NOTE 20. 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 87.5% and 83.4% of our identifiable assets as of June 30, 2018 and December 31, 2017, respectively, and 49.1% and 23.8% of our consolidated revenues for the six months ended June 30, 2018 and 2017, respectively. As of June 30, 2018, we have one commercial loan investment, 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 Daytona Beach, Florida, 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, 2018 and 2017 is as follows:


	Three Months Ended				Six Months Ended
	June 30, 2018		June 30, 2017		June 30, 2018		June 30, 2017
Revenues:
Income Properties	$	9,781,299	$	7,565,007	$	18,987,026	$	14,638,247
Commercial Loan Investments		273,467		553,159		574,466		1,089,648
Real Estate Operations		2,484,314		13,257,355		16,463,644		42,731,815
Golf Operations		1,282,918		1,383,513		2,637,274		2,858,457
Agriculture and Other Income		11,187		78,749		22,374		232,900
Total Revenues	$	13,833,185	$	22,837,783	$	38,684,784	$	61,551,067
Operating Income:
Income Properties	$	7,746,410	$	5,935,492	$	15,083,108	$	11,597,019
Commercial Loan Investments		273,467		553,159		574,466		1,089,648
Real Estate Operations		1,614,044		7,464,826		14,057,712		27,782,437
Golf Operations		(242,135)		(18,406)		(269,604)		(42,140)
Agriculture and Other Income		6,015		48,213		12,030		161,927
General and Corporate Expense		(6,284,119)		(5,942,877)		(13,008,046)		(11,925,599)
Other Gains and Income		18,384,808		—		22,035,666		2,226,526
Total Operating Income	$	21,498,490	$	8,040,407	$	38,485,332	$	30,889,818
Depreciation and Amortization:
Income Properties	$	3,746,762	$	3,108,494	$	7,534,177	$	5,794,806
Golf Operations		99,393		95,323		202,949		160,690
Agriculture and Other		8,783		11,873		18,191		22,769
Total Depreciation and Amortization	$	3,854,938	$	3,215,690	$	7,755,317	$	5,978,265
Capital Expenditures:
Income Properties	$	969,326	$	22,748,812	$	28,884,588	$	44,686,344
Real Estate Operations		1,393,811		—		3,505,794		—
Golf Operations		22,217		266,758		24,880		1,874,500
Agriculture and Other		10,785		38,945		11,338		51,028
Total Capital Expenditures	$	2,396,139	$	23,054,515	$	32,426,600	$	46,611,872


	As of
	June 30, 2018		December 31, 2017
Identifiable Assets:
Income Properties	$	420,261,037	$	388,602,721
Commercial Loan Investments		2,994,916		11,963,777
Real Estate Operations		41,388,054		43,296,528
Golf Operations		5,709,161		6,262,634
Agriculture and Other		10,196,478		16,004,718
Total Assets	$	480,549,646	$	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, and depreciation and amortization expense. Other gains and income consist of land lease termination income 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.