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REPORTING SEGMENTS AND RELATED INFORMATION
 6 Months Ended
Jun. 30, 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 Development
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 June 30,Six Months Ended June 30,
($ in thousands)2023202220232022
Commercial/industrial revenues$2,633 $2,462 $5,309 $9,811 
Equity in earnings of unconsolidated joint ventures1,938 1,663 3,455 2,876 
Commercial/industrial revenues and equity in earnings of unconsolidated joint ventures4,571 4,125 8,764 12,687 
Commercial/industrial expenses1,685 1,822 3,380 4,558 
Operating results from commercial/industrial and unconsolidated joint ventures $2,886 $2,303 $5,384 $8,129 
Real Estate - Resort/Residential Development
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 $324,000 and $423,000 for the three months ended June 30, 2023 and 2022, respectively. The segment generated losses of $712,000 and $846,000 for the six months ended June 30, 2023 and 2022, respectively.
Mineral Resources
The Mineral Resources segment revenues include water sales and oil and mineral royalties from exploration and development companies that extract or mine natural resources from the Company's land. The following table summarizes revenues, expenses and operating results from this segment for the periods ended:
Three Months Ended June 30,Six Months Ended June 30,
($ in thousands)2023202220232022
Mineral resources revenues$1,600 $4,131 $8,512 $16,099 
Mineral resources expenses925 2,445 4,991 9,602 
Operating results from mineral resources $675 $1,686 $3,521 $6,497 
Farming
The Farming segment revenues include the sale of almonds, pistachios, wine grapes, and hay. The following table summarizes revenues, expenses and operating results from this segment for the periods ended:
Three Months Ended June 30,Six Months Ended June 30,
($ in thousands)2023202220232022
Farming revenues$1,025 $1,921 $2,210 $2,576 
Farming expenses1,474 3,462 3,487 5,224 
Operating results from farming$(449)$(1,541)$(1,277)$(2,648)
Ranch Operations
The Ranch Operations segment consists of game management revenues and ancillary land uses, such as grazing leases and on-location filming. The following table summarizes revenues, expenses and operating results from this segment for the periods ended:
Three Months Ended June 30,Six Months Ended June 30,
($ in thousands)2023202220232022
Ranch operations revenues$840 $755 $2,332 $1,803 
Ranch operations expenses1,338 1,250 2,668 2,565 
Operating results from ranch operations$(498)$(495)$(336)$(762)