OPERATING SEGMENTS

3 Months Ended

Mar. 31, 2020

Segment Reporting [Abstract]

OPERATING SEGMENTS

NOTE 11.             OPERATING SEGMENTS 

Our segments are based on our method of internal reporting, which classifies our operations by property type. Our property types are grouped into commercial, apartments, land and other operating segments. Significant differences among the accounting policies of the operating segments as compared to the Consolidated Financial Statements principally involve the calculation and allocation of administrative and other expenses. Management evaluates the performance of each of the operating segments and allocates resources to them based on their net operating income and cash flow. 

Items of income that are not reflected in the segments are interest, other income, gain on debt extinguishment, gain on condemnation award, equity in partnerships, and gains on sale of real estate. Expenses that are not reflected in the segments are provision for losses, advisory fees, net income and incentive fees, general and administrative, non-controlling interests and net loss from discontinued operations before gains on sale of real estate. 

The segment labeled as “Other” consists of revenue and operating expenses related to notes receivable and corporate debt.

Presented below is our reportable segments’ operating income for the three months ended March 31, 2020 and 2019, including segment assets and expenditures (dollars in thousands):

	Commercial
For the Three Months Ended March 31, 2020	Properties			Apartments			Land			Other			Total
Rental and other property revenues	$	7,884		$	4,032		$	—		$	2		$	11,918
Property operating expenses		(4,108	)		(1,930	)		(99	)		(172	)		(6,309	)
Depreciation		(2,522	)		(872	)		—			—			(3,394	)
Mortgage and loan interest		(1,371	)		(1,172	)		(206	)		(5,218	)		(7,967	)
Interest income		—			—			—			4,527			4,527
Gain on land sales		—			—			4,138			—			4,138
Segment operating (loss) income	$	(117	)	$	58		$	3,833		$	(861	)	$	2,913
Capital expenditures	$	709		$	7,033		$	2,000		$	—		$	9,742
Assets	$	148,424		$	179,484		$	68,669		$	—		$	396,577
Property Sales
Sales price	$	—		$	—		$	5,712		$	—		$	5,712
Cost of sale		—			—			(1,574	)		—			(1,574	)
Gain on land sales	$	—		$	—		$	4,138		$	—		$	4,138

	Commercial
For the Three Months Ended March 31, 2019	Properties			Apartments			Land			Other			Total
Rental and other property revenues	$	8,227		$	3,700		$	—		$	2		$	11,929
Property operating expenses		(3,936	)		(2,058	)		43			(46	)		(5,997	)
Depreciation		(2,375	)		(734	)		—			—			(3,109	)
Mortgage and loan interest		(1,967	)		(934	)		(253	)		(4,805	)		(7,959	)
Interest income		—			—			—			4,558			4,558
Gain on land sales		—			—			2,216			—			2,216
Segment operating (loss) income	$	(51	)	$	(26	)	$	2,006		$	(291	)	$	1,638
Capital expenditures	$	55,612		$	589		$	4,081		$	—		$	60,282
Assets	$	154,780		$	153,085		$	82,074		$	—		$	389,939
Property Sales
Sales price	$	—		$	—		$	8,715		$	—		$	8,715
Cost of sale		—			—			(6,499	)		—			(6,499	)
Gain on sale	$	—		$	—		$	2,216		$	—		$	2,216

The table below provides the reconciliation of segment information to the corresponding amounts in the Consolidated Statements of Operations for the three months ended March 31, 2020 and 2019 (dollars in thousands): 

	For the Three Months Ended March 31,
	2020			2019
Segment operating income	$	2,913		$	1,638
Other non-segment items of income (expense)
General and administrative		(2,521	)		(2,203	)
Franchise taxes and other expenses		(1,494	)		(125	)
Net income fee to related party		(86	)		(100	)
Advisory fee to related party		(2,095	)		(1,648	)
Other income		835			3,892
Foreign currency translation gain (loss)		7,843			(5,818	)
Loss from joint venture		(376	)		(1,055	)
Losses from other unconsolidated investees		(1	)		(7	)
Net income (loss) from continuing operations	$	5,018		$	(5,426	)

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

	For the Three Months Ended March 31,
	2020		2019
Segment assets	$	396,577	$	389,939
Investments in unconsolidated subsidiaries and investees		76,139		90,138
Notes and interest receivable		126,870		82,469
Other assets and receivables		251,203		290,068
Total assets	$	850,789	$	852,614