OPERATING SEGMENTS (Tables)

9 Months Ended

Sep. 30, 2017

Segment Reporting [Abstract]

Schedule of segment operating income including segment assets and expenditures

Presented below is our reportable segments’ operating income for the three months ended September 30, 2017 and 2016, including capital expenditures and segment assets (dollars in thousands):

	Commercial
For the Three Months Ended September 30, 2017	Properties			Apartments			Land			Other			Total
Rental and other property revenues	$	8,461		$	23,231		$	111		$	4		$	31,807
Property operating expenses		(4,485	)		(10,659	)		(127	)		(132	)		(15,403	)
Depreciation		(2,345	)		(4,028	)		—			—			(6,373	)
Mortgage and loan interest		(1,902	)		(5,168	)		(420	)		(8,227	)		(15,717	)
Interest income		—			—			—			4,232			4,232
Gain on sale of income producing properties		—			12,760			—			—			12,760
Gain on land sales		—			—			1,062			—			1,062
Segment operating income (loss)	$	(271	)	$	16,136		$	626		$	(4,123	)	$	12,368
Balance Sheet Data
Capital expenditures	$	691		$	—		$	55		$	—		$	1,289
Real estate assets	$	147,377		$	663,636		$	128,230		$	—		$	939,243
Property Sales
Sales price	$	—		$	—		$	850		$	—		$	850
Cost of sale		—			—			(320	)		—			(320	)
Recognized prior deferred gain		—			12,760			532			—			13,292
Gain on sale	$	—		$	12,760		$	1,062		$	—		$	13,822
	Commercial
For the Three Months Ended September 30, 2016	Properties			Apartments			Land			Other			Total
Rental and other property revenues	$	7,658		$	22,408		$	—		$	1		$	30,067
Property operating expenses		(4,727	)		(10,693	)		(243	)		(8	)		(15,671	)
Depreciation		(2,236	)		(3,807	)		—			18			(6,025	)
Mortgage and loan interest		(1,700	)		(6,424	)		(550	)		(6,688	)		(15,362	)
Interest income		—			—			—			5,712			5,712
Gain on land sales		—			—			555			—			555
Segment operating income (loss)	$	(1,005	)	$	1,484		$	(238	)	$	(965	)	$	(724	)
Balance Sheet Data
Capital expenditures	$	2,045		$	—		$	375		$	—		$	2,420
Real estate assets	$	151,900		$	613,431		$	144,378		$	—		$	909,709
Property Sales
Sales price	$	—		$	—		$	805		$	—		$	805
Cost of sale		—			—			(250	)		—			(250	)
Gain on sale	$	—		$	—		$	555		$	—		$	555

Presented below is our reportable segments’ operating income for the nine months ended September 30, 2017 and 2016, including capital expenditures and segment assets (dollars in thousands):

	Commercial
For the Nine Months Ended September 30, 2017	Properties			Apartments			Land			Other			Total
Rental and other property revenues	$	26,172		$	68,922		$	111		$	11		$	95,216
Property operating expenses		(14,324	)		(31,616	)		(575	)		(583	)		(47,098	)
Depreciation		(7,045	)		(12,105	)		—			37			(19,113	)
Mortgage and loan interest		(5,629	)		(16,955	)		(1,503	)		(25,772	)		(49,859	)
Interest income		—			—			—			14,083			14,083
Gain on sale of producing properties		—			12,760			—			—			12,760
Gain on land sales		—			—			1,032			—			1,032
Segment operating income (loss)	$	(826	)	$	21,006		$	(935	)	$	(12,224	)	$	7,021
Balance Sheet Data
Capital expenditures	$	2,623		$	543		$	641		$	—		$	3,807
Real estate assets	$	147,377		$	663,636		$	128,230		$	—		$	939,243
Property Sales
Sales price	$	—		$	—		$	2,446		$	—		$	2,446
Cost of sale		—			—			(1,946	)		—			(1,946	)
Recognized prior deferred gain		—			12,760			532			—			13,292
Gain on sale	$	—		$	12,760		$	1,032		$	—		$	13,792
	Commercial
For the Nine Months Ended September 30, 2016	Properties			Apartments			Land			Other			Total
Rental and other property revenues	$	24,496		$	65,578		$	30		$	2		$	90,106
Property operating expenses		(14,658	)		(30,255	)		(1,159	)		(6	)		(46,078	)
Depreciation		(6,820	)		(10,958	)		—			55			(17,723	)
Mortgage and loan interest		(5,371	)		(18,689	)		(1,703	)		(17,788	)		(43,551	)
Interest income		—			—			—			15,791			15,791
Gain on sale of producing properties		6			4,919			—			—			4,925
Gain on land sales		—			—			3,925			—			3,925
Segment operating income (loss)	$	(2,347	)	$	10,595		$	1,093		$	(1,946	)	$	7,395
Balance Sheet Data
Capital expenditures	$	4,125		$	(146	)	$	1,873		$	—		$	5,852
Real estate assets	$	151,900		$	613,431		$	144,378		$	—		$	909,709
Property Sales
Sales price	$	—		$	11,129		$	11,987		$	—		$	23,116
Cost of sale		—			(10,394	)		(6,863	)		—			(17,257	)
Recognized prior deferred gain		—			—			2,737			—			2,737
Gain on sale	$	—		$	735		$	7,861		$	—		$	8,596

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

	For the Three Months Ended
	September 30,
	2017			2016
Segment operating income (loss)	$	12,368		$	(724	)
Other non-segment items of income (expense)
General and administrative		(1,766	)		(1,760	)
Net income fee to related party		(53	)		(67	)
Advisory fee to related party		(2,802	)		(2,749	)
Other income		2,096			252
Earnings from unconsolidated investees		41			146
Income tax expense		—			(46	)
Net income (loss) from continuing operations	$	9,884		$	(4,948	)

The table below reflects the reconciliation of segment information to the corresponding amounts in the Consolidated Statements of Operations for the nine months ended September 30, 2017 and 2016 (dollars in thousands):

	For the Nine Months Ended
	September 30,
	2017			2016
Segment operating income	$	7,021		$	7,395
Other non-segment items of income (expense)
General and administrative		(5,797	)		(6,197	)
Net income fee to related party		(189	)		(193	)
Advisory fee to related party		(8,310	)		(8,174	)
Other income		(324	)		1,452
Earnings from unconsolidated investees		249			430
Income tax expense		—			(45	)
Net loss from continuing operations	$	(7,350	)	$	(5,332	)

Schedule of reconciliation of segment information to Consolidated Balance Sheets

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

	As of September 30,
	2017		2016
Segment assets	$	939,243	$	909,709
Investments in unconsolidated investees		6,335		5,152
Notes and interest receivable		102,555		115,415
Other assets		184,431		144,472
Total assets	$	1,232,564	$	1,174,748