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Business Segments
 6 Months Ended
Jun. 30, 2021
Segment Reporting [Abstract]  
Business Segments

(3) Business Segments.

 

The Company is reporting its financial performance based on four reportable segments, Asset Management, Mining Royalty Lands, Development and Stabilized Joint Venture, as described below.

 

The Asset Management segment owns, leases and manages commercial properties. The flex/office warehouses in the Asset Management Segment were sold and reclassified to discontinued operations leaving only two commercial properties and one recent industrial acquisition, Cranberry Run, which we purchased in 2019. In July 2020 we sold our property located at 1801 62nd Street, our most recent spec building in Hollander Business Park, which had joined Asset Management April 1, 2019.

 

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 Development segment, we own and are continuously assessing for their highest and best use for 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 Stabilized Joint Venture segment includes joint ventures which own, lease and manage buildings that have met our initial lease up criteria. Two of our two 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 (commencing March 31, 2021) attributable to our partner MidAtlantic Realty Partners, LLC (MRP) is 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 but will be 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):

               
     Three Months ended  Six Months ended
     June 30,  June 30,
     2021  2020  2021  2020
  Revenues:            

Revenues 

  Asset management  $588    716    1,300    1,368 
Revenues  Mining royalty lands   2,634    2,402    4,949    4,587 
Revenues  Development   451    279    768    572 
Revenues  Stabilized Joint Venture   4,822    2,452    7,331    5,105 
Revenues     8,495    5,849    14,348    11,632 
                       
  Operating profit (loss):                    
   Before corporate expenses:                    
Operating profit before corporate expenses    Asset management  $128    323    359    500 
Operating profit before corporate expenses    Mining royalty lands   2,400    2,194    4,494    4,195 
Operating profit before corporate expenses    Development   (411)   (703)   (797)   (1,477)
Operating profit before corporate expenses    Stabilized Joint Venture   (1,226)   416    (944)   993 
Operating profit before corporate expenses     Operating profit before corporate expenses   891    2,230    3,112    4,211 
   Corporate expenses:                    
Corporate expenses   Allocated to asset management   (288)   (265)   (502)   (573)
Corporate expenses   Allocated to mining royalty lands   (108)   (84)   (189)   (181)
Corporate expenses   Allocated to development   (522)   (617)   (941)   (1,329)
Corporate expenses   Allocated to stabilized joint venture   (132)   (60)   (197)   (130)
Corporate expenses     Total corporate expenses   (1,050)   (1,026)   (1,829)   (2,213)
 Operating profit    $(159)   1,204    1,283    1,998 
                       
Interest expense Interest expense  $446    45    1,371    96 
                       
  Depreciation, depletion and amortization:                    
Depreciation, depletion and amortization  Asset management  $134    200    271    392 
Depreciation, depletion and amortization  Mining royalty lands   58    62    123    100 
Depreciation, depletion and amortization  Development   53    53    106    107 
Depreciation, depletion and amortization  Stabilized Joint Venture   4,143    1,185    5,331    2,369 
Depreciation, depletion and amortization    $4,388    1,500    5,831    2,968 
  Capital expenditures:                    
Capital expenditures  Asset management  $139    341    218    554 
Capital expenditures  Mining royalty lands   —      —      —      —   
Capital expenditures  Development   2,907    320    6,206    617 
Capital expenditures  Stabilized Joint Venture   412    19    421    (4)
Capital expenditures    $3,458    680    6,845    1,167 

 

 

 

 

     June 31,  December 31,
  Identifiable net assets  2021  2020
         

Assets

 Asset management  $10,939    11,172 
Assets Mining royalty lands   37,338    37,387 
Assets Development   180,264    196,212 
Assets Stabilized Joint Venture   270,459    130,472 
Investments available for sale Investments available for sale at fair value   32,129    75,609 
Cash Cash items   138,838    74,105 
Assets Unallocated corporate assets   11,285    11,403 
Assets    $681,252    536,360