SEGMENT REPORTING (Tables)

6 Months Ended

Jun. 30, 2015

Schedule of Segment Reporting

The following tables present segment reporting:

	Real Estate Lending Owning and Management			IRT		Eliminations (a)			Consolidated
Three-Month Period Ended June 30, 2015:
Net interest margin	$	16,766		$	—	$	(241	)		16,525
Rental income		32,661			22,812		—			55,473
Fee and other income		11,835			—		(4,420	)		7,415
Provision for losses		2,000			—		—			2,000
Depreciation and amortization expense		11,285			5,720		—			17,005
Operating income		1,406			353		1			1,760
Change in fair value of financial instruments		8,356			—		—			8,356
Income tax benefit (provision)		(715	)		—		—			(715	)
Net income (loss)		27,396			353		(1,308	)		26,441
Six-Month Period Ended June 30, 2015:
Net interest margin	$	33,338		$	—	$	(479	)		32,859
Rental income		64,930			44,512		—			109,442
Fee and other income		21,625			—		(8,616	)		13,009
Provision for losses		4,000			—		—			4,000
Depreciation and amortization expense		24,264			11,758		—			36,022
Operating income		(1,598	)		111		—			(1,487	)
Change in fair value of financial instruments		12,846			—		—			12,846
Income tax benefit (provision)		(1,297	)		—		—			(1,297	)
Net income (loss)		29,213			112		(2,618	)		26,707

(a) The transactions that occur between the reportable segments include advisory and property management services, as well as, providing commercial mortgages on our owned real estate.

	Real Estate Lending Owning and Management			IRT			Taberna			Eliminations (a)			Consolidated
Three-Month Period Ended June 30, 2014:
Net interest margin	$	25,075		$	—		$	8,109		$	(6,061	)	$	27,123
Rental income		27,565			11,649			—			—			39,214
Fee and other income		8,770			—			332			(2,183	)		6,919
Provision for losses		1,000			—			—			—			1,000
Depreciation and amortization expense		10,176			3,232			33			—			13,441
Operating income		7,433			(129	)		9,085			(2,755	)		13,634
Change in fair value of financial instruments		(1,388	)		—			(23,683	)		—			(25,071	)
Income tax benefit (provision)		292			—			(271	)		—			21
Net income (loss)		8,106			(128	)		(22,941	)		(4,047	)		(19,010	)
Six-Month Period Ended June 30, 2014:
Net interest margin	$	49,347		$	—		$	17,305		$	(11,749	)	$	54,903
Rental income		54,606			19,784			—			—			74,390
Fee and other income		14,171			—			616			(3,516	)		11,271
Provision for losses		2,000			—			—			—			2,000
Depreciation and amortization expense		20,061			5,355			67			—			25,483
Operating income		12,347			(80	)		16,175			(2,986	)		25,456
Change in fair value of financial instruments		2,318			—			(51,528	)		—			(49,210	)
Income tax benefit (provision)		772			—			(512	)		—			260
Net income (loss)		19,870			2,807			(43,577	)		(5,533	)		(26,433	)