Business Segment Data

9 Months Ended

Sep. 30, 2016

Segment Reporting [Abstract]

Business Segment Data

NOTE 19. BUSINESS SEGMENT DATA

The Company operates in four primary business segments: income properties, commercial loan investments, real estate operations, and golf operations. Our income property operations consist primarily of income-producing properties, and our business plan is focused on investing in additional income-producing properties. Our income property operations accounted for 70.3% and 68.6% of our identifiable assets as of September 30, 2016 and December 31, 2015, respectively, and 42.6% and 57.8% of our consolidated revenues for the nine months ended September 30, 2016 and 2015, respectively. As of September 30, 2016, we had three commercial loan investments including one fixed-rate and one variable-rate mezzanine loan and a variable-rate B-Note representing a secondary tranche in a commercial mortgage loan. Our real estate operations primarily consist of revenues generated from land transactions and leasing, royalty income, and revenue from the release of surface entry rights from our subsurface interests. Our golf operations consist of a single property located in the City, with two 18-hole championship golf courses, a practice facility, and clubhouse facilities, including a restaurant and bar operation, fitness facility, and pro-shop with retail merchandise. The majority of the revenues generated by our golf operations are derived from members and public customers playing golf, club memberships, and food and beverage operations.

The Company evaluates performance based on profit or loss from operations before income taxes. The Company’s reportable segments are strategic business units that offer different products. They are managed separately because each segment requires different management techniques, knowledge, and skills.

Information about the Company’s operations in the different segments for the three and nine months ended September 30, 2016 and 2015 is as follows: 

	Three Months Ended				Nine Months Ended
	September 30, 2016		September 30, 2015		September 30, 2016		September 30, 2015
Revenues:
Income Properties	$	6,021,331	$	5,034,090	$	18,483,654	$	13,426,817
Commercial Loan Investments		534,212		546,640		2,050,507		1,816,834
Real Estate Operations		4,643,646		1,748,398		18,979,164		3,976,340
Golf Operations		1,001,368		949,083		3,877,923		3,935,076
Agriculture and Other Income		10,388		19,504		48,070		59,181
Total Revenues	$	12,210,945	$	8,297,715	$	43,439,318	$	23,214,248
Operating Income:
Income Properties	$	4,590,689	$	4,036,330	$	14,672,265	$	11,105,324
Commercial Loan Investments		534,212		546,640		2,050,507		1,816,834
Real Estate Operations		3,386,463		1,431,785		14,340,299		2,755,151
Golf Operations		(301,552)		(406,386)		(276,761)		(266,237)
Agriculture and Other Income		(42,506)		(31,980)		(105,529)		(90,649)
General and Corporate Expense		7,712,203		(432,949)		(3,675,088)		(6,496,935)
Total Operating Income	$	15,879,509	$	5,143,440	$	27,005,693	$	8,823,488
Depreciation and Amortization:
Income Properties	$	1,866,162	$	1,335,214	$	5,571,785	$	3,413,024
Golf Operations		64,676		68,712		201,944		194,618
Agriculture and Other		14,622		13,203		44,657		36,978
Total Depreciation and Amortization	$	1,945,460	$	1,417,129	$	5,818,386	$	3,644,620
Capital Expenditures:
Income Properties	$	49,751,977	$	25,596,355	$	52,604,951	$	35,610,312
Commercial Loan Investments		—		14,500,000		—		15,394,879
Real Estate Operations ($5,744,636 Contributed by Consolidated VIE)		—		11,489,272		—		11,489,272
Golf Operations		4,500		2,045		17,661		108,462
Agriculture and Other		2,465		17,817		18,332		31,223
Total Capital Expenditures	$	49,758,942	$	51,605,489	$	52,640,944	$	62,634,148

	As of
	September 30, 2016		December 31, 2015
Identifiable Assets:
Income Properties	$	265,252,097	$	277,519,902
Commercial Loan Investments		24,027,185		38,487,119
Real Estate Operations		67,255,069		59,787,157
Golf Operations		2,906,098		3,607,259
Agriculture and Other		18,103,021		24,952,207
Total Assets	$	377,543,470	$	404,353,644

Operating income represents income from continuing operations before loss on early extinguishment of debt, interest expense, investment income, and income taxes. General and corporate expenses are an aggregate of general and administrative expenses, impairment charges, depreciation and amortization expense, and gains (losses) on the disposition of assets. Identifiable assets by segment are those assets that are used in the Company’s operations in each segment. Other assets consist primarily of cash, property, plant, and equipment related to the other operations, as well as the general and corporate operations.