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 September 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	$	7,446	$	—	$	—	$	—	$	—	$	7,446
	Lease Revenue - CAM		552		—		—		—		—		552
	Lease Revenue - Reimbursements		644		—		—		—		—		644
	Lease Revenue - Billboards		60		—		—		—		—		60
	Above / Below Market Lease Accretion		600		—		—		—		—		600
	Contributed Leased Assets Accretion		62		—		—		—		—		62
	Lease Incentive Amortization		(76)		—		—		—		—		(76)
	Interest from Commercial Loan Investments		—		41		—		—		—		41
	Land Sale Revenue		—		—		6,971		—		—		6,971
	Impact Fee and Mitigation Credit Sales		—		—		665		—		—		665
	Subsurface Lease Revenue		—		—		354		—		—		354
	Subsurface Revenue - Other		—		—		23		—		—		23
	Golf Operations		—		—		—		1,015		—		1,015
	Interest and Other Revenue		72		—		—		—		—		72
	Total Revenues	$	9,360	$	41	$	8,013	$	1,015	$	—	$	18,429

Timing of Revenue Recognition:
	Asset/Good Transferred at a Point in Time	$	—	$	—	$	7,659	$	773	$	—	$	8,432
	Services Transferred Over Time		72		—		—		242		—		314
	Over Lease Term		9,288		—		354		—		—		9,642
	Commercial Loan Investment Related Revenue		—		41		—		—		—		41
	Total Revenues	$	9,360	$	41	$	8,013	$	1,015	$	—	$	18,429

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 September 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	$	6,184	$	—	$	—	$	—	$	11	$	6,195
	Lease Revenue - CAM		450		—		—		—		—		450
	Lease Revenue - Reimbursements		676		—		—		—		—		676
	Lease Revenue - Billboards		59		—		—		—		—		59
	Above / Below Market Lease Accretion		552		—		—		—		—		552
	Interest from Commercial Loan Investments		—		638		—		—		—		638
	Impact Fee and Mitigation Credit Sales		—		—		548		—		—		548
	Subsurface Lease Revenue		—		—		253		—		—		253
	Subsurface Revenue - Other		—		—		2,121		—		—		2,121
	Fill Dirt and Other Revenue		—		—		4		—		—		4
	Golf Operations		—		—		—		797		—		797
	Timber Sales Revenue		—		—		—		—		80		80
	Interest and Other Revenue		7		—		—		—		—		7
	Total Revenues	$	7,928	$	638	$	2,926	$	797	$	91	$	12,380

Timing of Revenue Recognition:
	Asset/Good Transferred at a Point in Time	$	—	$	—	$	2,673	$	540	$	80	$	3,293
	Services Transferred Over Time		7		—		—		257		—		264
	Over Lease Term		7,921		—		253		—		11		8,185
	Commercial Loan Investment Related Revenue		—		638		—		—		—		638
	Total Revenues	$	7,928	$	638	$	2,926	$	797	$	91	$	12,380

The following table summarizes the Company’s revenue by segment, major good and/or service, and the related timing of revenue recognition for the nine months ended September 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	$	22,233	$	—	$	—	$	—	$	22	$	22,255
	Lease Revenue - CAM		2,057		—		—		—		—		2,057
	Lease Revenue - Reimbursements		2,009		—		—		—		—		2,009
	Lease Revenue - Billboards		194		—		—		—		—		194
	Above / Below Market Lease Accretion		1,779		—		—		—		—		1,779
	Contributed Leased Assets Accretion		157		—		—		—		—		157
	Lease Incentive Amortization		(227)		—		—		—		—		(227)
	Interest from Commercial Loan Investments		—		616		—		—		—		616
	Land Sale Revenue		—		—		21,821		—		—		21,821
	Impact Fee and Mitigation Credit Sales		—		—		1,251		—		—		1,251
	Subsurface Lease Revenue		—		—		753		—		—		753
	Subsurface Revenue - Other		—		—		650		—		—		650
	Fill Dirt and Other Revenue		—		—		1		—		—		1
	Golf Operations		—		—		—		3,652		—		3,652
	Interest and Other Revenue		145		—		—		—		—		145
	Total Revenues	$	28,347	$	616	$	24,476	$	3,652	$	22	$	57,113

Timing of Revenue Recognition:
	Asset/Good Transferred at a Point in Time	$	—	$	—	$	23,723	$	2,908	$	—	$	26,631
	Services Transferred Over Time		145		—		—		744		—		889
	Over Lease Term		28,202		—		753		—		22		28,977
	Commercial Loan Investment Related Revenue		—		616		—		—		—		616
	Total Revenues	$	28,347	$	616	$	24,476	$	3,652	$	22	$	57,113

The following table summarizes the Company’s revenue by segment, major good and/or service, and the related timing of revenue recognition for the nine months ended September 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	$	17,852	$	—	$	—	$	—	$	33	$	17,885
	Lease Revenue - CAM		1,415		—		—		—		—		1,415
	Lease Revenue - Reimbursements		1,467		—		—		—		—		1,467
	Lease Revenue - Billboards		185		—		—		—		—		185
	Above / Below Market Lease Accretion		1,633		—		—		—		—		1,633
	Interest from Commercial Loan Investments		—		1,727		—		—		—		1,727
	Land Sale Revenue		—		—		39,564		—		—		39,564
	Revenue from Reimbursement of Infrastructure Costs		—		—		1,276		—		—		1,276
	Impact Fee and Mitigation Credit Sales		—		—		1,987		—		—		1,987
	Subsurface Lease Revenue		—		—		654		—		—		654
	Subsurface Revenue - Other		—		—		2,173		—		—		2,173
	Fill Dirt and Other Revenue		—		—		4		—		—		4
	Golf Operations		—		—		—		3,656		—		3,656
	Timber Sales Revenue		—		—		—		—		291		291
	Interest and Other Revenue		14		—		—		—		—		14
	Total Revenues	$	22,566	$	1,727	$	45,658	$	3,656	$	324	$	73,931

Timing of Revenue Recognition:
	Asset/Good Transferred at a Point in Time	$	—	$	—	$	43,728	$	2,909	$	291	$	46,928
	Services Transferred Over Time		14		—		1,276		747		—		2,037
	Over Lease Term		22,552		—		654		—		33		23,239
	Commercial Loan Investment Related Revenue		—		1,727		—		—		—		1,727
	Total Revenues	$	22,566	$	1,727	$	45,658	$	3,656	$	324	$	73,931