Business Segments

3 Months Ended

Mar. 31, 2015

Segment Reporting [Abstract]

Business Segments

BUSINESS SEGMENTS

We currently operate in four business segments: commercial/industrial real estate development; resort/residential real estate development; mineral resources; and farming.

Commercial lease revenue consists of land and building leases to tenants at our commercial retail and industrial developments, base and percentage rents from our Calpine power plant lease, communication tower rents, and payments from easement leases. Land management ancillary services include development fees, wildlife management, landscape and property maintenance, and building management services.

The revenue components of the commercial/industrial real estate development segment were as follows:

	Three Months Ended March 31
($ in thousands)	2015		2014
Commercial leases	$	2,145	$	1,863
Grazing leases	387		368
All other land management ancillary services	830		711
Total revenue	3,362		2,942
Equity in earnings of unconsolidated joint ventures	1,150		459
Revenues and equity in earnings of unconsolidated joint ventures	$	4,512	$	3,401

The resort/residential real estate land development segment produces revenues from management fees and is actively involved in the land entitlement and pre-development process.

The revenue components of the resort/residential real estate land development segment, which represented management fees from TMV prior to us acquiring the remaining ownership interest from our joint venture partner, were as follows:

	Three Months Ended March 31
($ in thousands)	2015		2014
Management fees	—		90
Other	—		3
Total revenue	—		93
Equity in earnings (losses) of unconsolidated joint ventures	—		(21		)
Revenues and equity in earnings of unconsolidated joint ventures	$	—	$	72

The mineral resources segment receives oil and mineral royalties from the exploration and development companies that extract or mine the natural resources from our land and receives revenue from water sales. The revenue components of the mineral resources segment was as follows:

	Three Months Ended March 31
($ in thousands)	2015		2014
Oil and gas	$	776	$	1,740
Water sales	8,993		7,390
Rock aggregate	102		263
Cement	242		205
Land lease for oil exploration	87		56
Total revenue	$	10,200	$	9,654

The farming segment produces revenues from the sale of almonds, pistachios, wine grapes, and hay. The revenue components of the farming segment were as follows:

	Three Months Ended March 31
	2015		2014
Almonds	$	2,716	$	1,276
Pistachios	249		308
Wine grapes	—		—
Hay	93		262
Total crop proceeds	3,058		1,846
Other farming revenues	13		—
Total farming revenues	$	3,071	$	1,846