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BUSINESS SEGMENT DATA | 9 Months Ended
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Sep. 30, 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 89.3% and 89.7% of our identifiable assets as of September 30, 2024 and December 31, 2023, and 89.0% and 88.8% of our consolidated revenues for the nine months ended September 30, 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 September 30, 2024, our commercial loans and investments portfolio consisted of four commercial loan investments and two preferred equity investments which are classified as commercial loan investments. 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 and nine months ended September 30, 2024 and 2023 is as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Nine Months Ended
​ |  | September 30, 2024 |  | September 30, 2023 |  | September 30, 2024 |  | September 30, 2023
Revenues: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Income Properties | ​ | $ | 28,528 | ​ | $ | 25,183 | ​ | $ | 79,029 | ​ | $ | 70,373
Management Fee Income | ​ | ​ | 1,124 | ​ | ​ | 1,094 | ​ | ​ | 3,360 | ​ | ​ | 3,294
Interest Income From Commercial Loans and Investments | ​ | ​ | 1,615 | ​ | ​ | 1,114 | ​ | ​ | 4,407 | ​ | ​ | 2,965
Real Estate Operations | ​ | ​ | 538 | ​ | ​ | 1,079 | ​ | ​ | 1,981 | ​ | ​ | 2,602
Total Revenues | ​ | $ | 31,805 | ​ | $ | 28,470 | ​ | $ | 88,777 | ​ | $ | 79,234
Operating Income: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Income Properties | ​ | $ | 20,731 | ​ | $ | 18,123 | ​ | $ | 56,399 | ​ | $ | 49,490
Management Fee Income | ​ | ​ | 1,124 | ​ | ​ | 1,094 | ​ | ​ | 3,360 | ​ | ​ | 3,294
Interest Income From Commercial Loans and Investments | ​ | ​ | 1,615 | ​ | ​ | 1,114 | ​ | ​ | 4,407 | ​ | ​ | 2,965
Real Estate Operations | ​ | ​ | 179 | ​ | ​ | 927 | ​ | ​ | 544 | ​ | ​ | 1,726
General and Corporate Expense | ​ | ​ | (17,296) | ​ | ​ | (15,108) | ​ | ​ | (47,451) | ​ | ​ | (43,307)
Provision for Impairment | ​ | ​ | (538) | ​ | ​ | (929) | ​ | ​ | (653) | ​ | ​ | (1,408)
Gain (Loss) on Disposition of Assets | ​ | ​ | (855) | ​ | ​ | 2,464 | ​ | ​ | 8,308 | ​ | ​ | 3,565
Total Operating Income | ​ | $ | 4,960 | ​ | $ | 7,685 | ​ | $ | 24,914 | ​ | $ | 16,325
Depreciation and Amortization: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Income Properties | ​ | $ | 13,204 | ​ | $ | 11,651 | ​ | $ | 35,650 | ​ | $ | 32,769
Corporate and Other | ​ | ​ | 17 | ​ | ​ | 18 | ​ | ​ | 51 | ​ | ​ | 45
Total Depreciation and Amortization | ​ | $ | 13,221 | ​ | $ | 11,669 | ​ | $ | 35,701 | ​ | $ | 32,814
Capital Expenditures: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Income Properties | ​ | $ | 138,850 | ​ | $ | 11,010 | ​ | $ | 216,969 | ​ | $ | 100,333
Commercial Loans and Investments | ​ | ​ | 53,176 | ​ | ​ | 50 | ​ | ​ | 60,206 | ​ | ​ | 17,477
Corporate and Other | ​ | ​ | 2 | ​ | ​ | 4 | ​ | ​ | 17 | ​ | ​ | 255
Total Capital Expenditures | ​ | $ | 192,028 | ​ | $ | 11,064 | ​ | $ | 277,192 | ​ | $ | 118,065
​ Identifiable assets of each segment as of September 30, 2024 and December 31, 2023 are as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of
​ |  | September 30, 2024 |  | December 31, 2023
Identifiable Assets: | ​ | ​ | ​ | ​ | ​ | ​
Income Properties | ​ | $ | 1,049,915 | ​ | $ | 887,345
Management Services | ​ | ​ | 1,371 | ​ | ​ | 1,395
Commercial Loans and Investments | ​ | ​ | 103,358 | ​ | ​ | 62,099
Real Estate Operations | ​ | ​ | 889 | ​ | ​ | 2,343
Corporate and Other | ​ | ​ | 20,591 | ​ | ​ | 36,486
Total Assets | ​ | $ | 1,176,124 | ​ | $ | 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 nine months ended September 30, 2024 or 2023.

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- Definition The entire disclosure for reporting segments including data and tables. 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