OPERATING SEGMENTS (Tables)

9 Months Ended

Sep. 30, 2016

Segment Reporting [Abstract]

Schedule of operating segment, including segment assets and expenditures

Presented below is our reportable segments’ operating income for the three months ended September 30, 2016 and 2015, including capital expenditures and segment assets (dollars in thousands):

	Commercial
For the Three Months Ended September 30, 2016	Properties			Apartments			Land			Other			Total
Rental and other property revenues	$	7,368		$	22,408		$	—		$	—		$	29,776
Property operating expenses		(4,500	)		(10,696	)		(209	)		(8	)		(15,413	)
Depreciation and amortization		(2,207	)		(3,807	)		—			—			(6,014	)
Mortgage and loan interest		(1,700	)		(6,424	)		(420	)		(5,024	)		(13,568	)
Interest income		—			—			—			4,251			4,251
Gain on sale of income producing properties					—			—			—			—
Gain  on land sales		—			—			555			—			555
Segment operating income (loss)	$	(1,039	)	$	1,481		$	(74	)	$	(781	)	$	(413	)
Balance Sheet Data as of September 30, 2016
Capital expenditures	$	3,700		$	(146	)	$	1,873		$	—		$	5,427
Real estate assets	$	149,705		$	615,822		$	134,321		$	—		$	899,848
Property Sales
Sales price	$	—		$	—		$	805		$	—		$	805
Cost of sale		—			—			(250	)					(250	)
Gain on sale	$	—		$	—		$	555		$	—		$	555
		Commercial
For the Three Months Ended September 30, 2015		Properties			Apartments			Land			Other			Total
Rental and other property revenues	$	7,820		$	19,672		$	—		$	47		$	27,539
Property operating expenses		(4,202	)		(9,374	)		(349	)		(270	)		(14,195	)
Depreciation and amortization		(2,326	)		(4,229	)		—			—			(6,555	)
Mortgage and loan interest		(1,865	)		(6,299	)		(1,242	)		(4,144	)		(13,550	)
Interest income		—			—			—			2,505			2,505
Gain on sale of income producing properties		—			735			—			—			735
Gain on land sales		—			—			997			—			997
Segment operating income (loss)	$	(573	)	$	505		$	(594	)	$	(1,862	)	$	(2,524	)
Balance Sheet Data as of September 30, 2015
Capital expenditures	$	1,404		$	(43	)	$	1,461		$	—		$	2,822
Real estate assets	$	159,976		$	501,932		$	153,811		$	—		$	815,719
Property Sales
Sales price	$	—		$	11,129		$	2,851		$	—		$	13,980
Cost of sale		—			(10,394	)		(1,854	)		—			(12,248	)
Gain on sale	$	—		$	735		$	997		$	—		$	1,732

Presented below is our reportable segments’ operating income for the nine months ended September 30, 2016 and 2015, including capital expenditures and segment assets (dollars in thousands):

	Commercial
For the Nine Months Ended September 30, 2016	Properties			Apartments			Land			Other			Total
Rental and other property revenues	$	23,620		$	65,578		$	—		$	2		$	89,200
Property operating expenses		(13,953	)		(30,258	)		(1,079	)		(5	)		(45,295	)
Depreciation and amortization		(6,707	)		(10,958	)		—			—			(17,665	)
Mortgage and loan interest		(5,347	)		(18,689	)		(1,335	)		(13,455	)		(38,826	)
Interest income		—			—			—			11,386			11,386
Gain on sale of income-producing properties		(243	)		5,168						—			4,925
Gain on land sales		—			—			3,925			—			3,925
Segment operating income (loss)	$	(2,630	)	$	10,841		$	1,511		$	(2,072	)	$	7,650
Balance Sheet as of September 30, 2016
Capital expenditures	$	3,700		$	(146	)	$	1,873		$	—		$	5,427
Real estate assets	$	149,705		$	615,822		$	134,321		$	—		$	899,848
Property Sales
Sales price	$	1,500		$	8,100		$	8,139		$	—		$	17,739
Cost of sale		(1,743	)		(2,932	)		(4,214	)		—			(8,889	)
Gain (loss) on sale	$	(243	)	$	5,168		$	3,925		$	—		$	8,850
		Commercial
For the Nine Months Ended September 30, 2015		Properties			Apartments			Land			Other			Total
Rental and other property revenues	$	21,284		$	52,215		$	—		$	100		$	73,599
Property operating expenses		(11,350	)		(23,725	)		(659	)		(253	)		(35,987	)
Depreciation and amortization		(6,417	)		(9,888	)		—			—			(16,305	)
Mortgage and loan interest		(5,110	)		(15,664	)		(3,439	)		(7,740	)		(31,953	)
Interest income		—			—			—			9,260			9,260
Gain on sale of income producing properties		—			735			—			—			735
Gain on land sales		—			—			5,124			—			5,124
Segment operating income (loss)	$	(1,593	)	$	3,673		$	1,026		$	1,367		$	4,473
Balance Sheet as of September 30, 2015
Capital expenditures	$	7,536		$	1,712		$	2,772		$	—		$	12,020
Real estate assets	$	159,976		$	501,932		$	153,811		$	—		$	815,719
Property Sales
Sales price	$	—		$	11,129		$	11,987		$	—		$	23,116
Cost of sale		—			(10,394	)		(6,863	)		—			(17,257	)
Gain on sale	$	—		$	735		$	5,124		$	—		$	5,859

Schedule of reconciliaton of segment information to consolidated statements of operations

The table below reflects the reconciliation of segment information to the corresponding amounts in the Consolidated Statements of Operations for the three months ended September 30, 2016 and 2015 (dollars in thousands):

	Three Months Ended September 30,
	2016			2015
Segment operating income	$	(413	)	$	(2,524	)
Other non-segment items of income (expense)
General and administrative		(1,541	)		(1,146	)
Net income fee to related party		(67	)		(51	)
Advisory fee to related party		(2,394	)		(2,666	)
Other income		8			(77	)
Earnings from unconsolidated joint ventures and investees		—			(4	)
Litigation settlement		—			(85	)
Income tax expense		(25	)		16
Net loss from continuing operations	$	(4,432	)	$	(6,537	)

The table below reflects the reconciliation of segment information to the corresponding amounts in the Consolidated Statements of Operations for the nine months ended September 30, 2016 and 2015 (dollars in thousands):

	Nine Months Ended September 30,
	2016			2015
Segment operating income	$	7,650		$	4,473
Other non-segment items of income (expense)
General and administrative		(4,754	)		(4,191	)
Net income fee to related party		(193	)		(142	)
Advisory fee to related party		(7,096	)		(6,561	)
Other income		1,178			4
Earnings (loss) from unconsolidated joint ventures and investees		(2	)		39
Litigation settlement		—			(203	)
Income tax benefit		(24	)		107
Net loss from continuing operations	$	(3,241	)	$	(6,474	)

Schedule of reconciliaton segment information to consolidated balance sheets

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

	As of September 30,
	2016		2015
Segment assets	$	899,848	$	815,719
Investments in real estate partnerships		2,469		2,178
Notes and interest receivable		72,704		65,801
Other assets		176,527		192,879
Total assets	$	1,151,548	$	1,076,577