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Segment Information (Tables) | 12 Months Ended
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Dec. 31, 2025
Segment Reporting [Abstract] |
Schedule of Operating Segment Information | Segment information for the years ended December 31, 2025, 2024, and 2023, is summarized below (in thousands):
|  | 2025 |  | 2024 |  | 2023
Commercial Real Estate |  |  |  |  |  |
Revenue from external customers |  | $ | 202,861 |  |  | $ | 197,365 |  |  | $ | 193,971 |
Intersegment revenue |  | — |  |  | 25 |  |  | 61 |
Total segment revenue |  | 202,861 |  |  | 197,390 |  |  | 194,032 |
Less:3 |  |  |  |  |  |
Operating costs and expenses |  | 52,668 |  |  | 51,760 |  |  | 49,635 |
Property taxes |  | 15,242 |  |  | 14,698 |  |  | 14,871 |
Depreciation and amortization |  | 38,133 |  |  | 36,093 |  |  | 36,490 |
Selling, general, and administrative |  | 5,984 |  |  | 5,356 |  |  | 6,984 |
Impairment of assets 1 |  | — |  |  | 256 |  |  | 4,768 |
Other segment items 2 |  | (95) |  |  | (184) |  |  | 59 |
Commercial Real Estate segment operating profit |  | $ | 90,929 |  |  | $ | 89,411 |  |  | $ | 81,225 |
Land Operations |  |  |  |  |  |
Revenue from external customers |  | $ | 3,812 |  |  | $ | 39,276 |  |  | $ | 14,872 |
Total segment revenue |  | 3,812 |  |  | 39,276 |  |  | 14,872 |
Less:3 |  |  |  |  |  |
Development cost of sales |  | — |  |  | 12,592 |  |  | — |
Unimproved/other property land cost of sales |  | 668 |  |  | 7,323 |  |  | 1,759 |
Other operating costs and expenses |  | 3,168 |  |  | 4,547 |  |  | 7,791 |
Expense (income) from changes to liabilities related to legacy operations |  | 700 |  |  | 2,028 |  |  | (3,965) |
Selling, general, and administrative |  | 1,056 |  |  | 1,310 |  |  | 1,792 |
(Gain) loss from disposals, net |  | (11,748) |  |  | (2,148) |  |  | (1,114) |
(Earnings) loss from joint ventures |  | (8,288) |  |  | (4,556) |  |  | (1,872) |
Impairment of equity method investment |  | 406 |  |  | — |  |  | — |
Other segment items 4 |  | 23 |  |  | (742) |  |  | (349) |
Land Operations segment operating profit |  | $ | 17,827 |  |  | $ | 18,922 |  |  | $ | 10,830 |
Operating Profit (Loss) |  |  |  |  |  |
Commercial Real Estate |  | $ | 90,929 |  |  | $ | 89,411 |  |  | $ | 81,225 |
Land Operations |  | 17,827 |  |  | 18,922 |  |  | 10,830 |
Total operating profit (loss) |  | 108,756 |  |  | 108,333 |  |  | 92,055 |
Gain (loss) on commercial real estate transactions |  | 7,454 |  |  | 51 |  |  | — |
Interest expense |  | (23,801) |  |  | (23,169) |  |  | (22,963) |
Corporate and other expense |  | (27,893) |  |  | (21,038) |  |  | (28,247) |
Income (Loss) from Continuing Operations Before Income Taxes |  | $ | 64,516 |  |  | $ | 64,177 |  |  | $ | 40,845 |
1 Commercial Real Estate impairment for the year ended December 31, 2024 includes $0.3 million of impairment - abandoned development costs. For the year ended December 31, 2023, it includes $2.2 million of impairment - CRE properties and $2.6 million of impairment - abandoned development costs. 2 Commercial Real Estate other segment items includes interest income and gain (loss) on fixed asset disposals. 3 The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. Intersegment expenses were immaterial for the years ended December 31, 2025, 2024, and 2023, and are included within other operating costs and expenses. 4 Land Operations other segment items includes interest income related to seller financing receivables from the sales of unimproved legacy property or development parcels and expenses related to non-qualified plan and other post-retirement benefits related to legacy operations.
