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Business Segments
 3 Months Ended
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,
20262025
Revenues:
Industrial and commercial$1,200 1,347 
Mining royalty lands3,717 3,234 
Development482 301 
Multifamily5,195 5,424 
$10,594 10,306 
Operating profit (loss):
Before general and administrative expenses:
Industrial and commercial$181 643 
Mining royalty lands3,397 2,965 
Development167 85 
Multifamily852 1,209 
Operating profit before G&A4,597 4,902 
Total general and administrative expenses4,085 2,577 
$512 2,325 
Interest expense$708 $695 
Depreciation, depletion and amortization:
Industrial and commercial$566 391 
Mining royalty lands226 178 
Development43 43 
Multifamily2,007 1,995 
$2,842 2,607 
Operating expenses:
Industrial and commercial$326 233 
Mining royalty lands19 16 
Development59 25 
Multifamily1,726 1,585 
$2,130 1,859 
Property taxes:
Industrial and commercial$127 80 
Mining royalty lands75 75 
Development213 148 
Multifamily610 635 
$1,025 938 
Capital expenditures:
Industrial and commercial$4 100 
Mining royalty lands148 48 
Development13,150 2,650 
Multifamily122 302 
$13,424 3,100 
Identifiable net assetsMarch 31,
2026		December 31,
2025
Industrial and commercial$62,205 62,260 
Mining royalty lands47,683 47,729 
Development204,113 187,237 
Multifamily325,139 329,303 
Cash items107,859 105,361 
Unallocated corporate assets3,390 3,255 
$750,389 735,145