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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  

 

 

 

        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