BUSINESS SEGMENT DATA

12 Months Ended

Dec. 31, 2022

BUSINESS SEGMENT DATA

BUSINESS SEGMENT DATA

NOTE 23.       BUSINESS SEGMENT DATA

The Company operates in four primary business segments: income properties, management services, commercial loans and investments, and real estate operations. The management services segment consists of the revenue generated from managing PINE and the Land JV.

Our income property operations consist of income-producing properties, and our business plan is focused on investing in additional income-producing properties. Our income property operations accounted for 91% and 86% of our identifiable assets as of December 31, 2022 and 2021, respectively, and 83.6%, 72.1%, and 88.6% of our consolidated revenues for the years ended December 31, 2022, 2021, and 2020, respectively. Our management fee income consists of the management fees earned for the management of PINE and the Land JV. As of December 31, 2022, our commercial loan and investment portfolio consisted of three commercial loan investments and one preferred equity investment which is classified as a commercial loan investment. Our continuing real estate operations consists of revenues generated from leasing and royalty income from our interests in subsurface oil, gas, and mineral rights, and the generation and sale of mitigation credits.

The Company evaluates segment performance based on operating income. 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, 2022, 2021, and 2020 is as follows (in thousands):

	For the Year Ended
	December 31, 2022		December 31, 2021		December 31, 2020
Revenues:
Income Properties	$	68,857	$	50,679	$	49,953
Management Fee Income		3,829		3,305		2,744
Interest Income From Commercial Loans and Investments		4,172		2,861		3,034
Real Estate Operations		5,462		13,427		650
Total Revenues	$	82,320	$	70,272	$	56,381
Operating Income:
Income Properties	$	48,493	$	36,864	$	37,964
Management Fee Income		3,829		3,305		2,744
Interest Income From Commercial Loans and Investments		4,172		2,861		3,034
Real Estate Operations		2,969		4,812		(2,572)
General and Corporate Expense		(41,754)		(31,783)		(30,630)
Impairment Charges		—		(17,599)		(9,147)
Gain (Loss) on Disposition of Assets		(7,042)		28,316		9,746
Gain (Loss) on Extinguishment of Debt		—		(3,431)		1,141
Total Operating Income	$	10,667	$	23,345	$	12,280
Depreciation and Amortization:
Income Properties	$	28,799	$	20,561	$	19,036
Corporate and Other		56		20		27
Total Depreciation and Amortization	$	28,855	$	20,581	$	19,063
Capital Expenditures:
Income Properties	$	331,754	$	256,456	$	188,849
Commercial Loans and Investments		53,369		364		7,150
Corporate and Other		42		34		30
Total Capital Expenditures	$	385,165	$	256,854	$	196,029

Identifiable assets of each segment as of December 31, 2022 and 2021 are as follows (in thousands):

	As of
	December 31, 2022		December 31, 2021
Identifiable Assets:
Income Properties	$	902,427	$	630,747
Management Services		1,370		1,653
Commercial Loans and Investments		32,269		39,095
Real Estate Operations		4,041		26,512
Corporate and Other		46,438		35,132
Total Assets	$	986,545	$	733,139

Operating income represents income from continuing operations before interest expense, investment income, and income taxes. General and corporate expenses are an aggregate of general and administrative expenses and depreciation and amortization expense. Identifiable assets by segment are those assets that are used in the Company’s operations in each segment. Real Estate Operations includes the identifiable assets of the Land JV, the Mitigation Bank, and Subsurface Interests. Corporate and other assets consist primarily of cash and restricted cash, property, plant, and equipment related to the other operations, as well as the general and corporate operations.

The Management Services segment had no capital expenditures as of December 31, 2022, 2021 or 2020.