XML 22 R11.htm IDEA: XBRL DOCUMENT
v3.22.2

Business Segments | 3 Months Ended
--- | ---
Jun. 30, 2022
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. During the fourth quarter of 2021 we completed construction on two buildings in our Hollander Business Park which were subsequently added to this segment. Our Mining Royalty Lands segment owns several properties comprising approximately 16,650 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 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 for the periods up to March 31, 2021 but is 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 |  | Six Months ended
|  |  | June 30, |  | June 30,
|  |  | 2022 |  | 2021 |  | 2022 |  | 2021
| Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues | Asset management |  | $ | 912 |  |  |  | 588 |  |  |  | 1,751 |  |  |  | 1,300 |
Revenues | Mining royalty lands |  |  | 2,883 |  |  |  | 2,634 |  |  |  | 5,308 |  |  |  | 4,949 |
Revenues | Development |  |  | 408 |  |  |  | 451 |  |  |  | 791 |  |  |  | 768 |
Revenues | Stabilized Joint Venture |  |  | 5,425 |  |  |  | 4,822 |  |  |  | 10,485 |  |  |  | 7,331 |
Revenues |  |  |  | 9,628 |  |  |  | 8,495 |  |  |  | 18,335 |  |  |  | 14,348 |
| Operating profit (loss): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Before corporate expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating profit before corporate expenses | Asset management |  | $ | 419 |  |  |  | 128 |  |  |  | 711 |  |  |  | 359 |
Operating profit before corporate expenses | Mining royalty lands |  |  | 2,498 |  |  |  | 2,400 |  |  |  | 4,681 |  |  |  | 4,494 |
Operating profit before corporate expenses | Development |  |  | (581 | ) |  |  | (411 | ) |  |  | (1,299 | ) |  |  | (797 | )
Operating profit before corporate expenses | Stabilized Joint Venture |  |  | 1,037 |  |  |  | (1,226 | ) |  |  | 1,479 |  |  |  | (944 | )
Operating profit before corporate expenses | Operating profit before corporate expenses |  |  | 3,373 |  |  |  | 891 |  |  |  | 5,572 |  |  |  | 3,112 |
| Corporate expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate expenses | Allocated to asset management |  |  | (225 | ) |  |  | (288 | ) |  |  | (369 | ) |  |  | (502 | )
Corporate expenses | Allocated to mining royalty lands |  |  | (148 | ) |  |  | (108 | ) |  |  | (242 | ) |  |  | (189 | )
Corporate expenses | Allocated to development |  |  | (816 | ) |  |  | (522 | ) |  |  | (1,337 | ) |  |  | (941 | )
Corporate expenses | Allocated to stabilized joint venture |  |  | (118 | ) |  |  | (132 | ) |  |  | (194 | ) |  |  | (197 | )
Corporate expenses | Total corporate expenses |  |  | (1,307 | ) |  |  | (1,050 | ) |  |  | (2,142 | ) |  |  | (1,829 | )
Corporate expenses |  |  | $ | 2,066 |  |  |  | (159 | ) |  |  | 3,430 |  |  |  | 1,283 |
Interest expense | Interest expense |  | $ | 739 |  |  |  | 446 |  |  |  | 1,477 |  |  |  | 1,371 |
| Depreciation, depletion and amortization: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation, depletion and amortization | Asset management |  | $ | 230 |  |  |  | 134 |  |  |  | 464 |  |  |  | 271 |
Depreciation, depletion and amortization | Mining royalty lands |  |  | 189 |  |  |  | 58 |  |  |  | 244 |  |  |  | 123 |
Depreciation, depletion and amortization | Development |  |  | 47 |  |  |  | 53 |  |  |  | 92 |  |  |  | 106 |
Depreciation, depletion and amortization | Stabilized Joint Venture |  |  | 2,402 |  |  |  | 4,143 |  |  |  | 4,966 |  |  |  | 5,331 |
Depreciation, depletion and amortization |  |  | $ | 2,868 |  |  |  | 4,388 |  |  |  | 5,766 |  |  |  | 5,831 |
| Capital expenditures: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capital expenditures | Asset management |  | $ | 145 |  |  |  | 139 |  |  |  | 595 |  |  |  | 218 |
Capital expenditures | Mining royalty lands |  |  | 11,126 |  |  |  | — |  |  |  | 11,217 |  |  |  | — |
Capital expenditures | Development |  |  | 2,426 |  |  |  | 2,907 |  |  |  | 5,379 |  |  |  | 6,206 |
Capital expenditures | Stabilized Joint Venture |  |  | 78 |  |  |  | 412 |  |  |  | 220 |  |  |  | 421 |
Capital expenditures |  |  | $ | 13,775 |  |  |  | 3,458 |  |  |  | 17,411 |  |  |  | 6,845 |
Indentifiable net assets
|  |  | June 30, |  |  |  | December 31, |  |
| Identifiable net assets |  | 2022 |  |  |  | 2021 |  |
Assets | Asset management | $ | 24,340 |  |  |  | 23,897 |  |
Assets | Mining royalty lands |  | 48,835 |  |  |  | 37,627 |  |
Assets | Development |  | 175,925 |  |  |  | 176,386 |  |
Assets | Stabilized Joint Venture |  | 261,594 |  |  |  | 266,429 |  |
Investments available for sale | Investments available for sale at fair value |  | — |  |  |  | 4,317 |  |
Cash | Cash items |  | 160,027 |  |  |  | 162,273 |  |
Assets | Unallocated corporate assets |  | 6,319 |  |  |  | 7,261 |  |
Assets |  | $ | 677,040 |  |  |  | 678,190 |  |

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/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI https://asc.fasb.org/topic&trid=2134510 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration