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Business Segments | 6 Months Ended
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Jun. 30, 2024
Segment Reporting [Abstract] |
Business Segments | Business Segments. The Company is reporting its financial performance based on four reportable segments, Industrial and Commercial (previously named Asset Management), Mining Royalty Lands, Development, and Multifamily (previously named Stabilized Joint Venture), as described below. The Industrial and Commercial Segment owns, leases and manages in-service commercial properties. Currently this includes nine warehouses in two business parks, an office building partially occupied by the Company, and two ground leases all wholly owned by the Company. This segment will also include joint ventures of commercial properties when they are stabilized. 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 the highest and best use of 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 Multifamily Segment includes joint ventures which own, lease and manage apartment projects 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 |  | Six Months ended
| June 30, |  | June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Revenues: |  |  |  |  |  |  |  |
Industrial and commercial | $ | 1,445 |  |  | 1,420 |  |  | $ | 2,898 |  |  | 2,490 |  |
Mining royalty lands | 3,231 |  |  | 3,264 |  |  | 6,194 |  |  | 6,546 |  |
Development | 305 |  |  | 467 |  |  | 608 |  |  | 953 |  |
Multifamily | 5,496 |  |  | 5,545 |  |  | 10,910 |  |  | 10,821 |  |
| $ | 10,477 |  |  | 10,696 |  |  | $ | 20,610 |  |  | 20,810 |  |
Operating profit (loss): |  |  |  |  |  |  |  |
Before general and administrative expenses: |  |  |  |  |  |  |  |
Industrial and commercial | $ | 830 |  |  | 822 |  |  | $ | 1,642 |  |  | 1,413 |  |
Mining royalty lands | 2,985 |  |  | 3,023 |  |  | 5,709 |  |  | 6,036 |  |
Development | 137 |  |  | 174 |  |  | 77 |  |  | 224 |  |
Multifamily | 1,420 |  |  | 1,157 |  |  | 2,868 |  |  | 2,150 |  |
Operating profit before G&A | 5,372 |  |  | 5,176 |  |  | 10,296 |  |  | 9,823 |  |
General and administrative expenses: |  |  |  |  |  |  |  |
Allocated to Industrial and commercial | $ | (340) |  |  | (412) |  |  | (590) |  |  | (708) |  |
Allocated to Mining royalty lands | (342) |  |  | (291) |  |  | (620) |  |  | (514) |  |
Allocated to Development | (1,029) |  |  | (1,461) |  |  | (2,307) |  |  | (2,546) |  |
Attributable to Unconsolidated JVs | (551) |  |  | — |  |  | (551) |  |  | — |  |
Allocated to Multifamily | (290) |  |  | (245) |  |  | (526) |  |  | (434) |  |
Total general and administrative expenses | (2,552) |  |  | (2,409) |  |  | (4,594) |  |  | (4,202) |  |
| $ | 2,820 |  |  | 2,767 |  |  | $ | 5,702 |  |  | 5,621 |  |
Interest expense | $ | 829 |  |  | $ | 1,129 |  |  | $ | 1,740 |  |  | 2,135 |  |
Depreciation, depletion and amortization: |  |  |  |  |  |  |  |
Industrial and commercial | $ | 360 |  |  | 359 |  |  | $ | 723 |  |  | 637 |  |
Mining royalty lands | 159 |  |  | 151 |  |  | 308 |  |  | 334 |  |
Development | 43 |  |  | 41 |  |  | 85 |  |  | 96 |  |
Multifamily | 1,981 |  |  | 2,268 |  |  | 3,962 |  |  | 4,532 |  |
| $ | 2,543 |  |  | 2,819 |  |  | $ | 5,078 |  |  | 5,599 |  |
Capital expenditures: |  |  |  |  |  |  |  |
Industrial and commercial | $ | 248 |  |  | 65 |  |  | $ | 393 |  |  | 545 |  |
Mining royalty lands | 22 |  |  | — |  |  | 42 |  |  | — |  |
Development | 5,927 |  |  | 867 |  |  | 11,881 |  |  | 1,461 |  |
Multifamily | 116 |  |  | 47 |  |  | 202 |  |  | 179 |  |
| $ | 6,313 |  |  | 979 |  |  | $ | 12,518 |  |  | 2,185 |  |
Identifiable net assets | June 30, 2024 |  | December 31, 2023
Industrial and commercial | $ | 38,066 |  |  | 38,784 |
Mining royalty lands | 48,391 |  |  | 48,072 |
Development | 148,131 |  |  | 212,384 |
Multifamily | 317,511 |  |  | 249,750 |
Cash items | 158,420 |  |  | 158,415 |
Unallocated corporate assets | 1,337 |  |  | 1,761 |
| $ | 711,856 |  |  | 709,166 |

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- Definition The entire disclosure for reporting segments including data and tables. 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