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OPERATING SEGMENTS (Tables)
 9 Months Ended
Sep. 30, 2014
OPERATING SEGMENTS (Tables)  
Segments operating income including segment assets and expenditures

Presented below is our reportable segments’ operating income for the three and nine months ended September 30, 2014 and 2013, including segment assets and expenditures (dollars in thousands):

 

 

 

Commercial

 

 

 

 

 

 

 

 

 

 

 

For the Three Months Ended September 30, 2014

 

Properties

 

Apartments

 

Land

 

 

Other

 

 

Total

 

Rental and other property revenues

 

$

4,268

 

 

$

14,187

 

 

$

-

 

 

$

11

 

 

$

18,466

 

Property operating expenses

 

 

2,680

 

 

 

6,856

 

 

 

534

 

 

 

7

 

 

 

10,077

 

Depreciation

 

 

1,924

 

 

 

2,491

 

 

 

-

 

 

 

-

 

 

 

4,415

 

Mortgage and loan interest

 

 

1,239

 

 

 

3,658

 

 

 

940

 

 

 

1,377

 

 

 

7,214

 

Deferred borrowing costs amortization

 

 

6

 

 

 

538

 

 

 

98

 

 

 

187

 

 

 

829

 

Loan charges and prepayment penalties

 

 

-

 

 

 

1,026

 

 

 

18

 

 

 

-

 

 

 

1,044

 

Interest income

 

 

-

 

 

 

-

 

 

 

-

 

 

 

3,064

 

 

 

3,064

 

Gain on land sales

 

 

-

 

 

 

-

 

 

 

40

 

 

 

-

 

 

 

40

 

Segment operating income (loss)

 

$

(1,581

)

 

$

(382

)

 

$

(1,550

)

 

$

1,504

 

 

$

(2,009

)

Capital expenditures

 

 

485

 

 

 

38

 

 

 

1,435

 

 

 

-

 

 

 

1,958

 

Real estate assets

 

 

127,791

 

 

 

346,656

 

 

 

155,088

 

 

 

-

 

 

 

629,535

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Property Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales price

 

$

2,582

 

 

$

-

 

 

$

4,269

 

 

$

-

 

 

$

6,851

 

Cost of sale

 

 

812

 

 

 

-

 

 

 

4,229

 

 

 

-

 

 

 

5,041

 

Gain on sale

 

$

1,770

 

 

$

-

 

 

$

40

 

 

$

-

 

 

$

1,810

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Three Months Ended September 30, 2013

 

Properties

 

Apartments

 

Land

 

 

Other

 

 

Total

 

Rental and other property revenues

 

$

4,867

 

 

$

13,700

 

 

$

2

 

 

$

94

 

 

$

18,663

 

Property operating expenses

 

 

2,857

 

 

 

6,407

 

 

 

260

 

 

 

19

 

 

 

9,543

 

Depreciation

 

 

1,519

 

 

 

2,505

 

 

 

-

 

 

 

-

 

 

 

4,024

 

Mortgage and loan interest

 

 

1,256

 

 

 

3,846

 

 

 

1,525

 

 

 

653

 

 

 

7,280

 

Deferred borrowing costs amortization

 

 

15

 

 

 

(13

)

 

 

31

 

 

 

39

 

 

 

72

 

Interest income

 

 

-

 

 

 

-

 

 

 

-

 

 

 

2,131

 

 

 

2,131

 

Segment operating income (loss)

 

$

(780

)

 

$

955

 

 

$

(1,814

)

 

$

1,514

 

 

$

(125

)

Capital expenditures

 

 

2,955

 

 

 

37

 

 

 

83

 

 

 

-

 

 

 

3,075

 

Real estate assets

 

 

138,976

 

 

 

356,518

 

 

 

171,151

 

 

 

-

 

 

 

666,645

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Property Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales price

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

Cost of sale

 

 

-

 

 

 

(127

)

 

 

-

 

 

 

-

 

 

 

(127

)

Gain on sale

 

$

-

 

 

$

127

 

 

$

-

 

 

$

-

 

 

$

127

 

 
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

 

 

 

September 30,

 

 

 

2014

 

 

2013

 

Segment operating loss

 

$

(2,009

)

 

$

(125

)

Other non-segment items of income (expense)

 

 

 

 

 

 

 

 

General and administrative

 

 

(1,131

)

 

 

(1,468

)

Provision on impairment of notes receivable and real estate assets

 

 

-

 

 

 

(214

)

Net income fee to related party

 

 

186

 

 

 

(55

)

Advisory fee to related party

 

 

(1,826

)

 

 

(2,168

)

Other income

 

 

344

 

 

 

72

 

Loss on sale of investment

 

 

-

 

 

 

(275

)

Earnings (loss) from unconsolidated joint ventures and investees

 

 

10

 

 

 

(30

)

Litigation settlement

 

 

(86

)

 

 

(2,739

)

Income tax benefit

 

 

786

 

 

 

402

 

Net loss from continuing operations

 

$

(3,726

)

 

$

(6,600

)

 

 

 

 

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

 

 

 

For the Nine Months Ended

 

 

 

September 30,

 

 

 

2014

 

 

2013

 

Segment operating loss

 

$

(2,466

)

 

$

(5,925

)

Other non-segment items of income (expense)

 

 

 

 

 

 

 

 

General and administrative

 

 

(5,417

)

 

 

(4,696

)

Provision on impairment of notes receivable and real estate assets

 

 

-

 

 

 

(214

)

Net income fee to related party

 

 

(514

)

 

 

(159

)

Advisory fee to related party

 

 

(5,490

)

