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Segment Information
 9 Months Ended
Sep. 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 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 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 
 September 30,
 
Nine Months Ended 
 September 30,
 
2013
 
2012
 
2013
 
2012
OPERATING REVENUES:
 
 
 
 
 
 
 
Residential real estate
$
10,704

 
$
9,705

 
$
23,996

 
$
17,695

Commercial real estate
—

 
3,612

 
341

 
10,265

Rural land
18

 
18,889

 
31

 
23,377

Resorts, leisure and leasing operations (1)
18,392

 
14,143

 
45,524

 
36,659

Forestry
7,695

 
9,558

 
27,145

 
28,784

Other
18

 
—

 
351

 
—

Consolidated operating revenues
$
36,827

 
$
55,907

 
$
97,388

 
$
116,780

 
 
 
 
 
 
 
 
Income (loss) before equity in loss from unconsolidated affiliates and income taxes:
 
 
 
 
 
 
 
Residential real estate
$
2,432

 
$
(630
)
 
$
2,596

 
$
(4,955
)
Commercial real estate
(394
)
 
(518
)
 
(1,794
)
 
614

Rural land
(2
)
 
14,663

 
(19
)
 
16,848

Resorts, leisure and leasing operations
3,074

 
1,255

 
5,697

 
2,139

Forestry
2,757

 
3,709

 
10,096

 
9,607

Other
(3,507
)
 
(2,769
)
 
(11,969
)
 
(8,603
)
Consolidated income before equity in loss from unconsolidated affiliates and income taxes
$
4,360

 
$
15,710

 
$
4,607

 
$
15,650

 (1)  Includes $2.1 million and $3.1 million of real estate sales for the three and nine months ended September 30, 2013.
 
 
 
 
 
 
 
 
September 30,
2013
 
December 31, 2012
TOTAL ASSETS:
 
 
 
Residential real estate
$
144,157

 
$
141,526

Commercial real estate
62,779

 
64,961

Rural land
6,156

 
6,219

Resorts, leisure and leasing operations
139,534

 
125,596

Forestry
52,904

 
53,839

Other
261,542

 
253,380

Total assets
$
667,072

 
$
645,521