XML 35 R24.htm IDEA: XBRL DOCUMENT v3.5.0.2
Segment Information
6 Months Ended
Jun. 30, 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 program, management of The Pearl Hotel, four golf courses, a beach club, 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 significant intercompany accounts and transactions have been eliminated in consolidation. The caption entitled “Other” consists of mitigation credit revenue and 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,
 
2016

2015
 
2016
 
2015
Operating Revenues
 
 
 
 
 
 
 
Residential real estate
$
5,796

 
$
4,020

 
$
12,784

 
$
9,430

Commercial real estate

 
4,660

 

 
4,660

Resorts and leisure
19,794

 
19,318

 
28,544

 
27,121

Leasing operations
2,321

 
2,167

 
4,682

 
4,212

Forestry
1,603

 
7,664

 
3,724

 
9,470

Other
37

 
17

 
71

 
44

Total operating revenues
$
29,551

 
$
37,846

 
$
49,805

 
$
54,937

 
 
 
 
 
 
 
 
Income (loss) before income taxes:
 
 
 
 
 
 
 
Residential real estate
$
1,081

 
$
(378
)
 
$
4,439

 
$
6

Commercial real estate
(548
)
 
(8
)
 
(1,148
)
 
(612
)
Resorts and leisure
2,795

 
3,466

 
994

 
535

Leasing operations
(336
)
 
283

 
(379
)
 
483

Forestry
1,241

 
6,770

 
3,094

 
8,408

Other
(1,675
)
 
(8,542
)
 
7,354

 
(10,016
)
Total income (loss) before income taxes
$
2,558

 
$
1,591

 
$
14,354

 
$
(1,196
)
 
 
 
 
 
 
 
 
 
June 30,
2016
 
December 31, 2015
Total Assets:
 
 
 
Residential real estate
$
106,306

 
$
109,791

Commercial real estate
60,169

 
62,649

Resorts and leisure
73,873

 
75,441

Leasing operations
81,284

 
81,400

Forestry
20,102

 
20,244

Other
642,706

 
633,217

Total assets
$
984,440

 
$
982,742