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Reporting Segments and Related Information
 6 Months Ended
Jun. 30, 2019
Segment Reporting [Abstract]  
Reporting Segments and Related Information
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. For further details of the revenue components within each reporting segment, see Results of Operations by Segment in Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations".

Commercial
Commercial revenue consists of land sale revenues, land and building leases to tenants at our commercial retail developments, base and percentage rents from our PEF power plant lease, communication tower leases, and easement leases. The following table summarizes revenues, expenses and operating income from this segment for the periods ended:
 
Three Months Ended June 30,
 
Six Months Ended June 30,
($ in thousands)
2019
 
2018
 
2019
 
2018
Commercial revenues
$
6,595

 
$
2,189

 
$
9,421

 
$
4,343

Equity in earnings of unconsolidated joint ventures
1,971

 
652

 
2,847

 
819

Commercial revenues and equity in earnings of unconsolidated joint ventures
8,566

 
2,841

 
12,268

 
5,162

Commercial expenses
4,593

 
1,388

 
6,385

 
2,707

Operating results from commercial and unconsolidated joint ventures
$
3,973

 
$
1,453

 
$
5,883

 
$
2,455



Resort Residential
The resort/residential real estate development segment is actively involved in pursuing land entitlement both internally and through joint ventures. The segment incurs costs and expenses related to its development activities, but currently generates no revenue. The segment produced losses of $642,000 and $433,000 for the three months ended June 30, 2019 and 2018, and $1,290,000 and $848,000 for the six months ended June 30, 2019 and 2018, respectively.

Mineral Resources
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 revenues, expenses and operating results from this segment for the periods ended:
 
Three Months Ended June 30,
 
Six Months Ended June 30,
($ in thousands)
2019
 
2018
 
2019
 
2018
Mineral resources revenues
$
660

 
$
1,500

 
$
6,792

 
$
10,631

Mineral resources expenses
598

 
595

 
4,430

 
4,826

Operating results from mineral resources
$
62

 
$
905

 
$
2,362

 
$
5,805


Farming
Farming segment revenues include the sale of almonds, pistachios, wine grapes, and hay. The following table summarizes revenues, expenses and operating results from this segment for the periods ended:
 
Three Months Ended June 30,
 
Six Months Ended June 30,
($ in thousands)
2019

2018
 
2019
 
2018
Farming revenues
$
886

 
$
542

 
$
1,701

 
$
1,737

Farming expenses
825

 
1,191

 
2,423

 
3,029

Operating results from farming
$
61

 
$
(649
)
 
$
(722
)
 
$
(1,292
)


Ranch Operations
The ranch operations segment consists of game management revenues and ancillary land uses such as grazing leases. The following table summarizes revenues, expenses and operating results from this segment for the periods ended:
 
Three Months Ended June 30,
 
Six Months Ended June 30,
($ in thousands)
2019
 
2018
 
2019
 
2018
Ranch operations revenues
$
805

 
$
839

 
$
1,694

 
$
1,828

Ranch operations expenses
1,393

 
1,348

 
2,743

 
2,737

Operating results from ranch operations
$
(588
)
 
$
(509
)
 
$
(1,049
)
 
$
(909
)