Business Segment Data

6 Months Ended

Jun. 30, 2016

Segment Reporting [Abstract]

Business Segment Data

NOTE 19. 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 66.8% and 68.6% of our identifiable assets as of June 30, 2016 and December 31, 2015, respectively, and 39.9% and 56.3% of our consolidated revenues for the six months ended June 30, 2016 and 2015, respectively. As of June 30, 2016, we had three commercial loan investments including one fixed-rate and one variable-rate mezzanine loan and a variable-rate B-Note representing a secondary tranche in a commercial mortgage loan. Our real estate operations primarily consist of revenues generated from land transactions and leasing, royalty income, and revenue from the release of surface entry rights from our subsurface interests. 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.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

NOTE 19. 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 and six months ended June 30, 2016 and 2015 is as follows: 

	Three Months Ended						Six Months Ended
	June 30, 2016			June 30, 2015			June 30, 2016			June 30, 2015
Revenues:
Income Properties	$	6,033,082		$	4,132,052		$	12,462,323		$	8,392,727
Commercial Loan Investments		635,050			638,710			1,516,295			1,270,194
Real Estate Operations		4,774,620			1,368,141			14,335,518			2,227,942
Golf Operations		1,412,196			1,448,567			2,876,555			2,985,993
Agriculture and Other Income		18,990			20,738			37,682			39,677
Total Revenues	$	12,873,938		$	7,608,208		$	31,228,373		$	14,916,533
Operating Income:
Income Properties	$	4,829,042		$	3,449,165		$	10,081,576		$	7,068,994
Commercial Loan Investments		635,050			638,710			1,516,295			1,270,194
Real Estate Operations		3,649,979			1,062,288			10,953,836			1,323,366
Golf Operations		(34,980	)		(7,665	)		24,791			140,149
Agriculture and Other Income		(33,664	)		(22,457	)		(63,023	)		(58,669	)
General and Corporate Expense		(4,312,559	)		(2,933,880	)		(11,387,291	)		(6,063,986	)
Total Operating Income	$	4,732,868		$	2,186,161		$	11,126,184		$	3,680,048
Depreciation and Amortization:
Income Properties	$	1,724,573		$	992,172		$	3,705,623		$	2,077,809
Golf Operations		68,619			67,130			137,268			125,906
Agriculture and Other		12,367			12,450			30,035			23,776
Total Depreciation and Amortization	$	1,805,559		$	1,071,752		$	3,872,926		$	2,227,491
Capital Expenditures:
Income Properties	$	122,260		$	9,959,693		$	2,918,580		$	10,013,957
Commercial Loan Investments		—			733,083			—			894,879
Golf Operations		13,161			90,400			13,161			106,417
Agriculture and Other		—			2,334			15,867			13,406
Total Capital Expenditures	$	135,421		$	10,785,510		$	2,947,608		$	11,028,659

	As of
	June 30, 2016		December 31, 2015
Identifiable Assets:
Income Properties	$	258,494,674	$	277,519,902
Commercial Loan Investments		24,076,474		38,487,119
Real Estate Operations		65,252,380		59,787,157
Golf Operations		3,257,527		3,607,259
Agriculture and Other		36,049,083		24,952,207
Total Assets	$	387,130,138	$	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.