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Business Segments
 9 Months Ended
Sep. 30, 2024
Segment Reporting [Abstract]  
Business Segments 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. Two of our joint ventures in the segment, Lakeland Logistics Park Venture, LLC ("Lakeland") and Davie Logistics Park Venture, LLC ("Davie") are consolidated.
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 our consolidated joint ventures 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 our consolidated joint ventures 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 endedNine Months ended
September 30,September 30,
2024202320242023
Revenues:
Industrial and commercial$1,455 1,442 $4,353 3,932 
Mining royalty lands3,199 3,082 9,393 9,628 
Development297 434 905 1,387 
Multifamily5,682 5,633 16,592 16,454 
$10,633 10,591 $31,243 31,401 
Operating profit (loss):
Before general and administrative expenses:
Industrial and commercial$842 838 $2,484 2,251 
Mining royalty lands2,946 2,745 8,655 8,781 
Development25 221 102 445 
Multifamily1,559 1,040 4,427 3,190 
Operating profit before G&A5,372 4,844 15,668 14,667 
Total general and administrative expenses2,289 1,948 6,883 6,150 
$3,083 2,896 $8,785 8,517 
Interest expense$742 $1,116 $2,482 3,251 
Depreciation, depletion and amortization:
Industrial and commercial$360 369 $1,083 1,006 
Mining royalty lands163 138 471 472 
Development43 44 128 140 
Multifamily1,985 2,265 5,947 6,797 
$2,551 2,816 $7,629 8,415 
Capital expenditures:
Industrial and commercial$235 12 $628 557 
Mining royalty lands18 — 60 — 
Development34,265 2,179 46,146 3,640 
Multifamily53 258 255 437 
$34,571 2,449 $47,089 4,634 
Identifiable net assetsSeptember 30,
2024		December 31,
2023
Industrial and commercial$38,117 38,784 
Mining royalty lands47,733 48,072 
Development142,269 212,384 
Multifamily351,637 249,750 
Cash items145,662 158,415 
Unallocated corporate assets1,500 1,761 
$726,918 709,166