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Segment Information (Tables)

12 Months Ended

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 assets1						—						256						4,768
Other segment items2						(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 items4						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 Operations1						83,944						98,751						112,408
Total reportable segment assets						1,624,662						1,614,809						1,606,234
Corporate and unallocated assets2						34,875						55,623						40,007
Total assets						$	1,659,537					$	1,670,432					$	1,646,241
Capital Expenditures:
Commercial Real Estate3						$	52,029					$	50,680					$	31,089
Land Operations4						—						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.

X

- 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

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- References

No definition available.

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