 

 

(6,377

)

Other income

 

 

741

 

 

 

242

 

Loss on sale of investment

 

 

-

 

 

 

(283

)

Loss from unconsolidated joint ventures and investees

 

 

(5

)

 

 

(28

)

Litigation settlement

 

 

3,666

 

 

 

(2,727

)

Income tax benefit

 

 

5,030

 

 

 

8,210

 

Net loss from continuing operations

 

$

(4,455

)

 

$

(11,957

)

 
Segment information to amounts in the Balance Sheets

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

 

 

 

September 30,

 

 

 

2014

 

 

2013

 

Segment assets

 

$

629,535

 

 

$

666,645

 

Investments in real estate partnerships

 

 

1,503

 

 

 

5,508

 

Notes and interest receivable

 

 

80,788

 

 

 

60,812

 

Other assets

 

 

184,164

 

 

 

238,281

 

Total assets

 

$

895,990

 

 

$

971,246

 

 

 

 

 

Commercial

 

 

 

 

 

 

 

 

 

 

 

For the Nine Months Ended September 30, 2014

 

Properties

 

Apartments

 

Land

 

 

Other

 

 

Total

 

Rental and other property revenues

 

$

13,143

 

 

$

42,105

 

 

$

-

 

 

$

33

 

 

$

55,281

 

Property operating expenses

 

 

8,526

 

 

 

19,175

 

 

 

927

 

 

 

12

 

 

 

28,640

 

Depreciation

 

 

5,448

 

 

 

7,519

 

 

 

-

 

 

 

-

 

 

 

12,967

 

Mortgage and loan interest

 

 

4,186

 

 

 

11,100

 

 

 

3,355

 

 

 

2,645

 

 

 

21,286

 

Deferred borrowing costs amortization

 

 

24

 

 

 

1,472

 

 

 

172

 

 

 

375

 

 

 

2,043

 

Loan charges and prepayment penalties

 

 

9

 

 

 

2,599

 

 

 

18

 

 

 

-

 

 

 

2,626

 

Interest income

 

 

-

 

 

 

-

 

 

 

-

 

 

 

9,181

 

 

 

9,181

 

Gain on land sales

 

 

-

 

 

 

-

 

 

 

634

 

 

 

-

 

 

 

634

 

Segment operating income (loss)

 

$

(5,050

)

 

$

240

 

 

$

(3,838

)

 

$

6,182

 

 

$

(2,466

)

Capital expenditures

 

 

3,474

 

 

 

137

 

 

 

1,586

 

 

 

-

 

 

 

5,197

 

Real estate assets

 

 

127,791

 

 

 

346,656

 

 

 

155,088

 

 

 

-

 

 

 

629,535

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Property Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales price

 

$

19,182

 

 

$

23,131

 

 

$

4,986

 

 

$

-

 

 

$

47,299

 

Cost of sale

 

 

10,409

 

 

 

17,078

 

 

 

4,352

 

 

 

-

 

 

 

31,839

 

Gain on sale

 

$

8,773

 

 

$

6,053

 

 

$

634

 

 

$

-

 

 

$

15,460

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Nine Months Ended September 30, 2013

 

Properties

 

Apartments

 

Land

 

 

Other

 

 

Total

 

Rental and other property revenues

 

$

14,630

 

 

$

40,493

 

 

$

36

 

 

$

98

 

 

$

55,257

 

Property operating expenses

 

 

8,092

 

 

 

18,140

 

 

 

780

 

 

 

29

 

 

 

27,041

 

Depreciation

 

 

4,246

 

 

 

7,491

 

 

 

-

 

 

 

-

 

 

 

11,737

 

Mortgage and loan interest

 

 

4,098

 

 

 

11,923

 

 

 

4,303

 

 

 

2,056

 

 

 

22,380

 

Deferred borrowing costs amortization

 

 

55

 

 

 

2,225

 

 

 

118

 

 

 

42

 

 

 

2,440

 

Loan charges and prepayment penalties

 

 

-

 

 

 

3,937

 

 

 

-

 

 

 

26

 

 

 

3,963

 

Interest income

 

 

-

 

 

 

-

 

 

 

-

 

 

 

6,427

 

 

 

6,427

 

Loss on land sales

 

 

-

 

 

 

-

 

 

 

(48

)

 

 

-

 

 

 

(48

)

Segment operating income (loss)

 

$

(1,861

)

 

$

(3,223

)

 

$

(5,213

)

 

$

4,372

 

 

$

(5,925

)

Capital expenditures

 

 

5,869

 

 

 

147

 

 

 

364

 

 

 

-

 

 

 

6,380

 

Real estate assets

 

 

138,976

 

 

 

356,518

 

 

 

171,151

 

 

 

-

 

 

 

666,645

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Property Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales price

 

$

26,974

 

 

$

50,122

 

 

$

2,250

 

 

$

-

 

 

$

79,346

 

Cost of sale

 

 

14,914

 

 

 

37,790

 

 

 

2,298

 

 

 

-

 

 

 

55,002

 

Gain (loss) on sale

 

$

12,060

 

 

$

12,332

 

 

$

(48

)

 

$

-

 

 

$

24,344

 

 

 

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

 

 

 

September 30,

 

 

 

2014

 

 

2013

 

Segment assets

 

$

629,535

 

 

$

666,645

 

Investments in real estate partnerships

 

 

1,503

 

 

 

5,508

 

Notes and interest receivable

 

 

80,788

 

 

 

60,812

 

Other assets

 

 

184,164

 

 

 

238,281

 

Total assets

 

$

895,990

 

 

$

971,246