Segment Information

6 Months Ended

Jun. 30, 2014

Segment Reporting [Abstract]

Segment Information

Segment Information

As of June 30, 2014, the Company conducts primarily all of its business in the following four reportable operating segments: 1) residential real estate, 2) commercial real estate, 3) resorts, leisure and leasing operations and 4) forestry. During the first quarter of 2014, the Company's rural land segment no longer met the qualitative or quantitative factors as a reportable operating segment. The Company has revised its segment presentation to include the remaining rural land segment primarily within the Company's forestry segment. All prior period segment information has been updated to conform with the 2014 presentation. The change in reportable segments had no effect on the Company's consolidated financial position, results of operations or cash flows for the periods presented.

The residential real estate segment generates revenues from the development and sale of homes and homesites. The commercial real estate segment sells undeveloped or developed land and commercial operating property. The resorts, leisure and leasing operations segment generates revenue and rental fees associated with its vacation rental program in the WaterColor Inn, WaterColor, WaterSound Beach and surrounding communities and other resort, golf club, marina and retail/commercial leasing operations. The forestry segment produces and sells woodfiber, sawtimber and other forest products and may sell the Company’s timber or rural land holdings.

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 set forth in Item 7 of the Company's Annual Report on Form 10-K for the year ended December 31, 2013. 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,
	2014			2013			2014			2013
Operating Revenues
Residential real estate	$	47,724		$	5,511		$	53,427		$	13,292
Commercial real estate	980			1,172			3,265			1,398
Resorts, leisure and leasing operations	18,196			17,053			26,397			26,075
Forestry	1,144			9,783			579,017			19,463
Other	120			269			144			333
Consolidated operating revenues	$	68,164		$	33,788		$	662,250		$	60,561
Income (loss) before equity in loss from unconsolidated affiliates and income taxes:
Residential real estate	$	26,023		$	(131	)	26,381			$	164
Commercial real estate	164			(188		)	964			(864		)
Resorts, leisure and leasing operations	2,657			3,031			964			2,086
Forestry	1,012			3,817			515,110			7,322
Other	(6,546		)	(3,816		)	(10,207		)	(8,460		)
Consolidated income before equity in loss from unconsolidated affiliates and income taxes	$	23,310		$	2,713		$	533,212		$	248

	June 30, 2014		December 31, 2013
Total Assets:
Residential real estate	$	130,967	$	141,097
Commercial real estate	63,036		62,924
Resorts, leisure and leasing operations (a)	159,026		142,940
Forestry	20,295		60,889
Other	967,546		261,622
Total assets	$	1,340,870	$	669,472

(a) Includes $2.4 million and $2.2 million of investment in equity method investees at June 30, 2014 and December 31, 2013, respectively.