Segment Information

6 Months Ended

Jun. 30, 2020

Segment Information

Segment Information

17. Segment Information

The Company currently conducts primarily all of its business in the following three operating segments: (1) residential, (2) hospitality and (3) commercial. Prior to the first quarter of 2020, commercial leasing and sales, as well as forestry were treated as individual operating segments. See Note 1. Nature of Operations for additional information.

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 equity in loss from unconsolidated affiliates, income taxes and non-controlling interest, cash flows and other measures 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, 2019. Total revenue represents sales to unaffiliated customers, as reported in the Company’s condensed consolidated statements of income. All significant intercompany transactions have been eliminated in consolidation. The caption entitled “Other” consists of mitigation credit revenue, title fee revenue and corporate operating and general and administrative expenses, net of investment income.

Information by business segment is as follows:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2020		2019		2020		2019
Operating revenue:
Residential	$	14,127	$	14,019	$	17,166	$	17,544
Hospitality		11,498		15,404		18,049		22,708
Commercial		9,226		5,683		18,121		10,760
Other		1,231		440		1,319		558
Consolidated operating revenue	$	36,082	$	35,546	$	54,655	$	51,570
Income (loss) before equity in loss from unconsolidated affiliates and income taxes:
Residential (a)	$	21,602	$	5,578	$	22,006	$	5,849
Hospitality		2,411		5,287		153		4,464
Commercial (b)		3,446		1,554		11,400		4,624
Other		(2,210)		1,243		(10,057)		1,365
Consolidated income before equity in loss from unconsolidated affiliates and income taxes	$	25,249	$	13,662	$	23,502	$	16,302

(a) The three and six months ended June 30, 2020 includes a gain of $15.3 million on land contributed to the Latitude Watersound Margaritaville JV. See Note 4. Real Estate Joint Ventures and Note 16. Other Income, Net for additional information.

(b) The six months ended June 30, 2020 includes a gain of $3.9 million on land contributed to the Sea Sound Apartments JV.

	June 30,		December 31,
	2020		2019
Total assets:
Residential	$	167,841	$	139,349
Hospitality		115,084		89,570
Commercial		301,273		253,936
Other		382,118		426,378
Total assets	$	966,316	$	909,233