Reporting Segments and Related Information (Tables)

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

Reconciliation of revenues, segment profits (losses) and net income (loss)

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

($ in thousands)	2021		2020		2019
Revenues
Real estate—commercial/industrial	$	19,476	$	9,536	$	16,792
Mineral resources	20,987		10,736		9,791
Farming	11,039		13,866		19,331
Ranch operations	4,111		3,692		3,609
Segment revenues	55,613		37,830		49,523
Equity in unconsolidated joint ventures, net	9,202		4,504		16,575
Gain on sale of real estate	—		1,331		—
Investment income	57		884		1,239
Total revenues and other income	64,872		44,549		67,337
Segment Profits (Losses)
Real estate—commercial/industrial	7,523		2,414		3,831
Real estate—resort/residential	(1,723)		(1,612)		(2,247)
Mineral resources	7,428		4,322		3,973
Farming	(3,077)		(1,237)		4,080
Ranch operations	(568)		(1,204)		(1,707)
Segment profits (1)	9,583		2,683		7,930
Equity in unconsolidated joint ventures, net	9,202		4,504		16,575
Gain on sale of real estate	—		1,331		—
Investment income	57		884		1,239
Other income	164		110		(1,824)
Corporate expenses	(9,843)		(9,430)		(9,361)
Income from operations before income taxes	$	9,163	$	82	$	14,559
(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.

Components of segment revenues

The following table summarizes revenues, expenses and operating income from this segment for each of the years ended December 31:

($ in thousands)	2021		2020		2019
Commercial revenues	$	19,476	$	9,536	$	16,792
Equity in earnings of unconsolidated joint ventures	9,202		4,504		16,575
Commercial revenues and equity in earnings of unconsolidated joint ventures	$	28,678	$	14,040	$	33,367
Commercial expenses	11,953		7,122		12,961
Operating results from commercial and unconsolidated joint ventures	$	16,725	$	6,918	$	20,406

The following table summarizes revenues, expenses and operating results from this segment for each of the years ended December 31:

($ in thousands)	2021		2020		2019
Mineral resources revenues	$	20,987	$	10,736	$	9,791
Mineral resources expenses	$	13,559	$	6,414	$	5,818
Operating results from mineral resources	$	7,428	$	4,322	$	3,973

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)	2021		2020		2019
Farming revenues	$	11,039	$	13,866	$	19,331
Farming expenses	$	14,116	$	15,103	$	15,251
Operating results from farming	$	(3,077)	$	(1,237)	$	4,080

The following table summarizes revenues, expenses and operating results from this segment for each of the years ended December 31:

($ in thousands)	2021		2020		2019
Ranch operations revenues	$	4,111	$	3,692	$	3,609
Ranch operations expenses	$	4,679	$	4,896	$	5,316
Operating results from ranch operations	$	(568)	$	(1,204)	$	(1,707)

Schedule of information pertaining to assets of segments

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
2021
Real estate - commercial/industrial	$	82,397	$	463	$	4,906
Real estate - resort/residential	305,818		31		8,064
Mineral resources	52,440		1,368		—
Farming	47,160		1,789		7,416
Ranch operations	2,079		455		306
Corporate	56,142		488		187
Total	$	546,036	$	4,594	$	20,879
2020
Real estate - commercial/industrial	$	73,317	$	486	$	7,128
Real estate - resort/residential	297,052		39		9,764
Mineral resources	57,797		1,384		25
Farming	38,090		1,989		5,145
Ranch operations	2,442		482		91
Corporate	67,651		558		106
Total	$	536,349	$	4,938	$	22,259
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