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OPERATING SEGMENTS

9 Months Ended

Sep. 30, 2017

Segment Reporting [Abstract]

OPERATING SEGMENTS

NOTE 5. 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.

Other income is not reflected in the segment income. Expenses that are not reflected in the segments are advisory and net income fees, general and administrative and income taxes. The segment labeled as “Other” consists of revenue related to the notes receivable.

Presented below is the operating segment information for the three months ended September 30, 2017 and 2016 (dollars in thousands):

For the Three Months Ended September 30, 2017		Land				Other				Total
Operating revenues		$	—			$	—			$	—
Interest income							924				924
Segment operating income (loss)		$	—			$	924			$	924

Real estate assets		$	22,717			$	—			$	22,717

For the Three Months Ended September 30, 2016		Land				Other				Total
Operating revenues		$	—			$	—			$	—
Interest income			—				1,095				1,095
Segment operating income (loss)		$	—			$	1,095			$	1,095

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 (dollars in thousands):

		For the Three Months Ended
		September 30,
		2017				2016
Segment operating income		$	924			$	1,095
Other non-segment items of income (expense):
General and administrative			(93	)			(114	)
Net income fee			(53	)			(67	)
Advisory fee to related party			(166	)			(162	)
Net income		$	612			$	752

Presented below is the operating segment information for the nine months ended September 30, 2017 and 2016 (dollars in thousands):

For the Nine Months Ended September 30, 2017		Land				Other				Total
Rental and other property revenues		$	—			$	—			$	—
Interest income from related parties			—				3,133				3,133
Segment operating income		$	—			$	3,133			$	3,133

Real estate assets		$	22,717			$	—			$	22,717

For the Nine Months Ended September 30, 2016		Land				Other				Total
Rental and other property revenues		$	—			$	—			$	—
Interest income from related parties			—				3,389				3,389
Segment operating income		$	—			$	3,389			$	3,389

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 (dollars in thousands):

		Nine Months Ended September 30,
		2017				2016
Segment operating income		$	3,133			$	3,389
Other non-segment items of income (expense)
General and administrative			(342	)			(333	)
Net income fee to related party			(189	)			(193	)
Advisory fee to related party			(493	)			(475	)
Other income			250				—
Net income from continuing operations		$	2,359			$	2,388

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,
		2017				2016
Real estate assets		$	22,717			$	22,717
Notes and interest receivable			13,577				22,931
Other assets			52,444				41,044
Total assets		$	88,738			$	86,692