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BUSINESS SEGMENT DATA (Tables) | 3 Months Ended
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Mar. 31, 2025
Segment Reporting [Abstract] |
Schedule of operations in different segments | ​ Information about the Company’s operations in different segments for the three months ended March 31, 2025 is as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Income Properties |  | Management Services |  | Commercial Loans and Investments | ​ | Total
Revenues: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Income Properties | ​ | $ | 31,672 | ​ | $ | — | ​ | $ | — | ​ | $ | 31,672
Management Fee Income | ​ | ​ | — | ​ | ​ | 1,178 | ​ | ​ | — | ​ | ​ | 1,178
Interest Income From Commercial Loans and Investments | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 2,961 | ​ | ​ | 2,961
Total Revenues for Reportable Segments | ​ | $ | 31,672 | ​ | $ | 1,178 | ​ | $ | 2,961 | ​ | $ | 35,811
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating Expenses: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Income Properties | ​ | $ | (8,891) | ​ | $ | — | ​ | $ | — | ​ | $ | (8,891)
Total Revenues Less Direct Costs of Revenues | ​ | $ | 22,781 | ​ | $ | 1,178 | ​ | $ | 2,961 | ​ | $ | 26,920
Provision for Impairment | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Depreciation and Amortization - Real Estate | ​ | ​ | (14,346) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (14,346)
Total Revenues Less Operating Expenses for Reportable Segments | ​ | $ | 8,435 | ​ | $ | 1,178 | ​ | $ | 2,961 | ​ | $ | 12,574
Gain on Disposition of Assets | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Net Income From Operations for Reportable Segments | ​ | $ | 8,435 | ​ | $ | 1,178 | ​ | $ | 2,961 | ​ | $ | 12,574
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Reconciliation to Consolidated Net Income | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
General and Administrative Expenses | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (4,683)
Investment and Other Income | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 575
Interest Expense | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (6,136)
Depreciation and Amortization - Other | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (18)
Net Loss Before Income Tax Expense | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 2,312
Income Tax Expense | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (51)
Net Income Attributable to the Company | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 2,261
​ ​ Information about the Company’s operations in different segments for the three months ended March 31, 2024 is as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Income Properties |  | Management Services |  | Commercial Loans and Investments | ​ | Real Estate Operations | ​ | Total
Revenues: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Income Properties | ​ | $ | 24,623 | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 24,623
Management Fee Income | ​ | ​ | — | ​ | ​ | 1,105 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,105
Interest Income From Commercial Loans and Investments | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,351 | ​ | ​ | — | ​ | ​ | 1,351
Real Estate Operations | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,048 | ​ | ​ | 1,048
Total Revenues for Reportable Segments | ​ | $ | 24,623 | ​ | $ | 1,105 | ​ | $ | 1,351 | ​ | $ | 1,048 | ​ | $ | 28,127
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating Expenses: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Income Properties | ​ | $ | (6,753) | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | (6,753)
Real Estate Operations | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (819) | ​ | ​ | (819)
Total Revenues Less Direct Costs of Revenues | ​ | $ | 17,870 | ​ | $ | 1,105 | ​ | $ | 1,351 | ​ | $ | 229 | ​ | $ | 20,555
Provision for Impairment | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (48) | ​ | ​ | — | ​ | ​ | (48)
Depreciation and Amortization - Real Estate | ​ | ​ | (10,915) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (10,915)
Total Revenues Less Operating Expenses for Reportable Segments | ​ | $ | 6,955 | ​ | $ | 1,105 | ​ | $ | 1,303 | ​ | $ | 229 | ​ | $ | 9,592
Gain on Disposition of Assets | ​ | ​ | 4,618 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 4,545 | ​ | ​ | 9,163
Net Income From Operations for Reportable Segments | ​ | $ | 11,573 | ​ | $ | 1,105 | ​ | $ | 1,303 | ​ | $ | 4,774 | ​ | $ | 18,755
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Reconciliation to Consolidated Net Income | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
General and Administrative Expenses | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (4,216)
Investment and Other Loss | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (3,259)
Interest Expense | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (5,529)
Depreciation and Amortization - Other | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (16)
Net Income Before Income Tax Benefit | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 5,735
Income Tax Benefit | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 107
Net Income Attributable to the Company | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 5,842
​ Capital expenditures of each segment for the three months ended March 31, 2025 and 2024 are as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31, 2025 | ​ | March 31, 2024
Capital Expenditures: | ​ | ​ | ​ | ​ | ​ | ​
Income Properties | ​ | $ | 80,864 | ​ | $ | 73,403
Commercial Loans and Investments | ​ | ​ | 1,431 | ​ | ​ | 6,575
Corporate and Other | ​ | ​ | 12 | ​ | ​ | 9
Total Capital Expenditures | ​ | $ | 82,307 | ​ | $ | 79,987
​ ​ Identifiable assets of each segment as of March 31, 2025 and December 31, 2024 are as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of
​ |  | March 31, 2025 |  | December 31, 2024
Identifiable Assets: | ​ | ​ | ​ | ​ | ​ | ​
Income Properties | ​ | $ | 1,109,408 | ​ | $ | 1,039,466
Management Services | ​ | ​ | 1,497 | ​ | ​ | 1,481
Commercial Loans and Investments | ​ | ​ | 105,690 | ​ | ​ | 105,763
Real Estate Operations | ​ | ​ | 616 | ​ | ​ | 611
Corporate and Other | ​ | ​ | 26,692 | ​ | ​ | 34,323
Total Assets | ​ | $ | 1,243,903 | ​ | $ | 1,181,644

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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