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REAL ESTATE OPERATIONS

12 Months Ended

Dec. 31, 2024

REAL ESTATE OPERATIONS

REAL ESTATE OPERATIONS

NOTE 6.       REAL ESTATE OPERATIONS

Real Estate Operations

Land and development costs at December 31, 2024 and 2023 were as follows (in thousands):

​

​	​	​	​	​	​	​
​	​	As of
​		December 31, 2024			December 31, 2023
Land and Development Costs	​	$	300	​	$	358
Subsurface Interests	​	​	—	​	​	373
Total Land and Development Costs	​	$	300	​	$	731

​

The Company’s real estate operations revenue is within the scope of FASB ASC Topic 606, Revenue from Contracts with Customers as summarized below. Revenue from real estate operations is recognized at the point in time the underlying assets are transferred.

Revenue from real estate operations consisted of the following for the years ended December 31, 2024, 2023, and 2022 (in thousands):

​	​	​	​	​	​	​	​	​	​
​	​	December 31,
​	​	2024		​	2023		​	2022
Mitigation Credit Sales		$	1,831	​	$	2,257	​	$	3,462
Subsurface Revenue - Other	​	​	150	​	​	1,727	​	​	1,904
Land Sales Revenue	​	​	—	​	​	—	​	​	96
Total Real Estate Operations Revenue	​	$	1,981	​	$	3,984	​	$	5,462

​

Mitigation Credits and Mitigation Credit Rights. During the year ended December 31, 2024, the Company sold its remaining mitigation credits. The Company owned mitigation credits with a cost basis of $1.0 million as of December 31, 2023. The Company owned mitigation credits and mitigation credit rights with an aggregate cost basis of $2.6 million as of December 31, 2022. During the year ended December 31, 2023, the remaining mitigation credit rights were released and transferred to mitigation credits as they became available for sale. On December 29, 2022, the Company completed the sale of the entity that owned the Mitigation Bank for a sales price of $8.1 million resulting in a loss on disposition of assets of $11.9 million. A balance of mitigation credits and mitigation credit rights were retained by the Company as part of the sale agreement.

Revenues and the cost of sales of mitigation credit sales are reported as revenues from, and direct costs of, real estate operations, respectively, in the consolidated statements of operations. During the year ended December 31, 2024, 14.99 mitigation credits were sold for $1.8 million with a cost basis of $1.3 million. During the year ended December 31, 2023, the Company sold 20 mitigation credits for proceeds of $2.3 million with a cost basis of $1.5 million. During the year ended December 31, 2022, the Company sold 34 mitigation credits for proceeds of $3.5 million with a cost basis of $2.3 million.

Subsurface Interests. The Company sold its remaining acres of Subsurface Interests during the year ended December 31, 2024 for $5.0 million, or a gain on sale of $4.5 million. As of December 31, 2023, the Company owned 352,000 acres of Subsurface Interests.

The Company historically leased certain of the Subsurface Interests to mineral exploration firms for exploration. The Company’s subsurface operations consist of revenue from the leasing of exploration rights and in some instances, additional revenues from royalties applicable to production from the leased acreage, which revenues are included within real estate operations in the consolidated statements of operations. There were no sales of subsurface oil, gas, and mineral rights during the year ended December 31, 2024. During the year ended December 31, 2023, the Company sold 3,481 acres of Subsurface Interests for a sales price of $1.0 million. During the year ended December 31, 2022, the Company sold approximately 14,600 acres of subsurface oil, gas, and mineral rights for a sales price of $1.7 million.

The Company historically released surface entry rights or other rights upon request of a surface owner for a negotiated release fee typically based on a percentage of the surface value. Cash payments for the release of surface entry rights totaled $0.1 million, $0.7 million, and $0.2 million during the years ended December 31, 2024, 2023 and 2022, respectively.

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- Definition

The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures.

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