Segment Information

9 Months Ended

Sep. 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				Nine Months Ended
	September 30,				September 30,
	2020		2019		2020		2019
Operating revenue:
Residential	$	16,353	$	11,101	$	33,518	$	28,644
Hospitality		16,776		13,904		34,824		36,612
Commercial		8,697		7,516		26,819		18,277
Other		215		335		1,534		893
Consolidated operating revenue	$	42,041	$	32,856	$	96,695	$	84,426
Income (loss) before equity in loss from unconsolidated affiliates and income taxes:
Residential (a)	$	6,206	$	4,021	$	28,212	$	9,870
Hospitality		4,940		2,860		5,094		7,325
Commercial (b)		2,006		4,459		13,406		9,083
Other		(2,834)		(2,511)		(12,893)		(1,146)
Consolidated income before equity in loss from unconsolidated affiliates and income taxes	$	10,318	$	8,829	$	33,819	$	25,132

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

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

	September 30,		December 31,
	2020		2019
Total assets:
Residential	$	175,034	$	139,349
Hospitality		128,585		89,570
Commercial		323,556		253,936
Other		376,738		426,378
Total assets	$	1,003,913	$	909,233