OPERATING SEGMENTS

12 Months Ended

Dec. 31, 2015

Segment Reporting [Abstract]

OPERATING SEGMENTS

NOTE 9.            OPERATING SEGMENTS

Our segments are based on management’s method of internal reporting which classifies its operations by property type. The Company’s reportable segments are land held subject to a sales contract and other. Significant differences among the accounting policies of the operating segments as compared to the Consolidated Financial Statements principally involve the calculation and allocation of administrative and other expenses. Management evaluates the performance of each of the operating segments and allocates resources to them based on their net operating income and cash flow.

Items of income that are not reflected in the segments are interest, other income, gain on debt extinguishment, gain on condemnation award, equity in partnerships, and gains on sale of real estate. Expenses that are not reflected in the segments are provision for losses, advisory, net income and incentive fees, general and administrative, non-controlling interests, foreign currency transaction loss and net loss from discontinued operations before gains on sale of real estate.

The segment labeled as “Other” consists of revenue and operating expenses related to the notes receivable and corporate debt.

The Company’s segments are based on our method of internal reporting which classifies operations by the type of property in the portfolio. The Company’s segments by use of property are land and other (dollars in thousands):

For the Twelve Months Ended December 31, 2015	Land			Other		Total
Operating revenue	$	—		$	—	$	—
Operating expenses		26			35		61
Mortgage and loan interest		652			—		652
Loan charges		—			—		—
Interest income		—			4,376		4,376
Segment operating income (loss)	$	(678	)	$	4,341	$	3,663
Capital expenditures		—			—		—
Assets		22,717			—		22,717
Property Sales
Sales price	$	—		$	—	$	—
Cost of sale		—			—		—
Deferred current gain		—			—		—
Recognized prior deferred gain		—			—		—
Gain on sale	$	—		$	—	$	—

	Land			Other		Total
For the Twelve Months Ended December 31, 2014
Operating revenue	$	—		$	—	$	—
Operating expenses		50			—		50
Mortgage and loan interest		706			—		706
Loan charges		---			—		---
Interest income		—			4,729		4,729
Segment operating income (loss)	$	(756	)	$	4,729	$	3,973
Capital expenditures		—			—		—
Assets		25,717			—		25,717
Property Sales
Sales price	$	—		$	—	$	—
Cost of sale		—			—		—
Deferred current gain		—			—		—
Recognized prior deferred gain		—			—		—
Gain on sale	$	—		$	—	$	—

		Land			Other		Total
For the Twelve Months Ended December 31, 2013
Operating revenue		—			—	$	—
Operating expenses		87			—		87
Mortgage and loan interest		1,160			—		1,160
Loan charges		830			—		830
Interest income		—			7,129		7,129
Segment operating income (loss)	$	(2,077	)	$	7,129	$	5,052
Capital expenditures		—			—		—
Assets		24,511			—		24,511
Property Sales
Sales price	$	—		$	—	$	—
Cost of sale		—			—		—
Deferred current gain		—			—		—
Recognized prior deferred gain		—			—		—
Gain (loss) on sale	$	—		$	—	$	—

The tables below reconcile the segment information to the corresponding amounts in the Consolidated Statements of Operations (dollars in thousands): 

		2015			2014			2013
Segment operating income	$	3,663		$	3,973		$	5,052
Other non-segment items of income (expense)
General and administrative		(466	)		(573	)		(734	)
Net income fee		(187	)		(203	)		(695	)
Advisory fee to related party		(704	)		(692	)		(830	)
Other income		—			—			5,804
Equity from unconsolidated subsidiaries and investees		—			—			—
Income tax expense		(807)			(946	)		(3,063	)
Income from continuing operations	$	1,499		$	1,559		$	5,534

The table below reconciles the segment information to the corresponding amounts in the Consolidated Balance Sheets (dollars in thousands):

		2015		2014		2013
Segment assets	$	22,717	$	25,717	$	24,511
Notes and interest receivable		24,882		25,635		28,867
Other assets and receivables		36,705		41,724		40,435
Total assets	$	84,304	$	93,076	$	93,813