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Business Segments | 6 Months Ended
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Jun. 30, 2017
Segment Reporting [Abstract] |
Business Segments | (3) Business Segments. 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 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. Operating results and certain other financial data for the Company’s business segments are as follows (in thousands):
|  | Three Months ended |  | Six Months ended
|  | June 30, |  | June 30,
|  | 2017 |  | 2016 |  | 2017 |  | 2016
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Asset management |  | $ | 7,194 |  |  |  | 6,927 |  |  |  | 14,479 |  |  |  | 14,501 |
Mining royalty lands |  |  | 1,833 |  |  |  | 2,059 |  |  |  | 3,595 |  |  |  | 3,837 |
Land development and construction |  |  | 333 |  |  |  | 257 |  |  |  | 608 |  |  |  | 520 |
|  |  | 9,360 |  |  |  | 9,243 |  |  |  | 18,682 |  |  |  | 18,858 |
Operating profit: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Before corporate expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Asset management |  | $ | 3,234 |  |  |  | 3,318 |  |  |  | 6,735 |  |  |  | 6,741 |
Mining royalty lands |  |  | 1,701 |  |  |  | 1,940 |  |  |  | 3,326 |  |  |  | 3,589 |
Land development and construction |  |  | (383 | ) |  |  | (2,608 | ) |  |  | (778 | ) |  |  | (3,163 | )
Corporate expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Allocated to asset management |  |  | (321 | ) |  |  | (354 | ) |  |  | (1,074 | ) |  |  | (874 | )
Allocated to mining royalty |  |  | (28 | ) |  |  | (52 | ) |  |  | (94 | ) |  |  | (127 | )
Allocated to land development and construction |  |  | (217 | ) |  |  | (278 | ) |  |  | (725 | ) |  |  | (691 | )
|  |  | (566 | ) |  |  | (684 | ) |  |  | (1,893 | ) |  |  | (1,692 | )
|  | $ | 3,986 |  |  |  | 1,966 |  |  |  | 7,390 |  |  |  | 5,475 |
Interest expense: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Asset management |  | $ | 371 |  |  |  | 392 |  |  |  | 619 |  |  |  | 807 |
Depreciation, depletion and amortization: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Asset management |  | $ | 2,057 |  |  |  | 1,985 |  |  |  | 4,022 |  |  |  | 3,820 |
Mining royalty lands |  |  | 35 |  |  |  | 15 |  |  |  | 74 |  |  |  | 46 |
Land development and construction |  |  | 110 |  |  |  | 66 |  |  |  | 165 |  |  |  | 129 |
|  | $ | 2,202 |  |  |  | 2,066 |  |  |  | 4,261 |  |  |  | 3,995 |
Capital expenditures: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Asset management |  | $ | 3,532 |  |  |  | 761 |  |  |  | 4,788 |  |  |  | 1,234 |
Mining royalty lands |  |  | — |  |  |  | 102 |  |  |  | — |  |  |  | 106 |
Land development and construction |  |  | 878 |  |  |  | 611 |  |  |  | 3,351 |  |  |  | 1,090 |
|  | $ | 4,410 |  |  |  | 1,474 |  |  |  | 8,139 |  |  |  | 2,430 |
|  | June 30, |  | December 31,
Identifiable net assets |  | 2017 |  | 2016
Asset management |  | $ | 179,350 |  |  |  | 169,736 |
Mining royalty lands |  |  | 38,990 |  |  |  | 39,259 |
Land development and construction |  |  | 49,527 |  |  |  | 57,126 |
Cash items |  |  | — |  |  |  | — |
Unallocated corporate assets |  |  | 3,343 |  |  |  | 439 |
|  | $ | 271,210 |  |  |  | 266,560 |

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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 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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