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Business Segments
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Business Segments Business Segments.
Our Chief Executive Officer, as the CODM, organizes our company, manages resource allocations and measures performance among our four reportable segments: Industrial and Commercial, Mining Royalty Lands, Development, and Multifamily, 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 16,648 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. Two of our joint ventures in the segment, Lakeland Logistics Park Venture, LLC ("Lakeland") and Davie Logistics Park Venture, LLC ("Davie") are consolidated.
The Multifamily 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.
Our CODM uses revenues, operating profit before general and administrative expense, depreciation and amortization, and identifiable assets to allocate operating and capital resources and assesses performance of each segment by comparing actual results to historical, budgeted, and forecasted financial information. We do not believe that an allocation of general and administrative expense to each segment is relevant to our CODM's assessments due to the market excluding those costs in property valuation and the materiality of expenditures related to future opportunities.
Operating results and certain other financial data for the Company’s business segments are as follows (in thousands):
Years Ended December 31,
202420232022
Revenues:
Industrial and Commercial$5,621 5,354 3,681 
Mining royalty lands12,852 12,527 10,683 
Development1,205 1,801 1,674 
Multifamily22,096 21,824 21,443 
$41,774 41,506 37,481 
Operating profit (loss):
Before general and administrative expenses:
Industrial and Commercial$3,110 3,080 1,995 
Mining royalty lands11,853 11,534 9,768 
Development192 517 (612)
Multifamily5,825 4,540 3,923 
Operating profit before G&A20,980 19,671 15,074 
Total general and administrative expenses(9,276)(7,971)(7,078)
$11,704 11,700 7,996 
Interest expense$3,150 4,315 3,045 
Depreciation, depletion and amortization:
Industrial and Commercial$1,444 1,374 907 
Mining royalty lands636 497 586 
Development171 182 189 
Multifamily7,936 8,768 9,535 
$10,187 10,821 11,217 
Capital expenditures:
Industrial and Commercial$151 664 1,284 
Mining royalty lands159 2 11,218 
Development50,404 9,990 14,521 
Multifamily480 561 592 
$51,194 11,217 27,615 
:
Identifiable net assets at end of period:
Industrial and Commercial$37,527 38,784 26,053 
Mining royalty lands47,527 48,072 48,494 
Development144,832 212,384 188,834 
Multifamily347,172 249,750 257,535 
Investments available for sale at fair value— — — 
Cash items149,935 158,415 178,294 
Unallocated corporate assets1,492 1,761 1,874 
$728,485 709,166 701,084