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BUSINESS SEGMENT DATA | 3 Months Ended
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Mar. 31, 2024
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 90% of our identifiable assets as of March 31, 2024 and December 31, 2023, and 87.5% and 90.8% of our consolidated revenues for the three months ended March 31, 2024 and 2023, respectively. Our management fee income consists primarily of the management fees earned for the management of PINE as well as from the Portfolio Management Agreement and the Subsurface Management Agreement. As of March 31, 2024, our commercial loans and investments portfolio consisted of four 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, 2024 and 2023 is as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended
​ |  | March 31, 2024 |  | March 31, 2023
Revenues: | ​ | ​ | ​ | ​ | ​ | ​
Income Properties | ​ | $ | 24,623 | ​ | $ | 22,432
Management Fee Income | ​ | ​ | 1,105 | ​ | ​ | 1,098
Interest Income From Commercial Loans and Investments | ​ | ​ | 1,351 | ​ | ​ | 795
Real Estate Operations | ​ | ​ | 1,048 | ​ | ​ | 392
Total Revenues | ​ | $ | 28,127 | ​ | $ | 24,717
Operating Income: | ​ | ​ | ​ | ​ | ​ | ​
Income Properties | ​ | $ | 17,870 | ​ | $ | 15,279
Management Fee Income | ​ | ​ | 1,105 | ​ | ​ | 1,098
Interest Income From Commercial Loans and Investments | ​ | ​ | 1,351 | ​ | ​ | 795
Real Estate Operations | ​ | ​ | 229 | ​ | ​ | 307
General and Corporate Expense | ​ | ​ | (15,147) | ​ | ​ | (14,043)
Provision for Impairment | ​ | ​ | (48) | ​ | ​ | (479)
Gain (Loss) on Disposition of Assets | ​ | ​ | 9,163 | ​ | ​ | —
Total Operating Income | ​ | $ | 14,523 | ​ | $ | 2,957
Depreciation and Amortization: | ​ | ​ | ​ | ​ | ​ | ​
Income Properties | ​ | $ | 10,915 | ​ | $ | 10,302
Corporate and Other | ​ | ​ | 16 | ​ | ​ | 14
Total Depreciation and Amortization | ​ | $ | 10,931 | ​ | $ | 10,316
Capital Expenditures: | ​ | ​ | ​ | ​ | ​ | ​
Income Properties | ​ | $ | 73,403 | ​ | $ | 7,773
Commercial Loans and Investments | ​ | ​ | 6,575 | ​ | ​ | 16,061
Corporate and Other | ​ | ​ | 9 | ​ | ​ | 25
Total Capital Expenditures | ​ | $ | 79,987 | ​ | $ | 23,859
​ Identifiable assets of each segment as of March 31, 2024 and December 31, 2023 are as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of
​ |  | March 31, 2024 |  | December 31, 2023
Identifiable Assets: | ​ | ​ | ​ | ​ | ​ | ​
Income Properties | ​ | $ | 935,976 | ​ | $ | 887,345
Management Services | ​ | ​ | 1,406 | ​ | ​ | 1,395
Commercial Loans and Investments | ​ | ​ | 66,816 | ​ | ​ | 62,099
Real Estate Operations | ​ | ​ | 1,469 | ​ | ​ | 2,343
Corporate and Other | ​ | ​ | 35,416 | ​ | ​ | 36,486
Total Assets | ​ | $ | 1,041,083 | ​ | $ | 989,668
​ 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, 2024 or 2023.

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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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