NOTE 22. BUSINESS SEGMENT DATA

Prior to 2019, the Company operated 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 monetize the golf operations and accordingly, as of December 31, 2018, the golf assets and liabilities related to the golf operations were classified has held for sale in the accompanying consolidated balance sheets and the results of golf operations were classified as discontinued operations in the accompanying consolidated statements of income for all years presented. The golf operations segment, although discontinued in 2018, held assets as of the December 31, 2018. Accordingly, the identifiable assets and liabilities, and the related capital expenditures and depreciation and amortization have been disclosed separately as discontinued golf operations for the years presented.

As a result of the significant transactions during the fourth quarter of 2019, including the Land JV transaction, the PINE Income Property Sale Transactions, and the Golf Sale, the Company’s segment structure has been modified to more closely align with the continuing operations of the Company. The Company now operates in four primary business segments: income properties, management services, commercial loan investments, and real estate operations. The new management services segment consists of the revenue generated from managing PINE and the Land JV. The management services segment had no assets as of December 31, 2019, 2018, or 2017, and therefore there are no related capital expenditures or depreciation and amortization for the years presented. The real estate operations segment previously included land sales from the Daytona Beach land portfolio as well as revenue and expenses related to the sale of mitigation credits and subsurface operations. Upon the completion of the Land JV transaction in the fourth quarter of 2019, the real estate operations related to land sales have been classified as discontinued operations in the accompanying consolidated statements of income for the years ended December 31, 2019, 2018, and 2017 and the real estate operations segment remaining consists of subsurface operations and mitigation credit sales. The identifiable assets and liabilities related to the discontinued real estate operations have been separately disclosed as discontinued real estate operations for the years presented.

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 66.0% and 88.5% of our identifiable assets as of December 31, 2019 and 2018, respectively, and 93.4%, 91.8%, and 81.3% of our consolidated revenues for the years ended December 31, 2019, 2018, and 2017, respectively. Our management fee income consists of the management fees earned for the management of PINE and the Land JV. As of December 31, 2019, our commercial loan investment portfolio consisted of three fixed-rate first mortgages and the Ground Lease Loan. Our continuing real estate operations primarily consist of revenues generated from leasing and royalty income from our interests in subsurface oil, gas and mineral rights.

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, 2019, 2018, and 2017 is as follows:


	Year Ended
	December 31, 2019		December 31, 2018		December 31, 2017
Revenues:
Income Properties	$	41,955,414	$	40,075,731	$	31,406,930
Management Services		304,553		—		—
Commercial Loan Investments		1,829,015		615,728		2,052,689
Real Estate Operations		852,264		2,966,429		5,190,951
Total Revenues	$	44,941,246	$	43,657,888	$	38,650,570
Operating Income:
Income Properties	$	34,955,413	$	31,905,648	$	24,489,187
Management Services		304,553		—		—
Commercial Loan Investments		1,829,015		615,728		2,052,689
Real Estate Operations		747,598		2,375,050		3,770,389
General and Corporate Expense		(25,615,353)		(25,546,893)		(22,567,310)
Gains on Disposition of Assets		21,977,465		22,035,666		38
Total Operating Income	$	34,198,691	$	31,385,199	$	7,744,993
Depreciation and Amortization:
Income Properties	$	15,774,228	$	15,728,095	$	12,272,265
Corporate and Other		23,050		33,428		42,435
Total Depreciation and Amortization	$	15,797,278	$	15,761,523	$	12,314,700
Capital Expenditures:
Income Properties	$	166,683,689	$	108,996,747	$	92,125,062
Commercial Loan Investments		18,046,450		—		3,000,000
Real Estate Operations		2,791,137		4,658,956		—
Discontinued Golf Operations		—		94,734		2,373,894
Corporate and Other		4,348		13,775		128,716
Total Capital Expenditures	$	187,525,624	$	113,764,212	$	97,627,672


	As of
	December 31, 2019		December 31, 2018
Identifiable Assets:
Income Properties	$	464,285,272	$	492,093,615
Commercial Loan Investments		35,742,218		—
Real Estate Operations		65,554,619		14,315,805
Discontinued Land Operations		833,167		20,971,754
Discontinued Golf Operations		—		4,462,477
Corporate and Other		136,870,927		24,486,221
Total Assets	$	703,286,203	$	556,329,872

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. Real Estate Operations includes the identifiable assets of the Mitigation Bank JV and Land JV. Corporate and other assets consist primarily of cash, property, plant, and equipment related to the other operations, as well as the general and corporate operations.

The Management Services segment had no capital expenditures and held no assets as of December 31, 2019 or 2018.