Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2020

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

Segment operating results and reconciliations to the Company’s consolidated balances are as follows (in thousands):

	Revenues				Profit (Loss)				Revenues				Profit (Loss)
	Three Months Ended June 30,								Six Months Ended June 30,
	2020		2019		2020		2019		2020		2019		2020		2019
Valencia	$	17,861	$	820	$	1,677	$	(4,261)	$	18,657	$	2,435	$	(3,117)	$	(8,345)
San Francisco	172		972		(2,466)		(4,465)		1,147		2,065		(5,558)		56,609
Great Park	6,827		43,854		(10,185)		(2,325)		36,355		213,413		(12,727)		37,943
Commercial	8,603		8,912		37,426		(1,406)		17,176		17,261		36,788		(2,187)
Total reportable segments	33,463		54,558		26,452		(12,457)		73,335		235,174		15,386		84,020
Reconciling items:
Removal of results of unconsolidated entities—
Great Park Venture (1)	(650)		(33,417)		11,959		5,536		(22,826)		(192,580)		16,277		(31,575)
Gateway Commercial Venture (1)	(8,506)		(8,754)		(37,329)		1,564		(16,982)		(17,134)		(36,594)		2,314
Add equity in earnings (losses) from unconsolidated entities—
Great Park Venture	—		—		(4,092)		(1,496)		—		—		(34,452)		7,948
Gateway Commercial Venture	—		—		27,997		(1,173)		—		—		27,446		(1,735)
Corporate and unallocated (2)	—		—		(10,749)		(14,602)		—		—		(27,044)		(30,867)
Total consolidated balances	$	24,307	$	12,387	$	14,238	$	(22,628)	$	33,527	$	25,460	$	(38,981)	$	30,105

(1) Represents the removal of the Great Park Venture’s and Gateway Commercial Venture’s operating results that are included in the Great Park segment and Commercial segment operating results, respectively, but are not included in the Company’s consolidated results.

(2) Corporate and unallocated activity is primarily comprised of corporate general, and administrative expenses.

Segment assets and reconciliations to the Company’s consolidated balances are as follows (in thousands):

	June 30, 2020		December 31, 2019
Valencia	$	833,134	$	748,082
San Francisco	1,213,156		1,197,081
Great Park	1,253,477		1,356,417
Commercial (1)	405,291		473,409
Total reportable segments	3,705,058		3,774,989
Reconciling items:
Removal of unconsolidated balances of Great Park Venture (2)	(1,092,295)		(1,196,258)
Removal of unconsolidated balances of Gateway Commercial Venture (2)	(405,259)		(473,398)
Other eliminations (3)	(16,665)		(8,310)
Add investment balance in Great Park Venture	396,964		431,835
Add investment balance in Gateway Commercial Venture	72,600		101,404
Corporate and unallocated (4)	247,900		374,438
Total consolidated balances	$	2,908,303	$	3,004,700

(1) Included in total Commercial segment assets are the Broadcom Buildings that are expected to be sold in August 2020.

(2) Represents the removal of the Great Park Venture’s and Gateway Commercial Venture’s balances that are included in the Great Park segment and Commercial segment balances, respectively, but are not included in the Company’s consolidated balances.

(3) Represents intersegment balances that eliminate in consolidation.

(4) Corporate and unallocated assets consist of cash and cash equivalents, receivables, right-of-use assets and prepaid expenses.