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v3.23.1

Business Segments | 3 Months Ended
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Mar. 31, 2023
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 in-service commercial properties wholly owned by the Company. Currently this includes nine warehouses in two business parks, an office building partially occupied by the Company, and two ground leases. Our Mining Royalty Lands segment owns several properties totaling 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 ownership of Dock 79 and The Maren attributable to our partners are 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 and The Maren 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
|  |  | March 31,
|  |  | 2023 |  | 2022
| Revenues: |  |  |  |
Revenues | Asset management |  | $ | 1,070 |  |  |  | 839 |
Revenues | Mining royalty lands |  |  | 3,282 |  |  |  | 2,425 |
Revenues | Development |  |  | 486 |  |  |  | 383 |
Revenues | Stabilized Joint Venture |  |  | 5,276 |  |  |  | 5,060 |
Revenues |  |  |  | 10,114 |  |  |  | 8,707 |
| Operating profit (loss): |  |  |  |  |  |  |  |
| Before corporate expenses: |  |  |  |  |  |  |  |
Operating profit before corporate expenses | Asset management |  | $ | 477 |  |  |  | 292 |
Operating profit before corporate expenses | Mining royalty lands |  |  | 2,897 |  |  |  | 2,183 |
Operating profit before corporate expenses | Development |  |  | (461 | ) |  |  | (718 | )
Operating profit before corporate expenses | Stabilized Joint Venture |  |  | 895 |  |  |  | 442 |
Operating profit before corporate expenses | Operating profit before corporate expenses |  |  | 3,808 |  |  |  | 2,199 |
| Corporate expenses: |  |  |  |  |  |  |  |
Corporate expenses | Allocated to asset management |  |  | (182 | ) |  |  | (144 | )
Corporate expenses | Allocated to mining royalty lands |  |  | (107 | ) |  |  | (94 | )
Corporate expenses | Allocated to development |  |  | (574 | ) |  |  | (521 | )
Corporate expenses | Allocated to Stabilized Joint Venture |  |  | (91 | ) |  |  | (76 | )
Corporate expenses | Total corporate expenses |  |  | (954 | ) |  |  | (835 | )
Operating profit |  |  | $ | 2,854 |  |  |  | 1,364 |
Interest expense | Interest expense |  | $ | 1,006 |  |  |  | 738 |
| Depreciation, depletion and amortization: |  |  |  |  |  |  |  |
Depreciation, depletion and amortization | Asset management |  | $ | 278 |  |  |  | 234 |
Depreciation, depletion and amortization | Mining royalty lands |  |  | 183 |  |  |  | 55 |
Depreciation, depletion and amortization | Development |  |  | 55 |  |  |  | 45 |
Depreciation, depletion and amortization | Stabilized Joint Venture |  |  | 2,264 |  |  |  | 2,564 |
Depreciation, depletion and amortization |  |  | $ | 2,780 |  |  |  | 2,898 |
| Capital expenditures: |  |  |  |  |  |  |  |
Capital expenditures | Asset management |  | $ | 480 |  |  |  | 450 |
Capital expenditures | Mining royalty lands |  |  | — |  |  |  | 91 |
Capital expenditures | Development |  |  | 594 |  |  |  | 2,953 |
Capital expenditures | Stabilized Joint Venture |  |  | 132 |  |  |  | 142 |
Capital expenditures |  |  | $ | 1,206 |  |  |  | 3,636 |
Identifiable net assets
|  |  | March 31, |  |  |  | December 31, |  |
| Identifiable net assets |  | 2023 |  |  |  | 2022 |  |
Assets | Asset management | $ | 39,202 |  |  |  | 26,053 |  |
Assets | Mining royalty lands |  | 48,501 |  |  |  | 48,494 |  |
Assets | Development |  | 181,592 |  |  |  | 188,834 |  |
Assets | Stabilized Joint Venture |  | 254,932 |  |  |  | 257,535 |  |
Cash | Cash items |  | 173,884 |  |  |  | 178,294 |  |
Assets | Unallocated corporate assets |  | 1,488 |  |  |  | 1,874 |  |
Assets |  | $ | 699,599 |  |  |  | 701,084 |  |

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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 -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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