NOTE 20. 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 assets comprising the golf operations segment. Accordingly, as of September 30, 2019 and December 31, 2018, the assets comprising the golf operations segment have been classified as held for sale in the accompanying consolidated balance sheets, and the results of the golf operations segment have been classified as discontinued operations in the accompanying consolidated statements of income for the three and nine months ended September 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 85.7% and 88.5% of our identifiable assets as of September 30, 2019 and December 31, 2018, respectively, and 71.4% and 53.0% of our consolidated revenues for the nine months ended September 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 nine months ended September 30, 2019 and 2018 is as follows:


	Three Months Ended				Nine Months Ended
	September 30, 2019		September 30, 2018		September 30, 2019		September 30, 2018
Revenues:
Income Properties	$	10,260,831	$	9,360,155	$	31,360,544	$	28,347,181
Commercial Loan Investments		855,559		41,262		908,324		615,728
Real Estate Operations		631,741		8,012,509		11,677,413		24,498,527
Total Revenues	$	11,748,131	$	17,413,926	$	43,946,281	$	53,461,436
Operating Income:
Income Properties	$	8,784,543	$	7,586,315	$	26,317,048	$	22,669,423
Commercial Loan Investments		855,559		41,262		908,324		615,728
Real Estate Operations		289,593		2,435,018		5,229,397		16,504,760
General and Corporate Expense		(6,547,564)		(5,684,515)		(18,589,234)		(18,489,613)
Gains on Disposition of Assets		2,187,332		—		20,869,196		22,035,666
Total Operating Income	$	5,569,463	$	4,378,080	$	34,734,731	$	43,335,964
Depreciation and Amortization:
Income Properties	$	4,281,286	$	3,748,388	$	11,690,110	$	11,282,566
Corporate and Other		5,550		8,119		17,600		26,310
Total Depreciation and Amortization	$	4,286,836	$	3,756,507	$	11,707,710	$	11,308,876
Capital Expenditures:
Income Properties	$	50,099,717	$	403,967	$	91,130,209	$	29,288,555
Commercial Loan Investments		8,167,500		—		16,007,500		—
Real Estate Operations		694,310		262,436		2,593,803		3,768,230
Golf Operations		—		86,731		—		111,611
Corporate and Other		—		—		2,061		11,338
Total Capital Expenditures	$	58,961,527	$	753,134	$	109,733,573	$	33,179,734


	As of
	September 30, 2019		December 31, 2018
Identifiable Assets:
Income Properties	$	499,736,443	$	492,093,615
Commercial Loan Investments		33,690,225		—
Real Estate Operations		32,817,701		35,287,559
Golf Operations-Held for Sale		4,502,635		4,462,477
Corporate and Other		12,714,362		24,486,221
Total Assets	$	583,461,366	$	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.