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".

Information pertaining to operating results of the Company's reporting segments are as follows for each of the years ended December 31:



($ in thousands)	2019			2018			2017
Revenues
Real estate—commercial/industrial	$	16,792		$	8,970		$	9,001
Mineral resources	9,791			14,395			5,983
Farming	19,331			18,563			16,434
Ranch operations	3,609			3,691			3,837
Segment revenues	49,523			45,619			35,255
Equity in unconsolidated joint ventures, net	16,575			3,834			4,227
Investment income	1,239			1,344			462
Total revenues and other income	67,337			50,738			39,669
Segment Profits (Losses)
Real estate—commercial/industrial	3,831			2,724			2,472
Real estate—resort/residential	(2,247		)	(1,530		)	(1,955		)
Mineral resources	3,973			8,172			3,019
Farming	4,080			2,535			233
Ranch operations	(1,707		)	(1,760		)	(1,574		)
Segment profits ⁽¹⁾	7,930			10,141			2,195
Equity in unconsolidated joint ventures, net	16,575			3,834			4,227
Investment income	1,239			1,344			462
Other income	(1,824		)	(59		)	(275		)
Corporate expenses	(9,361		)	(9,705		)	(9,713		)
Income from operations before income taxes	$	14,559		$	5,555		$	(3,104	)

⁽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.

Real estate - Commercial/Industrial

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, land sales, and payments from easement leases. The following table summarizes revenues, expenses and operating income from this segment for each of the years ended December 31:



($ in thousands)	2019		2018		2017
Commercial revenues	$	16,792	$	8,970	$	9,001
Equity in earnings of unconsolidated joint ventures	16,575		3,834		4,227
Commercial revenues and equity in earnings of unconsolidated joint ventures	$	33,367	$	12,804	$	13,228
Commercial expenses	12,961		6,246		6,529
Operating results from commercial and unconsolidated joint ventures	$	20,406	$	6,558	$	6,699

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 $2,247,000, $1,530,000, and $1,955,000 during the years ended December 31, 2019, 2018, and 2017, 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 along with revenue from water sales. The following table summarizes revenues, expenses and operating results from this segment for each of the years ended December 31:



($ in thousands)	2019		2018		2017
Mineral resources revenues	$	9,791	$	14,395	$	5,983
Mineral resources expenses	$	5,818	$	6,223	$	2,964
Operating results from mineral resources	$	3,973	$	8,172	$	3,019

The farming segment produces revenues from the sale of wine grapes, almonds, pistachios and hay. The following table summarizes revenues, expenses and operating results from this segment for each of the years ended December 31:



($ in thousands)	2019		2018		2017
Farming revenues	$	19,331	$	18,563	$	16,434
Farming expenses	$	15,251	$	16,028	$	16,201
Operating results from farming	$	4,080	$	2,535	$	233

Ranch operations consists of game management revenues and ancillary land uses such as grazing leases and filming. The following table summarizes revenues, expenses and operating results from this segment for each of the years ended December 31:



($ in thousands)	2019			2018			2017
Ranch operations revenues	$	3,609		$	3,691		$	3,837
Ranch operations expenses	$	5,316		$	5,451		$	5,411
Operating results from ranch operations	$	(1,707	)	$	(1,760	)	$	(1,574	)

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
2019
Real estate - commercial/industrial	$	76,814	$	517	$	8,690
Real estate - resort/residential	286,801		51		12,811
Mineral resources	55,049		1,371		37
Farming	41,258		1,909		3,362
Ranch operations	2,624		526		213
Corporate	76,876		662		109
Total	$	539,422	$	5,036	$	25,222
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

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.