Business Segments

6 Months Ended

Jun. 30, 2017

Segment Reporting [Abstract]

Business Segments

(3) Business Segments. The Company is reporting its financial performance based on three reportable segments, Asset Management, Mining Royalty Lands and Land Development and Construction, as described below.

The Asset Management segment owns, leases and manages warehouse/office buildings located predominately in the Baltimore/Northern Virginia/Washington, DC market area.

Our Mining Royalty Lands segment owns several properties comprising approximately 15,000 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 Land Development and Construction segment, we own and are continuously monitoring for their “highest and best use” 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 warehouse/office buildings for us to own and operate or (ii) a sale to, or joint venture with, third parties.

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

	Three Months ended						Six Months ended
	June 30,						June 30,
	2017			2016			2017			2016
Revenues:
Asset management	$	7,194			6,927			14,479			14,501
Mining royalty lands		1,833			2,059			3,595			3,837
Land development and construction		333			257			608			520
		9,360			9,243			18,682			18,858
Operating profit:
Before corporate expenses:
Asset management	$	3,234			3,318			6,735			6,741
Mining royalty lands		1,701			1,940			3,326			3,589
Land development and construction		(383	)		(2,608	)		(778	)		(3,163	)
Corporate expenses:
Allocated to asset management		(321	)		(354	)		(1,074	)		(874	)
Allocated to mining royalty		(28	)		(52	)		(94	)		(127	)
Allocated to land development and construction		(217	)		(278	)		(725	)		(691	)
		(566	)		(684	)		(1,893	)		(1,692	)
	$	3,986			1,966			7,390			5,475
Interest expense:
Asset management	$	371			392			619			807
Depreciation, depletion and amortization:
Asset management	$	2,057			1,985			4,022			3,820
Mining royalty lands		35			15			74			46
Land development and construction		110			66			165			129
	$	2,202			2,066			4,261			3,995
Capital expenditures:
Asset management	$	3,532			761			4,788			1,234
Mining royalty lands		—			102			—			106
Land development and construction		878			611			3,351			1,090
	$	4,410			1,474			8,139			2,430

	June 30,		December 31,
Identifiable net assets	2017		2016
Asset management	$	179,350		169,736
Mining royalty lands		38,990		39,259
Land development and construction		49,527		57,126
Cash items		—		—
Unallocated corporate assets		3,343		439
	$	271,210		266,560