OPERATING SEGMENTS (Tables)

3 Months Ended

Mar. 31, 2015

OPERATING SEGMENTS (Tables)

Segments operating income including segment assets and expenditures

	Commercial
For the Three Months Ended March 31, 2015	Properties			Apartments			Land			Other			Total
Rental and other property revenues	$	6,786		$	15,473		$	-		$	45		$	22,304
Property operating expenses		(4,013	)		(6,660	)		(181	)		(10	)		(10,864	)
Depreciation		(1,895	)		(2,749	)		-			-			(4,644	)
Mortgage and loan interest		(1,509	)		(3,963	)		(954	)		(1,318	)		(7,744	)
Deferred borrowing costs amortization		(97	)		(258	)		(50	)		(186	)		(591	)
Loan charges and prepayment penalties		-			(1,850	)		-			-			(1,850	)
Interest income		-			-			-			3,760			3,760
Gain on land sales		-			-			2,876			-			2,876
Segment operating income (loss)	$	(728	)	$	(7	)	$	1,691		$	2,291		$	3,247
Capital expenditures		3,192			257			826			-			4,275
Real estate assets		141,728			389,276			155,017			-			686,021
Property Sales
Sales price	$	-		$	-		$	7,257		$	-		$	7,257
Cost of sale		-			-			(4,381	)		-			(4,381	)
Gain on sale	$	-		$	-		$	2,876		$	-		$	2,876

	Commercial
For the Three Months Ended March 31, 2014	Properties			Apartments			Land			Other			Total
Rental and other property revenues	$	4,449		$	13,846		$	-		$	8		$	18,303
Property operating expenses		(2,878	)		(6,132	)		(188	)		(5	)		(9,203	)
Depreciation		(1,792	)		(2,488	)		-			-			(4,280	)
Mortgage and loan interest		(1,408	)		(3,738	)		(1,109	)		(232	)		(6,487	)
Deferred borrowing costs amortization		(13	)		(884	)		(31	)		(3	)		(931	)
Loan charges and prepayment penalties		(9	)		(1,573	)		-			-			(1,582	)
Interest income		-			-			-			2,113			2,113
Gain on land sales		-			-			753			-			753
Segment operating income (loss)	$	(1,651	)	$	(969	)	$	(575	)	$	1,881		$	(1,314	)
Capital expenditures		1,130			-			85			-			1,215
Real estate assets		128,617			351,547			158,022			-			638,186
Property Sales
Sales price	$	-		$	23,131		$	1,565		$	-		$	24,696
Cost of sale		-			(17,078	)		(812	)		-			(17,890	)
Gain on sale	$	-		$	6,053		$	753		$	-		$	6,806

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 (dollars in thousands):

	For the Three Months Ended
	March 31,
	2015			2014
Segment operating income (loss)	$	3,247		$	(1,314	)
Other non-segment items of income (expense)
General and administrative		(1,768	)		(1,551	)
Net income fee to related party		(45	)		(490	)
Advisory fee to related party		(1,943	)		(1,852	)
Other income		67			153
Earnings (loss) from unconsolidated joint ventures and investees		33			(4	)
Litigation settlement		(73	)		3,839
Income tax benefit		102			2,049
Net income (loss) from continuing operations	$	(380	)	$	830

Segment information to amounts in the Balance Sheets

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

	March 31,
	2015		2014
Segment assets	$	686,021	$	638,186
Assets held or sale		-		37,632
Investments in real estate partnerships		1,714		1,824
Notes and interest receivable		88,751		61,769
Other assets		141,350		160,993
Total assets	$	917,836	$	900,404