|  | 2025 |  | 2024 |  | 2023
Identifiable Assets: |  |  |  |  |  |
Commercial Real Estate |  | $ | 1,540,718 |  |  | $ | 1,516,058 |  |  | $ | 1,493,826 |
Land Operations 1 |  | 83,944 |  |  | 98,751 |  |  | 112,408 |
Total reportable segment assets |  | 1,624,662 |  |  | 1,614,809 |  |  | 1,606,234 |
Corporate and unallocated assets 2 |  | 34,875 |  |  | 55,623 |  |  | 40,007 |
Total assets |  | $ | 1,659,537 |  |  | $ | 1,670,432 |  |  | $ | 1,646,241 |
Capital Expenditures: |  |  |  |  |  |
Commercial Real Estate 3 |  | $ | 52,029 |  |  | $ | 50,680 |  |  | $ | 31,089 |
Land Operations 4 |  | — |  |  | 28 |  |  | 1 |
Total reportable segment capital expenditures |  | 52,029 |  |  | 50,708 |  |  | 31,090 |
Corporate |  | 201 |  |  | 69 |  |  | 60 |
Total capital expenditures |  | $ | 52,230 |  |  | $ | 50,777 |  |  | $ | 31,150 |
Depreciation and Amortization: |  |  |  |  |  |
Commercial Real Estate |  | $ | 38,133 |  |  | $ | 36,093 |  |  | $ | 36,490 |
Land Operations |  | 9 |  |  | 11 |  |  | 35 |
Total reportable segment depreciation and amortization |  | 38,142 |  |  | 36,104 |  |  | 36,525 |
Corporate |  | 196 |  |  | 208 |  |  | 266 |
Total depreciation and amortization |  | $ | 38,338 |  |  | $ | 36,312 |  |  | $ | 36,791 |
Revenue |  |  |  |  |  |
Commercial Real Estate |  | $ | 202,861 |  |  | $ | 197,390 |  |  | $ | 194,032 |
Land Operations |  | 3,812 |  |  | 39,276 |  |  | 14,872 |
Total reportable segment revenue |  | 206,673 |  |  | 236,666 |  |  | 208,904 |
Corporate |  | — |  |  | — |  |  | — |
Elimination of intersegment revenue |  | — |  |  | (25) |  |  | (61) |
Total revenue |  | $ | 206,673 |  |  | $ | 236,641 |  |  | $ | 208,843 |
Interest Income |  |  |  |  |  |
Commercial Real Estate |  | $ | 5 |  |  | $ | 51 |  |  | $ | — |
Land Operations |  | 304 |  |  | 1,060 |  |  | 387 |
Total reportable segment interest income |  | 309 |  |  | 1,111 |  |  | 387 |
Corporate |  | 483 |  |  | 1,080 |  |  | 44 |
Total interest income |  | $ | 792 |  |  | $ | 2,191 |  |  | $ | 431 |
Interest Expense |  |  |  |  |  |
Commercial Real Estate |  | $ | 1,843 |  |  | $ | 5,341 |  |  | $ | 7,303 |
Land Operations |  | — |  |  | — |  |  | — |
Total reportable segment interest expense |  | 1,843 |  |  | 5,341 |  |  | 7,303 |
Corporate |  | 21,958 |  |  | 17,828 |  |  | 15,660 |
Total interest expense |  | $ | 23,801 |  |  | $ | 23,169 |  |  | $ | 22,963 |
1 The Land Operations segment includes assets related to the Company's investment in various joint ventures. 2 The Company had assets held for sale included in unallocated assets as of December 31, 2025 and December 31, 2023. 3 Represents gross capital additions to the commercial real estate portfolio, including real estate acquisitions, but excluding the assumption of debt, that are reflected as non-cash transactions in the consolidated statements of cash flows. 4 Excludes expenditures for real estate developments held for sale, which are classified as cash flows from operating activities within the consolidated statements of cash flows, and excludes investment in joint ventures classified as cash flows from investing activities.

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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