NOTE 19. BUSINESS SEGMENT DATA

The Company operates in four primary business segments: income properties, commercial loan investments, real estate operations, and golf operations segment. During the fourth quarter of 2018, the Company commenced efforts to pursue the monetization of the golf operations segment and assets comprising the Club. Accordingly, as of March 31, 2019 and December 31, 2018, the golf assets comprising the Club have been classified as held for sale in the accompanying consolidated balance sheets and the results of golf operations segment have been classified as discontinued operations in the accompanying consolidated statements of income for the three months ended March 31, 2019 and 2018.

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 91.1% and 88.5% of our identifiable assets as of March 31, 2019 and December 31, 2018, respectively, and 75.2% and 39.2% of our consolidated revenues for the three months ended March 31, 2019 and 2018, respectively. Our real estate operations primarily consist of revenues generated from land transactions and leasing, royalty income, and revenue from the release of surface entry rights from our Subsurface Interests.

The Company reports 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, 2019 and 2018 is as follows:


	Three Months Ended
	March 31, 2019		March 31, 2018
Revenues:
Income Properties	$	10,724,418	$	9,205,727
Commercial Loan Investments		—		300,999
Real Estate Operations		3,534,901		13,990,517
Total Revenues	$	14,259,319	$	23,497,243
Operating Income:
Income Properties	$	8,791,930	$	7,336,698
Commercial Loan Investments		—		300,999
Real Estate Operations		1,909,632		12,449,683
General and Corporate Expense		(5,847,907)		(6,620,371)
Gains on Disposition of Assets		6,869,957		3,650,858
Total Operating Income	$	11,723,612	$	17,117,867
Depreciation and Amortization:
Income Properties	$	3,339,856	$	3,787,415
Corporate and Other		6,431		9,408
Total Depreciation and Amortization	$	3,346,287	$	3,796,823
Capital Expenditures:
Income Properties	$	58,005	$	27,915,262
Real Estate Operations		870,509		2,111,983
Golf Operations		—		2,663
Corporate and Other		2,061		553
Total Capital Expenditures	$	930,575	$	30,030,461


	As of
	March 31, 2019		December 31, 2018
Identifiable Assets:
Income Properties	$	472,412,073	$	492,093,615
Real Estate Operations		35,045,459		35,287,559
Golf Operations-Held for Sale		4,680,691		4,462,477
Corporate and Other		6,369,035		24,486,221
Total Assets	$	518,507,258	$	556,329,872

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 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.