Segment Information

9 Months Ended

Sep. 30, 2021

Segment Information

Segment Information

17. Segment Information

The Company 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 and other qualitative 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, title fee and insurance business 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				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Operating revenue:
Residential	$	22,113	$	16,353	$	75,534	$	33,518
Hospitality		21,957		16,776		57,413		34,824
Commercial		9,584		8,697		33,395		26,819
Other		342		215		1,198		1,534
Consolidated operating revenue	$	53,996	$	42,041	$	167,540	$	96,695
Income (loss) before equity in loss from unconsolidated affiliates and income taxes:
Residential (a)	$	12,918	$	6,206	$	40,982	$	28,212
Hospitality		4,195		4,940		9,901		5,094
Commercial (b) (c)		4,522		2,006		14,899		13,406
Other		72		(2,834)		(7,273)		(12,893)
Consolidated income before equity in loss from unconsolidated affiliates and income taxes	$	21,707	$	10,318	$	58,509	$	33,819

(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 (Expense), Net for additional information.

(b) The nine months ended September 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 (Expense), Net for additional information.

(c) The nine months ended September 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 (Expense), Net for additional information.

	September 30,		December 31,
	2021		2020
Total assets:
Residential	$	191,310	$	172,610
Hospitality		219,625		146,724
Commercial		367,122		332,649
Other		358,493		385,341
Total assets	$	1,136,550	$	1,037,324