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Reporting Segments and Related Information
 6 Months Ended
Jun. 30, 2020
Segment Reporting [Abstract]  
Reporting Segments and Related Information REPORTING SEGMENTS AND RELATED INFORMATION
The Company currently operates 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 2, "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 June 30,
 
Six Months Ended June 30,
($ in thousands)
2020
 
2019
 
2020
 
2019
Commercial/industrial revenues
$
2,114

 
$
6,595

 
$
4,434

 
$
9,421

Equity in earnings of unconsolidated joint ventures
1,181

 
1,971

 
2,536

 
2,847

Commercial/industrial revenues and equity in earnings of unconsolidated joint ventures
3,295

 
8,566

 
6,970

 
12,268

Commercial/industrial expenses
1,747

 
4,593

 
3,678

 
6,385

Operating results from commercial/industrial and unconsolidated joint ventures
$
1,548

 
$
3,973

 
$
3,292

 
$
5,883



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 generated losses of $326,000 and $642,000 for the three months ended June 30, 2020 and 2019, and $952,000 and $1,290,000 for the six months ended June 30, 2020 and 2019, 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 June 30,
 
Six Months Ended June 30,
($ in thousands)
2020
 
2019
 
2020
 
2019
Mineral resources revenues
$
1,776

 
$
660

 
$
7,954

 
$
6,792

Mineral resources expenses
714

 
598

 
4,592

 
4,430

Operating results from mineral resources
$
1,062

 
$
62

 
$
3,362

 
$
2,362



Farming
The 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)
2020

2019
 
2020
 
2019
Farming revenues
$
209

 
$
886

 
$
1,161

 
$
1,701

Farming expenses
1,099

 
825

 
2,801

 
2,423

Operating results from farming
$
(890
)
 
$
61

 
$
(1,640
)
 
$
(722
)


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)
2020
 
2019
 
2020
 
2019
Ranch operations revenues
$
676

 
$
805

 
$
1,539

 
$
1,694

Ranch operations expenses
1,178

 
1,393

 
2,584

 
2,743

Operating results from ranch operations
$
(502
)
 
$
(588
)
 
$
(1,045
)
 
$
(1,049
)