OPERATING SEGMENTS

6 Months Ended

Jun. 30, 2017

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 June 30, 2017 and 2016 (dollars in thousands):

For the Three Months Ended June 30, 2017	Land		Other		Total
Interest income				1,119		1,119
Segment operating income	$	—	$	1,119	$	1,119
Real estate assets	$	22,717	$	—	$	22,717
For the Three Months Ended June 30, 2016	Land		Other		Total
Interest income		—		1,085		1,086
Segment operating income	$	—	$	1,085	$	1,086
Real estate assets	$	22,717	$	—	$	22,717

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

	For the Three Months Ended
	June 30,
	2017			2016
Segment operating income	$	1,119		$	1,085
Other non-segment items of income (expense)
General and administrative		(119	)		(128	)
Net income fee		(77	)		(54	)
Advisory fee to related party		(164	)		(160	)
Other income		250			—
Net income from continuing operations	$	1,009		$	743

Presented below is the operating segment information for the six months ended June 30, 2017 and 2016 (dollars in thousands):

For the Six Months Ended June 30, 2017	Land		Other		Total
Rental and other property revenues					$	—
Property operating expenses						—
Mortgage and loan interest						—
Interest income from related parties				2,208		2,208
Segment operating income (loss)	$	—	$	2,208	$	2,208
Real estate assets	$	22,717	$	—	$	22,717
For the Six Months Ended June 30, 2016	Land		Other		Total
Rental and other property revenues					$	—
Property operating expenses					$	—
Mortgage and loan interest					$	—
Interest income from related parties				2,293	$	2,293
Segment operating income (loss)	$	—	$	2,293	$	2,293
Real estate assets	$	22,717	$	—	$	22,717

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

	Six Months Ended June 30,
	2017			2016
Segment operating income	$	2,208		$	2,293
Other non-segment items of income (expense)
General and administrative		(249	)		(221	)
Net income fee to related party		(137	)		(126	)
Advisory fee to related party		(326	)		(313	)
Other income		250			3
Net income from continuing operations	$	1,746		$	1,636

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

	As of June 30,
	2017		2016
Real estate assets	$	22,717	$	22,717
Notes and interest receivable		15,061		23,763
Other assets		50,357		39,477
Total assets	$	88,135	$	85,957