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BUSINESS SEGMENT DATA

3 Months Ended

Mar. 31, 2023

BUSINESS SEGMENT DATA

BUSINESS SEGMENT DATA

NOTE 22. BUSINESS SEGMENT DATA

The Company operates in four primary business segments: income properties, management services, commercial loans and investments, and real estate operations. Our income property operations consist of income-producing properties, and our business plan is focused on investing in additional income-producing properties. Our income property operations accounted for 91% of our identifiable assets as of March 31, 2023 and December 31, 2022, and 90.8% and 88.1% of our consolidated revenues for the three months ended March 31, 2023 and 2022, respectively. The management services segment consists of the revenue generated from managing PINE. As of March 31, 2023, our commercial loans and investments portfolio consisted of three commercial loan investments and one preferred equity investment which is classified as a commercial loan investment. Our real estate operations consist of revenues generated from the sale of and royalty income related to our interests in subsurface oil, gas, and mineral rights, and the sale of mitigation credits.

The Company evaluates segment performance based on operating income. The Company’s reportable segments are strategic business units that offer different products. They are managed separately because each segment requires different management techniques, knowledge, and skills.

Information about the Company’s operations in different segments for the three months ended March 31, 2023 and 2022 is as follows (in thousands):

​	​	​	​	​	​	​
​	​	Three Months Ended
​		March 31, 2023			March 31, 2022
Revenues:	​	​	​	​	​	​
Income Properties	​	$	22,432	​	$	15,168
Management Fee Income	​	​	1,098	​	​	936
Interest Income From Commercial Loans and Investments	​	​	795	​	​	718
Real Estate Operations	​	​	392	​	​	388
Total Revenues	​	$	24,717	​	$	17,210
Operating Income:	​	​	​	​	​	​
Income Properties	​	$	15,279	​	$	11,152
Management Fee Income	​	​	1,098	​	​	936
Interest Income From Commercial Loans and Investments	​	​	795	​	​	718
Real Estate Operations	​	​	307	​	​	337
General and Corporate Expense	​	​	(14,043)	​	​	(9,412)
Provision for Impairment	​	​	(479)	​	​	—
Loss on Disposition of Assets	​	​	—	​	​	(245)
Total Operating Income	​	$	2,957	​	$	3,486
Depreciation and Amortization:	​	​	​	​	​	​
Income Properties	​	$	10,302	​	$	6,356
Corporate and Other	​	​	14	​	​	13
Total Depreciation and Amortization	​	$	10,316	​	$	6,369
Capital Expenditures:	​	​	​	​	​	​
Income Properties	​	$	7,773	​	$	40,499
Commercial Loans and Investments	​	​	16,061	​	​	—
Corporate and Other	​	​	25	​	​	16
Total Capital Expenditures	​	$	23,859	​	$	40,515

Identifiable assets of each segment as of March 31, 2023 and December 31, 2022 are as follows (in thousands):

​

​	​	​	​	​	​	​
​	​	As of
​		March 31, 2023			December 31, 2022
Identifiable Assets:	​	​	​	​	​	​
Income Properties	​	$	896,537	​	$	902,427
Management Services	​	​	1,505	​	​	1,370
Commercial Loans and Investments	​	​	47,368	​	​	32,269
Real Estate Operations	​	​	3,992	​	​	4,041
Corporate and Other	​	​	31,852	​	​	46,438
Total Assets	​	$	981,254	​	$	986,545

​

Operating income represents income from operations before interest expense, investment income, and income taxes. General and corporate expenses are an aggregate of general and administrative expenses and depreciation and amortization expense. Identifiable assets by segment are those assets that are used in the Company’s operations in each segment. Real Estate Operations primarily includes the identifiable assets of the Company’s Subsurface Interests and mitigation credits. Corporate and other assets consist primarily of cash and restricted cash, property, plant, and equipment related to the other operations, as well as the general and corporate operations. The management services and real estate operations segments had no capital expenditures during the three months ended March 31, 2023 or 2022.

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- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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