REAL ESTATE OPERATIONS |
6 Months Ended | |||||||||||||||||||||||||||||||||||
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Jun. 30, 2025 | ||||||||||||||||||||||||||||||||||||
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| REAL ESTATE OPERATIONS | NOTE 6. REAL ESTATE OPERATIONS Real Estate Operations Land and development costs at June 30, 2025 and December 31, 2024 were as follows (in thousands):
Subsurface Interests. The Company sold its remaining 352,000 acres of Subsurface Interests during the six months ended June 30, 2024 for $5.0 million, for a gain on sale of $4.5 million. The Company historically released surface entry rights or other rights upon request of a surface owner for a negotiated release fee typically based on a percentage of the surface value. Cash payments for the release of surface entry rights for the six months ended June 30, 2024 totaled $0.1 million. Mitigation Credits. Revenues and the cost of sales of mitigation credit sales are reported as revenues from, and direct costs of, real estate operations, respectively, in the consolidated statements of operations. During the six months ended June 30, 2024, 10.14 mitigation credits were sold for $1.3 million, resulting in a gain on sale of $0.3 million. During the year ended December 31, 2024, the Company sold its remaining mitigation credits. |
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