v3.25.2
Segment Results
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segment Results Segment Information
Operating segments are components of an enterprise that engage in business activities from which it may earn revenues and incur expenses, whose operating results are regularly reviewed by the chief operating decision maker to make decisions about resources to be allocated to the segment and assess its performance, and for which discrete financial information is available. The Company's CODM is the chief executive officer. The Company operates and reports on two segments: Commercial Real Estate and Land Operations.
Reportable segment information for the three and six months ended June 30, 2025 and 2024, is summarized below (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Commercial Real Estate
Revenue from external customers$50,731 $49,208 $101,774 $98,096 
Intersegment revenue
— 7 — 13 
Total Segment revenue
50,731 49,215 101,774 98,109 
Less:
Operating costs and expenses
13,082 12,766 26,457 25,348 
Property taxes3,846 3,483 7,485 7,346 
Depreciation and amortization10,007 8,890 19,165 17,865 
Selling, general, and administrative1,614 1,505 3,067 3,057 
Other segment items1
(23)(40)(31)(99)
Commercial Real Estate Segment Operating Profit
$22,205 $22,611 $45,631 $44,592 
Land Operations
Revenue from external customers$971 $1,839 $3,666 $14,153 
Total Segment Revenue971 1,839 3,666 14,153 
Less:
Development cost of sales— 1,037 — 2,526 
Unimproved/other property land cost of sales160 211 453 1,857 
Other operating costs and expenses2
1,021 1,117 1,622 2,781 
Expense (income) from changes to liabilities related to legacy operations— 2,193 — 2,193 
Selling, general, and administrative48 318 275 638 
(Gain) loss on disposal of assets and settlements, net
(11,563)(2,125)(11,781)(2,148)
(Income) loss from joint ventures
(2,589)(996)(5,614)(1,694)
Other segment items3
(12)(84)(45)(99)
Land Operations Segment Operating Profit
$13,906 $168 $18,756 $8,099 
Operating Profit (Loss)
Commercial Real Estate$22,205 $22,611 $45,631 $44,592 
Land Operations13,906 168 18,756 8,099 
Total Operating Profit (loss)
36,111 22,779 64,387 52,691 
Gain (loss) on commercial real estate transactions— — 4,103 — 
Interest expense(5,856)(5,929)(11,658)(11,439)
Corporate and other expense(5,164)(5,018)(10,486)(9,182)
Income (Loss) from Continuing Operations Before Income Taxes$25,091 $11,832 $46,346 $32,070 
1 Commercial Real Estate other segment items includes interest income and gain (loss) on fixed asset disposals.
2 Intersegment expenses were immaterial for the three and six months ended June 30, 2025 and 2024, and are included within other operating costs and expenses.
3 Land Operations other segment items includes interest income related to seller financing receivables from the sales of unimproved legacy property or development parcels and expenses related to non-qualified plan and other post-retirement benefits related to legacy operations.