OPERATING SEGMENTS

3 Months Ended

Mar. 31, 2016

Segment Reporting [Abstract]

OPERATING SEGMENTS

NOTE 6. OPERATING SEGMENTS

The Company’s segments are based on management’s method of internal reporting, which classifies operations by the type of property in the portfolio. The Company’s segments by use of property are land and other. 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 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, 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 the notes receivable and corporate debt.

Presented below is the operating segment information for the three months ended March 31, 2016 and 2015 (dollars in thousands):

For the Three Months Ended March 31, 2016	Land			Other		Total
Rental and other property revenues	$	—		$	—	$	—
Property operating expenses		—			—		—
Mortgage and loan interest		—			—		—
Interest income from related parties		—			1,208		1,208
Segment operating income (loss)	$	—		$	1,208	$	1,208
Real estate assets		22,717			—		22,717
For the Three Months Ended March 31, 2015	Land			Other		Total
Rental and other property revenues	$	—		$	—	$	—
Property operating expenses		(7	)		—		(7	)
Mortgage and loan interest		(165	)		—		(165	)
Interest income from related parties		—			1,120		1,120
Segment operating income (loss)	$	(172	)	$	1,120	$	948
Real estate assets		25,717			—		25,717

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 March 31,
	2016			2015
Segment operating income	$	1,208		$	948
Other non-segment items of income (expense)
General and administrative		(93	)		(174	)
Net income fee to related party		(72	)		(45	)
Advisory fee to related party		(153	)		(175	)
Other income		3			—
Net income from continuing operations	$	893		$	554

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

	March 31,
	2016		2015
Real estate assets	$	22,717	$	25,717
Notes and interest receivable		23,044		24,316
Other assets		39,435		43,441
Total assets	$	85,196	$	93,474