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Business Segments | 9 Months Ended
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Sep. 30, 2020
Segment Reporting [Abstract] |
Business Segments | (3) Business Segments. The Company is reporting its financial performance based on four reportable segments, Asset Management, Mining Royalty Lands, Development and Stabilized Joint Venture, as described below. The Asset Management segment owns, leases and manages commercial properties. The flex/office warehouses in the Asset Management Segment were sold and reclassified to discontinued operations leaving only two commercial properties and one recent industrial acquisition, Cranberry Run, which we purchased in 2019. In July 2019 we sold our property located at 1801 62nd Street, our most recent spec building in Hollander Business Park, which had joined Asset Management April 1, 2019. 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 Development segment, we own and are continuously assessing for their highest and best use for 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 buildings for us to own and operate or (ii) a sale to, or joint venture with, third parties. Additionally, our Development segment will form joint ventures on new developments of land not previously owned by the Company. The Stabilized Joint Venture segment includes joint ventures which own, lease and manage buildings that have met our initial lease up criteria. One of our two joint ventures in the segment, Riverfront Investment Partners I, LLC (“Dock 79”) is consolidated. The ownership of Dock 79 attributable to our partner MidAtlantic Realty Partners, LLC (MRP) is reflected on our consolidated balance sheet as a noncontrolling interest. Such noncontrolling interests are reported on the Consolidated Balance Sheets within equity but separately from shareholders' equity. On the Consolidated Statements of Income, all of the revenues and expenses from Dock 79 are reported in net income, including both the amounts attributable to the Company and the noncontrolling interest. The amounts of consolidated net income attributable to the noncontrolling interest is clearly identified on the accompanying Consolidated Statements of Income. Operating results and certain other financial data for the Company’s business segments are as follows (in thousands):
|  | Three Months ended |  | Nine Months ended
|  | September 30, |  | September 30,
|  | 2020 |  | 2019 |  | 2020 |  | 2019
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Asset management |  | $ | 721 |  |  |  | 430 |  |  |  | 2,089 |  |  |  | 1,733 |
Mining royalty lands |  |  | 2,507 |  |  |  | 2,302 |  |  |  | 7,094 |  |  |  | 7,164 |
Development |  |  | 290 |  |  |  | 307 |  |  |  | 862 |  |  |  | 892 |
Stabilized Joint Venture |  |  | 2,580 |  |  |  | 2,844 |  |  |  | 7,685 |  |  |  | 8,171 |
|  |  | 6,098 |  |  |  | 5,883 |  |  |  | 17,730 |  |  |  | 17,960 |
Operating profit (loss): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Before corporate expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Asset management |  | $ | 200 |  |  |  | 8 |  |  |  | 700 |  |  |  | 233 |
Mining royalty lands |  |  | 2,291 |  |  |  | 2,103 |  |  |  | 6,486 |  |  |  | 6,605 |
Development |  |  | (659 | ) |  |  | (629 | ) |  |  | (2,136 | ) |  |  | (1,747 | )
Stabilized Joint Venture |  |  | 386 |  |  |  | 608 |  |  |  | 1,379 |  |  |  | 1,657 |
Operating profit before corporate expenses |  |  | 2,218 |  |  |  | 2,090 |  |  |  | 6,429 |  |  |  | 6,748 |
Corporate expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Allocated to asset management |  |  | (165 | ) |  |  | (168 | ) |  |  | (738 | ) |  |  | (470 | )
Allocated to mining royalty lands |  |  | (53 | ) |  |  | (44 | ) |  |  | (234 | ) |  |  | (123 | )
Allocated to development |  |  | (381 | ) |  |  | (479 | ) |  |  | (1,710 | ) |  |  | (1,219 | )
Allocated to stabilized joint venture |  |  | (38 | ) |  |  | (41 | ) |  |  | (168 | ) |  |  | (116 | )
Total corporate expenses |  |  | (637 | ) |  |  | (732 | ) |  |  | (2,850 | ) |  |  | (1,928 | )
|  | $ | 1,581 |  |  |  | 1,358 |  |  |  | 3,579 |  |  |  | 4,820 |
Interest expense |  | $ | 46 |  |  |  | 129 |  |  |  | 142 |  |  |  | 989 |
Depreciation, depletion and amortization: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Asset management |  | $ | 137 |  |  |  | 154 |  |  |  | 529 |  |  |  | 527 |
Mining royalty lands |  |  | 60 |  |  |  | 36 |  |  |  | 160 |  |  |  | 130 |
Development |  |  | 53 |  |  |  | 54 |  |  |  | 160 |  |  |  | 161 |
Stabilized Joint Venture |  |  | 1,188 |  |  |  | 1,187 |  |  |  | 3,557 |  |  |  | 3,572 |
|  | $ | 1,438 |  |  |  | 1,431 |  |  |  | 4,406 |  |  |  | 4,390 |
Capital expenditures: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Asset management |  | $ | 233 |  |  |  | 824 |  |  |  | 787 |  |  |  | 8,642 |
Mining royalty lands |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Development |  |  | 1,754 |  |  |  | 167 |  |  |  | 2,371 |  |  |  | 415 |
Stabilized Joint Venture |  |  | 46 |  |  |  | 194 |  |  |  | 42 |  |  |  | 304 |
|  | $ | 2,033 |  |  |  | 1,185 |  |  |  | 3,200 |  |  |  | 9,361 |
|  | September 30, |  |  |  | December 31, |  |
Identifiable net assets |  | 2020 |  |  |  | 2019 |  |
Asset management | $ | 11,323 |  |  |  | 18,468 |  |
Mining royalty lands |  | 37,617 |  |  |  | 38,409 |  |
Development |  | 182,567 |  |  |  | 179,357 |  |
Stabilized Joint Venture |  | 136,679 |  |  |  | 133,956 |  |
Investments available for sale at fair value |  | 104,624 |  |  |  | 137,867 |  |
Cash items |  | 61,548 |  |  |  | 26,793 |  |
Unallocated corporate assets |  | 1,772 |  |  |  | 3,298 |  |
| $ | 536,130 |  |  |  | 538,148 |  |

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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/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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