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Segment Information
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Segment Information Segment Information
Operating segments are components of an enterprise that engage in business activities from which it may earn revenues and incur expenses, whose operating results are regularly reviewed by the chief operating decision maker to make decisions about resources to be allocated to the segment and assess its performance, and for which discrete financial information is available. The Company's Chief Operating Decision Maker ("CODM") is the chief executive officer. The Company operates and reports on two segments: Commercial Real Estate and Land Operations.
Reportable segment information for the three and nine months ended September 30, 2025 and 2024, is summarized below (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Commercial Real Estate
Revenue from external customers$50,213 $49,381 $151,987 $147,477 
Intersegment revenue
— 6 — 19 
Total Segment revenue
50,213 49,387 151,987 147,496 
Less:
Operating costs and expenses
12,767 12,830 39,224 38,178 
Property taxes3,883 3,521 11,368 10,867 
Depreciation and amortization9,592 8,932 28,757 26,797 
Selling, general, and administrative1,279 1,301 4,346 4,358 
Other segment items1
(27)(26)(58)(125)
Commercial Real Estate Segment Operating Profit
$22,719 $22,829 $68,350 $67,421 
Land Operations
Revenue from external customers$35 $12,563 $3,701 $26,716 
Total Segment Revenue35 12,563 3,701 26,716 
Less:
Development cost of sales— 1,089 — 3,615 
Unimproved/other property land cost of sales57 5,357 510 7,214 
Other operating costs and expenses2
1,004 713 2,626 3,494 
Expense (income) from changes to liabilities related to legacy operations250 — 250 2,193 
Selling, general, and administrative181 236 456 874 
(Gain) loss on disposal of assets and settlements, net
(7)— (11,788)(2,148)
(Income) loss from joint ventures and partnerships
(1,592)(2,142)(7,206)(3,836)
Impairment of equity method investment406 — 406 — 
Other segment items3
34 (571)(11)(670)
Land Operations Segment Operating Profit (Loss)
$(298)$7,881 $18,458 $15,980 
Operating Profit (Loss)
Commercial Real Estate$22,719 $22,829 $68,350 $67,421 
Land Operations(298)7,881 18,458 15,980 
Total Operating Profit (Loss)
22,421 30,710 86,808 83,401 
Gain (loss) on commercial real estate transactions2,556 — 6,659 — 
Interest expense(5,959)(5,680)(17,617)(17,119)
Corporate and other expense(4,567)(5,651)(15,053)(14,833)
Income (Loss) from Continuing Operations Before Income Taxes$14,451 $19,379 $60,797 $51,449 
1 Commercial Real Estate other segment items includes interest income and gain (loss) on fixed asset disposals.
2 Intersegment expenses were immaterial for the three and nine months ended September 30, 2025 and 2024, and are included within other operating costs and expenses.
3 Land Operations other segment items includes interest income related to seller financing receivables from the sales of unimproved legacy property or development parcels and expenses related to non-qualified plan and other post-retirement benefits related to legacy operations.