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, 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, 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 before income taxes consists of corporate operating expenses, net of corporate other income.

Information by business segment is as follows:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2019		2018		2019		2018
Operating revenue:
Residential real estate (a)	$	10,963	$	1,959	$	28,150	$	37,749
Hospitality		14,042		12,565		37,107		33,285
Commercial leasing and sales		5,942		6,225		13,694		12,720
Forestry revenue		1,574		2,627		4,582		7,415
Other (b)		335		300		893		2,805
Consolidated operating revenue	$	32,856	$	23,676	$	84,426	$	93,974

Income (loss) before income taxes:
Residential real estate (a)	$	4,102	$	(368)	$	9,910	$	26,048
Hospitality		2,779		1,747		7,285		3,615
Commercial leasing and sales		3,291		609		5,610		329
Forestry		1,168		2,072		3,473		5,830
Other		(2,511)		(2,199)		(1,146)		(972)
Consolidated income before income taxes	$	8,829	$	1,861	$	25,132	$	34,850

(a)

Includes revenue of $23.1 million for the nine months ended September 30, 2018 for a one-time receipt of RiverTown impact fees related to the 2014 RiverTown transaction.

(b)

Includes revenue of $2.2 million for the nine months ended September 30, 2018 related to a specific sale of mitigation bank credits.


	September 30,		December 31,
	2019		2018
Total assets:
Residential real estate	$	136,469	$	125,642
Hospitality		84,877		70,746
Commercial leasing and sales		222,692		182,658
Forestry		20,842		20,189
Other		433,146		471,727
Total assets	$	898,026	$	870,962