ASSETS AND LIABILITIES HELD FOR SALE AND DISCONTINUED OPERATIONS

12 Months Ended

Dec. 31, 2021

ASSETS AND LIABILITIES HELD FOR SALE AND DISCONTINUED OPERATIONS

ASSETS AND LIABILITIES HELD FOR SALE

NOTE 25. ASSETS AND LIABILITIES HELD FOR SALE AND DISCONTINUED OPERATIONS

Assets and liabilities held for sale as of December 31, 2021 and 2020 are summarized below (in thousands).

	As of December 31, 2021
	Land JV		Income Properties		Total Assets Held for Sale
Plant, Property, and Equipment—Net	$	—	$	6,016	$	6,016
Intangible Lease Assets - Net		—		704		704
Total Assets Held for Sale	$	—	$	6,720	$	6,720

	As of December 31, 2020
	Land JV		Income Properties		Total Assets (Liabilities) Held for Sale
Restricted Cash	$	833	$	—	$	833
Total Assets Held for Sale	$	833	$	—	$	833
Deferred Revenue	$	(831)	$	—	$	(831)
Total Liabilities Held for Sale	$	(831)	$	—	$	(831)

Deferred Revenue on Land Sales. In conjunction with the land sale to Buc-ee’s in March 2018, the Company funded an escrow account for $0.8 million related to the portion of the acreage sold for which the Company was obligated to perform wetlands mitigation. As a result of the Company’s obligation, $0.8 million of the sales price collected at closing was deferred and the revenue was to be recognized upon the Company’s performance of the obligation. See Note 23, “Commitments and Contingencies” for further discussion related to the release of the Escrowed Funds during the year ended December 31, 2021.

There were no discontinued operations for the years ended December 31, 2021 and 2020. The following is a summary of discontinued operations for the year ended December 31, 2019 (in thousands):

	Year Ended
	December 31, 2019
Golf Operations Revenue	$	4,097
Golf Operations Direct Cost of Revenues		(5,259)
Loss From Operations		(1,162)
Gain on Disposition of Assets		15
Loss From Discontinued Operations Before Income Tax		(1,147)
Income Tax Benefit		291
Loss From Discontinued Operations (Net of Income Tax)	$	(856)
Land Operations Revenue	$	11,043
Land Operations Direct Cost of Revenues		(6,405)
Income From Operations		4,638
Gain on Disposition of Assets		127,518
Income From Discontinued Operations Before Income Tax		132,156
Income Tax Expense		(32,932)
Income From Discontinued Operations (Net of Income Tax)	$	99,224
Total Income From Discontinued Operations (Net of Income Tax)	$	98,368