OPERATING SEGMENTS

9 Months Ended

Sep. 30, 2011

OPERATING SEGMENTS

OPERATING SEGMENTS

NOTE 7. OPERATING SEGMENTS

Our segments are based on our method of internal reporting which classifies our operations by property type.  Our segments are land and other.  Presented below is the operating segment information for the three and nine months ended September 30, 2011 and 2010 (dollars in thousands):

For the Three Months Ended September 30, 2011	Land			Other		Total
Operating revenue	$	-		$	-	$	-
Operating expenses		6			-		6
Depreciation and amortization		-			-		-
Mortgage and loan interest		282			-		282
Interest income		-			543		543
Gain on land sales		-			-		-
Segment operating income (loss)	$	(288	)	$	543	$	255
Capital expenditures		-			-		-
Assets		24,511			-		24,511
For the Three Months Ended September 30, 2010	Land			Other		Total
Operating revenue	$	-		$	-	$	-
Operating expenses		4			3		7
Depreciation and amortization		-			-		-
Mortgage and loan interest		279			-		279
Interest income		-			512		512
Gain on land sales		-			-		-
Segment operating income (loss)	$	(283	)	$	509	$	226
Capital expenditures		-			-		-
Assets		29,561			-		29,561

The table below reconciles the segment information to the corresponding amounts in the Statements of Operations:

	For the Three Months Ended
	September 30,
	2011			2010
Segment operating income	$	255		$	226
Other non-segment items of income (expense)
General and administrative		(94	)		(70	)
Advisory fee		(219	)		(217	)
Equity in earnings of investees		28			(8	)
Income tax benefit (expense)		(170	)		13
Loss from continuing operations	$	(200	)	$	(56	)

The table below reconciles the segment assets to total assets:

	September 30,
	2011		2010
Segment assets	$	24,511	$	29,561
Investments in real estate partnerships		67		89
Other assets and receivables		81,990		87,437
Total assets	$	106,553	$	115,527

For the Nine Months Ended September 30, 2011	Land			Other		Total
Operating revenue	$	-		$	-	$	-
Operating expenses		10			8		18
Mortgage and loan interest		928			-		928
Interest income		-			1,560		1,560
Segment operating income (loss)	$	(938	)	$	1,552	$	614
Capital expenditures		-			-		-
Assets		24,511			-		24,511
For the Nine Months Ended September 30, 2010	Land			Other		Total
Operating revenue	$	-		$	-	$	-
Operating expenses		35			4		39
Mortgage and loan interest		841			-		841
Interest income		-			1,842		1,842
Segment operating income (loss)	$	(876	)	$	1,838	$	962
Capital expenditures		-			-		-
Assets		29,561			-		29,561

The table below reconciles the segment information to the corresponding amounts in the Statements of Operations:

	For the Nine Months Ended
	September 30,
	2011			2010
Segment operating income	$	614		$	962
Other non-segment items of income (expense)
General and administrative		(370	)		(247	)
Advisory fee		(650	)		(650	)
Equity in earnings of investees		(22	)		(5	)
Income tax benefit (expense)		(672	)		49
Income (loss) from continuing operations	$	(1,100	)	$	109

The table below reconciles the segment assets to total assets:

	September 30,
	2011		2010
Segment assets	$	24,511	$	29,561
Investments in real estate partnerships		67		89
Other assets and receivables		81,975		85,879
Total assets	$	106,553	$	115,527