NOTE 20. BUSINESS SEGMENT DATA

The Company operates in four primary business segments: income properties, commercial loan investments, real estate operations, and golf operations segment. During the fourth quarter of 2018, the Company commenced efforts to pursue the monetization of the golf operations segment and assets comprising the Club. Accordingly, as of June 30, 2019 and December 31, 2018, 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 segment have been classified as discontinued operations in the accompanying consolidated statements of income for the three and six months ended June 30, 2019 and 2018.

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 81.2% and 88.5% of our identifiable assets as of June 30, 2019 and December 31, 2018, respectively, and 65.5% and 52.7% of our consolidated revenues for the six months ended June 30, 2019 and 2018, 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.

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, 2019 and 2018 is as follows:


	Three Months Ended				Six Months Ended
	June 30, 2019		June 30, 2018		June 30, 2019		June 30, 2018
Revenues:
Income Properties	$	10,375,295	$	9,781,299	$	21,099,713	$	18,987,026
Commercial Loan Investments		52,765		273,467		52,765		574,466
Real Estate Operations		7,510,771		2,495,501		11,045,672		16,486,018
Total Revenues	$	17,938,831	$	12,550,267	$	32,198,150	$	36,047,510
Operating Income:
Income Properties	$	8,740,575	$	7,746,410	$	17,532,505	$	15,083,108
Commercial Loan Investments		52,765		273,467		52,765		574,466
Real Estate Operations		3,030,172		1,620,059		4,939,804		14,069,742
General and Corporate Expense		(6,193,763)		(6,184,727)		(12,041,670)		(12,805,098)
Gains on Disposition of Assets		11,811,907		18,384,808		18,681,864		22,035,666
Total Operating Income	$	17,441,656	$	21,840,017	$	29,165,268	$	38,957,884
Depreciation and Amortization:
Income Properties	$	4,068,968	$	3,746,762	$	7,408,824	$	7,534,177
Corporate and Other		5,619		8,784		12,050		18,192
Total Depreciation and Amortization	$	4,074,587	$	3,755,546	$	7,420,874	$	7,552,369
Capital Expenditures:
Income Properties	$	40,972,487	$	969,326	$	41,030,492	$	28,884,588
Commercial Loan Investments		7,840,000		—		7,840,000		—
Real Estate Operations		1,028,984		1,393,811		1,899,493		3,505,794
Golf Operations		—		22,217		—		24,880
Corporate and Other		—		10,785		2,061		11,338
Total Capital Expenditures	$	49,841,471	$	2,396,139	$	50,772,046	$	32,426,600


	As of
	June 30, 2019		December 31, 2018
Identifiable Assets:
Income Properties	$	469,117,952	$	492,093,615
Commercial Loan Investments		9,166,097		—
Real Estate Operations		32,176,700		35,287,559
Golf Operations-Held for Sale		4,603,403		4,462,477
Corporate and Other		62,459,154		24,486,221
Total Assets	$	577,523,306	$	556,329,872

Operating income represents income from continuing operations before 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.