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 Consolidated Statements of Income. All intercompany transactions have been eliminated.

Information by business segment is as follows:



	2014			2013			2012
OPERATING REVENUES:
Residential real estate ^(a)	$	61,384		$	33,698		$	22,115
Commercial real estate	3,265			10,881			10,400
Resorts, leisure and leasing operations	55,451			50,767			44,407
Forestry ^(b)	581,442			35,450			38,977
Other	331			460			23,497
Consolidated operating revenues	$	701,873		$	131,256		$	139,396

DEPRECIATION, DEPLETION AND AMORTIZATION:
Residential real estate	$	574		$	776		$	1,802
Resorts, leisure and leasing operations	6,916			6,424			5,714
Forestry	729			1,775			2,105
Other reportable segments	203			156			489
Consolidated depreciation, depletion and amortization	$	8,422		$	9,131		$	10,110

INVESTMENT INCOME, NET
Residential real estate and other	$	994		$	113		$	68
Corporate ^(c)	11,697			1,385			639
Consolidated investment income, net	$	12,691		$	1,498		$	707

INTEREST EXPENSE
Residential real estate	$	(1,316	)	$	(1,999	)	$	(2,802	)
Commercial and other	(696		)	(41		)	(18		)
Corporate ^(d)	(6,596		)	—			—
Consolidated interest expense	$	(8,608	)	$	(2,040	)	$	(2,820	)

INCOME (LOSS) BEFORE EQUITY IN (INCOME) LOSS FROM UNCONSOLDIATED AFFILIATES AND INCOME TAXES:
Residential real estate^(a)(e)	$	25,440		$	4,558		$	(6,772	)
Commercial real estate	(163		)	3,298			(271		)
Resorts, leisure and leasing operations ^(f)	1,886			(1,928		)	(1,414		)
Forestry ^(b)	517,087			13,406			13,475
Corporate ^(c)(d)(g)	(22,429		)	(14,889		)	1,405
Consolidated income (loss) before equity in (loss) income from unconsolidated affiliates and income taxes	$	521,821		$	4,445		$	6,423



	2014		2013		2012
CAPITAL EXPENDITURES:
Residential real estate	$	4,981	$	12,284	$	7,679
Commercial real estate	854		2,388		3,829
Resorts, leisure and leasing operations	24,798		23,486		9,023
Forestry	1,537		3,678		2,701
Other	271		224		163
Total capital expenditures	$	32,441	$	42,060	$	23,395



	December 31, 2014		December 31, 2013
TOTAL ASSETS:
Residential real estate	$	129,663	$	141,097
Commercial real estate	62,931		62,924
Resorts, leisure and leasing operations	158,226		142,940
Forestry	20,521		60,889
Other	931,794		261,622
Total assets	$	1,303,135	$	669,472



(a)	Includes revenues of $43.6 million from the RiverTown Sale in 2014.
(b)	Includes revenues of $570.9 million from the AgReserves Sale in 2014.
(c)	Includes interest income of $6.1 million from investments in special purpose entities in 2014.
(d)	Includes interest expense of $6.6 million from Senior Note issued by an special purpose entity in 2014.
(e)	Includes impairment losses of $0.2 million in 2013.
(f)	Includes impairment losses of $4.9 million and $2.6 million in 2013 and 2012, respectively.
(g)	Includes pension charges of $13.5 million, $1.5 million and $3.0 million in 2014, 2013 and 2012, respectively.