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Business Segments
 9 Months Ended
Sep. 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 16,640 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. Three of our joint ventures in the segment, Lakeland Logistics Park Venture, LLC ("Lakeland"), Davie Logistics Park Venture, LLC ("Davie"), and Camp Lake Venture IA ("Camp Lake", LLC 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 endedNine Months ended
September 30,September 30,
2025202420252024
Revenues:
Industrial and commercial$1,229 1,455 $3,950 4,353 
Mining royalty lands3,689 3,199 10,532 9,393 
Development301 297 902 905 
Multifamily5,556 5,682 16,547 16,592 
$10,775 10,633 $31,931 31,243 
Operating profit (loss):
Before general and administrative expenses:
Industrial and commercial$341 842 $1,427 2,484 
Mining royalty lands3,384 2,946 9,689 8,655 
Development(1,189)25 (1,802)102 
Multifamily1,155 1,559 3,821 4,427 
Operating profit before G&A3,691 5,372 13,135 15,668 
Total general and administrative expenses2,328 2,289 7,790 6,883 
$1,363 3,083 $5,345 8,785 
Interest expense$739 $742 $2,258 2,482 
Depreciation, depletion and amortization:
Industrial and commercial$567 360 $1,529 1,083 
Mining royalty lands213 163 568 471 
Development43 43 129 128 
Multifamily2,002 1,985 5,932 5,947 
$2,825 2,551 $8,158 7,629 
Capital expenditures:
Industrial and commercial$129 235 $267 628 
Mining royalty lands297 18 525 60 
Development24,523 34,265 32,697 46,146 
Multifamily44 53 665 255 
$24,993 34,571 $34,154 47,089 
Identifiable net assetsSeptember 30,
2025		December 31,
2024
Industrial and commercial$62,534 37,527 
Mining royalty lands47,828 47,527 
Development149,038 144,832 
Multifamily333,268 347,172 
Cash items135,819 149,935 
Unallocated corporate assets2,773 1,492 
$731,260 728,485