BUSINESS SEGMENT DATA

12 Months Ended

Dec. 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. The management services segment consists of the revenue generated from managing PINE and the Land JV.

Our income property operations consist of income-producing properties, and our business plan is focused on investing in additional income-producing properties. Our income property operations accounted for 86% and 80.0% of our identifiable assets as of December 31, 2021 and 2020, respectively, and 72.1%, 88.6%, and 93.4% of our consolidated revenues for the years ended December 31, 2021, 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 December 31, 2021, our commercial loan and master lease investments portfolio consisted of two commercial loan investments 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 generation and sale of mitigation credits.

The Company evaluates segment performance based on operating income. 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, 2021, 2020, and 2019 is as follows (in thousands):

	For the Year Ended
	December 31, 2021		December 31, 2020		December 31, 2019
Revenues:
Income Properties	$	50,679	$	49,953	$	41,956
Management Fee Income		3,305		2,744		304
Interest Income From Commercial Loan and Master Lease Investments		2,861		3,034		1,829
Real Estate Operations		13,427		650		852
Total Revenues	$	70,272	$	56,381	$	44,941
Operating Income (Loss):
Income Properties	$	36,864	$	37,965	$	34,955
Management Fee Income		3,305		2,744		304
Interest Income From Commercial Loan and Master Lease Investments		2,861		3,034		1,829
Real Estate Operations		4,812		(2,573)		748
General and Corporate Expense		(31,783)		(30,630)		(25,615)
Impairment Charges		(17,599)		(9,147)		—
Gain on Disposition of Assets		28,316		9,746		21,978
Gain (Loss) on Extinguishment of Debt		(3,431)		1,141		—
Total Operating Income	$	23,345	$	12,280	$	34,199
Depreciation and Amortization:
Income Properties	$	20,561	$	19,036	$	15,774
Corporate and Other		20		27		23
Total Depreciation and Amortization	$	20,581	$	19,063	$	15,797
Capital Expenditures:
Income Properties	$	256,456	$	188,849	$	166,684
Commercial Loan and Master Lease Investments		364		7,150		18,047
Discontinued Real Estate Operations		—		—		2,791
Corporate and Other		34		30		4
Total Capital Expenditures	$	256,854	$	196,029	$	187,526

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

	As of
	December 31, 2021		December 31, 2020
Identifiable Assets:
Income Properties	$	630,747	$	531,325
Management Services		1,653		700
Commercial Loan and Master Lease Investments		39,095		38,321
Real Estate Operations		26,512		59,717
Discontinued Real Estate Operations		—		833
Corporate and Other		35,132		35,804
Total Assets	$	733,139	$	666,700

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 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 Land JV, the Mitigation Bank, and Subsurface Interests. Corporate and other assets consist primarily of cash and restricted 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 December 31, 2021, 2020 or 2019.