REVENUE RECOGNITION

3 Months Ended

Mar. 31, 2018

REVENUE RECOGNITION

REVENUE RECOGNITION

NOTE 2. REVENUE RECOGNITION

The Company adopted ASU 2014-09 effective January 1, 2018 utilizing the modified retrospective method.

The following table summarizes the Company’s revenue by segment, major good and/or service, and the related timing of revenue recognition for the three months ended March 31, 2018:

				Interest Income
		Income		from Commercial		Real Estate		Golf		Agriculture and		Total
		Properties		Loan Investments		Operations		Operations		Other Income		Revenues
		($000's)		($000's)		($000's)		($000's)		($000's)		($000's)
Major Good / Service:
	Lease Revenue - Base Rent	$	7,422	$	—	$	—	$	—	$	11	$	7,433
	Lease Revenue - CAM		614		—		—		—		—		614
	Lease Revenue - Reimbursements		565		—		—		—		—		565
	Lease Revenue - Billboards		64		—		—		—		—		64
	Above / Below Market Lease Accretion		580		—		—		—		—		580
	Contributed Leased Assets Accretion		10		—		—		—		—		10
	Lease Incentive Amortization		(76)		—		—		—		—		(76)
	Interest from Commercial Loan Investments		—		301		—		—		—		301
	Land Sale Revenue		—		—		13,117		—		—		13,117
	Impact Fee and Mitigation Credit Sales		—		—		116		—		—		116
	Subsurface Lease Revenue		—		—		199		—		—		199
	Subsurface Revenue - Other		—		—		547		—		—		547
	Golf Operations		—		—		—		1,355		—		1,355
	Interest and Other Revenue		27		—		—		—		—		27
	Total Revenues	$	9,206	$	301	$	13,979	$	1,355	$	11	$	24,852
Timing of Revenue Recognition:
	Asset/Good Transferred at a Point in Time	$	—	$	—	$	13,780	$	1,095	$	—	$	14,875
	Services Transferred Over Time		27		—		—		260		—		287
	Over Lease Term		9,179		—		199		—		11		9,389
	Commercial Loan Investment Related Revenue		—		301		—		—		—		301
	Total Revenues	$	9,206	$	301	$	13,979	$	1,355	$	11	$	24,852

The following table summarizes the Company’s revenue by segment, major good and/or service, and the related timing of revenue recognition for the three months ended March 31, 2017:

				Interest Income
		Income		from Commercial		Real Estate		Golf		Agriculture and		Total
		Properties		Loan Investments		Operations		Operations		Other Income		Revenues
		($000's)		($000's)		($000's)		($000's)		($000's)		($000's)
Major Good / Service:
	Lease Revenue - Base Rent	$	5,554	$	—	$	—	$	—	$	11	$	5,565
	Lease Revenue - CAM		499		—		—		—		—		499
	Lease Revenue - Reimbursements		420		—		—		—		—		420
	Lease Revenue - Billboards		61		—		—		—		—		61
	Above / Below Market Lease Accretion		531		—		—		—		—		531
	Interest from Commercial Loan Investments		—		537		—		—		—		537
	Land Sale Revenue		—		—		28,707		—		—		28,707
	Revenue from Reimbursement of Infrastructure Costs		—		—		320		—		—		320
	Impact Fee and Mitigation Credit Sales		—		—		216		—		—		216
	Subsurface Lease Revenue		—		—		199		—		—		199
	Subsurface Revenue - Other		—		—		32		—		—		32
	Golf Operations		—		—		—		1,475		—		1,475
	Timber Sales Revenue		—		—		—		—		143		143
	Interest and Other Revenue		8		—		—		—		—		8
	Total Revenues	$	7,073	$	537	$	29,474	$	1,475	$	154	$	38,713
Timing of Revenue Recognition:
	Asset/Good Transferred at a Point in Time	$	—	$	—	$	28,955	$	1,232	$	143	$	30,330
	Services Transferred Over Time		8		—		320		243		—		571
	Over Lease Term		7,065		—		199		—		11		7,275
	Commercial Loan Investment Related Revenue		—		537		—		—		—		537
	Total Revenues	$	7,073	$	537	$	29,474	$	1,475	$	154	$	38,713