Operating segment disclosures:

9 Months Ended

Sep. 30, 2011

Operating segment disclosures: [Abstract]

Operating segment disclosures:

10. Operating segment disclosures:

The Company operates in two segments, leasing and petroleum storage.

The Company makes decisions relative to the allocation of resources and evaluates performance based on each segment’s respective income before income taxes, excluding interest expense and certain corporate expenses.

Inter-segment revenues are immaterial in amount.

The following financial information is used for making operating decisions and assessing performance of each of the Company’s segments for the three and nine months ended September 30, 2011 and 2010:

	Three Months Ended				Nine Months Ended
	September 30				September 30
	2011		2010		2011		2010
Leasing:
Revenues:
Long-term land leases:
Contractual	$	800,000	$	652,000	$	2,196,000	$	1,746,000
Contingent		16,000		13,000		140,000		93,000
Short-term leases		182,000		174,000		531,000		490,000
Total revenues	$	998,000	$	839,000	$	2,867,000	$	2,329,000
Property tax expense	$	146,000	$	153,000	$	437,000	$	401,000
Depreciation	$	45,000	$	39,000	$	131,000	$	86,000
Income before income taxes	$	675,000	$	584,000	$	2,045,000	$	1,510,000
Assets	$	10,010,000	$	9,495,000	$	10,010,000	$	9,495,000
Properties and equipment, additions	$	154,000	$	212,000	$	343,000	$	788,000

	Three Months Ended					Nine Months Ended
	September 30					September 30
	2011			2010		2011		2010
Petroleum storage:
Revenues:
Contractual	$	969,000		$	976,000	$	2,881,000	$	2,865,000
Reimbursement of tank repairs		—			—		495,000		—
Total revenues	$	969,000		$	976,000	$	3,376,000	$	2,865,000
Property tax expense	$	62,000		$	60,000	$	183,000	$	177,000
Depreciation	$	165,000		$	162,000	$	493,000	$	486,000
Income (loss) before income taxes	$	(121,000	)	$	103,000	$	1,093,000	$	861,000
Assets	$	12,959,000		$	13,489,000	$	12,959,000	$	13,489,000
Properties and equipment:
Additions	$	30,000		$	16,000	$	92,000	$	20,000
Write-off of fully depreciated equipment no longer in service	$	—		$	12,000	$	—	$	12,000

The following is a reconciliation of the segment information to the amounts reported in the accompanying consolidated financial statements for the three and nine months ended September 30, 2011 and 2010:

	Three Months Ended						Nine Months Ended
	September 30						September 30
	2011			2010			2011			2010
Revenues for operating segments:
Leasing	$	998,000		$	839,000		$	2,867,000		$	2,329,000
Petroleum storage		969,000			976,000			3,376,000			2,865,000
Total consolidated revenues	$	1,967,000		$	1,815,000		$	6,243,000		$	5,194,000
Property tax expense:
Property tax expense for operating segments:
Leasing	$	146,000		$	153,000		$	437,000		$	401,000
Petroleum storage		62,000			60,000			183,000			177,000
		208,000			213,000			620,000			578,000
Unallocated corporate property tax expense		—			—			2,000			2,000
Total consolidated property tax expense	$	208,000		$	213,000		$	622,000		$	580,000
Depreciation:
Depreciation for operating segments:
Leasing	$	45,000		$	39,000		$	131,000		$	86,000
Petroleum storage segment:		165,000			162,000			493,000			486,000
		210,000			201,000			624,000			572,000
Unallocated corporate depreciation		2,000			1,000			5,000			5,000
Total consolidated depreciation	$	212,000		$	202,000		$	629,000			577,000
Income (loss) before income taxes:
Income (loss) before income taxes for operating segments:
Leasing	$	675,000		$	584,000		$	2,045,000		$	1,510,000
Petroleum storage		(121,000	)		103,000			1,093,000			861,000
		554,000			687,000			3,138,000			2,371,000
Unallocated corporate expenses		(231,000	)		(214,000	)		(721,000	)		(706,000	)
Interest expense		(72,000	)		(91,000	)		(245,000	)		(155,000	)
Total consolidated income before income taxes	$	251,000		$	382,000		$	2,172,000		$	1,510,000

	Three Months Ended				Nine Months Ended
	September 30				September 30
	2011		2010		2011		2010
Assets:
Assets for operating segments:
Leasing	$	10,010,000	$	9,495,000	$	10,010,000	$	9,495,000
Petroleum storage		12,959,000		13,489,000		12,959,000		13,489,000
		22,969,000		22,984,000		22,969,000		22,984,000
Corporate cash		2,140,000		2,249,000		2,140,000		2,249,000
Other unallocated amounts		316,000		449,000		316,000		449,000
Total consolidated assets	$	25,425,000	$	25,682,000	$	25,425,000	$	25,682,000
Properties and equipment:
Additions to properties and equipment for operating segments:
Leasing	$	154,000	$	212,000	$	343,000	$	788,000
Petroleum storage		30,000		16,000		92,000		20,000
Total consolidated additions	$	184,000	$	228,000	$	435,000	$	808,000
Write-off of fully depreciated equipment no longer in service:
Operating segment, petroleum storage	$	—	$	12,000	$	—	$	12,000
Unallocated		—		48,000		—		48,000
Total consolidated write-off of fully depre-ciated equipment no longer in service	$	—	$	60,000	$	—	$	60,000