Business Segments

3 Months Ended

Mar. 31, 2017

Segment Reporting [Abstract]

Business Segments

(3) Business Segments. The Company is reporting its financial performance based on three reportable segments, Asset Management, Mining Royalty Lands and Land Development and Construction, as described below.

The Asset Management segment owns, leases and manages warehouse/office buildings located predominately in the Baltimore/Northern Virginia/Washington, DC market area.

Our Mining Royalty Lands segment owns several properties comprising approximately 15,000 acres currently under lease for mining rents or royalties (this does not include the 4,280 acres owned in our Brooksville joint venture with Vulcan Materials).  Other than one location in Virginia, all of these properties are located in Florida and Georgia. 

Through our Land Development and Construction segment, we own and are continuously monitoring for their “highest and best use” several parcels of land that are in various stages of development.  Our overall strategy in this segment is to convert all of our non-income producing lands into income production through (i) an orderly process of constructing new warehouse/office buildings for us to own and operate or (ii) a sale to, or joint venture with, third parties.

Operating results and certain other financial data for the Company’s business segments are as follows (in thousands):

	Three Months ended
	March 31,
		2017		2016
Revenues:
Asset management	$	7,285		7,574
Mining royalty lands		1,762		1,778
Land development and construction		275		263
	$	9,322		9,615
Operating profit:
Before corporate expenses: Asset management	$	3,501		3,423
Mining royalty lands		1,625		1,649
Land development and construction		(395	)	(555	)
Corporate expenses:
Allocated to asset management		(753	)	(520	)
Allocated to mining royalty		(66	)	(75	)
Allocated to land development and construction		(508	)	(413	)
		(1,327	)	(1,008	)
	$	3,404		3,509
Interest expense:
Asset management	$	248		415
Depreciation, depletion and amortization:
Asset management	$	1,965		1,835
Mining royalty lands		39		31
Land development and construction		55		63
	$	2,059		1,929
Capital expenditures:
Asset management		2,259		473
Mining royalty lands		—		4
Land development and construction		1,470		479
	$	3,729		956
		March 31,		December 31,
Identifiable net assets		2017		2016
Asset management	$	168,339		169,736
Mining royalty lands		39,087		39,259
Land development and construction		58,901		57,126
Cash items		106		—
Unallocated corporate assets		3,084		439
	$	269,517		266,560