Business Segments

3 Months Ended

Mar. 31, 2020

Segment Reporting [Abstract]

Business Segments

(3) Business Segments.

The Company is reporting its financial performance based on four reportable segments, Asset Management, Mining Royalty Lands, Development and Stabilized Joint Venture, as described below.

The Asset Management segment owns, leases and manages commercial properties. The flex/office warehouses in the Asset Management Segment were sold and reclassified to discontinued operations leaving only two commercial properties, one recent industrial acquisition, Cranberry Run, which we purchased in 2019, and 1801 62^nd Street, our most recent spec building in Hollander Business Park, which joined Asset Management April 1, 2019.

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 Development 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 buildings for us to own and operate or (ii) a sale to, or joint venture with, third parties. Additionally, our Development segment will form joint ventures on new developments of land not previously owned by the Company.

The Company operates a residential apartment building Riverfront Investment Partners I, LLC partnership (“Dock 79”). The ownership of Dock 79 attributable to our partner MRP Realty is reflected on our consolidated balance sheet as a noncontrolling interest. Such noncontrolling interests are reported on the Consolidated Balance Sheets within equity but separately from shareholders' equity. On the Consolidated Statements of Income, all of the revenues and expenses from Dock 79 are reported in net income, including both the amounts attributable to the Company and the noncontrolling interest. The amounts of consolidated net income attributable to the noncontrolling interest is clearly identified on the accompanying Consolidated Statements of Income.

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

	Three Months ended
	March 31,
	2020			2019
Revenues:
Asset management	$	652			641
Mining royalty lands		2,185			2,229
Development		293			269
Stabilized Joint Venture		2,653			2,575
		5,783			5,714
Operating profit (loss):
Before corporate expenses:
Asset management	$	177			97
Mining royalty lands		2,001			2,044
Development		(774	)		(553	)
Stabilized Joint Venture		577			412
Operating profit before corporate expenses		1,981			2,000
Corporate expenses:
Allocated to asset management		(308	)		(163	)
Allocated to mining royalty lands		(97	)		(43	)
Allocated to development		(712	)		(399	)
Allocated to Stabilized Joint Venture		(70	)		(40	)
Total corporate expenses		(1,187	)		(645	)
	$	794			1,355
Interest expense	$	51			588
Depreciation, depletion and amortization:
Asset management	$	192			177
Mining royalty lands		38			52
Development		54			58
Stabilized Joint Venture		1,184			1,200
	$	1,468			1,487
Capital expenditures:
Asset management	$	213			6,466
Mining royalty lands		—			—
Development		297			370
Stabilized Joint Venture		(23	)		(117	)
	$	487			6,719

		March 31,	December 31,
Identifiable net assets		2020	2019
Asset management	$	18,644	18,468
Mining royalty lands		38,494	38,409
Development		176,575	179,357
Stabilized Joint Venture		132,801	133,956
Investments available for sale at fair value		148,667	137,867
Cash items		11,564	26,793
Unallocated corporate assets		7,954	3,298
	$	534,699	538,148