OPERATING SEGMENTS (Tables)

12 Months Ended

Dec. 31, 2012

OPERATING SEGMENTS (Tables)

Segments operating income including segment assets and expenditures

Presented below is the Company’s reportable segments’ operating income including segment assets and expenditures for the years 2012, 2011 and 2010 (dollars in thousands):

	Commercial
For the Twelve Months Ended December 31, 2012	Properties			Apartments			Land			Other			Total
Operating revenue	$	35,940		$	80,035		$	25		$	51		$	116,051
Operating expenses		20,467			35,745			593			437			57,242
Depreciation and amortization		6,766			14,791			-			-			21,557
Mortgage and loan interest		8,203			36,217			6,482			4,230			55,132
Interest income		-			-			-			11,725			11,725
Gain on land sales		-			-			6,935			-			6,935
Segment operating loss	$	504		$	(6,718	)	$	(115	)	$	7,109		$	780
Capital expenditures		2,454			839			-			-			3,293
Assets		165,697			540,045			173,132			-			878,874
Property Sales
Sales price	$	9,825		$	47,131		$	37,799		$	-		$	94,755
Less: Cost of sale		(10,152	)		(41,587	)		(31,479	)		-			(83,218	)
Deferred current gain		-			-			615			-			615
Recognized prior deferred gain		-			-			-			-			-
Gain (loss) on sale	$	(327	)	$	5,544		$	6,935		$	-		$	12,152
	Commercial
For the Twelve Months Ended December 31, 2011	Properties			Apartments			Land			Other			Total
Operating revenue	$	33,284		$	72,664		$	133		$	259		$	106,340
Operating expenses		20,619			34,540			1,571			198			56,928
Depreciation and amortization		5,225			13,778			-			-			19,003
Mortgage and loan interest		10,448			29,563			8,288			3,587			51,886
Interest income		-			-			-			5,720			5,720
Gain on land sales		-			-			17,011			-			17,011
Segment operating income (loss)	$	(3,008	)	$	(5,217	)	$	7,285		$	2,194		$	1,254
Capital expenditures		3,286			1,248			4,103			-			8,637
Assets		172,446			550,892			197,301			-			920,639
Property Sales
Sales price	$	103,811		$	21,590		$	163,050		$	-		$	288,451
Less: Cost of sale		(108,243	)		(14,933	)		(154,122	)		-			(277,298	)
Deferred current gain		-			-			-			-			-
Recognized prior deferred gain		7,287			8,788			8,083			-			24,158
Gain on sale	$	2,855		$	15,445		$	17,011		$	-		$	35,311
	Commercial
For the Twelve Months Ended December 31, 2010	Properties			Apartments			Land			Other			Total
Operating revenue	$	38,884		$	63,605		$	55		$	139		$	102,683
Operating expenses		21,246			31,762			2,679			(51	)		55,636
Depreciation and amortization		7,604			12,955			-			-			20,559
Mortgage and loan interest		10,512			30,408			9,196			4,095			54,211
Interest income		-			-			-			5,187			5,187
Loss on land sales		-			-			(15,155	)		-			(15,155	)
Segment operating income (loss)	$	(478	)	$	(11,520	)	$	(26,975	)	$	1,282		$	(37,691	)
Capital expenditures		490			649			471			-			1,610
Assets		184,525			521,155			311,860			(400	)		1,017,140
Property Sales
Sales price	$	6,470		$	191,617		$	28,357		$	-		$	226,444
Less: Cost of sale		(8,376	)		(150,127	)		(43,509	)		-			(202,012	)
Deferred current gain		-			(28,803	)		(3	)		-			(28,806	)
Recognized prior deferred gain		-			-			-			-			-
Gain on sale	$	(1,906	)	$	12,687		$	(15,155	)	$	-		$	(4,374	)

Segment information to the corresponding amounts in Statements of Operations

The tables below reconcile the segment information to the corresponding amounts in the Consolidated Statements of Operations (dollars in thousands):

	For Twelve Months Ended December 31,
	2012			2011			2010
Segment operating loss	$	780		$	1,254		$	(37,691	)
Other non-segment items of income (expense)
General and administrative		(5,426	)		(9,433	)		(8,327	)
Advisory fees		(8,915	)		(9,958	)		(11,919	)
Litigation settlement		-			-			-
Provision on impairment of notes receivable and real estate assets		(4,730	)		(37,002	)		(22,579	)
Other income		6,491			2,480			8,376
Loss on sale of investments		(118	)		(514	)		-
Equity in earnings of investees		(66	)		242			(958	)
Income tax benefit		1,358			2,215			2,131
Loss from continuing operations	$	(10,626	)	$	(50,716	)	$	(70,967	)

Segment information to amounts in the Balance Sheets

The tables below reconcile the segment information to the corresponding amounts in the Consolidated Balance Sheets (dollars in thousands):

	For the Years Ended December 31,
	2012		2011		2010
Segment assets	$	878,874	$	920,639	$	1,017,140
Investments in real estate partnerships		5,439		6,362		8,146
Other assets		142,954		165,622		163,501
Assets held for sale		18,077		67,701		195,974
Total assets	$	1,045,344	$	1,160,324	$	1,384,761