BUSINESS SEGMENT DATA

3 Months Ended

Mar. 31, 2021

BUSINESS SEGMENT DATA

BUSINESS SEGMENT DATA

NOTE 24. BUSINESS SEGMENT DATA

The Company operates in four primary business segments: income properties, management services, commercial loan and master lease investments, and real estate operations. 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 84.1% and 80.0% of our identifiable assets as of March 31, 2021 and December 31, 2020, respectively, and 77.8% and 85.7% of our consolidated revenues for the three months ended March 31, 2021 and 2020, respectively. Our management fee income consists of the management fees earned for the management of PINE and the Land JV. As of March 31, 2021, our commercial loan and master lease investments portfolio consisted of one

commercial loan investment and two commercial properties whose leases are classified as commercial loan and master lease investments. Our continuing real estate operations consists 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. 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, 2021 and 2020 are as follows (in thousands):

	Three Months Ended
	March 31, 2021		March 31, 2020
Revenues:
Income Properties	$	11,449	$	11,003
Management Fee Income		669		702
Interest Income from Commercial Loan and Master Lease Investments		701		1,052
Real Estate Operations		1,893		81
Total Revenues	$	14,712	$	12,838
Operating Income (Loss):
Income Properties	$	8,532	$	8,890
Management Fee Income		669		702
Interest Income from Commercial Loan and Master Lease Investments		701		1,052
Real Estate Operations		1,811		(1,444)
General and Corporate Expense		(7,962)		(7,643)
Impairment Charges		—		(1,905)
Gain on Disposition of Assets		708		—
Gain on Extinguishment of Debt		—		637
Total Operating Income	$	4,459	$	289
Depreciation and Amortization:
Income Properties	$	4,825	$	4,547
Corporate and Other		5		5
Total Depreciation and Amortization	$	4,830	$	4,552
Capital Expenditures:
Income Properties	$	39,340	$	137,992
Commercial Loan and Master Lease Investments		—		6,754
Corporate and Other		7		6
Total Capital Expenditures	$	39,347	$	144,752

Identifiable assets of each segment as of March 31, 2021 and December 31, 2020 are as follows (in thousands):

	As of
	March 31, 2021		December 31, 2020
Identifiable Assets:
Income Properties	$	566,209	$	531,325
Management Services		638		700
Commercial Loan and Master Lease Investments		38,417		38,321
Real Estate Operations		59,724		59,717
Discontinued Land Operations		833		833
Corporate and Other		7,614		35,804
Total Assets	$	673,435	$	666,700

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 and depreciation and amortization expense. 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 as of March 31, 2021 or December 31, 2020.