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Business Segments
 3 Months Ended
Jun. 30, 2023
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 in-service commercial properties wholly owned by the Company. Currently this includes nine warehouses in two business parks, an office building partially occupied by the Company, and two ground leases.

 

Our Mining Royalty Lands segment owns several properties totaling approximately 16,650 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 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 joint ventures in the segment, Riverfront Investment Partners I, LLC (“Dock 79”) and Riverfront Investment Partners II, LLC (“The Maren”) are consolidated. The ownership of Dock 79 and The Maren attributable to our partners are 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 and The Maren are reported in net income, including both the amounts attributable to the Company and the noncontrolling interest. 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,
      2023   2022   2023   2022
  Revenues:                                
Revenues  Asset management   $ 1,420       912       2,490       1,751  
Revenues  Mining royalty lands     3,264       2,883       6,546       5,308  
Revenues  Development     467       408       953       791  
Revenues  Stabilized Joint Venture     5,545       5,425       10,821       10,485  
Revenues       10,696       9,628       20,810       18,335  
                                   
  Operating profit (loss):                                
   Before corporate expenses:                                
Operating profit before corporate expenses    Asset management   $ 681       419       1,158       711  
Operating profit before corporate expenses    Mining royalty lands     2,886       2,498       5,783       4,681  
Operating profit before corporate expenses    Development     (472 )     (581 )     (933 )     (1,299 )
Operating profit before corporate expenses    Stabilized Joint Venture     1,041       1,037       1,936       1,479  
Operating profit before corporate expenses     Operating profit before corporate expenses     4,136       3,373       7,944       5,572  
   Corporate expenses:                                
Corporate expenses   Allocated to asset management     (271 )     (225 )     (453 )     (369 )
Corporate expenses   Allocated to mining royalty lands     (154 )     (148 )     (261 )     (242 )
Corporate expenses   Allocated to development     (815 )     (816 )     (1,389 )     (1,337 )
Corporate expenses   Allocated to stabilized joint venture     (129 )     (118 )     (220 )     (194 )
Corporate expenses     Total corporate expenses     (1,369 )     (1,307 )     (2,323 )     (2,142 )
Operating profit     $ 2,767       2,066       5,621       3,430  
                                   
Interest expense Interest expense   $ 1,129       739       2,135       1,477  
                                   
  Depreciation, depletion and amortization:                                
Depreciation, depletion and amortization  Asset management   $ 359       230       637       464  
Depreciation, depletion and amortization  Mining royalty lands     151       189       334       244  
Depreciation, depletion and amortization  Development     41       47       96       92  
Depreciation, depletion and amortization  Stabilized Joint Venture     2,268       2,402       4,532       4,966  
Depreciation, depletion and amortization     $ 2,819       2,868       5,599       5,766  
  Capital expenditures:                                
Capital expenditures  Asset management   $ 65       145       545       595  
Capital expenditures  Mining royalty lands     —         11,126       —         11,217  
Capital expenditures  Development     867       2,426       1,461       5,379  
Capital expenditures  Stabilized Joint Venture     47       78       179       220  
Capital expenditures     $ 979       13,775       2,185       17,411  

 

 

 

        June 30,       December 31,    
  Identifiable net assets   2023       2022    
                   
Assets Asset management $ 39,093       26,053    
Assets Mining royalty lands   48,324       48,494    
Assets Development   190,350       188,834    
Assets Stabilized Joint Venture   253,176       257,535    

Cash 

 Cash items   167,360       178,294    
Assets Unallocated corporate assets   1,593       1,874    
Assets   $ 699,896       701,084