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 87.6% and 83.4% of our identifiable assets as of September 30, 2018 and December 31, 2017, respectively, and 49.6% and 30.5% of our consolidated revenues for the nine months ended September 30, 2018 and 2017, respectively. 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 nine months ended September 30, 2018 and 2017 is as follows:


	Three Months Ended				Nine Months Ended
	September 30, 2018		September 30, 2017		September 30, 2018		September 30, 2017
Revenues:
Income Properties	$	9,360,155	$	7,928,258	$	28,347,181	$	22,566,505
Commercial Loan Investments		41,262		637,801		615,728		1,727,449
Real Estate Operations		8,012,509		2,926,406		24,476,153		45,658,221
Golf Operations		1,014,771		797,420		3,652,045		3,655,877
Agriculture and Other Income		—		90,717		22,374		323,617
Total Revenues	$	18,428,697	$	12,380,602	$	57,113,481	$	73,931,669
Operating Income:
Income Properties	$	7,586,315	$	6,212,742	$	22,669,423	$	17,809,761
Commercial Loan Investments		41,262		637,801		615,728		1,727,449
Real Estate Operations		2,440,190		2,467,237		16,497,902		30,249,674
Golf Operations		(373,511)		(475,227)		(643,115)		(517,367)
Agriculture and Other Income		(5,172)		71,843		6,858		233,770
General and Corporate Expense		(6,904,610)		(5,156,681)		(19,912,656)		(17,082,280)
Other Gains and Income		—		(266)		22,035,666		2,226,260
Total Operating Income	$	2,784,474	$	3,757,449	$	41,269,806	$	34,647,267
Depreciation and Amortization:
Income Properties	$	3,748,389	$	3,053,295	$	11,282,566	$	8,848,101
Golf Operations		100,732		97,959		303,681		258,649
Agriculture and Other		8,119		9,915		26,310		32,684
Total Depreciation and Amortization	$	3,857,240	$	3,161,169	$	11,612,557	$	9,139,434
Capital Expenditures:
Income Properties	$	403,967	$	2,829,567	$	29,288,555	$	47,515,911
Real Estate Operations		262,436		—		3,768,230		—
Golf Operations		86,731		237,560		111,611		2,112,060
Agriculture and Other		—		10,558		11,338		61,586
Total Capital Expenditures	$	753,134	$	3,077,685	$	33,179,734	$	49,689,557


	As of
	September 30, 2018		December 31, 2017
Identifiable Assets:
Income Properties	$	417,219,521	$	388,602,721
Commercial Loan Investments		—		11,963,777
Real Estate Operations		37,162,140		43,296,528
Golf Operations		4,266,178		6,262,634
Agriculture and Other		17,511,931		16,004,718
Total Assets	$	476,159,770	$	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.