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Business Segments
 3 Months Ended
Mar. 31, 2024
Segment Reporting [Abstract]  
Business Segments

(3) Business Segments.

 

The Company is reporting its financial performance based on four reportable segments, Industrial and Commercial (previously named Asset Management), Mining Royalty Lands, Development, and Multifamily (previously named Stabilized Joint Venture), 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 16,650 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 Multifamily Segment includes joint ventures which own, lease and manage apartment projects 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
      March 31,
      2024   2023
  Revenues:        
Revenues  Industrial and commercial   $ 1,453       1,070  
Revenues  Mining royalty lands     2,963       3,282  
Revenues  Development     303       486  
Revenues  Multifamily     5,414       5,276  
Revenues       10,133       10,114  
                   
  Operating profit (loss):                
   Before corporate expenses:                
Operating profit before corporate expenses    Industrial and commercial   $ 812       591  
Operating profit before corporate expenses    Mining royalty lands     2,724       3,013  
Operating profit before corporate expenses    Development     (60 )     50  
Operating profit before corporate expenses    Multifamily     1,448       993  
Operating profit before corporate expenses     Operating profit before G&A     4,924       4,647  
   General and administrative expenses:                
General and administrative expenses   Allocated to Industrial and commercial     (250 )     (296 )
General and administrative expenses   Allocated to mining royalty lands     (278 )     (223 )
General and administrative expenses   Allocated to development     (1,278 )     (1,085 )
General and administrative expenses   Allocated to Multifamily     (236 )     (189 )
General and administrative expenses     Total general and administrative expenses     (2,042 )     (1,793 )
Operating profit     $ 2,882       2,854  
                   
Interest expense Interest expense   $ 911       1,006  

 

                   
  Depreciation, depletion and amortization:                
Depreciation, depletion and amortization  Industrial and commercial   $ 363       278  
Depreciation, depletion and amortization  Mining royalty lands     149       183  
Depreciation, depletion and amortization  Development     42       55  
Depreciation, depletion and amortization  Multifamily     1,981       2,264  
Depreciation, depletion and amortization     $ 2,535       2,780  
  Capital expenditures:                
Capital expenditures  Industrial and commercial   $ 145       480  
Capital expenditures  Mining royalty lands     20       —    
Capital expenditures  Development     5,954       594  
Capital expenditures  Multifamily     86       132  
Capital expenditures     $ 6,205       1,206  

 

 

        March 31,       December 31,    
  Identifiable net assets   2024       2023    
                   

Assets 

 Industrial and commercial $ 38,490       38,784    
Assets Mining royalty lands   48,281       48,072    
Assets Development   142,908       212,384    
Assets Multifamily   321,613       249,750    
Cash Cash items   153,139       158,415    
Assets Unallocated corporate assets   1,242       1,761    
Assets   $ 705,673       709,166