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OPERATING SEGMENTS

9 Months Ended

Sep. 30, 2018

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.

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, 2018 and 2017 (dollars in thousands):

For the Three Months Ended September 30, 2018		Land				Other				Total
Operating revenues		$	—			$	—			$	—
Interest income from related parties			—				1,201				1,201
Gain on real estate land sales			—				7,323				7,323
Income tax expense			—				(1,902	)			(1,902	)
Segment operating income		$	—			$	6,622			$	6,622

For the Three Months Ended September 30, 2017		Land				Other				Total
Operating revenues		$	—			$	—			$	—
Interest income from related parties			—				924				924
Segment operating income		$	—			$	924			$	924

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,
		2018				2017
Segment operating income		$	6,622			$	924
Other non-segment items of income (expense)
General and administrative			(83	)			(93	)
Net income fee			(383	)			(53	)
Advisory fee to related party			(168	)			(166	)
Net income from continuing operations		$	5,988			$	612

Presented below is the operating segment information for the nine months ended September 30, 2018 and 2017 (dollars in thousands):

For the Nine Months Ended September 30, 2018		Land				Other				Total
Interest income from related parties		$	—			$	3,324			$	3,324
Gain on real estate land sales			—				7,323				7,323
Income tax expense							(1,902	)			(1,902	)
Segment operating income		$	—			$	8,745			$	8,745

Real estate assets		$	—			$	—			$	—

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

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,
		2018				2017
Segment operating income		$	8,745			$	3,133
Other non-segment items of income (expense)
General and administrative			(359	)			(342	)
Net income fee to related party			(489	)			(189	)
Advisory fee to related party			(500	)			(493	)
Other income			—				250
Income tax expense			—				—
Net income from continuing operations		$	7,397			$	2,359

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,
		2018				2017
Real estate assets		$	—			$	22,717
Notes and interest receivable			13,577				13,577
Other assets			81,721				52,444
Total assets		$	95,298			$	88,738