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Business Segments
 6 Months Ended
Mar. 31, 2015
Segment Reporting [Abstract]  
Business Segments

(3) Business Segments. The Company operates in three reportable business segments (i) Asset Management and (ii) Mining Royalty Land and (iii) Land Development and Construction. The Asset Management segment owns, leases, manages and operates commercial office/warehouse buildings primarily located in the Baltimore/Northern Virginia/Washington, DC area. The Mining Royalty Land segment owns real estate predominately in Florida and Georgia that is leased to mining companies in exchange for royalty or land rental income. The Land Development and Construction segment acquires, owns, entitles, and develops land to be used for income production via (i) construction by the Company of warehouse/office uses for our Asset Management segment, or (ii) other commercial, residential or mixed use projects through joint ventures or sales to third parties.

 

Subsequent to the Spin-off, the Company is receiving certain services from Patriot (e.g. executive oversight, accounting, information technology and human resource services) which are billed to the Company on a monthly basis in accordance with the Transition Services Agreement entered into and made effective as of the date of the Spin-off. As was the case prior to the Spin-off, these costs (excluding stock compensation) are included in the Company’s corporate expense and are fully allocated to the business segments. Certain other corporate expenses (primarily stock compensation, corporate aircraft and one-time Spin-off related expenses) are reported as “unallocated” on the Company’s consolidated income statement and are not allocated to any business segment. As a result of the Spin-off the former transportation segment of the Company is reported as a discontinued operation and thus is not allowed any corporate overhead allocation. Hence, all corporate overhead of the transportation group through the date of the Spin-off is included in “corporate expense” on the Company’s consolidated income statements herein. Reclassifications to the appropriate prior period line items and amounts have been made to be comparable to the current presentation.

 

Operating results and certain other financial data for the Company’s business segments are as follows (in thousands):

 

  Three Months ended   Six Months ended
  March 31,   March 31,
    2015       2014       2015       2014  
Revenues:                              
 Asset management $ 7,330       6,580       14,087       12,340  
 Mining royalty land   1,335       1,226        2,679        2,494  

Land development and

construction

     283         201         484         402  
  $ 8,948        8,007       17,250       15,236  
                               

Operating profit:

                              
 Asset management $ 3,187       2,840       6,573       5,548  
 Mining royalty land   1,191       1,068       2,391       2,196  
 Land development and construction    (739 )     (363 )      (1,267 )     (705 )
 Corporate expenses:                              
  Allocated to asset management   (236 )     (178 )     (426 )     (356 )
  Allocated to mining royalty   (250 )     (189 )     (451 )     (378 )

Allocated to land development

and construction

   (140 )     (105 )     (251 )     (210 )
  Unallocated   (692 )     (418 )     (984 )     (553 )
  Unallocated to discontinued ops.   (162 )     (186 )     (1,081 )     (897 )
    (1,480 )     (1,076 )     (3,193 )     (2,394 )
  $ 2,159       2,469       4,504       4,645  
                               

Interest expense:

 Asset management

 $ 620       310       1,065       599  
 Mining royalty land   -       -       -       -  
 Land development and construction   -       -       -       -  
  $ 620        310       1,065       599  
                               
                               

Depreciation, depletion and

Amortization:

 Asset management

 $ 1,776       1,619       3,562       3,151  
 Mining royalty land   30       28       61       56  
 Land development and construction   72       46       138       92  
  $ 1,878       1,693       3,761       3,299  
                               
                               

Capital expenditures:

                              
 Mining royalty land   —         —         -       -  

Land development and construction

and Asset Management:

                              
  Capitalized interest   248       477       569       993  
  Internal labor   85       100       184       195  
  Real estate taxes   39       16       66       40  
  Other costs   319       436       1,610       3,570  
  $ 691       1,029       2,429       4,798  
    March 31,     September 30,
Identifiable net assets   2015       2014  

 

Asset management

 $ 152,222       144,420  
 Mining royalty land   40,459       39,368  
 Land development and construction    57,459        67,136  
  Discontinued operations   -       59,465  
  Cash items   717       1,074  
  Unallocated corporate assets   1,228       1,608  
  $ 252,085       313,071