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Business Segments
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Business Segments Business Segments.
Our Chief Executive Officer, as the CODM, organizes our company, manages resource allocations and measures performance among our four reportable segments: Industrial and Commercial, Mining Royalty Lands, Development, and Multifamily, as described below.

The Industrial and Commercial Segment owns, leases and manages in-service commercial properties. Currently this includes nine warehouses in two business parks, an office building partially occupied by the Company, and two ground leases all wholly owned by the Company. This segment will also include joint ventures of commercial properties when they are stabilized.

Our Mining Royalty Lands Segment owns several properties totaling approximately 16,648 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 acquire or form joint ventures on new land for development not previously owned by the Company. Two of our joint ventures in the segment, Lakeland Logistics Park Venture, LLC ("Lakeland") and Davie Logistics Park Venture, LLC ("Davie") are consolidated.

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.

Our CODM uses revenues, operating profit before general and administrative expense, depreciation and amortization, and identifiable assets to allocate operating and capital resources and assesses performance of each segment by comparing actual results to historical, budgeted, and forecasted financial information. We do not believe that an allocation of general and administrative expense to each segment is relevant to our CODM's assessments due to the market excluding those costs in property valuation and the materiality of expenditures related to future opportunities.
Operating results and certain other financial data for the Company’s business segments are as follows (in thousands):
Three Months endedSix Months ended
June 30,June 30,
2025202420252024
Revenues:
Industrial and commercial$1,374 1,445 $2,721 2,898 
Mining royalty lands3,609 3,231 6,843 6,194 
Development300 305 601 608 
Multifamily5,567 5,496 10,991 10,910 
$10,850 10,477 $21,156 20,610 
Operating profit (loss):
Before general and administrative expenses:
Industrial and commercial$443 830 $1,086 1,642 
Mining royalty lands3,340 2,985 6,305 5,709 
Development(698)137 (613)77 
Multifamily1,457 1,420 2,666 2,868 
Operating profit before G&A4,542 5,372 9,444 10,296 
Total general and administrative expenses2,885 2,552 5,462 4,594 
$1,657 2,820 $3,982 5,702 
Interest expense$824 $829 $1,519 1,740 
Depreciation, depletion and amortization:
Industrial and commercial$571 360 $962 723 
Mining royalty lands177 159 355 308 
Development43 43 86 85 
Multifamily1,935 1,981 3,930 3,962 
$2,726 2,543 $5,333 5,078 
Capital expenditures:
Industrial and commercial$38 248 $138 393 
Mining royalty lands180 22 228 42 
Development5,524 5,927 8,174 11,881 
Multifamily319 116 621 202 
$6,061 6,313 $9,161 12,518 
Identifiable net assetsJune 30,
2025		December 31,
2024
Industrial and commercial$62,571 37,527 
Mining royalty lands47,757 47,527 
Development117,587 144,832 
Multifamily337,760 347,172 
Cash items154,433 149,935 
Unallocated corporate assets2,674 1,492 
$722,782 728,485