XML 21 R9.htm IDEA: XBRL DOCUMENT v3.6.0.2
Business Segments
 3 Months Ended
Dec. 31, 2016
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
  December 31,
    2016       2015    
Revenues:                
 Asset management $ 7,321       6,915    
 Mining royalty lands   1,880       1,659    
 Land development and construction   311       249    
  $ 9,512       8,823    
                 
Operating profit:                

 Before corporate expenses:

Asset management

 $ 3,509       3,388    
   Mining royalty lands   1,750       1,525    
   Land development and construction   (400 )     2,419    
 Corporate expenses:                
  Allocated to asset management   (485 )     (378 )  
  Allocated to mining royalty   (42 )     (55 )  
  Allocated to land development and construction   (328 )     (299 )  
    (855 )     (732 )  
  $ 4,004       6,600    
                 
Interest expense:                
 Asset management $ 306       481    
                 
Depreciation, depletion and amortization:                
 Asset management $ 2,005       1,798    
 Mining royalty lands   35       34    
 Land development and construction   55       64    
  $ 2,095       1,896    
                 
Capital expenditures:                
 Asset management   1,199       9,237    
 Mining royalty lands   2       —      
 Land development and construction   4,206       1,302    
  $ 5,407       10,539    
                 
    December 30,       September 30,    
Identifiable net assets   2016       2016    
                 
Asset management $ 169,736       170,562    
Mining royalty lands   39,259       39,570    
Land development and construction   57,126       54,157    
Cash items   —         —      
Unallocated corporate assets   439       500    
  $ 266,560       264,789