Segment Information

3 Months Ended

Mar. 31, 2021

Segment Information

Segment Information

17. Segment Information

The Company currently conducts primarily all of its business in the following three reportable segments: (1) residential, (2) hospitality and (3) commercial.

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, 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, 2020. Total revenue represents sales to unaffiliated customers, as reported in the Company’s condensed consolidated statements of operations. All significant intercompany transactions have been eliminated in consolidation. The caption entitled “Other”

consists of mitigation credit and title fee revenue and cost of revenue and corporate operating expenses, corporate depreciation and amortization and corporate other income and expense items.

Information by business segment is as follows:

	Three Months Ended
	March 31,
	2021		2020
Operating revenue:
Residential	$	20,660	$	3,038
Hospitality		12,994		6,551
Commercial		7,172		8,896
Other		479		89
Consolidated operating revenue	$	41,305	$	18,574
Income (loss) before equity in loss from unconsolidated affiliates and income taxes:
Residential	$	8,595	$	404
Hospitality		284		(2,258)
Commercial (a)		17		7,954
Other		(4,419)		(7,847)
Consolidated income (loss) before equity in loss from unconsolidated affiliates and income taxes	$	4,477	$	(1,747)

(a) The three months ended March 31, 2020 includes a gain of $3.9 million on land contributed to the Sea Sound Apartments JV. See Note 4. Joint Ventures for additional information.

	March 31,		December 31,
	2021		2020
Total assets:
Residential	$	177,309	$	172,610
Hospitality		164,366		146,724
Commercial		341,405		332,649
Other		370,313		385,341
Total assets	$	1,053,393	$	1,037,324