Segment Information

6 Months Ended

Jun. 30, 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 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 income. 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				Six Months Ended
	June 30,				June 30,
	2021		2020		2021		2020
Operating revenue:
Residential	$	32,760	$	14,127	$	53,421	$	17,166
Hospitality		22,463		11,498		35,457		18,049
Commercial		16,638		9,226		23,811		18,121
Other		378		1,231		856		1,319
Consolidated operating revenue	$	72,239	$	36,082	$	113,545	$	54,655
Income (loss) before equity in loss from unconsolidated affiliates and income taxes:
Residential (a)	$	19,469	$	21,602	$	28,064	$	22,006
Hospitality		5,421		2,411		5,705		153
Commercial (b) (c)		10,361		3,446		10,377		11,400
Other		(2,927)		(2,210)		(7,344)		(10,057)
Consolidated income before equity in loss from unconsolidated affiliates and income taxes	$	32,324	$	25,249	$	36,802	$	23,502

(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. Joint Ventures and Note 16. Other Income, Net for additional information.

(b) The three and six months ended June 30, 2021, includes a gain of $3.1 million on land contributed to the Watersound Fountains Independent Living JV. See Note 4. Joint Ventures and Note 16. Other Income, Net for additional information.

(c) The six months ended June 30, 2020, includes a gain of $3.9 million on land contributed to the Sea Sound Apartments JV. See Note 4. Joint Ventures and Note 16. Other Income, Net for additional information.

	June 30,		December 31,
	2021		2020
Total assets:
Residential	$	191,489	$	172,610
Hospitality		190,793		146,724
Commercial		354,552		332,649
Other		365,171		385,341
Total assets	$	1,102,005	$	1,037,324