Segment Information

9 Months Ended

Sep. 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 revenue 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 revenue 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 revenue 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 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 revenue represent sales to unaffiliated customers, as reported in the Company’s condensed consolidated statements of income. 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   September 30,						Nine Months Ended   September 30,
	2016			2015			2016			2015
Operating Revenue
Residential real estate	$	3,122		$	4,861		$	15,905		$	14,291
Commercial real estate	631			—			631			4,660
Resorts and leisure	19,046			18,537			47,590			45,657
Leasing operations	2,655			2,528			7,336			6,741
Forestry	1,509			1,885			5,233			11,355
Other	229			19			302			64
Total operating revenue	$	27,192		$	27,830		$	76,997		$	82,768
Income (loss) before income taxes:
Residential real estate	$	237		$	(1,622	)	$	4,676		$	(1,617	)
Commercial real estate	(496		)	(654		)	(1,644		)	(1,265		)
Resorts and leisure	2,420			2,607			3,414			3,142
Leasing operations	454			517			75			1,001
Forestry	1,282			1,759			4,376			10,167
Other	(253		)	1,395			7,103			(8,623		)
Total income before income taxes	$	3,644		$	4,002		$	18,000		$	2,805

	September 30, 2016		December 31, 2015
Total Assets:
Residential real estate	$	108,514	$	109,791
Commercial real estate	60,484		62,649
Resorts and leisure	72,720		75,441
Leasing operations	81,188		81,400
Forestry	20,213		20,244
Other	643,310		633,217
Total assets	$	986,429	$	982,742