OPERATING SEGMENTS (Tables)

3 Months Ended

Mar. 31, 2017

Segment Reporting [Abstract]

Schedule of operating income of each operating segment and each segment's assets

Presented below is our reportable segments’ operating income for the three months ended March 31, 2017 and 2016, including segment assets and expenditures (dollars in thousands):

For the Three Months Ended March 31, 2017	Commercial Properties			Apartments			Land			Other			Total
Rental and other property revenues	$	9,159		$	22,660		$	—		$	3		$	31,822
Property operating expenses		(4,939	)		(10,746	)		(279	)		(301	)		(16,265	)
Depreciation		(2,302	)		(4,046	)		—			18			(6,330	)
Mortgage and loan interest		(1,606	)		(6,758	)		(694	)		(7,738	)		(16,796	)
Interest income		—			—			—			4,792			4,792
Gain on land sales		—			—			445			—			445
Segment operating income (loss)	$	312		$	1,110		$	(528	)	$	(3,226	)	$	(2,332	)
Capital expenditures		1,375			—			399			—			1,774
Real estate assets		150,255			633,491			127,978			—			911,724
Property Sales
Sales price	$	—		$	—		$	1,089		$	—		$	1,089
Cost of sale		—			—			(644	)		—			(644	)
Gain on sale	$	—		$	—		$	445		$	—		$	445

For the Three Months Ended March 31, 2016	Commercial Properties			Apartments			Land			Other			Total
Rental and other property revenues	$	7,890		$	21,315		$	—		$	—		$	29,205
Property operating expenses		(5,095	)		(9,394	)		(747	)		20			(15,216	)
Depreciation		(2,314	)		(3,534	)					18			(5,830	)
Mortgage and loan interest		(1,974	)		(6,157	)		(312	)		(5,771	)		(14,214	)
Interest income		—			—			—			5,291			5,291
Loss on sale of income producing properties		(244	)		—			—			—			(244	)
Gain on land sales		—			—			1,652			—			1,652
Segment operating income (loss)	$	(1,737	)	$	2,230		$	593		$	(442	)	$	644
Capital expenditures		1,401			—			770			—			2,171
Real estate assets		152,945			556,294			146,132			—			855,371
Property Sales
Sales price	$	1,500		$	—		$	4,180		$	—		$	5,680
Cost of sale		(1,744	)		—			(2,528	)		—			(4,272	)
Gain (loss) on sale	$	(244	)	$	—		$	1,652		$	—		$	1,408

Schedule of reconciliation of segment information to Consolidated Statements of Operations

The table below reflects the reconciliation of segment information to the corresponding amounts in the Consolidated Statements of Operations for the three months ended March 31, 2017 and 2016 (dollars in thousands):

	For the Three Months Ended
	March 31,
	2017			2016
Segment operating income (loss)	$	(2,332	)	$	644
Other non-segment items of income (expense)
General and administrative		(2,031	)		(2,025	)
Net income fee to related party		(60	)		(72	)
Advisory fee to related party		(2,659	)		(2,738	)
Other income		1,120			298
Earnings from unconsolidated investees		55			155
Income tax benefit		—			1
Net loss from continuing operations	$	(5,907	)	$	(3,737	)

Schedule of reconciliation of segment information to Consolidated Balance Sheets

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

	As of March 31,
	2017		2016
Segment assets	$	911,724	$	855,371
Investments in unconsolidated investees		6,141		5,739
Notes and interest receivable		121,696		116,237
Other assets		174,164		129,920
Total assets	$	1,213,725	$	1,107,267