NOTE 21. BUSINESS SEGMENT DATA

The Company operates in four primary business segments: income properties, commercial loan investments, real estate operations, and golf operations. During the fourth quarter of 2018, the Company commenced efforts to pursue the monetization of the golf operations and assets comprising the Club. Accordingly, as of December 31, 2018 and 2017, the golf assets comprising the Club have been classified as held for sale in the accompanying consolidated balance sheets and the results of golf operations have been classified as discontinued operations in the accompanying consolidated statements of income for the years ended December 31, 2018, 2017, and 2016.

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 88.5% and 83.4% of our identifiable assets as of December 31, 2018 and 2017, respectively, and 46.2%, 36.4%, and 38.1% of our consolidated revenues for the years ended December 31, 2018, 2017, and 2016, respectively. As of December 31, 2018, we had no commercial loan investments. Our real estate operations primarily consist of revenues generated from land transactions and leasing and royalty income from our interests in subsurface oil, gas and mineral rights. Our golf operations consist of a single property located in the City of Daytona Beach, with two 18-hole championship golf courses, a practice facility, and clubhouse facilities, including a restaurant and bar operation 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 evaluates 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 different segments for the years ended December 31, 2018, 2017, and 2016 is as follows:


	Year Ended
	December 31, 2018		December 31, 2017		December 31, 2016
Revenues:
Income Properties	$	40,075,731	$	31,406,930	$	25,092,484
Commercial Loan Investments		615,728		2,052,689		2,588,235
Real Estate Operations		45,997,141		52,857,359		38,203,748
Total Revenues	$	86,688,600	$	86,316,978	$	65,884,467
Operating Income:
Income Properties	$	31,905,648	$	24,489,187	$	19,887,621
Commercial Loan Investments		615,728		2,052,689		2,588,235
Real Estate Operations		34,483,223		35,281,013		23,155,668
General and Corporate Expense		(25,546,893)		(22,567,310)		(20,407,950)
Other Gains and Income		22,035,666		38		12,758,770
Total Operating Income	$	63,493,372	$	39,255,617	$	37,982,344
Depreciation and Amortization:
Income Properties	$	15,728,095	$	12,272,265	$	7,872,689
Corporate and Other		33,428		42,435		56,654
Total Depreciation and Amortization	$	15,761,523	$	12,314,700	$	7,929,343
Capital Expenditures:
Income Properties	$	108,996,747	$	92,125,062	$	92,434,774
Commercial Loan Investments		—		3,000,000		—
Real Estate Operations		4,658,956		—		—
Golf Operations		94,734		2,373,894		95,513
Corporate and Other		13,775		128,716		19,881
Total Capital Expenditures	$	113,764,212	$	97,627,672	$	92,550,168


	As of
	December 31, 2018		December 31, 2017
Identifiable Assets:
Income Properties	$	492,093,615	$	388,602,721
Commercial Loan Investments		—		11,963,777
Real Estate Operations		35,287,559		43,296,528
Golf Operations-Held for Sale		4,462,477		6,262,634
Corporate and Other		24,486,221		16,004,718
Total Assets	$	556,329,872	$	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, and gains 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.