Business Segment Data

6 Months Ended

Jun. 30, 2015

Segment Reporting [Abstract]

Business Segment Data

NOTE 18. BUSINESS SEGMENT DATA

The Company primarily operates in four primary business segments: income properties, commercial loan investments, 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 62.7% and 68.7% of our identifiable assets as of June 30, 2015 and December 31, 2014, respectively, and 56.3% and 51.6% of our consolidated revenues for the six months ended June 30, 2015 and 2014, respectively. As of June 30, 2015 and December 31, 2014, we had three and five commercial loan investments, respectively. 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, fitness facility, 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 and six months ended June 30, 2015 and 2014 is as follows:

	Three Months Ended						Six Months Ended
	June 30, 2015			June 30, 2014			June 30, 2015			June 30, 2014
Revenues:
Income Properties	$	4,132,052		$	3,552,130		$	8,392,727		$	6,956,489
Commercial Loan Investments		638,710			255,769			1,270,194			1,199,659
Real Estate Operations		1,368,141			1,053,585			2,227,942			2,402,832
Golf Operations		1,448,567			1,432,398			2,985,993			2,849,777
Agriculture and Other Income		20,738			17,477			39,677			75,321
Total Revenues	$	7,608,208		$	6,311,359		$	14,916,533		$	13,484,078
Operating Income:
Income Properties	$	3,449,165		$	3,067,638		$	7,068,994		$	6,131,978
Commercial Loan Investments		638,710			255,769			1,270,194			1,199,659
Real Estate Operations		1,062,288			859,958			1,323,366			1,957,255
Golf Operations		(7,665	)		(79,796	)		140,149			4,557
Agriculture and Other Income		(22,457	)		(31,642	)		(58,669	)		(35,211	)
General and Corporate Expense		(2,933,880	)		(2,391,628	)		(6,063,986	)		(4,674,070	)
Total Operating Income	$	2,186,161		$	1,680,299		$	3,680,048		$	4,584,168
Depreciation and Amortization:
Income Properties	$	992,172		$	779,390		$	2,077,809		$	1,485,643
Commercial Loan Investments		—			—			—			—
Real Estate Operations		—			—			—			—
Golf Operations		67,130			57,710			125,906			114,573
Agriculture and Other		12,450			9,281			23,776			18,173
Total Depreciation and Amortization	$	1,071,752		$	846,381		$	2,227,491		$	1,618,389
Capital Expenditures:
Income Properties	$	9,959,693		$	15,484,082		$	10,013,957		$	16,236,106
Commercial Loan Investments		733,083			11,948,338			894,879			16,948,338
Real Estate Operations		—			—			—			—
Golf Operations		90,400			20,768			106,417			56,161
Agriculture and Other		2,334			38,294			13,406			90,754
Total Capital Expenditures	$	10,785,510		$	27,491,482		$	11,028,659		$	33,331,359

	As of
	June 30, 2015		December 31, 2014
Identifiable Assets:
Income Properties	$	191,659,081	$	190,087,575
Commercial Loan Investments		24,074,308		30,274,302
Real Estate Operations		43,963,769		43,833,515
Golf Operations		3,670,866		3,639,903
Agriculture and Other		42,442,224		8,757,153
Total Assets	$	305,810,248	$	276,592,448

Operating income represents income from continuing operations before loss on early extinguishment of debt, interest expense, investment 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. Land, timber, and subsurface interests were previously stated as a separate line item within property, plant, and equipment on the consolidated financial statements and are now included with land, timber, and development costs as all of the costs are related to the Company’s land portfolio of over 10,500 acres. The land, timber, and subsurface interests were previously included in the Agriculture and Other segment, but have been reclassified to the Real Estate Operations segment to conform to the revised presentation on the consolidated balance sheets.