NOTE 22. BUSINESS SEGMENT DATA

The Company operates in four primary business segments: income properties, management services, commercial loan investments, and real estate operations. The management services segment consists of the revenue generated from managing PINE and the Land JV. The management services segment had no assets as of March 31, 2020 and December 31, 2019, and therefore there are no related capital expenditures or depreciation and amortization for the periods 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 three months ended March 31, 2019 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 periods 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 81.8% and 66.0% of our identifiable assets as of March 31, 2020 and December 31, 2019, respectively, and 85.7% and 75.2% of our consolidated revenues for the three months ended March 31, 2020 and 2019, respectively. Our management fee income consists of the management fees earned for the management of PINE and the Land JV. As of March 31, 2020, our commercial loan investment portfolio consisted of five 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, and the sale of mitigation credits.

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 three months ended March 31, 2020 and 2019 is as follows:


	Three Months Ended
	March 31, 2020		March 31, 2019
Revenues:
Income Properties	$	11,003,031	$	10,724,418
Management Services		702,601		—
Commercial Loan Investments		1,052,049		—
Real Estate Operations		80,751		234,901
Total Revenues	$	12,838,432	$	10,959,319
Operating Income (Loss):
Income Properties	$	8,889,936	$	8,791,930
Management Services		702,601		—
Commercial Loan Investments		1,052,049		—
Real Estate Operations		(1,443,615)		188,734
General and Corporate Expense		(9,548,711)		(5,847,907)
Gains on Disposition of Assets		—		6,869,957
Gain on Extinguishment of Debt		636,937
Total Operating Income	$	289,197	$	10,002,714
Depreciation and Amortization:
Income Properties	$	4,547,421	$	3,339,856
Corporate and Other		5,050		6,431
Total Depreciation and Amortization	$	4,552,471	$	3,346,287
Capital Expenditures:
Income Properties	$	137,991,507	$	58,005
Commercial Loan Investments		6,754,375		—
Discontinued Real Estate Operations		—		870,509
Corporate and Other		5,846		2,061
Total Capital Expenditures	$	144,751,728	$	930,575


	As of
	March 31, 2020		December 31, 2019
Identifiable Assets:
Income Properties	$	586,557,285	$	464,285,272
Commercial Loan Investments		40,748,068		35,742,218
Real Estate Operations		66,725,192		65,554,619
Discontinued Land Operations		833,372		833,167
Corporate and Other		22,171,814		136,870,927
Total Assets	$	717,035,731	$	703,286,203

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 March 31, 2020 or December 31, 2019.