OPERATING SEGMENTS

3 Months Ended

Jun. 30, 2011

OPERATING SEGMENTS

OPERATING SEGMENTS

NOTE 7. OPERATING SEGMENTS

Our segments are based on our method of internal reporting which classifies our operations by property type.  Our segments are land and other.  Presented below is the operating segment information for the three and six months ended June 30, 2011 and 2010 (dollars in thousands):

For the Three Months Ended June 30, 2011	Land			Other			Total
Operating revenue	$	77		$	-		$	77
Operating expenses		(13	)		2			(11	)
Depreciation and amortization		-			-			-
Mortgage and loan interest		420			-			420
Interest income		-			723			723
Gain on land sales		-			-			-
Segment operating income (loss)	$	(330	)	$	721		$	391
Capital expenditures		-			-			-
Assets		28,087			-			28,087
For the Three Months Ended June, 2010	Land			Other			Total
Operating revenue	$	65		$	-		$	65
Operating expenses		38			(3	)		35
Depreciation and amortization		-			-			-
Mortgage and loan interest		330			-			330
Interest income		-			621			621
Gain on land sales		-			-			-
Segment operating income (loss)	$	(303	)	$	624		$	321
Capital expenditures		-			-			-
Assets		29,561			-			29,561

The table below reconciles the segment information to the corresponding amounts in the Statements of Operations:

	For the Three Months Ended
	June 30,
	2011			2010
Segment operating income	$	391		$	321
Other non-segment items of income (expense)
General and administrative		(181	)		(123	)
Advisory fee		(211	)		(216	)
Provision on impairment		(1,474	)
Equity in earnings of investees		(50	)		-
Deferred tax benefit		-			-
Loss from continuing operations	$	(1,525	)	$	(18	)

The table below reconciles the segment assets to total assets:

	June 30,
	2011		2010
Segment assets	$	28,087	$	29,561
Investments in real estate partnerships		39		89
Other assets and receivables		88,506		87,437
Total assets	$	116,632	$	117,087

For the Six Months Ended June 30, 2011	Land			Other		Total
Operating revenue	$	159		$	-	$	159
Operating expenses		39			7		46
Depreciation and amortization		-			-		-
Mortgage and loan interest		729			-		729
Interest income		-			1,017		1,017
Gain on land sales		-			-		-
Segment operating income (loss)	$	(609	)	$	1,010	$	401
Capital expenditures		-			-		-
Assets		28,087			-		28,087
For the Six Months Ended June 30, 2010	Land			Other		Total
Operating revenue	$	126		$	-	$	126
Operating expenses		86			1		87
Depreciation and amortization		-			-		-
Mortgage and loan interest		663			-		663
Interest income		-			1,330		1,330
Gain on land sales		-			-		-
Segment operating income (loss)	$	(623	)	$	1,329	$	706
Capital expenditures		-			-		-
Assets		29,561			-		29,561

The table below reconciles the segment information to the corresponding amounts in the Statements of Operations:

	For the Six Months Ended
	June 30,
	2011			2010
Segment operating income	$	401		$	706
Other non-segment items of income (expense)
General and administrative		(278	)		(179	)
Advisory fee		(431	)		(434	)
Provision on impairment		(1,474	)
Equity in earnings of investees		(50	)		3
Deferred tax benefit		-			48
Income (loss) from continuing operations	$	(1,832	)	$	144

The table below reconciles the segment assets to total assets:

	June 30,
	2011		2010
Segment assets	$	28,087	$	29,561
Investments in real estate partnerships		39		89
Other assets and receivables		88,506		87,437
Total assets	$	116,632	$	117,087