses    —     —     —
Mortgage and loan interest    —     —     —
Interest income from related parties   —    1,095    1,095
Segment operating income  $—   $1,095   $1,095
               
Real estate assets  $22,717   $—   $22,717

  

For the Three Months Ended September 30, 2015   Land    Other    Total
Rental and other property revenues  $—   $—   $—
Property operating expenses   56    —    56
Mortgage and loan interest   112         112
Interest income from related parties   —    1,137    1,137
Segment operating income (loss)  $(168)  $1,137   $969
               
Real estate assets  $22,717   $—   $22,717

 

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 September 30, 2016 and 2015 (dollars in thousands):

  

    For the Three Months Ended  
    September 30,  
    2016  2015  
Segment operating income   $1,095  $969  
Other non-segment items of expense           
General and administrative    89   62  
Net income fee to related party    67   51  
Advisory fee to related party    162   176  
Income tax expense    25   —  
Net income from continuing operations   $752  $680  

  

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

 

For the Nine Months Ended September 30, 2016  Land   Other   Total
Rental and other property revenues  $ —   $ —   $ —
Property operating expenses    —           —
Mortgage and loan interest    —     —     —
Interest income from related parties   —    3,389    3,389
Segment operating income  $—   $3,389   $3,389
               
Real estate assets  $22,717   $—   $22,717

 

For the Nine Months Ended September 30, 2015   Land    Other    Total
Rental and other property revenues  $—   $—   $—
Property operating expenses   71    —    71
Mortgage and loan interest   441    —    441
Interest income from related parties   —    3,376    3,376
Segment operating income (loss)  $(512)  $3,376   $2,864
               
Real estate assets  $22,717   $—   $22,717

 

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

 

   Nine Months Ended September 30,  
   2016  2015  
Segment operating income  $3,389  $2,864  
Other non-segment items of expense          
General and administrative   308   359  
Net income fee to related party   193   142  
Advisory fee to related party   475   526  
Income tax expense   25   —  
Net income from continuing operations  $2,388  $1,837  

 

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

 

   As of September 30,  
   2016  2015  
Real estate assets  $22,717  $22,717  
Notes and interest receivable   22,931   24,317  
Other assets   41,044   47,204  
Total assets  $86,692  $94,238