XML 22 R11.htm IDEA: XBRL DOCUMENT v3.23.3
Business Segments
 3 Months Ended
Sep. 30, 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 the highest and best use of 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   Nine months ended
      September 30,   September 30,
      2023   2022   2023   2022
  Revenues:                                
Revenues  Asset management   $ 1,442       935       3,932       2,686  
Revenues  Mining royalty lands     3,082       2,471       9,628       7,779  
Revenues  Development     434       412       1,387       1,203  
Revenues  Stabilized Joint Venture     5,633       5,476       16,454       15,961  
Revenues       10,591       9,294       31,401       27,629  
                                   
  Operating profit (loss):                                
   Before corporate expenses:                                
Operating profit before corporate expenses    Asset management   $ 697       392       1,855       1,103  
Operating profit before corporate expenses    Mining royalty lands     2,608       2,083       8,391       6,764  
Operating profit before corporate expenses    Development     (444 )     (865 )     (1,377 )     (2,164 )
Operating profit before corporate expenses    Stabilized Joint Venture     924       973       2,860       2,452  
Operating profit before corporate expenses     Operating profit before corporate expenses     3,785       2,583       11,729       8,155  
   Corporate expenses:                                
Corporate expenses   Allocated to asset management     (177 )     (127 )     (630 )     (496 )
Corporate expenses   Allocated to mining royalty lands     (99 )     (83 )     (360 )     (325 )
Corporate expenses   Allocated to development     (529 )     (457 )     (1,918 )     (1,794 )
Corporate expenses   Allocated to stabilized joint venture     (84 )     (67 )     (304 )     (261 )
Corporate expenses     Total corporate expenses     (889 )     (734 )     (3,212 )     (2,876 )
Operating profit     $ 2,896       1,849       8,517       5,279  
                                   
Interest expense Interest expense   $ 1,116       738       3,251       2,215  
                                   
  Depreciation, depletion and amortization:                                
Depreciation, depletion and amortization  Asset management   $ 369       219       1,006       683  
Depreciation, depletion and amortization  Mining royalty lands     138       172       472       416  
Depreciation, depletion and amortization  Development     44       47       140       139  
Depreciation, depletion and amortization  Stabilized Joint Venture     2,265       2,306       6,797       7,272  
Depreciation, depletion and amortization     $ 2,816       2,744       8,415       8,510  
  Capital expenditures:                                
Capital expenditures  Asset management   $ 12       202       557       797  
Capital expenditures  Mining royalty lands     —         1       —         11,218  
Capital expenditures  Development     2,179       8,548       3,640       13,927  
Capital expenditures  Stabilized Joint Venture     258       (25 )     437       195  
Capital expenditures     $ 2,449       8,726       4,634       26,137  

 

 

Identifiable net assets

        September 30,       December 31,    
  Identifiable net assets   2023       2022    
                   

Assets 

 Asset management $ 39,155       26,053    
Assets Mining royalty lands   48,126       48,494    
Assets Development   194,297       188,834    
Assets Stabilized Joint Venture   251,677       257,535    
Cash Cash items   166,674       178,294    
Assets Unallocated corporate assets   1,228       1,874    
Assets   $ 701,157       701,084