OPERATING SEGMENTS (Tables)

6 Months Ended

Jun. 30, 2015

Segment Reporting [Abstract]

Schedule of operating segment, including segment assets and expenditures

Presented below is our reportable segments’ operating income for the three and six months ended June 30, 2015 and 2014, including segment assets and expenditures (dollars in thousands):

For the Three Months Ended June 30, 2015	Commercial Properties			Apartments			Land			Other			Total
Rental and other property revenues	$	6,678		$	17,070		$	—		$	8		$	23,756
Property operating expenses		(3,134	)		(7,693	)		(129	)		27			(10,929	)
Depreciation		(2,197	)		(2,910	)		—			—			(5,107	)
Mortgage and loan interest		(1,639	)		(3,293	)		(1,193	)		(2,091	)		(8,216	)
Interest income		—			—			—			2,994			2,994
Gain on land sales		—			—			1,250			—			1,250
Segment operating income (loss)	$	(292	)	$	3,174		$	(72	)	$	938		$	3,748
Capital expenditures		2,940			1,498			485			—			4,923
Real estate assets		160,403			476,391			155,617			—			792,411
Property Sales
Sales price	$	—		$	—		$	1,878		$	—		$	1,878
Cost of sale		—			—			(628	)		—			(628	)
Gain on sale	$	—		$	—		$	1,250		$	—		$	1,250

For the Three Months Ended June 30, 2014	Commercial Properties			Apartments			Land			Other			Total
Rental and other property revenues	$	4,425		$	14,072		$	—		$	14		$	18,511
Property operating expenses		(2,968	)		(6,187	)		(204	)		—			(9,359	)
Depreciation		(1,733	)		(2,538	)		—			—			(4,271	)
Mortgage and loan interest		(1,546	)		(3,754	)		(1,348	)		(1,221	)		(7,869	)
Interest income		—			—			—			4,005			4,005
Loss on land sales		—			—			(159	)		—			(159	)
Segment operating income (loss)	$	(1,822	)	$	1,593		$	(1,711	)	$	2,798		$	858
Capital expenditures		1,859			99			66			—			2,024
Real estate assets		129,607			374,022			157,623			—			661,252
Property Sales
Sales price	$	16,600		$	—		$	717		$	—		$	17,317
Cost of sale		(9,597	)		—			(876	)		—			(10,473	)
Gain (loss) on sale	$	7,003		$	—		$	(159	)	$	—		$	6,844

For the Six Months Ended June 30, 2015	Commercial Properties			Apartments			Land			Other			Total
Rental and other property revenues	$	13,464		$	32,543		$	—		$	53		$	46,060
Property operating expenses		(7,147	)		(14,353	)		(310	)		17			(21,793	)
Depreciation		(4,092	)		(5,659	)		—			—			(9,751	)
Mortgage and loan interest		(3,245	)		(9,364	)		(2,197	)		(3,595	)		(18,401	)
Interest income		—			—			—			6,755			6,755
Gain on land sales		—			—			4,126			—			4,126
Segment operating income (loss)	$	(1,020	)	$	3,167		$	1,619		$	3,230		$	6,996
Capital expenditures		6,132			1,755			1,311			—			9,198
Real estate assets		160,403			476,391			155,617			—			792,411
Property Sales
Sales price	$	—		$	—		$	9,135		$	—		$	9,135
Cost of sale		—			—			(5,009	)		—			(5,009	)
Gain on sale	$	—		$	—		$	4,126		$	—		$	4,126

For the Six Months Ended June 30, 2014	Commercial Properties			Apartments			Land			Other			Total
Rental and other property revenues	$	8,875		$	27,917		$	—		$	22		$	36,814
Property operating expenses		(5,845	)		(12,319	)		(393	)		(5	)		(18,562	)
Depreciation		(3,524	)		(5,028	)		—			—			(8,552	)
Mortgage and loan interest		(2,975	)		(9,949	)		(2,488	)		(1,456	)		(16,868	)
Interest income		—			—			—			6,118			6,118
Gain on land sales		—			—			594			—			594
Segment operating income (loss)	$	(3,469	)	$	621		$	(2,287	)	$	4,679		$	(456	)
Capital expenditures		2,989			99			151	#		—			3,239
Real estate assets		129,607			374,022			157,623			—			661,252
Property Sales
Sales price	$	16,600		$	23,131		$	2,367		$	—		$	42,098
Cost of sale		(9,597	)		(17,077	)		(1,773	)		—			(28,447	)
Gain on sale	$	7,003		$	6,054		$	594		$	—		$	13,651

Schedule of Segment information to Consolidated 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
	June 30,
	2015			2014
Segment operating income	$	3,748		$	858
Other non-segment items of income (expense)
General and administrative		(1,278	)		(2,738	)
Net income fee to related party		(45	)		(210	)
Advisory fee to related party		(1,951	)		(1,811	)
Other income		14			244
Earnings (loss) from unconsolidated joint ventures and investees		10			(11	)
Litigation settlement		(45	)		(86	)
Income tax benefit (expense)		(12	)		2,195
Net income (loss) from continuing operations	$	441		$	(1,559	)

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

	For the Six Months Ended
	June 30,
	2015			2014
Segment operating income (loss)	$	6,996		$	(456	)
Other non-segment items of income (expense)
General and administrative		(3,045	)		(4,287	)
Net income fee to related party		(90	)		(700	)
Advisory fee to related party		(3,894	)		(3,664	)
Other income		81			396
Earnings (loss) from unconsolidated joint ventures and investees		43			(16	)
Litigation settlement		(118	)		3,753
Income tax benefit		90			4,244
Net income (loss) from continuing operations	$	63		$	(730	)

Schedule of Segment information to Consolidated Balance Sheets

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

	As of June 30,
	2015		2014
Segment assets	$	792,411	$	661,252
Investments in real estate partnerships		2,155		1,509
Notes and interest receivable		74,867		69,074
Other assets		198,561		135,730
Total assets	$	1,067,994	$	867,565

The tables below reconcile the segment information to the corresponding amounts in the Consolidated Balance Sheets:

	As of June 30,
	2015		2014
Segment assets	$	792,411	$	661,252
Investments in real estate partnerships		2,155		1,509
Notes and interest receivable		74,867		69,074
Other assets		198,561		135,730
Total assets	$	1,067,994	$	867,565