OPERATING SEGMENTS (Tables)

6 Months Ended

Jun. 30, 2013

OPERATING SEGMENTS (Tables)

Segments operating income including segment assets and expenditures

Presented below is our reportable segments’ operating income for the three and six months ended June 30, 2013 and 2012, including segment assets and expenditures (dollars in thousands):

	Commercial
For the Three Months Ended June 30, 2013	Properties			Apartments			Land			Other			Total
Rental and other property revenues	$	5,892		$	20,444		$	-		$	4		$	26,340
Property operating expenses		2,967			8,697			219			32			11,915
Depreciation and amortization		1,825			3,587			-			-			5,412
Mortgage and loan interest		1,725			5,860			1,378			691			9,654
Deferred borrowing costs		19			894			32			1			946
Loan charges and prepayment penalties		-			3,200			-			26			3,226
Interest income		-			-			-			2,119			2,119
Gain (loss) on land sales		-			-			-			-			-
Segment operating income (loss)	$	(644	)	$	(1,794	)	$	(1,629	)	$	1,373		$	(2,694	)
Capital expenditures		2,250			110			-			-			2,360
Real estate assets		150,234			515,080			170,941			-			836,255
Property Sales
Sales price	$	26,974		$	24,822		$	-		$	-		$	51,796
Cost of sale		14,914			18,808			-			-			33,722
Gain on sale	$	12,060		$	6,014		$	-		$	-		$	18,074
	Commercial
For the Three Months Ended June 30, 2012	Properties			Apartments			Land			Other			Total
Rental and other property revenues	$	7,142		$	19,277		$	-		$	2		$	26,421
Property operating expenses		4,095			8,394			260			(32	)		12,717
Depreciation and amortization		1,416			3,531			-			-			4,947
Mortgage and loan interest		1,462			6,928			1,409			1,408			11,207
Deferred borrowing costs		22			1,900			35			-			1,957
Loan charges and prepayment penalties		-			3,730			39			-			3,769
Interest income		-			-			-			3,869			3,869
Gain on land sales		-			-			4,738			-			4,738
Segment operating income (loss)	$	147		$	(5,206	)	$	2,995		$	2,495		$	431
Capital expenditures		293			37			-			-			330
Real estate assets		169,990			564,506			191,015			-			925,511
Property Sales
Sales price	$	6,825		$	25,985		$	12,650		$	-		$	45,460
Cost of sale		7,362			23,946			7,912			-			39,220
Gain (loss) on sale	$	(537	)	$	2,039		$	4,738		$	-		$	6,240

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 the Three Months Ended
	June 30,
	2013			2012
Segment operating income (loss)	$	(2,694	)	$	431
Other non-segment items of income (expense)
General and administrative		(1,616	)		(771	)
Advisory fees		(2,071	)		(2,217	)
Other income		144			1,592
Earnings from unconsolidated joint ventures and investees		15			9
Loss on sale of investment		-			(16	)
Income tax benefit		6,427			1,200
Net Income from continuing operations	$	205		$	228

Segment information to amounts in the Balance Sheets

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

	June 30,
	2013		2012
Segment assets	$	836,255	$	925,511
Investments in real estate partnerships		5,470		5,637
Notes and interest receivable		59,145		77,748
Other assets		68,944		82,007
Assets held for sale		-		2,879
Total assets	$	969,814	$	1,093,782