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 87.2% and 83.4% of our identifiable assets as of March 31, 2018 and December 31, 2017, respectively, and 37.0% and 18.3% of our consolidated revenues for the three months ended March 31, 2018 and 2017, respectively. As of March 31, 2018, we have two commercial loan investments including a variable-rate B-Note representing a secondary tranche in a commercial mortgage loan and a fixed-rate first 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 months ended March 31, 2018 and 2017 is as follows:


	Three Months Ended
	March 31, 2018		March 31, 2017
Revenues:
Income Properties	$	9,205,727	$	7,073,240
Commercial Loan Investments		300,999		536,489
Real Estate Operations		13,979,330		29,474,460
Golf Operations		1,354,356		1,474,944
Agriculture and Other Income		11,187		154,151
Total Revenues	$	24,851,599	$	38,713,284
Operating Income:
Income Properties	$	7,336,698	$	5,661,527
Commercial Loan Investments		300,999		536,489
Real Estate Operations		12,443,668		20,317,611
Golf Operations		(27,469)		(23,734)
Agriculture and Other Income		6,015		113,714
General and Corporate Expense		(3,073,069)		(3,756,196)
Total Operating Income	$	16,986,842	$	22,849,411
Depreciation and Amortization:
Income Properties	$	3,787,415	$	2,686,312
Golf Operations		103,556		65,367
Agriculture and Other		9,408		10,896
Total Depreciation and Amortization	$	3,900,379	$	2,762,575
Capital Expenditures:
Income Properties	$	27,915,262	$	21,937,532
Real Estate Operations		2,111,983		—
Golf Operations		2,663		1,607,742
Agriculture and Other		553		12,083
Total Capital Expenditures	$	30,030,461	$	23,557,357


	As of
	March 31, 2018		December 31, 2017
Identifiable Assets:
Income Properties	$	422,321,016	$	388,602,721
Commercial Loan Investments		11,979,758		11,963,777
Real Estate Operations		33,635,025		43,296,528
Golf Operations		6,243,858		6,262,634
Agriculture and Other		10,263,947		16,004,718
Total Assets	$	484,443,604	$	466,130,378

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.