REPORTING SEGMENTS AND RELATED INFORMATION

We currently operate in five reporting segments: commercial/industrial real estate development, resort/residential real estate development, mineral resources, farming, and ranch operations.

Information pertaining to operating results of the Company's reporting segments are as follows:



($ in thousands)	December 31, 2017			December 31, 2016			December 31, 2015
Revenues
Real estate—commercial/industrial (1)	$	9,403		$	9,438		$	8,272
Mineral resources	5,983			14,153			15,116
Farming (2)	16,434			18,648			23,836
Ranch operations (1)	3,837			3,338			3,923
Segment revenues	35,657			45,577			51,147
Equity in unconsolidated joint ventures, net	4,227			7,098			6,324
Gain on sale of real estate	—			1,044			—
Investment income	462			457			528
Other income	153			158			381
Total revenues and other income	40,499			54,334			58,380
Segment Profits (Losses)
Real estate—commercial/industrial (1)	2,874			2,338			1,578
Real estate—resort/residential (2)	(1,955		)	(1,630		)	(2,349		)
Mineral resources	3,019			6,357			7,720
Farming	233			(25		)	4,852
Ranch operations (1)	(1,574		)	(2,396		)	(2,189		)
Segment profits (2)	2,597			4,644			9,612
Equity in unconsolidated joint ventures, net	4,227			7,098			6,324
Gain on sale of real estate	—			1,044			—
Investment income	462			457			528
Other income	153			158			381
Corporate expenses	(10,141		)	(12,550		)	(12,808		)
Income from operations before income taxes	$	(2,702	)	$	851		$	4,037

(1) During the fourth quarter of 2015, the Company reclassified revenues and expenses previously classified as commercial/industrial into a new segment called Ranch Operations. Ranch operations is comprised of grazing leases, game management and other ancillary services supporting the ranch.
(2) Segment profits are revenues less operating expenses, excluding investment income and expense, corporate expenses, equity in earnings of unconsolidated joint ventures, and income taxes.

The revenue components of the commercial/industrial real estate segment for the years ended December 31 are as follows:



($ in thousands)	2017		2016		2015
Pastoria Energy Facility Lease	$	3,854	$	3,612	$	3,694
TRCC Leasing	1,748		1,647		1,421
TRCC management fees and reimbursements	1,083		955		786
Commercial leases	652		917		851
Communication leases	808		806		784
Landscaping and other	783		791		736
Land Sale¹	475		710		—
Total commercial revenues	$	9,403	$	9,438	$	8,272
Equity in earnings of unconsolidated joint ventures	4,227		7,098		6,324
Commercial revenues & equity in earnings of unconsolidated joint ventures	$	13,630	$	16,536	$	14,596

(1) Revenue from land sale relates to a purchase and sale agreement entered into with a third party in 2016. Due to a performance obligation, the Company recognized a portion of the sale in 2016, with the remainder being recognized in 2017.

Commercial lease revenue consists of land and building leases to tenants at our commercial retail and industrial developments, base and percentage rents from our PEF power plant lease, communication tower rents, and payments from easement leases. On November 2016, we sold building and land, that was part of our commercial segment, located in Rancho Santa Fe California for $4,700,000, recognizing a gain of $1,044,000, which is not included within the December 31, 2016 results above.

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 $1,955,000, $1,630,000, and $2,349,000 during the years ended December 31, 2017, 2016, and 2015, 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 following table summarizes these activities for each of the years ended December 31:



($ in thousands)	2017		2016		2015
Oil and gas	$	1,659	$	1,549	$	2,661
Rock aggregate	1,072		1,164		870
Cement	1,614		1,299		1,263
Exploration leases	102		176		157
Water sales	1,254		9,601		10,165
Reimbursable	282		364		—
Total mineral resources revenues	$	5,983	$	14,153	$	15,116

The farming segment produces revenues from the sale of wine grapes, almonds, pistachios and hay. The revenue components of the farming segment were as follows for each of the year ended December 31:



($ in thousands)	2017		2016		2015
Almonds	$	6,327	$	7,373	$	12,238
Pistachios	4,523		6,199		6,425
Wine grapes	4,131		3,744		4,338
Hay	456		520		749
Total crop proceeds	15,437		17,836		23,750
Other farming revenues	997		812		86
Total farming revenues	$	16,434	$	18,648	$	23,836

Ranch operations consists of game management revenues and ancillary land uses such as grazing leases and filming. Within game management we operate our High Desert Hunt Club, a premier upland bird hunting club. The High Desert Hunt Club offers over 6,400 acres and 35 hunting fields, each field providing different terrain and challenges. The hunting season runs from mid-October through March. We sell individual hunting packages as well as memberships. Ranch operations also includes Hunt at Tejon, which offers a wide variety of guided big game hunts including trophy Rocky Mountain elk, deer, turkey and wild pig. We offer guided hunts and memberships for both the Spring and Fall hunting seasons.



($ in thousands)	2017		2016		2015
Game management	$	1,291	$	1,296	$	1,658
Grazing	1,677		1,187		1,484
High Desert Hunt Club	351		334		351
Filming and other	518		521		430
Total ranch operations revenues	$	3,837	$	3,338	$	3,923

Information pertaining to assets of the Company’s reporting segments is as follows for each of the years ended December 31:



($ in thousands)	Identifiable Assets		Depreciation and Amortization		Capital Expenditures
2017
Real estate - commercial/industrial	$	63,065	$	615	$	4,638
Real estate - resort/residential	258,697		63		14,230
Mineral resources	48,305		1,363		356
Farming	36,317		996		2,129
Ranch operations	3,625		601		220
Corporate	108,190		913		136
Total	$	518,199	$	4,551	$	21,709
2016
Real estate - commercial/industrial	$	65,290	$	585	$	5,196
Real estate - resort/residential	243,963		77		16,013
Mineral resources	45,066		1,357		2,161
Farming	36,895		1,150		2,006
Ranch operations	3,893		607		523
Corporate	44,594		773		481
Total	$	439,701	$	4,549	$	26,380
2015
Real estate - commercial/industrial	$	67,550	$	552	$	7,023
Real estate - resort/residential	228,064		71		16,404
Mineral resources	46,025		1,501		1,199
Farming	32,542		929		2,583
Ranch operations	4,313		377		299
Corporate	53,425		1,660		540
Total	$	431,919	$	5,090	$	28,048

Segment profits (losses) are total revenues less operating expenses, excluding interest income, corporate expenses, equity in earnings of unconsolidated joint ventures, and interest expense. Identifiable assets by segment include both assets directly identified with those operations and an allocable share of jointly used assets. Corporate assets consist primarily of cash and cash equivalents, marketable securities, deferred income taxes, and land and buildings. Land is valued at cost for acquisitions since 1936. Land acquired in 1936, upon organization of the Company, is stated on the basis carried by the Company’s predecessor.