Business Segment Data

3 Months Ended

Mar. 31, 2016

Segment Reporting [Abstract]

Business Segment Data

NOTE 18. 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 68.2% and 68.6% of our identifiable assets as of March 31, 2016 and December 31, 2015, respectively, and 35.0% and 58.3% of our consolidated revenues for the three months ended March 31, 2016 and 2015, respectively. As of March 31, 2016, we had four commercial loan investments including one fixed-rate and one variable-rate mezzanine 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, with two 18-hole championship golf courses, a practice facility, and clubhouse facilities, including a restaurant and bar operation, fitness facility, 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.

NOTE 18. BUSINESS SEGMENT DATA (continued)

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 the different segments for the three months ended March 31, 2016 and 2015 is as follows:

	Three Months Ended
	March 31, 2016			March 31, 2015
Revenues:
Income Properties	$	6,429,241		$	4,260,675
Commercial Loan Investments		881,245			631,484
Real Estate Operations		9,560,898			859,801
Golf Operations		1,464,359			1,537,426
Agriculture and Other Income		18,692			18,939
Total Revenues	$	18,354,435		$	7,308,325
Operating Income:
Income Properties	$	5,252,534		$	3,619,829
Commercial Loan Investments		881,245			631,484
Real Estate Operations		7,303,857			261,078
Golf Operations		59,771			147,814
Agriculture and Other Income		(29,359	)		(36,212	)
General and Corporate Expense		(7,074,732	)		(3,130,106	)
Total Operating Income	$	6,393,316		$	1,493,887
Depreciation and Amortization:
Income Properties	$	1,981,050		$	1,085,637
Commercial Loan Investments		—			—
Real Estate Operations		—			—
Golf Operations		68,649			58,776
Agriculture and Other		17,668			11,326
Total Depreciation and Amortization	$	2,067,367		$	1,155,739
Capital Expenditures:
Income Properties	$	2,730,714		$	54,264
Commercial Loan Investments		—			—
Real Estate Operations		—			—
Golf Operations		—			16,017
Agriculture and Other		15,867			11,072
Total Capital Expenditures	$	2,746,581		$	81,353

	As of
	March 31, 2016		December 31, 2015
Identifiable Assets:
Income Properties	$	278,538,917	$	277,519,902
Commercial Loan Investments		38,572,891		38,487,119
Real Estate Operations		63,574,249		59,787,157
Golf Operations		3,567,442		3,607,259
Agriculture and Other		24,001,357		24,952,207
Total Assets	$	408,254,856	$	404,353,644

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.