NOTE 2. REVENUE RECOGNITION

The Company implemented FASB ASC Topic 606, Revenue from Contracts with Customers 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 June 30, 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	$	7,365	$	—	$	—	$	—	$	11	$	7,376
	Lease Revenue - CAM		891		—		—		—		—		891
	Lease Revenue - Reimbursements		801		—		—		—		—		801
	Lease Revenue - Billboards		70		—		—		—		—		70
	Above / Below Market Lease Accretion		600		—		—		—		—		600
	Contributed Leased Assets Accretion		85		—		—		—		—		85
	Lease Incentive Amortization		(76)		—		—		—		—		(76)
	Interest from Commercial Loan Investments		—		274		—		—		—		274
	Land Sale Revenue		—		—		1,734		—		—		1,734
	Impact Fee and Mitigation Credit Sales		—		—		470		—		—		470
	Subsurface Lease Revenue		—		—		201		—		—		201
	Subsurface Revenue - Other		—		—		79		—		—		79
	Golf Operations		—		—		—		1,283		—		1,283
	Interest and Other Revenue		45		—		—		—		—		45
	Total Revenues	$	9,781	$	274	$	2,484	$	1,283	$	11	$	13,833

Timing of Revenue Recognition:
	Asset/Good Transferred at a Point in Time	$	—	$	—	$	2,283	$	1,041	$	—	$	3,324
	Services Transferred Over Time		45		—		—		242		—		287
	Over Lease Term		9,736		—		201		—		11		9,948
	Commercial Loan Investment Related Revenue		—		274		—		—		—		274
	Total Revenues	$	9,781	$	274	$	2,484	$	1,283	$	11	$	13,833

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 June 30, 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	$	6,114	$	—	$	—	$	—	$	11	$	6,125
	Lease Revenue - CAM		466		—		—		—		—		466
	Lease Revenue - Reimbursements		371		—		—		—		—		371
	Lease Revenue - Billboards		65		—		—		—		—		65
	Above / Below Market Lease Accretion		550		—		—		—		—		550
	Interest from Commercial Loan Investments		—		553		—		—		—		553
	Land Sale Revenue		—		—		10,858		—		—		10,858
	Revenue from Reimbursement of Infrastructure Costs		—		—		955		—		—		955
	Impact Fee and Mitigation Credit Sales		—		—		1,222		—		—		1,222
	Subsurface Lease Revenue		—		—		201		—		—		201
	Subsurface Revenue - Other		—		—		21		—		—		21
	Golf Operations		—		—		—		1,384		—		1,384
	Timber Sales Revenue		—		—		—		—		68		68
	Interest and Other Revenue		(1)		—		—		—		—		(1)
	Total Revenues	$	7,565	$	553	$	13,257	$	1,384	$	79	$	22,838

Timing of Revenue Recognition:
	Asset/Good Transferred at a Point in Time	$	—	$	—	$	12,101	$	1,316	$	68	$	13,485
	Services Transferred Over Time		(1)		—		955		68		—		1,022
	Over Lease Term		7,566		—		201		—		11		7,778
	Commercial Loan Investment Related Revenue		—		553		—		—		—		553
	Total Revenues	$	7,565	$	553	$	13,257	$	1,384	$	79	$	22,838

The following table summarizes the Company’s revenue by segment, major good and/or service, and the related timing of revenue recognition for the six months ended June 30, 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	$	14,787	$	—	$	—	$	—	$	22	$	14,809
	Lease Revenue - CAM		1,505		—		—		—		—		1,505
	Lease Revenue - Reimbursements		1,365		—		—		—		—		1,365
	Lease Revenue - Billboards		134		—		—		—		—		134
	Above / Below Market Lease Accretion		1,179		—		—		—		—		1,179
	Contributed Leased Assets Accretion		95		—		—		—		—		95
	Lease Incentive Amortization		(151)		—		—		—		—		(151)
	Interest from Commercial Loan Investments		—		575		—		—		—		575
	Land Sale Revenue		—		—		14,851		—		—		14,851
	Impact Fee and Mitigation Credit Sales		—		—		586		—		—		586
	Subsurface Lease Revenue		—		—		400		—		—		400
	Subsurface Revenue - Other		—		—		626		—		—		626
	Golf Operations		—		—		—		2,638		—		2,638
	Interest and Other Revenue		73		—		—		—		—		73
	Total Revenues	$	18,987	$	575	$	16,463	$	2,638	$	22	$	38,685

Timing of Revenue Recognition:
	Asset/Good Transferred at a Point in Time	$	—	$	—	$	16,063	$	2,136	$	—	$	18,199
	Services Transferred Over Time		73		—		—		502		—		575
	Over Lease Term		18,914		—		400		—		22		19,336
	Commercial Loan Investment Related Revenue		—		575		—		—		—		575
	Total Revenues	$	18,987	$	575	$	16,463	$	2,638	$	22	$	38,685

The following table summarizes the Company’s revenue by segment, major good and/or service, and the related timing of revenue recognition for the six months ended June 30, 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	$	11,668	$	—	$	—	$	—	$	22	$	11,690
	Lease Revenue - CAM		965		—		—		—		—		965
	Lease Revenue - Reimbursements		791		—		—		—		—		791
	Lease Revenue - Billboards		126		—		—		—		—		126
	Above / Below Market Lease Accretion		1,081		—		—		—		—		1,081
	Interest from Commercial Loan Investments		—		1,090		—		—		—		1,090
	Land Sale Revenue		—		—		39,564		—		—		39,564
	Revenue from Reimbursement of Infrastructure Costs		—		—		1,276		—		—		1,276
	Impact Fee and Mitigation Credit Sales		—		—		1,439		—		—		1,439
	Subsurface Lease Revenue		—		—		400		—		—		400
	Subsurface Revenue - Other		—		—		53		—		—		53
	Golf Operations		—		—		—		2,858		—		2,858
	Timber Sales Revenue		—		—		—		—		211		211
	Interest and Other Revenue		7		—		—		—		—		7
	Total Revenues	$	14,638	$	1,090	$	42,732	$	2,858	$	233	$	61,551

Timing of Revenue Recognition:
	Asset/Good Transferred at a Point in Time	$	—	$	—	$	41,056	$	2,647	$	211	$	43,914
	Services Transferred Over Time		7		—		1,276		211		—		1,494
	Over Lease Term		14,631		—		400		—		22		15,053
	Commercial Loan Investment Related Revenue		—		1,090		—		—		—		1,090
	Total Revenues	$	14,638	$	1,090	$	42,732	$	2,858	$	233	$	61,551