Segment Reporting (Tables)

9 Months Ended

Sep. 30, 2020

Schedule of Segment Reporting Information, by Segment

Segment operating results and reconciliations to the Company’s consolidated balances are as follows (in thousands):


	Revenues				Profit (Loss)				Revenues				Profit (Loss)
	Three Months Ended September 30,								Nine Months Ended September 30,
	2020		2019		2020		2019		2020		2019		2020		2019
Valencia	$	240	$	151	$	(3,231)	$	(4,892)	$	18,897	$	2,586	$	(6,348)	$	(13,237)
San Francisco	138		950		(1,829)		(3,662)		1,285		3,015		(7,387)		52,947
Great Park	8,123		49,450		(10,193)		970		44,478		262,863		(22,920)		38,913
Commercial	5,263		8,673		75,595		(1,313)		22,439		25,934		112,383		(3,500)
Total reportable segments	13,764		59,224		60,342		(8,897)		87,099		294,398		75,728		75,123
Reconciling items:
Removal of results of unconsolidated entities—
Great Park Venture (1)	(228)		(38,636)		11,968		2,370		(23,054)		(231,216)		28,245		(29,205)
Gateway Commercial Venture (1)	(5,159)		(8,574)		(75,491)		1,412		(22,141)		(25,708)		(112,085)		3,726
Add equity in earnings (losses) from unconsolidated entities—
Great Park Venture	—		—		(4,195)		(690)		—		—		(38,647)		7,258
Gateway Commercial Venture	—		—		56,618		(1,060)		—		—		84,064		(2,795)
Corporate and unallocated (2)	—		—		(12,820)		(16,090)		—		—		(39,864)		(46,957)
Total consolidated balances	$	8,377	$	12,014	$	36,422	$	(22,955)	$	41,904	$	37,474	$	(2,559)	$	7,150

(1) Represents the removal of the Great Park Venture’s and Gateway Commercial Venture’s operating results that are included in the Great Park segment and Commercial segment operating results, respectively, but are not included in the Company’s consolidated results.

(2) Corporate and unallocated activity is primarily comprised of corporate general, and administrative expenses.

Segment assets and reconciliations to the Company’s consolidated balances are as follows (in thousands):


	September 30, 2020		December 31, 2019
Valencia	$	850,479	$	748,082
San Francisco	1,221,579		1,197,081
Great Park	1,243,491		1,356,417
Commercial	105,399		473,409
Total reportable segments	3,420,948		3,774,989
Reconciling items:
Removal of unconsolidated balances of Great Park Venture (1)	(1,078,574)		(1,196,258)
Removal of unconsolidated balances of Gateway Commercial Venture (1)	(105,388)		(473,398)
Other eliminations (2)	(20,558)		(8,310)
Add investment balance in Great Park Venture	392,769		431,835
Add investment balance in Gateway Commercial Venture	48,968		101,404
Corporate and unallocated (3)	304,759		374,438
Total consolidated balances	$	2,962,924	$	3,004,700

(1) Represents the removal of the Great Park Venture’s and Gateway Commercial Venture’s balances that are included in the Great Park segment and Commercial segment balances, respectively, but are not included in the Company’s consolidated balances.

(2) Represents intersegment balances that eliminate in consolidation.

(3) Corporate and unallocated assets consist of cash and cash equivalents, receivables, right-of-use assets and prepaid expenses.