XML 41 R30.htm IDEA: XBRL DOCUMENT v3.25.1
BUSINESS SEGMENT DATA
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
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. The management services segment consists of the revenue generated from managing PINE, the Portfolio Management Agreement and the Subsurface Management Agreement, as described further in Note 5, “Management Services Business.”

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% and 88% of our identifiable assets as of March 31, 2025 and December 31, 2024, respectively, and 88.4% and 87.5% of our consolidated revenues for the three months ended March 31, 2025 and 2024, respectively. Our management fee income consists of the management fees earned for the management of PINE, the Portfolio Management Agreement and the Subsurface Management Agreement during the three months ended March 31, 2025 and 2024. As of March 31, 2025, our commercial loan and investment portfolio consisted of five commercial loan investments and two preferred equity investments which are classified as commercial loan investments. 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’s assets underlying its real estate operations were sold during the year ended December 31, 2024, therefore, no further revenues are expected from this segment.

​

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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. 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, 2025 or 2024.

​