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 79.5% and 74.1% of our identifiable assets as of June 30, 2017 and December 31, 2016, respectively, and 23.8% and 39.9% of our consolidated revenues for the six months ended June 30, 2017 and 2016, respectively. As of June 30, 2017, we have three commercial loan investments including one fixed-rate and one variable-rate mezzanine commercial mortgage 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 reports 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 six months ended June 30, 2017 and 2016 is as follows:


	Three Months Ended				Six Months Ended
	June 30, 2017		June 30, 2016		June 30, 2017		June 30, 2016
Revenues:
Income Properties	$	7,565,007	$	6,033,082	$	14,638,247	$	12,462,323
Commercial Loan Investments		553,159		635,050		1,089,648		1,516,295
Real Estate Operations		13,257,355		4,774,620		42,731,815		14,335,518
Golf Operations		1,383,513		1,412,196		2,858,457		2,876,555
Agriculture and Other Income		78,749		18,990		232,900		37,682
Total Revenues	$	22,837,783	$	12,873,938	$	61,551,067	$	31,228,373
Operating Income:
Income Properties	$	5,935,492	$	4,829,042	$	11,597,019	$	10,081,576
Commercial Loan Investments		553,159		635,050		1,089,648		1,516,295
Real Estate Operations		7,464,826		3,649,979		27,782,437		10,953,836
Golf Operations		(18,406)		(34,980)		(42,140)		24,791
Agriculture and Other Income		48,213		(33,664)		161,927		(63,023)
General and Corporate Expense		(5,942,877)		(4,312,559)		(9,699,073)		(11,387,291)
Total Operating Income	$	8,040,407	$	4,732,868	$	30,889,818	$	11,126,184
Depreciation and Amortization:
Income Properties	$	3,108,494	$	1,724,573	$	5,794,806	$	3,705,623
Golf Operations		95,323		68,619		160,690		137,268
Agriculture and Other		11,873		12,367		22,769		30,035
Total Depreciation and Amortization	$	3,215,690	$	1,805,559	$	5,978,265	$	3,872,926
Capital Expenditures:
Income Properties	$	22,748,812	$	122,260	$	44,686,344	$	2,918,580
Golf Operations		266,758		—		1,874,500		13,161
Agriculture and Other		38,945		13,161		51,028		15,867
Total Capital Expenditures	$	23,054,515	$	135,421	$	46,611,872	$	2,947,608


	As of
	June 30, 2017		December 31, 2016
Identifiable Assets:
Income Properties	$	343,813,767	$	302,757,565
Commercial Loan Investments		24,032,397		24,032,885
Real Estate Operations		44,342,891		58,868,298
Golf Operations		6,114,499		3,675,842
Agriculture and Other		13,737,934		19,288,836
Total Assets	$	432,041,488	$	408,623,426

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, land lease termination, 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.