v3.26.1
Business Segments
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Business Segments Business Segments.
Our Chief Executive Officer, as chief operating decision maker or 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 reach lease-up stabilization.

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, LLC ("Camp Lake") have been consolidated. 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 endedSix Months ended
June 30,June 30,
2026202520262025
Revenues:
Industrial and commercial$983 1,374 $2,183 2,721 
Mining royalty lands4,066 3,609 7,783 6,843 
Development595 300 1,077 601 
Multifamily5,439 5,567 10,634 10,991 
$11,083 10,850 $21,677 21,156 
Operating profit (loss):
Before general and administrative expenses:
Industrial and commercial$(3)443 $178 1,086 
Mining royalty lands3,679 3,340 7,076 6,305 
Development287 (698)454 (613)
Multifamily1,183 1,457 2,035 2,666 
Operating profit before G&A5,146 4,542 9,743 9,444 
Total general and administrative expenses3,687 2,885 7,772 5,462 
$1,459 1,657 $1,971 3,982 
Depreciation, depletion and amortization:
Industrial and commercial$600 571 $1,166 962 
Mining royalty lands271 177 497 355 
Development43 43 86 86 
Multifamily2,009 1,935 4,016 3,930 
$2,923 2,726 $5,765 5,333 
Operating expenses:
Industrial and commercial$259 230 $585 463 
Mining royalty lands38 16 57 32 
Development52 807 111 832 
Multifamily1,623 1,527 3,349 3,112 
$1,972 2,580 $4,102 4,439 
Property taxes:
Industrial and commercial$127 130 $254 210 
Mining royalty lands78 76 153 151 
Development213 148 426 296 
Multifamily624 648 1,234 1,283 
$1,042 1,002 $2,067 1,940 
Capital expenditures:
Industrial and commercial$226 38 $230 138 
Mining royalty lands103 180 251 228 
Development18,378 5,524 31,528 8,174 
Multifamily135 319 257 621 
$18,842 6,061 $32,266 9,161 
Identifiable net assetsJune 30,
2026		December 31,
2025
Industrial and commercial$61,662 62,260 
Mining royalty lands47,661 47,729 
Development227,233 187,237 
Multifamily321,441 329,303 
Cash items100,975 105,361 
Unallocated corporate assets3,341 3,255 
$762,313 735,145