Segment Information

12 Months Ended

Dec. 31, 2021

Segment Information

Segment Information

19. 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 joint ventures, 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 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 captions entitled “Other” consists of mitigation credit, title and insurance business revenue and cost of revenue; corporate operating expenses; corporate depreciation and amortization and corporate other income and expense items.

Information by business segment is as follows:

	Year Ended December 31,
	2021		2020		2019
Operating revenue:
Residential	$	145,784	$	74,715	$	41,586
Hospitality		74,591		47,374		45,720
Commercial		44,627		36,665		38,823
Other		1,994		1,801		956
Consolidated operating revenue	$	266,996	$	160,555	$	127,085
Cost of revenue:
Cost of residential revenue	$	57,842	$	30,359	$	20,492
Cost of hospitality revenue		57,494		34,670		33,924
Cost of commercial revenue		14,440		12,228		9,593
Cost of other revenue		1,538		519		77
Consolidated cost of revenue	$	131,314	$	77,776	$	64,086
Corporate and other operating expenses:
Residential	$	4,872	$	5,283	$	4,873
Hospitality		919		1,180		838
Commercial		3,980		3,681		3,479
Other		13,252		12,762		12,199
Consolidated corporate and other operating expenses	$	23,023	$	22,906	$	21,389
Depreciation, depletion and amortization:
Residential	$	351	$	318	$	283
Hospitality		6,966		4,638		4,579
Commercial		10,490		6,987		5,253
Other		395		845		172
Consolidated depreciation, depletion and amortization	$	18,202	$	12,788	$	10,287
Investment income, net:
Residential and commercial	$	874	$	298	$	184
Other (a)		6,380		4,685		10,530
Consolidated investment income, net	$	7,254	$	4,983	$	10,714
Interest expense:
Residential	$	581	$	683	$	717
Hospitality		488		222		30
Commercial		5,949		3,836		2,739
Other (b)		8,836		8,823		8,816
Consolidated interest expense	$	15,854	$	13,564	$	12,302
Gain on contribution to unconsolidated joint ventures:
Residential (c)	$	503	$	15,706	$	—
Commercial (d) (e) (f)		3,055		3,949		2,244
Other		—		328		73
Consolidated gain on contribution to unconsolidated joint ventures	$	3,558	$	19,983	$	2,317

Other income (expense), net:
Residential	$	113	$	(22)	$	(217)
Hospitality		635		575		225
Commercial (g)		3,722		51		1,190
Other (h)		5,711		725		2,935
Other income, net	$	10,181	$	1,329	$	4,133
Income (loss) before equity in loss from unconsolidated joint ventures and income taxes:
Residential (c)	$	83,582	$	53,998	$	15,144
Hospitality		9,359		7,238		6,574
Commercial (d) (e) (f) (g)		16,591		13,988		21,239
Other (h)		(9,936)		(15,408)		(6,772)
Consolidated income before equity in loss from unconsolidated joint ventures and income taxes	$	99,596	$	59,816	$	36,185
Equity in (loss) income from unconsolidated joint ventures:
Residential	$	(1,861)	$	(524)	$	(71)
Commercial		996		(142)		(6)
Consolidated equity in loss from unconsolidated joint ventures	$	(865)	$	(666)	$	(77)
Capital expenditures:
Residential	$	52,838	$	33,634	$	28,639
Hospitality		101,686		42,770		15,923
Commercial		45,843		85,070		69,219
Other		452		769		505
Total capital expenditures	$	200,819	$	162,243	$	114,286

	December 31,		December 31,
	2021		2020
Investment in unconsolidated joint ventures:
Residential	$	30,039	$	24,287
Commercial		21,988		13,678
Total investment in unconsolidated joint ventures	$	52,027	$	37,965
Total assets:
Residential	$	195,142	$	172,610
Hospitality		256,751		146,724
Commercial		375,266		332,649
Other		380,992		385,341
Total assets	$	1,208,151	$	1,037,324

(a) Includes interest income from investments in SPEs of $8.1 million in 2021 and $8.2 million in each 2020 and 2019.

(b) Includes interest expense from Senior Notes issued by SPE of $8.8 million in each 2021, 2020 and 2019.

(c) 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 18. Other Income, Net for additional information.

(d) Includes a gain of $3.1 million in 2021 on land contributed to the unconsolidated Watersound Fountains Independent Living JV. See Note 4. Joint Ventures and Note 18. Other Income, Net for additional information.

(e) Includes a gain of $3.9 million in 2020 on land contributed to the unconsolidated Sea Sound Apartments JV. See Note 4. Joint Ventures and Note 18. Other Income, Net for additional information.

(f) 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 18. Other Income, Net for additional information.

(g) Includes $3.6 million in 2021 received from the Florida Division of Emergency Management’s TRBG program. See Note 7. Hurricane Michael and Note 18. Other Income, Net for additional information.

(h) Includes gain on insurance recovery of $4.9 million, $0.7 million and $5.3 million in 2021, 2020 and 2019, respectively, related to Hurricane Michael. In addition, includes loss from hurricane damage of $0.1 million, $1.1 million and $2.7 million 2021, 2020 and 2019, respectively, related to Hurricane Michael. See Note 7. Hurricane Michael for additional information.