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Business Segments | 3 Months Ended
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Mar. 31, 2026
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 ten warehouses in three 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 16,640 acres currently under lease for mining rents or royalties (this does not include the 4,280 acres owned 50/50 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. Three of our joint ventures in the segment, Lakeland Logistics Park Venture, LLC ("Lakeland"), Davie Logistics Park Venture, LLC ("Davie"), and Camp Lake Venture IA ("Camp Lake", LLC were consolidated until we purchased the noncontrolling interest of Lakeland and Davie as part of the Altman Logistics acquisition on October 21, 2025. In conjunction with this acquisition, the Company assumed contracts with its real estate joint ventures to provide management services during development, construction, lease up, and stabilization. The Company recognizes Joint venture management fee revenues, net of intercompany amounts, over time using the percentage completion method based upon costs incurred to date relative to total estimated costs. The joint venture agreements provide for promote distributions in excess of the Company's percentage ownership based upon total return of the investments over certain financial hurdles (waterfalls). Promote revenues are recognized when earned under the waterfall provisions. 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, |  |
| 2026 |  | 2025 |  |  |  |
Revenues: |  |  |  |  |  |  |  |
Industrial and commercial | $ | 1,200 |  |  | 1,347 |  |  |  |  |  |
Mining royalty lands | 3,717 |  |  | 3,234 |  |  |  |  |  |
Development | 482 |  |  | 301 |  |  |  |  |  |
Multifamily | 5,195 |  |  | 5,424 |  |  |  |  |  |
| $ | 10,594 |  |  | 10,306 |  |  |  |  |  |
Operating profit (loss): |  |  |  |  |  |  |  |
Before general and administrative expenses: |  |  |  |  |  |  |  |
Industrial and commercial | $ | 181 |  |  | 643 |  |  |  |  |  |
Mining royalty lands | 3,397 |  |  | 2,965 |  |  |  |  |  |
Development | 167 |  |  | 85 |  |  |  |  |  |
Multifamily | 852 |  |  | 1,209 |  |  |  |  |  |
Operating profit before G&A | 4,597 |  |  | 4,902 |  |  |  |  |  |
Total general and administrative expenses | 4,085 |  |  | 2,577 |  |  |  |  |  |
| $ | 512 |  |  | 2,325 |  |  |  |  |  |
Interest expense | $ | 708 |  |  | $ | 695 |  |  |  |  |  |
Depreciation, depletion and amortization: |  |  |  |  |  |  |  |
Industrial and commercial | $ | 566 |  |  | 391 |  |  |  |  |  |
Mining royalty lands | 226 |  |  | 178 |  |  |  |  |  |
Development | 43 |  |  | 43 |  |  |  |  |  |
Multifamily | 2,007 |  |  | 1,995 |  |  |  |  |  |
| $ | 2,842 |  |  | 2,607 |  |  |  |  |  |
Operating expenses: |  |  |  |  |  |  |  |
Industrial and commercial | $ | 326 |  |  | 233 |  |  |  |  |  |
Mining royalty lands | 19 |  |  | 16 |  |  |  |  |  |
Development | 59 |  |  | 25 |  |  |  |  |  |
Multifamily | 1,726 |  |  | 1,585 |  |  |  |  |  |
| $ | 2,130 |  |  | 1,859 |  |  |  |  |  |
Property taxes: |  |  |  |  |  |  |  |
Industrial and commercial | $ | 127 |  |  | 80 |  |  |  |  |  |
Mining royalty lands | 75 |  |  | 75 |  |  |  |  |  |
Development | 213 |  |  | 148 |  |  |  |  |  |
Multifamily | 610 |  |  | 635 |  |  |  |  |  |
| $ | 1,025 |  |  | 938 |  |  |  |  |  |
Capital expenditures: |  |  |  |  |  |  |  |
Industrial and commercial | $ | 4 |  |  | 100 |  |  |  |  |  |
Mining royalty lands | 148 |  |  | 48 |  |  |  |  |  |
Development | 13,150 |  |  | 2,650 |  |  |  |  |  |
Multifamily | 122 |  |  | 302 |  |  |  |  |  |
| $ | 13,424 |  |  | 3,100 |  |  |  |  |  |
Identifiable net assets | March 31, 2026 |  | December 31, 2025
Industrial and commercial | $ | 62,205 |  |  | 62,260 |
Mining royalty lands | 47,683 |  |  | 47,729 |
Development | 204,113 |  |  | 187,237 |
Multifamily | 325,139 |  |  | 329,303 |
Cash items | 107,859 |  |  | 105,361 |
Unallocated corporate assets | 3,390 |  |  | 3,255 |
| $ | 750,389 |  |  | 735,145 |

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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 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name 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