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OPERATING SEGMENTS

3 Months Ended

Mar. 31, 2018

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, 2018 and 2017 (dollars in thousands):

For the Three Months Ended March 31, 2018		Land				Other				Total
Operating revenues		$	—			$	—			$	—
Interest income			—				1,042				1,042
Segment operating income (loss)		$	—			$	1,042			$	1,042

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

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		$	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,
		2018				2017
Segment operating income		$	1,042			$	1,089
Other non-segment items of income (expense)
General and administrative			(123	)			(130	)
Net income fee			(53	)			(60	)
Advisory fee to related party			(164	)			(162	)
Net income from continuing operations		$	702			$	737

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

		March 31,
		2018				2017
Real estate assets		$	22,717			$	22,717
Notes and interest receivable			13,568				22,916
Other assets			52,309				41,516
Total assets		$	88,594			$	87,149