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, 2018			December 31, 2017			December 31, 2016
Revenues
Real estate—commercial/industrial	$	8,970		$	9,001		$	9,840
Mineral resources	14,395			5,983			14,153
Farming	18,563			16,434			18,648
Ranch operations	3,691			3,837			3,338
Segment revenues	45,619			35,255			45,979
Equity in unconsolidated joint ventures, net	3,834			4,227			7,098
Gain on sale of real estate	—			—			1,044
Investment income	1,344			462			457
Other income	(59		)	(275		)	(581		)
Total revenues and other income	50,738			39,669			53,997
Segment Profits (Losses)
Real estate—commercial/industrial	2,724			2,472			2,740
Real estate—resort/residential	(1,530		)	(1,955		)	(1,630		)
Mineral resources	8,172			3,019			6,357
Farming	2,535			233			(25		)
Ranch operations	(1,760		)	(1,574		)	(2,396		)
Segment profits (1)	10,141			2,195			5,046
Equity in unconsolidated joint ventures, net	3,834			4,227			7,098
Gain on sale of real estate	—			—			1,044
Investment income	1,344			462			457
Other income	(59		)	(275		)	(581		)
Corporate expenses	(9,705		)	(9,713		)	(11,811		)
Income from operations before income taxes	$	5,555		$	(3,104	)	$	1,253

(1) 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)	2018		2017		2016
Pastoria Energy Facility Lease	$	4,056	$	3,854	$	3,612
TRCC Leasing	1,760		1,748		1,647
TRCC management fees and reimbursements	822		1,083		955
Commercial leases	692		652		917
Communication leases	904		808		806
Landscaping and other	736		783		791
Land sale¹	—		73		1,112
Total commercial revenues	$	8,970	$	9,001	$	9,840
Equity in earnings of unconsolidated joint ventures	3,834		4,227		7,098
Commercial revenues & equity in earnings of unconsolidated joint ventures	$	12,804	$	13,228	$	16,938

(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 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. In November 2016, we sold a 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 $1,530,000, $1,955,000, and $1,630,000 during the years ended December 31, 2018, 2017, and 2016, 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)	2018		2017		2016
Oil and gas	$	2,278	$	1,659	$	1,549
Rock aggregate	1,143		1,072		1,164
Cement	1,695		1,614		1,299
Exploration leases	102		102		176
Water sales	9,142		1,254		9,601
Reimbursable	35		282		364
Total mineral resources revenues	$	14,395	$	5,983	$	14,153

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)	2018		2017		2016
Almonds	$	5,744	$	6,327	$	7,373
Pistachios	7,880		4,523		6,199
Wine grapes	3,683		4,131		3,744
Hay	297		456		520
Total crop proceeds	17,604		15,437		17,836
Other farming revenues	959		997		812
Total farming revenues	$	18,563	$	16,434	$	18,648

Ranch operations consists of game management revenues and ancillary land uses such as grazing leases and filming.



($ in thousands)	2018		2017		2016
Game management	$	1,382	$	1,291	$	1,296
Grazing	1,520		1,677		1,187
High Desert Hunt Club	305		351		334
Filming and other	484		518		521
Total ranch operations revenues	$	3,691	$	3,837	$	3,338

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
2018
Real estate - commercial/industrial	$	65,929	$	651	$	5,225
Real estate - resort/residential	273,620		58		13,459
Mineral resources	54,144		1,372		171
Farming	40,835		1,897		3,166
Ranch operations	2,973		536		102
Corporate	91,547		910		457
Total	$	529,048	$	5,424	$	22,580
2017
Real estate - commercial/industrial	$	63,065	$	650	$	4,638
Real estate - resort/residential	258,697		63		14,230
Mineral resources	48,305		1,363		356
Farming	36,317		2,080		2,129
Ranch operations	3,625		601		220
Corporate	108,190		932		136
Total	$	518,199	$	5,689	$	21,709
2016
Real estate - commercial/industrial	$	65,290	$	614	$	5,196
Real estate - resort/residential	243,963		77		16,013
Mineral resources	45,066		1,357		2,161
Farming	36,895		2,146		2,006
Ranch operations	3,893		614		523
Corporate	44,434		849		481
Total	$	439,541	$	5,657	$	26,380

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.