OPERATING SEGMENTS

6 Months Ended

Jun. 30, 2018

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, 2018 and 2017 (dollars in thousands):

For the Three Months Ended June 30, 2018	Land		Other		Total
Operating revenues	$	—	$	—	$	—
Interest income from related parties		—		1,081		1,081
Segment operating income	$	—	$	1,081	$	1,081
Real estate assets	$	22,717	$	—	$	22,717
For the Three Months Ended June 30, 2017	Land		Other		Total
Operating revenues	$	—	$	—	$	—
Interest income from related parties		—		1,119		1,119
Segment operating income	$	—	$	1,119	$	1,119
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,
	2018			2017
Segment operating income	$	1,081		$	1,119
Other non-segment items of income (expense)
General and administrative		(153	)		(119	)
Net income fee		(53	)		(77	)
Advisory fee to related party		(168	)		(164	)
Other income		—			250
Net income from continuing operations	$	707		$	1,009

Presented below is the operating segment information for the six months ended June 30, 2018 and 2017 (dollars in thousands):

For the Six Months Ended June 30, 2018	Land		Other		Total
Operating revenues	$	—	$	—	$	—
Interest income from related parties		—		2,123		2,123
Segment operating income	$	—	$	2,123	$	2,123
For the Six Months Ended June 30, 2017	Land		Other		Total
Operating revenues	$	—	$	—	$	—
Interest income from related parties		—		2,208		2,208
Segment operating income	$	—	$	2,208	$	2,208

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,
	2018			2017
Segment operating income	$	2,123		$	2,208
Other non-segment items of income (expense)
General and administrative		(276	)		(249	)
Net income fee to related party		(106	)		(137	)
Advisory fee to related party		(332	)		(326	)
Other income		—			250
Net income from continuing operations	$	1,409		$	1,746

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,
	2018		2017
Real estate assets	$	22,717	$	22,717
Notes and interest receivable		14,015		15,061
Other assets		52,576		50,357
Total assets	$	89,308	$	88,135