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BUSINESS SEGMENT DATA | 12 Months Ended
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Dec. 31, 2023
BUSINESS SEGMENT DATA |
BUSINESS SEGMENT DATA | NOTE 23. BUSINESS SEGMENT DATA The Company operates in four primary business segments: income properties, management services, commercial loans and investments, and real estate operations. The management services segment consists of the revenue generated from managing PINE and the Land JV. 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 90% and 91% of our identifiable assets as of December 31, 2023 and 2022, respectively, and 88.6%, 83.6%, and 72.1% of our consolidated revenues for the years ended December 31, 2023, 2022, and 2021, respectively. Our management fee income consists primarily of the management fees earned for the management of PINE during the three years ended December 31, 2023, 2022, and 2021, as well as from the Portfolio Management Agreement during the year ended December 31, 2023 and the Land JV during the year ended December 31, 2021. As of December 31, 2023, our commercial loan and investment portfolio consisted of four commercial loan investments and one preferred equity investment which is classified as a commercial loan investment. Our real estate operations consists 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 years ended December 31, 2023, 2022, and 2021 is as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the Year Ended
​ |  | December 31, 2023 |  | December 31, 2022 |  | December 31, 2021
Revenues: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Income Properties | ​ | $ | 96,663 | ​ | $ | 68,857 | ​ | $ | 50,679
Management Fee Income | ​ | ​ | 4,388 | ​ | ​ | 3,829 | ​ | ​ | 3,305
Interest Income From Commercial Loans and Investments | ​ | ​ | 4,084 | ​ | ​ | 4,172 | ​ | ​ | 2,861
Real Estate Operations | ​ | ​ | 3,984 | ​ | ​ | 5,462 | ​ | ​ | 13,427
Total Revenues | ​ | $ | 109,119 | ​ | $ | 82,320 | ​ | $ | 70,272
Operating Income: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Income Properties | ​ | $ | 68,208 | ​ | $ | 48,493 | ​ | $ | 36,864
Management Fee Income | ​ | ​ | 4,388 | ​ | ​ | 3,829 | ​ | ​ | 3,305
Interest Income From Commercial Loans and Investments | ​ | ​ | 4,084 | ​ | ​ | 4,172 | ​ | ​ | 2,861
Real Estate Operations | ​ | ​ | 2,261 | ​ | ​ | 2,969 | ​ | ​ | 4,812
General and Corporate Expense | ​ | ​ | (58,422) | ​ | ​ | (41,754) | ​ | ​ | (31,783)
Provision for Impairment | ​ | ​ | (1,556) | ​ | ​ | — | ​ | ​ | (17,599)
Gain (Loss) on Disposition of Assets | ​ | ​ | 7,543 | ​ | ​ | (7,042) | ​ | ​ | 28,316
Loss on Extinguishment of Debt | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (3,431)
Total Operating Income | ​ | $ | 26,506 | ​ | $ | 10,667 | ​ | $ | 23,345
Depreciation and Amortization: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Income Properties | ​ | $ | 44,107 | ​ | $ | 28,799 | ​ | $ | 20,561
Corporate and Other | ​ | ​ | 66 | ​ | ​ | 56 | ​ | ​ | 20
Total Depreciation and Amortization | ​ | $ | 44,173 | ​ | $ | 28,855 | ​ | $ | 20,581
Capital Expenditures: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Income Properties | ​ | $ | 102,688 | ​ | $ | 331,754 | ​ | $ | 256,456
Commercial Loans and Investments | ​ | ​ | 32,869 | ​ | ​ | 53,369 | ​ | ​ | 364
Corporate and Other | ​ | ​ | 261 | ​ | ​ | 42 | ​ | ​ | 34
Total Capital Expenditures | ​ | $ | 135,818 | ​ | $ | 385,165 | ​ | $ | 256,854
​ Identifiable assets of each segment as of December 31, 2023 and 2022 are as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of
​ |  | December 31, 2023 |  | December 31, 2022
Identifiable Assets: | ​ | ​ | ​ | ​ | ​ | ​
Income Properties | ​ | $ | 887,345 | ​ | $ | 902,427
Management Services | ​ | ​ | 1,395 | ​ | ​ | 1,370
Commercial Loans and Investments | ​ | ​ | 62,099 | ​ | ​ | 32,269
Real Estate Operations | ​ | ​ | 2,343 | ​ | ​ | 4,041
Corporate and Other | ​ | ​ | 36,486 | ​ | ​ | 46,438
Total Assets | ​ | $ | 989,668 | ​ | $ | 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. Interest expense is not utilized by the chief operating decision maker in evaluating segment performance, therefore interest expense in the amount of $22.4 million, $11.1 million, and $8.9 million during the years ended December 31, 2023, 2022, and 2021, respectively, was not allocated to our business segments. Identifiable assets by segment are those assets that are used in the Company’s operations in each segment. Real Estate Operations includes the identifiable assets of certain real estate operations receivables as well as 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 as of December 31, 2023, 2022 or 2021.

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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 Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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