Business Segment Data

12 Months Ended

Dec. 31, 2015

Segment Reporting [Abstract]

Business Segment Data

NOTE 20. BUSINESS SEGMENT DATA

The Company operates in four primary business segments: income properties, commercial loan investments, real estate operations, and golf 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 68.6% and 68.7% of our identifiable assets as of December 31, 2015 and 2014, respectively, and 44.3%, 41.5%, and 49.2% of our consolidated revenues for the years ended December 31, 2015, 2014, and 2013, respectively. As of December 31, 2015, we had four commercial loan investments including one fixed-rate and one variable-rate mezzanine commercial mortgage loan, a variable-rate B-Note representing a secondary tranche in a commercial mortgage loan, and a variable-rate first mortgage loan. Our real estate operations primarily consist of revenues generated from land transactions and leasing and royalty income from our interests in subsurface oil, gas and mineral rights. Our golf operations consist of a single property located in the City of Daytona Beach, with two 18-hole championship golf courses, a practice facility, and clubhouse facilities, including a restaurant and bar operation and pro-shop with retail merchandise. The majority of the revenues generated by our golf operations are derived from members and public customers playing golf, club memberships, and food and beverage operations.

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.

NOTE 20. BUSINESS SEGMENT DATA (continued)

Information about the Company’s operations in different segments for the years ended December 31, 2015, 2014, and 2013 is as follows: 

	Year Ended
	December 31, 2015			December 31, 2014			December 31, 2013
Revenues:
Income Properties	$	19,041,111		$	14,969,647		$	12,828,214
Commercial Loan Investments		2,691,385			2,190,924			1,712,913
Real Estate Operations		15,942,894			13,492,734			6,177,496
Golf Operations		5,243,485			5,125,501			5,074,898
Agriculture and Other Income		78,805			277,831			276,309
Total Revenues	$	42,997,680		$	36,056,637		$	26,069,830
Operating Income:
Income Properties	$	15,385,176		$	13,015,113		$	11,494,240
Commercial Loan Investments		2,691,385			2,190,924			1,712,913
Real Estate Operations		11,650,370			8,630,445			2,291,609
Golf Operations		(349,600	)		(405,242	)		(412,177	)
Agriculture and Other Income		(147,749	)		88,527			127,949
General and Corporate Expense		(8,960,273	)		(10,927,261	)		(8,935,157	)
Total Operating Income	$	20,269,309		$	12,592,506		$	6,279,377
Depreciation and Amortization:
Income Properties	$	4,898,803		$	3,210,028		$	2,650,310
Commercial Loan Investments		—			—			—
Real Estate Operations		—			—			—
Golf Operations		263,335			241,134			205,097
Agriculture and Other		50,759			39,323			29,910
Total Depreciation and Amortization	$	5,212,897		$	3,490,485		$	2,885,317
Capital Expenditures:
Income Properties	$	84,261,324		$	43,766,003		$	40,418,981
Commercial Loan Investments		15,394,879			30,208,075			17,658,204
Real Estate Operations ($5,744,636 Contributed by Consolidated VIE)		11,489,272			—			—
Golf Operations		109,505			219,199			223,690
Agriculture and Other		38,714			140,970			146,165
Total Capital Expenditures	$	111,293,694		$	74,334,247		$	58,447,040

	As of
	December 31, 2015		December 31, 2014
Identifiable Assets:
Income Properties	$	277,519,902	$	190,087,575
Commercial Loan Investments		38,487,119		30,274,302
Real Estate Operations		59,787,157		43,833,515
Golf Operations		3,607,259		3,639,903
Agriculture and Other		26,615,076		8,757,153
Total Assets	$	406,016,513	$	276,592,448

NOTE 20. BUSINESS SEGMENT DATA (continued)

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 (losses) on the disposition of assets. Identifiable assets by segment are those assets that are used in the Company’s operations in each segment. Other assets consist primarily of cash, property, plant, and equipment related to the other operations, as well as the general and corporate operations. Land, timber, and subsurface interests were previously stated as a separate line item within property, plant, and equipment on the consolidated financial statements and are now included with land, timber, and development costs as all of the costs are related to the Company’s land portfolio of over 10,500 acres. The land, timber, and subsurface interests were previously included in the Agriculture and Other segment, but have been reclassified to the Real Estate Operations segment to conform to the revised presentation on the consolidated balance sheets.