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OPERATING SEGMENTS
 3 Months Ended
Mar. 31, 2017
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 March 31, 2017 and 2016 (dollars in thousands):

 

For the Three Months Ended March 31, 2017   Land     Other     Total  
Operating revenues   $ —     $ —     $ —  
Interest income     —       1,089       1,089  
Segment operating income (loss)   $ —     $ 1,089     $ 1,089  
                         
Real estate assets     —       —       —  

 

For the Three Months Ended March 31, 2016   Land     Other     Total  
Operating revenues   $ —     $ —     $ —  
Interest income     —       1,208       1,208  
Segment operating income (loss)   $ —     $ 1,208     $ 1,208  
                         
Real estate assets   $ 22,717     $ —     $ 22,717  

 

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

 

    For the Three Months Ended March 31,  
    2017     2016  
Segment operating income   $ 1,089     $ 1,208  
Other non-segment items of income (expense)                
General and administrative     (130 )     (93 )
Net income fee     (60 )     (72 )
Advisory fee to related party     (162 )     (153 )
Other income     —       3  
Net income from continuing operations   $ 737     $ 893  

 

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

 

    March 31,  
    2017     2016  
Real estate assets   $ 22,717     $ 22,717  
Notes and interest receivable     22,916       23,044  
Other assets     41,516       39,435  
Total assets   $ 87,149     $ 85,196