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Business Segments | 3 Months Ended
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Mar. 31, 2025
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 acquire or form joint ventures on new land for development 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):
|  |  | Three Months ended
|  |  | March 31,
|  |  |  |  | 2025 |  | 2024
Revenues: |  |  |  |  |  |  |  |
Industrial and commercial |  |  |  |  | $ | 1,347 |  |  | 1,453 |  |
Mining royalty lands |  |  |  |  | 3,234 |  |  | 2,963 |  |
Development |  |  |  |  | 301 |  |  | 303 |  |
Multifamily |  |  |  |  | 5,424 |  |  | 5,414 |  |
|  |  |  |  | $ | 10,306 |  |  | 10,133 |  |
Operating profit (loss): |  |  |  |  |  |  |  |
Before general and administrative expenses: |  |  |  |  |  |  |  |
Industrial and commercial |  |  |  |  | $ | 643 |  |  | 812 |  |
Mining royalty lands |  |  |  |  | 2,965 |  |  | 2,724 |  |
Development |  |  |  |  | 85 |  |  | (60) |  |
Multifamily |  |  |  |  | 1,209 |  |  | 1,448 |  |
Operating profit before G&A |  |  |  |  | 4,902 |  |  | 4,924 |  |
Total general and administrative expenses |  |  |  |  | 2,577 |  |  | 2,042 |  |
|  |  |  |  | $ | 2,325 |  |  | 2,882 |  |
Interest expense |  |  |  |  | $ | 695 |  |  | 911 |  |
Depreciation, depletion and amortization: |  |  |  |  |  |  |  |
Industrial and commercial |  |  |  |  | $ | 391 |  |  | 363 |  |
Mining royalty lands |  |  |  |  | 178 |  |  | 149 |  |
Development |  |  |  |  | 43 |  |  | 42 |  |
Multifamily |  |  |  |  | 1,995 |  |  | 1,981 |  |
|  |  |  |  | $ | 2,607 |  |  | 2,535 |  |
Capital expenditures: |  |  |  |  |  |  |  |
Industrial and commercial |  |  |  |  | $ | 100 |  |  | 145 |  |
Mining royalty lands |  |  |  |  | 48 |  |  | 20 |  |
Development |  |  |  |  | 2,650 |  |  | 5,954 |  |
Multifamily |  |  |  |  | 302 |  |  | 86 |  |
|  |  |  |  | $ | 3,100 |  |  | 6,205 |  |
Identifiable net assets | March 31, 2025 |  | December 31, 2024
Industrial and commercial | $ | 37,198 |  |  | 37,527 |
Mining royalty lands | 47,506 |  |  | 47,527 |
Development | 144,538 |  |  | 144,832 |
Multifamily | 342,419 |  |  | 347,172 |
Cash items | 143,634 |  |  | 149,935 |
Unallocated corporate assets | 1,828 |  |  | 1,492 |
| $ | 717,123 |  |  | 728,485 |

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