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Business Segments
 12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
Business Segments

 

10.Business Segments.

 

The Company is reporting its financial performance based on four reportable segments, Industrial and Commercial (previously named Asset Management), Mining Royalty Lands, Development, and Multifamily (previously named Stabilized Joint Venture), as described below.

 

The Industrial and Commercial 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 Multifamily 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 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 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):

 

                           
      Years Ended December 31,
      2023   2022   2021
  Revenues:            
Revenues  Industrial and Commercial   $ 5,354       3,681       2,575  
Revenues  Mining royalty lands     12,527       10,683       9,465  
Revenues  Development     1,801       1,674       1,563  
Revenues  Multifamily     21,824       21,443       17,617  
Revenues     $ 41,506       37,481       31,220  
  Operating profit:                        
  Before corporate expenses:                        
Operating profit before corporate expenses  Industrial and Commercial   $ 2,551       1,592       612  
Operating profit before corporate expenses  Mining royalty lands     11,009       9,305       8,558  
Operating profit before corporate expenses  Development     (1,954 )     (2,791 )     (2,548 )
Operating profit before corporate expenses  Multifamily     4,096       3,552       (1,277 ) 
Operating profit before corporate expenses  Operating profit before corporate expenses     15,702       11,658       5,345  
   Corporate expenses:                        
Corporate expenses   Allocated to Industrial and Commercial     (787 )     (632 )     (843 )
Corporate expenses   Allocated to Mining royalty lands     (449 )     (414 )     (318 )
Corporate expenses   Allocated to Development     (2,387 )     (2,284 )     (1,557 )
Corporate expenses   Allocated to Multifamily     (379 )     (332 )     (353 )
Corporate expenses       (4,002 )     (3,662 )     (3,071 )
Operating profit     $ 11,700       7,996       2,274  
                           
Interest expense Interest expense   $ 4,315       3,045       2,304  
                           
  Depreciation, depletion and amortization:                        
Depreciation, depletion and amortization  Industrial and Commercial   $ 1,374       907       578  
Depreciation, depletion and amortization  Mining royalty lands     497       586       199  
Depreciation, depletion and amortization  Development     182       189       208  
Depreciation, depletion and amortization  Multifamily     8,768       9,535       11,752  
Depreciation, depletion and amortization     $ 10,821       11,217       12,737  
  Capital expenditures:                        
Capital expenditures  Industrial and Commercial   $ 664       1,284       852  
Capital expenditures  Mining royalty lands     2       11,218       522  
Capital expenditures  Development     9,990       14,521       14,242  
Capital expenditures  Multifamily     561       592       914  
Capital expenditures     $ 11,217       27,615       16,530  
                         

 

 

 

:

  Identifiable net assets at end of period:                        
Assets   Industrial and Commercial   $ 38,784       26,053       23,897  
Assets   Mining royalty lands     48,072       48,494       37,627  
Assets   Development     212,384       188,834       176,386  
Assets   Multifamily     249,750       257,535       266,429  
Investments available for sale   Investments available for sale at fair value     —         —         4,317  
Cash   Cash items     158,415       178,294       162,273  
Assets   Unallocated corporate assets     1,761       1,874       7,261  
Assets     $ 709,166       701,084       678,190