BUSINESS SEGMENT DATA

3 Months Ended

Mar. 31, 2014

Segment Reporting [Abstract]

BUSINESS SEGMENT DATA

NOTE 19. BUSINESS SEGMENT DATA

The Company primarily operates in four business segments: income properties, investments in commercial mortgage loans, real estate operations, and golf operations. Our income property operations consist primarily of income producing properties and our business plan is focused on investing in additional income-producing properties. Our income property operations accounted for 72.5% and 67.1% of our identifiable assets as of March 31, 2014 and December 31, 2013, respectively, and 47.9% and 60.7% of our consolidated revenues for the three months ended March 31, 2014 and 2013, respectively. Our commercial mortgage loan investment consisted of one loan collateralized by a hotel property in Atlanta, Georgia as of December 31, 2013 and one mezzanine loan collateralized by the borrower’s equity interest in the same property as of March 31, 2014. Our real estate operations primarily consist of revenues generated from land transactions and leasing and royalty income from our interests in subsurface oil, gas and mineral rights. Our golf operations consist of a single property located in the City, with two 18-hole championship golf courses, a practice facility, and clubhouse facilities, including a restaurant and bar operation and pro-shop with retail merchandise. The majority of the revenues generated by our golf operations are derived from members and public customers playing golf, club memberships, and food and beverage operations.

The Company evaluates performance based on profit or loss from operations before income taxes. The Company’s reportable segments are strategic business units that offer different products. They are managed separately because each segment requires different management techniques, knowledge, and skills.

Information about the Company’s operations in the different segments for the three months ended March 31, 2014 and 2013 is as follows:

	Three Months Ended
	March 31, 2014			March 31, 2013
Revenues:
Income Properties	$	3,404,359		$	2,954,516
Commercial Mortgage Loan		943,890			—
Real Estate Operations		1,276,513			338,348
Golf Operations		1,417,379			1,464,685
Agriculture and Other Income		57,844			97,677
Total Revenues	$	7,099,985		$	4,855,226
Operating Income:
Income Properties	$	3,064,340		$	2,725,007
Commercial Mortgage Loan		943,890			—
Real Estate Operations		1,097,297			216,870
Golf Operations		84,353			57,056
Agriculture and Other		(3,569	)		66,308
General and Corporate Expenses		(2,282,442	)		(2,452,698	)
Total Operating Income	$	2,903,869		$	612,543
Depreciation and Amortization:
Income Properties	$	706,253		$	639,945
Commercial Mortgage Loan		—			—
Real Estate Operations		—			—
Golf Operations		56,863			49,675
Agriculture and Other		8,892			9,514
Total Depreciation and Amortization	$	772,008		$	699,134
Capital Expenditures:
Income Properties	$	752,024		$	27,806,176
Commercial Mortgage Loan		5,000,000			—
Real Estate Operations		—			—
Golf Operations		35,393			66,123
Agriculture and Other		52,460			21,179
Total Capital Expenditures	$	5,839,877		$	27,893,478
	As of
	March 31, 2014			December 31, 2013
Identifiable Assets:
Income Properties	$	152,154,023		$	151,682,578
Commercial Mortgage Loan		5,051,667			18,887,979
Real Estate Operations		30,195,108			29,929,179
Golf Operations		3,525,280			3,269,212
Agriculture and Other		18,876,756			22,414,732
Total Assets	$	209,802,834		$	226,183,680

Operating income represents income from continuing operations before loss on early extinguishment of debt, interest expense, interest income, and income taxes. General and corporate expenses are an aggregate of general and administrative expenses, impairment charges, depreciation and amortization expense, and gains (losses) on the disposition of assets. Identifiable assets by segment are those assets that are used in the Company’s operations in each segment. Other assets consist primarily of cash, property, plant, and equipment related to the other operations, as well as the general and corporate operations. There were no transactions between segments for any of the periods presented. Certain items in the prior years’ consolidated statement of operations have been reclassified to conform to the presentation of the consolidated statements of operations for the three months ended March 31, 2014. These reclassifications had no effect on the prior year presentation of income from continuing operations before income tax.