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Reporting Segments and Related Information
 9 Months Ended
Sep. 30, 2019
Segment Reporting [Abstract]  
Reporting Segments and Related Information
REPORTING SEGMENTS AND RELATED INFORMATION
The Company 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".

Real estate - Commercial/Industrial
Commercial/Industrial revenue consists of land sale revenues, land and building leases to tenants at the Company's commercial retail developments, base and percentage rents from the 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 September 30,
 
Nine Months Ended September 30,
($ in thousands)
2019
 
2018
 
2019
 
2018
Commercial revenues
$
2,620

 
$
2,445

 
$
12,041

 
$
6,788

Equity in earnings of unconsolidated joint ventures
2,199

 
1,592

 
5,046

 
2,411

Commercial revenues and equity in earnings of unconsolidated joint ventures
4,819

 
4,037

 
17,087

 
9,199

Commercial expenses
1,968

 
1,678

 
8,353

 
4,385

Operating results from commercial and unconsolidated joint ventures
$
2,851

 
$
2,359

 
$
8,734

 
$
4,814



Real Estate - Resort/Residential
The Resort/Residential real estate development segment is actively involved in pursuing land entitlement and development process both internally and through joint ventures. The segment incurs costs and expenses related to land management activities on land held for future development, but currently generates no revenue. The segment generates losses of $582,000 and $471,000 for the three months ended September 30, 2019 and 2018, and $1,872,000 and $1,319,000 for the nine months ended September 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 the Company's 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 September 30,
 
Nine Months Ended September 30,
($ in thousands)
2019
 
2018
 
2019
 
2018
Mineral resources revenues
$
1,559

 
$
1,355

 
$
8,351

 
$
11,986

Mineral resources expenses
576

 
574

 
5,006

 
5,400

Operating results from mineral resources
$
983

 
$
781

 
$
3,345

 
$
6,586


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 September 30,
 
Nine Months Ended September 30,
($ in thousands)
2019

2018
 
2019
 
2018
Farming revenues
$
4,602

 
$
10,836

 
$
6,303

 
$
12,573

Farming expenses
5,979

 
6,541

 
8,402

 
9,570

Operating results from farming
$
(1,377
)
 
$
4,295

 
$
(2,099
)
 
$
3,003



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 September 30,
 
Nine Months Ended September 30,
($ in thousands)
2019
 
2018
 
2019
 
2018
Ranch operations revenues
$
876

 
$
796

 
$
2,570

 
$
2,624

Ranch operations expenses
1,260

 
1,353

 
4,003

 
4,090

Operating results from ranch operations
$
(384
)
 
$
(557
)
 
$
(1,433
)
 
$
(1,466
)