Segment Information

3 Months Ended

Mar. 31, 2017

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 land. 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, membership sales, restaurants, four golf courses, a beach club, marina operations and other related resort activities. The leasing segment generates revenue and costs from leasing retail property, commercial property, cell towers and other assets. Leasing operations include properties located in the Company’s consolidated Pier Park North JV and Windmark JV, as well as the Company’s industrial park, VentureCrossings and other properties. The forestry segment produces and sells pulpwood, 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, 2016. Total revenue represents 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   March 31,
	2017			2016
Operating revenue:
Residential real estate	$	1,275		$	6,988
Commercial real estate	—			—
Resorts and leisure	8,108			8,751
Leasing operations	2,384			2,361
Forestry	1,350			2,121
Other	80			33
Total operating revenue	$	13,197		$	20,254
(Loss) income before income taxes:
Residential real estate	$	(668	)	$	3,357
Commercial real estate	(576		)	(600		)
Resorts and leisure	(1,776		)	(1,800		)
Leasing operations	203			(43		)
Forestry	1,242			1,854
Other	8,042			9,030
Total income before income taxes	$	6,467		$	11,798

	March 31, 2017		December 31, 2016
Total Assets:
Residential real estate	$	119,119	$	112,220
Commercial real estate	60,238		60,150
Resorts and leisure	77,797		73,436
Leasing operations	85,206		80,863
Forestry	21,091		20,664
Other	643,993		680,612
Total assets	$	1,007,444	$	1,027,945