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Business Segments
 3 Months Ended
Sep. 30, 2022
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. During the fourth quarter of 2021 we completed construction on two buildings in our Hollander Business Park which were subsequently added to this segment.

 

Our Mining Royalty Lands segment owns several properties comprising approximately 16,650 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 assessing for their highest and best use for 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 Stabilized Joint Venture segment includes joint ventures which own, lease and manage buildings that have met our initial lease up criteria. Two of our joint ventures in the segment, Riverfront Investment Partners I, LLC (“Dock 79”) and Riverfront Investment Partners II, LLC (“The Maren”) are consolidated. The Maren was consolidated effective March 31, 2021 and prior periods are still reflected under the equity method. The ownership of Dock 79 and The Maren (commencing March 31, 2021) attributable to our partner MidAtlantic Realty Partners, LLC (MRP) 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 Maren is reflected in Equity in loss of joint ventures on the Consolidated Statements of Income for the periods up to March 31, 2021 but is reflected like Dock 79 for periods commencing April 1, 2021. 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   Nine Months ended
      September 30,   September 30,
      2022   2021   2022   2021
  Revenues:                                
Revenues  Asset management   $ 935       619       2,686       1,919  
Revenues  Mining royalty lands     2,471       2,249       7,779       7,198  
Revenues  Development     412       401       1,203       1,169  
Revenues  Stabilized Joint Venture     5,476       5,204       15,961       12,535  
Revenues       9,294       8,473       27,629       22,821  
                                   
  Operating profit (loss):                                
   Before corporate expenses:                                
Operating profit before corporate expenses    Asset management   $ 392       169       1,103       528  
Operating profit before corporate expenses    Mining royalty lands     2,083       2,037       6,764       6,531  
Operating profit before corporate expenses    Development     (865 )     (404 )     (2,164 )     (1,201 )
Operating profit before corporate expenses    Stabilized Joint Venture     973       (413 )     2,452       (1,357 )
Operating profit before corporate expenses     Operating profit before corporate expenses     2,583       1,389       8,155       4,501  
   Corporate expenses:                                
Corporate expenses   Allocated to asset management     (127 )     (180 )     (496 )     (682 )
Corporate expenses   Allocated to mining royalty lands     (83 )     (69 )     (325 )     (258 )
Corporate expenses   Allocated to development     (457 )     (326 )     (1,794 )     (1,267 )
Corporate expenses   Allocated to stabilized joint venture     (67 )     (82 )     (261 )     (279 )
Corporate expenses     Total corporate expenses     (734 )     (657 )     (2,876 )     (2,486 )
Corporate expenses     $ 1,849       732       5,279       2,015  
                                   
Interest expense Interest expense   $ 738       414       2,215       1,785  
                                   
  Depreciation, depletion and amortization:                                
Depreciation, depletion and amortization  Asset management   $ 219       137       683       408  
Depreciation, depletion and amortization  Mining royalty lands     172       38       416       161  
Depreciation, depletion and amortization  Development     47       53       139       159  
Depreciation, depletion and amortization  Stabilized Joint Venture     2,306       3,568       7,272       8,899  
Depreciation, depletion and amortization     $ 2,744       3,796       8,510       9,627  
  Capital expenditures:                                
Capital expenditures  Asset management   $ 202       100       797       318  
Capital expenditures  Mining royalty lands     1       —         11,218       —    
Capital expenditures  Development     8,548       4,237       13,927       10,443  
Capital expenditures  Stabilized Joint Venture     (25 )     373       195       794  
Capital expenditures     $ 8,726       4,710       26,137       11,555  

 

 

        September 30,       December 31,    
  Identifiable net assets   2022       2021    
                   
Assets Asset management $ 24,468       23,897    
Assets Mining royalty lands   48,715       37,627    
Assets Development   190,883       176,386    
Assets Stabilized Joint Venture   259,369       266,429    
 Investments available for sale at fair value Investments available for sale at fair value   —         4,317    
Cash Cash items   145,365       162,273    
Assets Unallocated corporate assets   8,190       7,261    
Assets   $ 676,990       678,190