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Business Segments
 3 Months Ended
Mar. 31, 2023
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 in-service commercial properties wholly owned by the Company. Currently this includes nine warehouses in two business parks, an office building partially occupied by the Company, and two ground leases.

 

Our Mining Royalty Lands segment owns several properties totaling 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 ownership of Dock 79 and The Maren attributable to our partners are 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 and The Maren 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,
      2023   2022
  Revenues:        
Revenues  Asset management   $ 1,070       839  
Revenues  Mining royalty lands     3,282       2,425  
Revenues  Development     486       383  
Revenues  Stabilized Joint Venture     5,276       5,060  
Revenues       10,114       8,707  
                   
  Operating profit (loss):                
   Before corporate expenses:                
Operating profit before corporate expenses    Asset management   $ 477       292  
Operating profit before corporate expenses    Mining royalty lands     2,897       2,183  
Operating profit before corporate expenses    Development     (461 )     (718 )
Operating profit before corporate expenses    Stabilized Joint Venture     895       442  
Operating profit before corporate expenses     Operating profit before corporate expenses     3,808       2,199  
   Corporate expenses:                
Corporate expenses   Allocated to asset management     (182 )     (144 )
Corporate expenses   Allocated to mining royalty lands     (107 )     (94 )
Corporate expenses   Allocated to development     (574 )     (521 )
Corporate expenses   Allocated to Stabilized Joint Venture     (91 )     (76 )
Corporate expenses     Total corporate expenses     (954 )     (835 )
Operating profit     $ 2,854       1,364  
                   
Interest expense Interest expense   $ 1,006       738  
                   
  Depreciation, depletion and amortization:                
Depreciation, depletion and amortization  Asset management   $ 278       234  
Depreciation, depletion and amortization  Mining royalty lands     183       55  
Depreciation, depletion and amortization  Development     55       45  
Depreciation, depletion and amortization  Stabilized Joint Venture     2,264       2,564  
Depreciation, depletion and amortization     $ 2,780       2,898  
  Capital expenditures:                
Capital expenditures  Asset management   $ 480       450  
Capital expenditures  Mining royalty lands     —         91  
Capital expenditures  Development     594       2,953  
Capital expenditures  Stabilized Joint Venture     132       142  
Capital expenditures     $ 1,206       3,636  

 

 

 

 

        March 31,       December 31,    
  Identifiable net assets   2023       2022    
                   
Assets Asset management $ 39,202       26,053    
Assets Mining royalty lands   48,501       48,494    
Assets Development   181,592       188,834    
Assets Stabilized Joint Venture   254,932       257,535    
Cash Cash items   173,884       178,294    
Assets Unallocated corporate assets   1,488       1,874    
Assets   $ 699,599       701,084