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Segment Information
 6 Months Ended
Jun. 30, 2013
Segment Reporting [Abstract]  
Segment Information
Segment Information
The Company currently conducts primarily all of its business in five reportable operating segments: 1) residential real estate, 2) commercial real estate, 3) rural land, 4) resorts, leisure and leasing operations and 5) forestry. The residential real estate segment generates revenues from the development and sale of homesites. The commercial real estate segment sells undeveloped or developed land. The rural land segment sells parcels of land included in the Company’s holdings of timberlands. The resorts, leisure and leasing operations segment generates service revenue and rental fees associated with the WaterColor Inn, WaterColor and WaterSound Beach vacation rental programs and other resort, golf club, marina and retail/commercial leasing operations. In addition, this segment occasionally generates revenues from the sale of operating assets. The forestry segment produces and sells woodfiber, sawtimber and other forest products.
The Company’s reportable segments are strategic business units that offer different products and services. They are each managed separately and decisions about allocations of resources are determined by management based on these strategic business units.
The Company uses income (loss) from operations before equity in loss from unconsolidated affiliates, income taxes and non-controlling interest for purposes of making decisions about allocating resources to each segment and assessing each segment’s performance, which the Company believes represents current performance measures.
The accounting policies of the segments are the same as those described herein and in the Company’s Form 10-K. Total revenues represent sales to unaffiliated customers, as reported in the Company’s Condensed Consolidated Statements of Operations. All intercompany transactions have been eliminated. The caption entitled “Other” consists of non-allocated corporate general and administrative expenses, net of investment income.
Information by business segment is as follows:
 
Three Months Ended 
 June 30,
 
Six Months Ended 
 June 30,
 
2013
 
2012
 
2013
 
2012
OPERATING REVENUES:
 
 
 
 
 
 
 
Residential real estate
$
5,511

 
$
4,245

 
$
13,292

 
$
7,990

Commercial real estate
115

 
627

 
341

 
6,654

Rural land
28

 
206

 
13

 
4,488

Resorts, leisure and leasing operations (1)
18,110

 
15,548

 
27,132

 
22,515

Forestry
9,755

 
9,731

 
19,450

 
19,226

Other
269

 
—

 
333

 
—

Consolidated operating revenues
$
33,788

 
$
30,357

 
$
60,561

 
$
60,873

 
 
 
 
 
 
 
 
Income (loss) before equity in loss from unconsolidated affiliates and income taxes:
 
 
 
 
 
 
 
Residential real estate
$
(131
)
 
$
(2,121
)
 
$
164

 
$
(4,325
)
Commercial real estate
(725
)
 
(697
)
 
(1,401
)
 
1,130

Rural land
3

 
44

 
(17
)
 
2,184

Resorts, leisure and leasing operations
3,568

 
2,409

 
2,623

 
884

Forestry
3,814

 
3,140

 
7,339

 
5,900

Other
(3,816
)
 
(2,615
)
  
(8,460
)
 
(5,833
)
Consolidated income (loss) before equity in loss from unconsolidated affiliates and income taxes
$
2,713

 
$
160

 
$
248

 
$
(60
)
 (1)  Includes $1.1 million of real estate sales for the three and six months ended June 30, 2013.
 
 
 
 
 
 
 
 
June 30,
2013
 
December 31, 2012
TOTAL ASSETS:
 
 
 
Residential real estate
$
144,528

 
$
141,526

Commercial real estate
63,173

 
64,961

Rural land
6,164

 
6,219

Resorts, leisure and leasing operations
134,696

 
125,596

Forestry
52,154

 
53,839

Other
261,809

 
253,380

Total assets
$
662,524

 
$
645,521