Segment Information

12 Months Ended

Dec. 31, 2020

Segment Information

Segment Information

20. Segment Information

The Company conducts primarily all of its business in the following three reportable 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 reportable 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 the same as those described herein. Total revenue represents sales to unaffiliated customers, as reported in the Company’s 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 reportable segment is as follows:

	Year Ended December 31,
	2020		2019		2018
Operating revenue:
Residential (a)	$	74,715	$	41,586	$	43,266
Hospitality		47,374		45,720		39,576
Commercial		36,665		38,823		24,620
Other (b)		1,801		956		2,814
Consolidated operating revenue	$	160,555	$	127,085	$	110,276
Cost of revenue:
Cost of residential revenue	$	30,359	$	20,492	$	10,215
Cost of hospitality revenue		34,670		33,924		33,385
Cost of commercial revenue		12,228		9,593		7,494
Cost of other revenue		519		77		223
Consolidated cost of revenue	$	77,776	$	64,086	$	51,317
Other operating and corporate expenses:
Residential	$	5,283	$	4,873	$	4,717
Hospitality		1,180		838		533
Commercial		3,681		3,479		3,567
Other		12,762		12,199		11,740
Consolidated other operating and corporate expenses	$	22,906	$	21,389	$	20,557
Depreciation, depletion and amortization:
Residential	$	318	$	283	$	288
Hospitality		4,638		4,579		3,640
Commercial		6,987		5,253		4,925
Other		845		172		145
Consolidated depreciation, depletion and amortization	$	12,788	$	10,287	$	8,998
Investment income, net:
Residential and commercial	$	298	$	184	$	320
Other (c)		4,685		10,530		11,830
Consolidated investment income, net	$	4,983	$	10,714	$	12,150

Interest expense:
Residential	$	683	$	717	$	867
Hospitality		222		30		4
Commercial		3,836		2,739		2,180
Other (d)		8,823		8,816		8,789
Consolidated interest expense	$	13,564	$	12,302	$	11,840
Gain on land contribution to equity method investment:
Residential (e)	$	15,706	$	—	$	—
Commercial (f) (g)		3,949		2,244		—
Other		328		73		—
Consolidated gain on land contribution to equity method investment	$	19,983	$	2,317	$	—
Other (expense) income, net:
Residential	$	(22)	$	(217)	$	(508)
Hospitality		575		225		(259)
Commercial		51		1,190		(362)
Other		725		2,935		2,281
Other income, net	$	1,329	$	4,133	$	1,152
Income (loss) before equity in loss from unconsolidated affiliates and income taxes:
Residential (a) (e)	$	53,998	$	15,144	$	26,919
Hospitality		7,238		6,574		1,817
Commercial (f) (g)		13,988		21,239		6,101
Other (b)		(15,408)		(6,772)		(3,971)
Consolidated income before equity in loss from unconsolidated affiliates and income taxes	$	59,816	$	36,185	$	30,866
Equity in loss from unconsolidated affiliates:
Residential	$	(524)	$	(71)	$	—
Commercial		(142)		(6)		—
Consolidated equity in loss from unconsolidated affiliates	$	(666)	$	(77)	$	—
Capital expenditures:
Residential	$	33,634	$	28,639	$	15,865
Hospitality		42,770		15,923		7,400
Commercial		85,070		69,219		21,552
Other		769		505		379
Total capital expenditures	$	162,243	$	114,286	$	45,196

	December 31,		December 31,
	2020		2019
Investment in unconsolidated joint ventures:
Residential	$	24,287	$	791
Commercial		13,678		4,293
Total investment in unconsolidated joint ventures	$	37,965	$	5,084
Total assets:
Residential	$	172,610	$	139,349
Hospitality		146,724		89,570
Commercial		332,649		253,936
Other		385,341		426,378
Total assets	$	1,037,324	$	909,233

(a) Includes revenue of $23.1 million in 2018 for a one-time receipt of RiverTown impact fees related to the 2014 RiverTown transaction. See Note 18. RiverTown Impact Fees.

(b) Includes revenue of $2.2 million in 2018 related to a specific sale of mitigation bank credits.

(c) Includes interest income from investments in SPEs of $8.2 million in each 2020, 2019 and 2018.

(d) Includes interest expense from Senior Notes issued by SPE of $8.8 million in each 2020, 2019 and 2018.

(e) Includes a gain of $15.7 million in 2020 on land and additional infrastructure improvements contributed to the unconsolidated Latitude Watersound Margaritaville JV. See Note 4. Joint Ventures and Note 19. Other Income, Net for additional information.

(f) Includes a gain of $3.9 million in 2020 on land contributed to the Sea Sound Apartments JV. See Note 4. Joint Ventures and Note 19. Other Income, Net for additional information.

(g) Includes a gain of $0.8 million in 2019 on land contributed to the Company’s unconsolidated Busy Bee JV and a gain of $1.4 million in 2019 on land contributed to the Company’s unconsolidated Pier Park TPS JV. See Note 4. Joint Ventures and Note 19. Other Income, Net for additional information.