REPORTING SEGMENTS AND RELATED INFORMATION

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

REPORTING SEGMENTS AND RELATED INFORMATION

REPORTING SEGMENTS AND RELATED INFORMATION

The Company currently operates 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 real estate development segment revenues consist of land sale revenues, leases of land and/or building space to tenants at the Company's commercial retail and industrial developments, base and percentage rents from the PEF power plant lease, communication tower rents, land sales, and payments from easement leases. Refer to Note 15 (Investment in Unconsolidated and Consolidated Joint Ventures) for discussion of unconsolidated joint ventures.

The following table summarizes revenues, expenses and operating income from this segment for the periods ended:

	Three Months Ended March 31,
($ in thousands)	2023		2022
Commercial/industrial revenues	$	2,676	$	7,349
Equity in earnings of unconsolidated joint ventures	1,517		1,213
Commercial/industrial revenues and equity in earnings of unconsolidated joint ventures	4,193		8,562
Commercial/industrial expenses	1,695		2,736
Operating results from commercial/industrial and unconsolidated joint ventures	$	2,498	$	5,826

Real Estate - Resort/Residential

The Resort/Residential real estate development segment is actively involved in pursuing land entitlement and development processes 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 $388,000 and $423,000 for the three months ended March 31, 2023 and 2022, respectively.

Mineral Resources

The Mineral Resources segment revenues include water sales and oil and mineral royalties from exploration and development companies that extract or mine natural resources from the Company's land. The following table summarizes revenues, expenses and operating results from this segment for the periods ended:

	Three Months Ended March 31,
($ in thousands)	2023		2022
Mineral resources revenues	$	6,912	$	11,968
Mineral resources expenses	4,066		7,157
Operating results from mineral resources	$	2,846	$	4,811

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 March 31,
($ in thousands)	2023		2022
Farming revenues	$	1,185	$	655
Farming expenses	2,013		1,762
Operating results from farming	$	(828)	$	(1,107)

Ranch Operations

The Ranch Operations segment consists of game management revenues and ancillary land uses such as grazing leases and on-location filming. The following table summarizes revenues, expenses and operating results from this segment for the periods ended:

	Three Months Ended March 31,
($ in thousands)	2023		2022
Ranch operations revenues	$	1,492	$	1,048
Ranch operations expenses	1,330		1,315
Operating results from ranch operations	$	162	$	(267)