Segment Information

3 Months Ended

Mar. 31, 2019

17. Segment Information

The Company conducts primarily all of its business in the following four operating segments: (1) residential real estate, (2) hospitality, (3) commercial leasing and sales and (4) forestry.

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 income taxes and non-controlling interest 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, 2018. 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” under operating revenue consists of mitigation credit and title fee revenue. The caption entitled “Other” under income (loss) before income taxes consists of corporate operating expenses, net of corporate other income.

Information by business segment is as follows:


	Three Months Ended
	March 31,
	2019		2018
Operating revenue:
Residential real estate	$	3,362	$	7,034
Hospitality		7,467		7,450
Commercial leasing and sales		4,211		3,150
Forestry revenue		865		1,980
Other		118		251
Consolidated operating revenue	$	16,023	$	19,865

Income (loss) before income taxes:
Residential real estate	$	255	$	1,459
Hospitality		(807)		(534)
Commercial leasing and sales		2,490		(90)
Forestry		580		1,531
Other		123		(1,990)
Consolidated income before income taxes	$	2,641	$	376


	March 31,		December 31,
	2019		2018
Total assets:
Residential real estate	$	129,166	$	125,642
Hospitality		73,616		70,746
Commercial leasing and sales		192,273		182,658
Forestry		20,464		20,189
Other		460,321		471,727
Total assets	$	875,840	$	870,962