Segment Information

3 Months Ended

Mar. 31, 2016

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.

The residential real estate segment generates revenues from the development and sale of homes and homesites and the sale of parcels of entitled, undeveloped lots. The commercial real estate segment sells undeveloped or developed land and commercial operating property. The resort and leisure segment generates revenues and incurs 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 (loss) before 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, 2015. 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   March 31,
	2016			2015
Operating Revenues
Residential real estate	$	6,988		$	5,411
Commercial real estate	—			—
Resorts and leisure	8,751			7,803
Leasing operations	2,361			2,045
Forestry	2,121			1,806
Other	33			26
Total operating revenues	$	20,254		$	17,091
Income (loss) before income taxes:
Residential real estate	$	3,357		$	382
Commercial real estate	(600		)	(604		)
Resorts and leisure	(1,800		)	(2,931		)
Leasing operations	(43		)	201
Forestry	1,854			1,637
Other	9,030			(1,474		)
Total income (loss) before income taxes	$	11,798		$	(2,789	)

	March 31, 2016		December 31, 2015
Total Assets:
Residential real estate	$	109,456	$	109,791
Commercial real estate	62,702		62,649
Resorts and leisure	74,611		75,441
Leasing operations	80,763		81,400
Forestry	20,085		20,244
Other	631,368		633,217
Total assets	$	978,985	$	982,742