OPERATING SEGMENTS

12 Months Ended

Dec. 31, 2017

Segment Reporting [Abstract]

OPERATING SEGMENTS

NOTE 8. 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 and equity in partnerships. Expenses that are not reflected in the segments are provision for losses, advisory, net income and incentive fees, general and administrative and non-controlling interests. 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, 2017	Land		Other			Total
Operating revenue	$	—	$	—		$	—
Operating expenses		—		(1	)		(1	)
Interest income		—		4,237			4,237
Other Income		—		250			250
Segment operating income (loss)	$	—	$	4,486		$	4,486
Capital expenditures		—		—			—
Assets		22,717		—			22,717

For the Twelve Months Ended December 31, 2016	Land		Other		Total
Operating revenue	$	—	$	—	$	—
Interest income		—		4,494		4,494
Segment operating income (loss)	$	—	$	4,494	$	4,494
Capital expenditures		—		—		—
Assets		22,717		—		22,717

For the Twelve Months Ended December 31, 2015	Land			Other			Total
Operating revenue	$	—		$	—		$	—
Operating expenses		(26	)		(35	)		(61	)
Mortgage and loan interest		(652	)		—			(652	)
Interest income		—			4,376			4,376
Segment operating income (loss)	$	(678	)	$	4,341		$	3,663
Assets		22,717			—			22,717

The table below reflects the reconciliation of the segment information to the corresponding amounts in the Consolidated Statements of Operations (dollars in thousands):

	2017			2016			2015
Segment operating income	$	4,487		$	4,494		$	3,663
Other non-segment items of income (expense)
General and administrative		(438	)		(396	)		(466	)
Net income fee		(250	)		(257	)		(187	)
Advisory fee to related party		(660	)		(639	)		(704	)
Income tax expense		(1,631	)		(1,121	)		(807	)
Net income	$	1,508		$	2,081		$	1,499

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

	2017		2016
Segment assets	$	22,717	$	22,717
Notes and interest receivable		14,030		23,659
Other assets and receivables		51,150		40,026
Total assets	$	87,897	$	86,402