XML 20 R8.htm IDEA: XBRL DOCUMENT
v3.4.0.3

Business Segments | 6 Months Ended
--- | ---
Mar. 31, 2016
Segment Reporting [Abstract] |
Business Segments | (3) Business Segments. Following the completion of the spin-off of the transportation business, management conducted a strategic review of the Company’s real estate operations. As a result of this review, it was determined that the information that the Company’s chief operating decision makers regularly review for purposes of allocating resources and assessing performance, had changed. Therefore, beginning with the quarter ending March 31, 2015 (with prior periods adjusted accordingly), the Company is reporting its financial performance based on three reportable segments, Asset Management, Mining Royalty Lands and Land Development and Construction, as described below. The Asset Management segment owns, leases and manages warehouse/office buildings located predominately in the Baltimore/Northern Virginia/Washington, DC market area. Our Mining Royalty Lands segment was unaffected by the change in segments and owns several properties comprising approximately 15,000 acres currently under lease for mining rents or royalties (this does not include the 4,280 acres owned in our Brooksville joint venture with Vulcan Materials). Other than one location in Virginia, all of these properties are located in Florida and Georgia. Through our Land Development and Construction segment, we own and are continuously monitoring for their “highest and best use” several parcels of land that are in various stages of development. Our overall strategy in this segment is to convert all of our non-income producing lands into income production through (i) an orderly process of constructing new warehouse/office buildings for us to own and operate or (ii) a sale to, or joint venture with, 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,
|  | 2016 |  | 2015 |  | 2016 |  | 2015
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Asset management |  | $ | 7,574 |  |  |  | 7,330 |  |  |  | 14,489 |  |  |  | 14,087 |
Mining royalty lands |  |  | 1,778 |  |  |  | 1,335 |  |  |  | 3,437 |  |  |  | 2,679 |
Land development and construction |  |  | 263 |  |  |  | 283 |  |  |  | 512 |  |  |  | 484 |
|  |  | 9,615 |  |  |  | 8,948 |  |  |  | 18,438 |  |  |  | 17,250 |
Operating profit: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Before corporate expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Asset management |  | $ | 3,423 |  |  |  | 3,187 |  |  |  | 6,811 |  |  |  | 6,573 |
Mining royalty lands |  |  | 1,649 |  |  |  | 1,191 |  |  |  | 3,174 |  |  |  | 2,391 |
Land development and construction |  |  | (555 | ) |  |  | (739 | ) |  |  | 1,864 |  |  |  | (1,267 | )
Corporate expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Allocated to asset management |  |  | (520 | ) |  |  | (497 | ) |  |  | (898 | ) |  |  | (797 | )
Allocated to mining royalty |  |  | (75 | ) |  |  | (526 | ) |  |  | (130 | ) |  |  | (844 | )
Allocated to land development and construction |  |  | (413 | ) |  |  | (295 | ) |  |  | (712 | ) |  |  | (471 | )
Unallocated to discontinued operations |  |  | — |  |  |  | (162 | ) |  |  | — |  |  |  | (1,081 | )
|  |  | (1,008 | ) |  |  | (1,480 | ) |  |  | (1,740 | ) |  |  | (3,193 | )
|  | $ | 3,509 |  |  |  | 2,159 |  |  |  | 10,109 |  |  |  | 4,504 |
Interest expense: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Asset management |  | $ | 415 |  |  |  | 620 |  |  |  | 896 |  |  |  | 1,065 |
Depreciation, depletion and amortization: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Asset management |  | $ | 1,835 |  |  |  | 1,776 |  |  |  | 3,633 |  |  |  | 3,562 |
Mining royalty lands |  |  | 31 |  |  |  | 30 |  |  |  | 65 |  |  |  | 61 |
Land development and construction |  |  | 63 |  |  |  | 72 |  |  |  | 127 |  |  |  | 138 |
|  | $ | 1,929 |  |  |  | 1,878 |  |  |  | 3,825 |  |  |  | 3,761 |
Capital expenditures: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Asset management |  | $ | 473 |  |  |  | 382 |  |  |  | 9,710 |  |  |  | 1,287 |
Mining royalty lands |  |  | 4 |  |  |  | — |  |  |  | 4 |  |  |  | — |
Land development and construction |  |  | 479 |  |  |  | 309 |  |  |  | 1,781 |  |  |  | 1,142 |
|  | $ | 956 |  |  |  | 691 |  |  |  | 11,495 |  |  |  | 2,429 |
|  | March 31, |  | September 30,
Identifiable net assets |  | 2016 |  | 2015
Asset management |  | $ | 157,566 |  |  |  | 151,023 |
Mining royalty lands |  |  | 39,479 |  |  |  | 39,300 |
Land development and construction |  |  | 57,365 |  |  |  | 60,682 |
Cash items |  |  | 1,175 |  |  |  | 419 |
Unallocated corporate assets |  |  | 557 |  |  |  | 1,054 |
|  | $ | 256,142 |  |  |  | 252,478 |

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration