17. Segment Information

The Company currently conducts primarily all of its business in the following three operating 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 operating segments. Commencing in the first quarter of 2020, due to organizational changes, the Company’s previously titled “commercial leasing and sales” and “forestry” segments are now reported as one segment and retitled to “commercial.” This change is consistent with the Company’s belief that the decision making and management of the assets in these segments are being made as one group. All prior year segment information has been reclassified to conform to the 2020 presentation. Also commencing in the first quarter of 2020, the Company’s previously titled “residential real estate” segment was retitled to “residential.” The changes had no effect on the condensed consolidated balance sheets, statements of operations, statements of comprehensive (loss) income or statements of cash flows for the periods presented.

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 (loss) income before equity in loss from unconsolidated affiliates, 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, 2019. Total revenue represents sales to unaffiliated customers, as reported in the Company’s condensed consolidated statements of operations. All significant intercompany transactions have been eliminated in consolidation. The caption entitled “Other” consists of mitigation credit revenue, title fee revenue and corporate operating and general and administrative expenses, net of investment income.

Information by business segment is as follows:


	Three Months Ended
	March 31,
	2020		2019
Operating revenue:
Residential	$	3,038	$	3,525
Hospitality		6,551		7,304
Commercial		8,896		5,076
Other		89		118
Consolidated operating revenue	$	18,574	$	16,023

Income (loss) before equity in loss from unconsolidated affiliates and income taxes:
Residential	$	404	$	270
Hospitality		(2,258)		(822)
Commercial		7,954		3,070
Other		(7,847)		123
Consolidated (loss) income before equity in loss from unconsolidated affiliates and income taxes	$	(1,747)	$	2,641


	March 31,		December 31,
	2020		2019
Total assets:
Residential	$	144,086	$	139,349
Hospitality		97,695		89,570
Commercial		277,631		253,936
Other		393,610		426,378
Total assets	$	913,022	$	909,233