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Business Segments
 3 Months Ended
Mar. 31, 2021
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 2020 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. Two of our two joint ventures in the segment, Riverfront Investment Partners I, LLC (“Dock 79”) and RiverFront Investment Partners II, LLC (“The Maren”) are consolidated. The Maren was consolidated effective March 31, 2021 and prior periods are still reflected under the equity method. The ownership of Dock 79 and The Maren (commencing March 31, 2021) 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 Maren is reflected in Equity in loss of joint ventures on the Consolidated Statements of Income but will be reflected like Dock 79 for periods commencing April 1, 2021. 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
    March 31,
    2021   2020
Revenues:        
 Asset management   $ 712       652  
 Mining royalty lands     2,315       2,185  
 Development     317       293  
 Stabilized Joint Venture     2,509       2,653  
      5,853       5,783  
                 
Operating profit (loss):                
 Before corporate expenses:                
   Asset management   $ 231       177  
   Mining royalty lands     2,094       2,001  
   Development     (386 )     (774 )
   Stabilized Joint Venture     282       577  
    Operating profit before corporate expenses     2,221       1,981  
 Corporate expenses:                
  Allocated to asset management     (214 )     (308 )
  Allocated to mining royalty lands     (81 )     (97 )
  Allocated to development     (419 )     (712 )
  Allocated to Stabilized Joint Venture     (65 )     (70 ) 
    Total corporate expenses     (779 )     (1,187 )
    $ 1,442       794  
                 
Interest expense   $ 925       51  
                 
Depreciation, depletion and amortization:                
 Asset management   $ 137       192  
 Mining royalty lands     65       38  
 Development     53       54  
 Stabilized Joint Venture     1,188       1,184  
    $ 1,443       1,468  
Capital expenditures:                
 Asset management   $ 79       213  
 Mining royalty lands     —         —    
 Development     3,299       297  
 Stabilized Joint Venture     9       (23 ) 
    $ 3,387       487  

 

      March 31,       December 31,    
Identifiable net assets   2021       2020    
                 
Asset management $ 11,013       11,172    
Mining royalty lands   37,335       37,387    
Development   176,239       196,212    
Stabilized Joint Venture   274,774       130,472    
Investments available for sale at fair value   51,171       75,609    
Cash items   117,377       74,105    
Unallocated corporate assets   12,122       11,403    
  $ 680,031       536,360