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Business Segments | 6 Months Ended
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Mar. 31, 2015
Segment Reporting [Abstract] |
Business Segments | (4) Business Segments. The Company operates in three reportable business segments (i) Asset Management and (ii) Mining Royalty Land and (iii) Land Development and Construction. The Asset Management segment owns, leases, manages and operates commercial office/warehouse buildings primarily located in the Baltimore/Northern Virginia/Washington, DC area. The Mining Royalty Land segment owns real estate predominately in Florida and Georgia that is leased to mining companies in exchange for royalty or land rental income. The Land Development and Construction segment acquires, owns, entitles, and develops land to be used for income production via (i) construction by the Company of warehouse/office uses for our Asset Management segment, or (ii) other commercial, residential or mixed use projects through joint ventures or sales to third parties. Subsequent to the Spin-off, the Company is receiving certain services from Patriot (e.g. executive oversight, accounting, information technology and human resource services) which are billed to the Company on a monthly basis in accordance with the Transition Services Agreement entered into and made effective as of the date of the Spin-off. As was the case prior to the Spin-off, these costs (excluding stock compensation) are included in the Company’s corporate expense and are fully allocated to the business segments. Certain other corporate expenses (primarily stock compensation, corporate aircraft and one-time Spin-off related expenses) are reported as “unallocated” on the Company’s consolidated income statement and are not allocated to any business segment. As a result of the Spin-off the former transportation segment of the Company is reported as a discontinued operation and thus is not allowed any corporate overhead allocation. Hence, all corporate overhead of the transportation group through the date of the Spin-off is included in “corporate expense” on the Company’s consolidated income statements herein. Reclassifications to the appropriate prior period line items and amounts have been made to be comparable to the current presentation. Operating results and certain other financial data for the Company’s business segments are as follows (in thousands):
| Three Months ended |  | Six Months ended
| March 31, |  | March 31,
|  | 2015 |  |  |  | 2014 restated |  |  |  | 2015 |  |  |  | 2014 restated |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Asset management | $ | 7,330 |  |  |  | 6,580 |  |  |  | 14,087 |  |  |  | 12,340 |
Mining royalty land |  | 1,335 |  |  |  | 1,226 |  |  |  | 2,679 |  |  |  | 2,494 |
Land development and construction |  | 283 |  |  |  | 201 |  |  |  | 484 |  |  |  | 402 |
| $ | 8,948 |  |  |  | 8,007 |  |  |  | 17,250 |  |  |  | 15,236 |
Operating profit: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Asset management | $ | 3,187 |  |  |  | 2,840 |  |  |  | 6,573 |  |  |  | 5,548 |
Mining royalty land |  | 1,191 |  |  |  | 1,068 |  |  |  | 2,391 |  |  |  | 2,196 |
Land development and construction |  | (739 | ) |  |  | (363 | ) |  |  | (1,267 | ) |  |  | (705 | )
Corporate expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Allocated to asset management |  | (236 | ) |  |  | (178 | ) |  |  | (426 | ) |  |  | (356 | )
Allocated to mining royalty |  | (250 | ) |  |  | (189 | ) |  |  | (451 | ) |  |  | (378 | )
Allocated to land development and construction |  | (140 | ) |  |  | (105 | ) |  |  | (251 | ) |  |  | (210 | )
Unallocated |  | (692 | ) |  |  | (418 | ) |  |  | (984 | ) |  |  | (553 | )
Unallocated to discontinued ops. |  | (162 | ) |  |  | (833 | ) |  |  | (1,081 | ) |  |  | (1,544 | )
|  | (1,480 | ) |  |  | (1,723 | ) |  |  | (3,193 | ) |  |  | (3,041 | )
| $ | 2,159 |  |  |  | 1,822 |  |  |  | 4,504 |  |  |  | 3,998 |
Interest expense: Asset management | $ | 620 |  |  |  | 310 |  |  |  | 1,065 |  |  |  | 599 |
Mining royalty land |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Land development and construction |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
| $ | 620 |  |  |  | 310 |  |  |  | 1,065 |  |  |  | 599 |
Depreciation, depletion and Amortization: Asset management | $ | 1,776 |  |  |  | 1,619 |  |  |  | 3,562 |  |  |  | 3,151 |
Mining royalty land |  | 30 |  |  |  | 28 |  |  |  | 61 |  |  |  | 56 |
Land development and construction |  | 72 |  |  |  | 46 |  |  |  | 138 |  |  |  | 92 |
| $ | 1,878 |  |  |  | 1,693 |  |  |  | 3,761 |  |  |  | 3,299 |
Capital expenditures: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mining royalty land |  | — |  |  |  | — |  |  |  | - |  |  |  | - |
Land development and construction and Asset Management: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capitalized interest |  | 248 |  |  |  | 477 |  |  |  | 569 |  |  |  | 993 |
Internal labor |  | 85 |  |  |  | 100 |  |  |  | 184 |  |  |  | 195 |
Real estate taxes |  | 39 |  |  |  | 16 |  |  |  | 66 |  |  |  | 40 |
Other costs |  | 319 |  |  |  | 436 |  |  |  | 1,610 |  |  |  | 3,570 |
| $ | 691 |  |  |  | 1,029 |  |  |  | 2,429 |  |  |  | 4,798 |
|  | March 31, |  |  | September 30,
Identifiable net assets |  | 2015 |  |  |  | 2014 |
Asset management | $ | 152,222 |  |  |  | 144,420 |
Mining royalty land |  | 40,459 |  |  |  | 39,368 |
Land development and construction |  | 57,459 |  |  |  | 67,136 |
Discontinued operations |  | - |  |  |  | 59,465 |
Cash items |  | 717 |  |  |  | 1,074 |
Unallocated corporate assets |  | 1,228 |  |  |  | 1,608 |
| $ | 252,085 |  |  |  | 313,071 |

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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/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9038-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 33 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8971-108599 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8595-108599 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8380-108599 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8984-108599 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9031-108599 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9054-108599 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8538-108599 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8864-108599 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8924-108599 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599 + Details
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