Segment Information

9 Months Ended

Sep. 30, 2015

Segment Reporting [Abstract]

Segment Information

Segment Information

The Company conducts primarily all of its business in the following five reportable operating segments: 1) residential real estate, 2) commercial real estate, 3) resorts and leisure, 4) leasing and 5) forestry. In prior periods the Company’s reportable operating segments were 1) residential real estate, 2) commercial real estate, 3) resorts, leisure and leasing operations and 4) forestry. The Company’s leasing operations segment currently meets the quantitative and qualitative factors as a reportable operating segment; therefore, the Company has changed its segment presentation to include leasing operations as a reportable operating segment. Leasing operations were historically included with the Company’s resorts, leisure and leasing operating segment. All prior year segment information has been reclassified to conform to the 2015 presentation. The change in reporting segments had no effect on the Company’s condensed 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 resort and leisure segment generates revenues and costs from the WaterColor Inn and Resort, vacation rental programs, management of The Pearl Hotel, four golf courses, marina operations and other related resort activities. The leasing segment generates revenues and costs from retail and commercial leasing operations, including the Company’s consolidated joint venture at Pier Park North. 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 Note 2 to the Company’s consolidated financial statements contained in Item 15 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2014. 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,
	2015			2014			2015			2014
Operating Revenues
Residential real estate	$	4,880		$	3,660		$	14,355		$	57,128
Commercial real estate	—			—			4,660			3,265
Resorts and leisure	18,537			16,913			45,657			40,392
Leasing operations	2,528			2,054			6,741			4,931
Forestry	1,885			1,061			11,355			580,236
Other	—			259			—			245
Consolidated operating revenues	$	27,830		$	23,947		$	82,768		$	686,197
Income (loss) before equity in loss from unconsolidated affiliates and income taxes:
Residential real estate	$	(1,603	)	$	(233	)	$	(1,553	)	$	25,901
Commercial real estate	(654		)	(552		)	(1,265		)	413
Resorts and leisure	2,607			2,051			3,142			2,554
Leasing operations	517			147			1,001			1,034
Forestry	1,759			1,034			10,167			516,144
Other	1,376			(2,978		)	(8,687		)	(13,364		)
Consolidated income (loss) before equity in loss from unconsolidated affiliates and income taxes	$	4,002		$	(531	)	$	2,805		$	532,682

	September 30, 2015		December 31, 2014
Total Assets:
Residential real estate	$	112,081	$	135,317
Commercial real estate	58,802		62,931
Resorts and leisure	76,403		79,021
Leasing operations	78,802		74,800
Forestry	21,860		20,521
Other	664,508		930,545
Total assets	$	1,012,456	$	1,303,135