OPERATING SEGMENTS (Tables)

3 Months Ended

Mar. 31, 2017

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 March 31, 2017 and 2016, including segment assets and expenditures (dollars in thousands):

	Commercial
For the Three Months Ended March 31, 2017	Properties			Apartments			Land			Other			Total
Rental and other property revenues	$	8,872		$	22,660		$	—		$	3		$	31,535
Property operating expenses		(4,683	)		(10,745	)		(159	)		(302	)		(15,889	)
Depreciation		(2,257	)		(4,046	)		—			—			(6,303	)
Mortgage and loan interest		(1,606	)		(6,759	)		(551	)		(6,251	)		(15,167	)
Interest income		—			—			—			3,421			3,421
Gain on land sales		—			—			445			—			445
Segment operating income (loss)	$	326		$	1,110		$	(265	)	$	(3,129	)	$	(1,958	)
Capital expenditures		1,343						399						1,742
Real estate assets		148,115			635,845			117,922			—			901,882
Property Sales
Sales price	$	—		$	—		$	1,089		$	—		$	1,089
Cost of sale		—			—			(644	)		—			(644	)
Gain on sale	$	—		$	—		$	445		$	—		$	445

	Commercial
For the Three Months Ended March 31, 2016	Properties			Apartments			Land			Other			Total
Rental and other property revenues	$	7,588		$	21,315		$	—		$	—		$	28,903
Property operating expenses		(4,858	)		(9,394	)		(731	)		20			(14,963	)
Depreciation		(2,273	)		(3,535	)		—			—			(5,808	)
Mortgage and loan interest		(1,950	)		(6,157	)		(530	)		(4,529	)		(13,166	)
Interest income		—			—			—			3,847			3,847
Loss on sale of income producing properties		(244	)		—			—			—			(244	)
Gain on land sales		—			—			1,652			—			1,652
Segment operating income (loss)	$	(1,737	)	$	2,229		$	391		$	(662	)	$	221
Capital expenditures		976						770						1,746
Real estate assets		150,680			558,721			136,076			—			845,477
Property Sales
Sales price	$	1,500		$	—		$	4,180		$	—		$	5,680
Cost of sale		(1,744	)		—			(2,528	)		—			(4,272	)
Gain (loss) on sale	$	(244	)	$	—		$	1,652		$	—		$	1,408

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 March 31, 2017 and 2016 (dollars in thousands):

	For the Three Months Ended
	March 31,
	2017			2016
Segment operating income (loss)	$	(1,958	)	$	221
Other non-segment items of income (expense)
General and administrative		(1,780	)		(1,609	)
Net income fee to related party		(60	)		(72	)
Advisory fee to related party		(2,805	)		(2,371	)
Other income		1,068			267
Loss from unconsolidated joint ventures and investees		(8)			(2	)
Income tax benefit		—			1
Net loss from continuing operations	$	(5,543	)	$	(3,565	)

Schedule of reconciliaton segment information to consolidated balance sheets

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

	As of March 31,
	2017		2016
Segment assets	$	901,882	$	845,477
Investments in real estate partnerships		2,438		2,460
Notes and interest receivable		76,856		67,557
Other assets		246,487		187,226
Total assets	$	1,227,663	$	1,102,720