Segment Information

12 Months Ended

Dec. 31, 2016

Segment Reporting [Abstract]

Segment Information

Segment Information

The Company currently conducts primarily all of its business in the following five operating segments: 1) residential real estate, 2) commercial real estate, 3) resorts and leisure, 4) leasing operations 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 resorts 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 cost from retail and commercial leasing operations, including the Company’s consolidated Pier Park North JV. 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 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 the same as those described herein. Total revenue represents sales to unaffiliated customers, as reported in the Company’s consolidated statements of operations. All significant intercompany 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:

	2016		2015		2014
OPERATING REVENUE:
Residential real estate (a)	$	19,483	$	21,137	$	61,444
Commercial real estate	2,187		7,160		3,265
Resorts and leisure	57,284		54,488		48,414
Leasing operations	9,742		8,978		6,977
Forestry revenue (b)	6,673		12,042		581,442
Other	375		66		331
Consolidated operating revenue	$	95,744	$	103,871	$	701,873
COST OF REVENUE:
Cost of residential real estate revenue (c)	$	6,383	$	10,853	$	27,562
Cost of commercial real estate revenue	1,323		4,974		1,031
Cost of resorts and leisure revenue	50,229		47,069		42,900
Cost of leasing revenue	3,108		2,792		2,253
Cost of forestry revenue (d)	1,121		1,402		63,029
Cost of other revenue	30		4		23
Consolidated cost of revenue	$	62,194	$	67,094	$	136,798
OTHER OPERATING AND CORPORATE EXPENSES:
Residential real estate	$	5,744	$	10,215	$	8,269
Commercial real estate	2,167		2,104		2,271
Resorts and leisure	547		426		452
Leasing operations	1,325		927		557
Forestry revenue	530		941		1,910
Other	12,706		18,813		12,669
Consolidated other operating and corporate expenses	$	23,019	$	33,426	$	26,128
DEPRECIATION, DEPLETION AND AMORTIZATION:
Residential real estate	$	286	$	544	$	662
Resorts and leisure	4,402		5,096		4,143
Leasing operations	3,137		3,118		2,685
Forestry	552		581		729
Other	194		147		203
Consolidated depreciation, depletion and amortization	$	8,571	$	9,486	$	8,422
INVESTMENT INCOME, NET
Residential real estate and other	$	97	$	571	$	994
Corporate (e)	17,679		22,117		11,697
Consolidated investment income, net	$	17,776	$	22,688	$	12,691

	2016			2015			2014
INTEREST EXPENSE
Residential real estate	$	(1,284	)	$	(1,174	)	$	(1,316	)
Commercial and other	(2,169		)	(1,489		)	(696		)
Corporate (f)	(8,842		)	(8,766		)	(6,596		)
Consolidated interest expense	$	(12,295	)	$	(11,429	)	$	(8,608	)
INCOME (LOSS) BEFORE EQUITY IN LOSS FROM UNCONSOLDIATED AFFILIATES AND INCOME TAXES:
Residential real estate (a) (c)	$	5,887		$	(821	)	$	24,854
Commercial real estate	(1,323		)	126			(163		)
Resorts and leisure	2,087			1,819			1,559
Leasing operations	90			676			1,165
Forestry (b) (d)	5,609			10,259			517,087
Corporate (e)(f)(g)	10,261			(13,222		)	(22,681		)
Consolidated income (loss) before equity in loss from unconsolidated affiliates and income taxes	$	22,611		$	(1,163	)	$	521,821

	2016		2015		2014
CAPITAL EXPENDITURES:
Residential real estate	$	3,319	$	4,923	$	4,981
Commercial real estate	3,937		2,165		854
Resorts and leisure	1,287		2,526		2,198
Leasing operations	2,899		5,849		22,600
Forestry	1,095		1,366		1,537
Other	321		636		271
Total capital expenditures	$	12,858	$	17,465	$	32,441

	December 31, 2016		December 31, 2015
TOTAL ASSETS:
Residential real estate	$	112,220	$	109,791
Commercial real estate	62,009		62,649
Resorts and leisure	73,436		75,441
Leasing operations	79,004		81,400
Forestry	20,664		20,244
Other	680,612		633,217
Total assets	$	1,027,945	$	982,742

(a)	Includes revenue of $43.6 million from the RiverTown Sale in 2014.
(b)	Includes revenue of $570.9 million from the AgReserves Sale in 2014.
(c)	Includes cost of revenue of $17.6 million from the RiverTown Sale in 2014.
(d)	Includes cost of revenue of $58.4 million from the AgReserves Sale in 2014.
(e)	Includes interest income from investments in SPEs of $8.2 million in both 2016 and 2015 and $6.1 million in 2014.
(f)	Includes interest expense from Senior Note issued by SPE of $8.8 million in both 2016 and 2015 and $6.6 million in 2014.
(g)	Includes pension charges of $13.5 million in 2014.