NOTE 19.

BUSINESS SEGMENT DATA

The Company primarily operates in four business segments: income properties, investment in a commercial mortgage loan, 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 67.1% and 70.8% of our identifiable assets as of December 31, 2013 and 2012, respectively, and 49.6%, 52.1%, and 59.2% of our consolidated revenues for the years ended December 31, 2013, 2012, and 2011, respectively. Our commercial mortgage loan investment consisted of one loan collateralized by a hotel property in Atlanta, Georgia as of December 31, 2013. 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 of Daytona Beach, with two 18-hole championship golf courses, a practice facility, and clubhouse facilities, including a restaurant and bar operation 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.

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 different segments for the years ended December 31, 2013, 2012, and 2011 is as follows:

 

		Year Ended December 31,
		2013				2012				2011
Revenues:
Income Properties		$	12,828,214			$	8,463,082			$	7,679,224
Commercial Mortgage Loan			1,712,913				—				—
Real Estate Operations			5,945,510				3,098,840				501,626
Golf Operations			5,074,898				4,506,069				4,660,802
Agriculture and Other Income			276,309				164,979				124,776
Total Revenues		$	25,837,844			$	16,232,970			$	12,966,428
Operating Income (Loss):
Income Properties		$	11,494,240			$	7,786,986			$	7,152,265
Commercial Mortgage Loan			1,712,913				—				—
Real Estate Operations			2,291,609				2,393,778				(250,504	)
Golf Operations			(412,177	)			(887,564	)			(1,332,835	)
Agriculture and Other			127,949				(33,855	)			(526,647	)
General and Corporate Expenses			(8,935,157	)			(8,395,444	)			(14,010,971	)
Total Operating Income (Loss)		$	6,279,377			$	863,901			$	(8,968,692	)
Identifiable Assets:
Income Properties		$	151,682,578			$	130,726,326			$	116,943,722
Commercial Mortgage Loan			18,887,979				—				—
Real Estate Operations			29,929,179				34,161,944				34,529,445
Golf Operations			3,269,212				3,230,225				2,858,448
Agriculture and Other			22,414,732				16,578,405				15,934,188
Total Assets		$	226,183,680			$	184,696,900			$	170,265,803
Depreciation and Amortization:
Income Properties		$	2,650,310			$	1,742,589			$	1,500,511
Commercial Mortgage Loan			—				—				—
Real Estate Operations			—				—				—
Golf Operations			205,097				173,110				359,743
Agriculture and Other			29,910				94,806				337,215
Total Depreciation and Amortization		$	2,885,317			$	2,010,505			$	2,197,469
Capital Expenditures:
Income Properties		$	40,418,981			$	25,945,926			$	2,493,663
Commercial Mortgage Loan			17,658,204				—				—
Real Estate Operations			—				—				—
Golf Operations			223,690				343,969				267,273
Agriculture and Other			146,165				105,729				566,410
Total Capital Expenditures		$	58,447,040			$	26,395,624			$	3,327,346

Operating income represents income from continuing operations before loss on early extinguishment of debt, interest expense, interest 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. There were no transactions between segments for any of the periods presented. Certain items in the prior years’ consolidated statement of operations have been reclassified to conform to the presentation of the consolidated statements of operations for the years ended December 2013, 2012, and 2011. Specifically, the depreciation and amortization expense and interest expense have been segregated into separate line times, whereas previously, these amounts were included in direct cost of revenues and general and administrative expenses, respectively. These reclassifications had no effect on the prior year presentation of income from continuing operations before income tax.