OPERATING SEGMENTS (Tables)

3 Months Ended

Mar. 31, 2013

OPERATING SEGMENTS (Tables)

Segments operating income including segment assets and expenditures

Presented below is our reportable segments’ operating income for the three months ended March 31, 2013 and 2012, including segment assets and expenditures (dollars in thousands):

	Commercial
For the Three Months Ended March 31, 2013	Properties			Apartments			Land			Other			Total
Operating revenue	$	7,273		$	19,970		$	34		$	-		$	27,277
Operating expenses		4,656			8,385			301			(23	)		13,319
Depreciation and amortization		1,454			3,567			-			-			5,021
Mortgage and loan interest		1,804			6,070			1,401			712			9,987
Deferred borrowing costs		22			2,354			55			2			2,433
Loan charges & prepayment penalites		-			3,982			-			-			3,982
Interest income		-			-			-			2,176			2,176
Gain on land sales		-			-			(48	)		-			(48	)
Segment operating income (loss)	$	(663	)	$	(4,388	)	$	(1,771	)	$	1,485		$	(5,337	)
Capital expenditures		824			31			53			-			908
Assets		162,857			518,557			170,619			-			852,033
Property Sales
Sales price	$	-		$	25,300		$	2,250		$	-		$	27,550
Cost of sale		-			19,110			2,298			-			21,408
Deferred current gain		-			-			-			-			-
Recognized prior deferred gain		-			-			-			-			-
Gain (loss) on sale	$	-		$	6,190		$	(48	)	$	-		$	6,142
	Commercial
For the Three Months Ended March 31, 2012	Properties			Apartments			Land			Other			Total
Operating revenue	$	8,587		$	18,587		$	-		$	41		$	27,215
Operating expenses		4,863			7,591			255			311			13,020
Depreciation and amortization		1,590			3,567			-			-			5,157
Mortgage and loan interest		2,815			6,998			1,573			1,091			12,477
Deferred borrowing costs		22			858			16			-			896
Loan charges & prepayment penalites		-			2,387			5			-			2,392
Interest income		-			-			-			3,229			3,229
Gain on land sales		-			-			423			-			423
Segment operating income (loss)	$	(703	)	$	(2,814	)	$	(1,426	)	$	1,868		$	(3,075	)
Capital expenditures		447			198			5			-			650
Assets		169,054			530,054			190,146			-			889,254
Property Sales
Sales price	$	-		$	21,146		$	6,330		$	-		$	27,476
Cost of sale		-			17,558			5,907			-			23,465
Deferred current gain		-			-			-			-			-
Recognized prior deferred gain		-			-			-			-			-
Gain (loss) on sale	$	-		$	3,588		$	423		$	-		$	4,011

Segment information to the corresponding amounts in Statements of Operations

The table below reconciles the segment information to the corresponding amounts in the Consolidated Statements of Operations:

	For Three Months Ended
	March 31,
	2013			2012
Segment operating loss	$	(5,337	)	$	(3,075	)
Other non-segment items of income (expense)
General and administrative		(1,837	)		(2,463	)
Advisory fees		(2,138	)		(2,303	)
Other income		36			1,611
Equity in earnings of investees		8			(73	)
Income tax benefit		2,195			761
Loss from continuing operations	$	(7,073	)	$	(5,542	)

Segment information to amounts in the Balance Sheets

The table below reconciles the segment information to the corresponding amounts in the Consolidated Balance Sheets:

	March 31,
	2013		2012
Segment assets	$	852,033	$	889,254
Investments in real estate partnerships		5,415		6,230
Other assets		121,926		149,684
Assets held for sale		20,237		69,891
Total assets	$	999,611	$	1,115,059