Business Segments

9 Months Ended

Sep. 30, 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 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 September 30						Nine Months Ended September 30
($ in thousands)	2015			2014			2015			2014
Commercial leases	$	1,925		$	1,617		$	5,720		$	4,338
Grazing leases	26			351			938			1,064
All other land management ancillary services	597			604			2,277			2,665
Total commercial revenues	2,548			2,572			8,935			8,067
Profit (loss) from commercial activities	(725		)	(802		)	(635		)	(1,954		)
Equity in earnings of unconsolidated joint ventures	2,055			1,707			4,861			3,328
Income from commercial/industrial and unconsolidated joint ventures	$	1,330		$	905		$	4,226		$	1,374

The resort/residential real estate development segment is actively involved in the land entitlement and development process internally and through joint venture entities. The segment produced losses of $1,885,000 and $1,716,000 for the nine months ended September 30, 2015 and 2014, respectively. The segment produced losses of $558,000 and $565,000 for the quarters ended September 30, 2015 and 2014, respectively.

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 September 30				Nine Months Ended September 30
($ in thousands)	2015		2014		2015		2014
Oil and gas	$	640	$	1,778	$	2,333	$	5,301
Water sales	—		—		10,165		7,703
Rock aggregate	282		294		629		885
Cement	373		284		916		763
Land lease for oil exploration	27		37		131		149
Total revenue	1,322		2,393		14,174		14,801
Income from mineral resources activities	716		1,888		7,151		8,869

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 September 30					Nine Months Ended September 30
($ in thousands)	2015			2014		2015		2014
Almonds	$	3,687		$	3,201	$	7,066	$	5,297
Pistachios	2,136			4,118		2,899		6,237
Wine grapes	1,986			1,293		1,986		1,293
Hay	229			184		434		588
Total crop proceeds	8,038			8,796		12,385		13,415
Other farming revenues	38			76		85		227
Total farming revenues	8,076			8,872		12,470		13,642
Income (loss) from farming activities	$	(47	)	$	2,783	$	760	$	4,261