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REPORTING SEGMENTS AND RELATED INFORMATION
 12 Months Ended
Dec. 31, 2024
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. The financial results of these segments are utilized by the chief operating decision maker, or CODM, who is our Chief Executive Officer, for evaluating segment performance and allocating resources. The CODM uses GAAP operating results predominantly in the annual budgeting and forecasting process. The CODM considers budget-to-actual variances on a monthly basis for GAAP operating results when making decisions about allocating capital and personnel to the segments.
Information pertaining to operating results of the Company's reporting segments are as follows for each of the years ended December 31:
($ in thousands)202420232022
Revenues
Real estate—commercial/industrial$12,552 $11,758 $40,515 
Mineral resources10,214 14,524 21,595 
Farming13,925 13,950 13,001 
Ranch operations5,195 4,507 4,106 
Segment revenues41,886 44,739 79,217 
Segment Operating Results
Real estate—commercial/industrial15,523 10,573 31,911 
Real estate—resort/residential(2,615)(1,528)(1,629)
Mineral resources3,162 5,839 8,626 
Farming(3,626)(1,307)(6,810)
Ranch operations331 (536)(918)
Segment operating results 1
12,775 13,041 31,180 
Reconciling items:
Investment income2,273 2,557 634 
Other (loss) income(292)(138)1,088 
Corporate expenses(11,092)(9,872)(9,699)
Income from operations before income taxes$3,664 $5,588 $23,203 
1 Segment operating results are comprised of revenues and equity in earnings of unconsolidated  joint ventures, less segment expenses, excluding investment income, other income (loss), corporate expenses, and income taxes.
Real Estate - Commercial/Industrial
Commercial revenue consists of land and building leases 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.
In 2024 and 2023, the Company did not have any land sales.
In 2022, this operating segment had the following land sales:
•The first sale comprised of a 27.88-acre land parcel contributed with a fair value of $8,501,000 to TRC-MRC 5, LLC. The Company recognized revenues of $5,489,000 and deferred profit of $3,012,000 after applying the five-step revenue recognition model in accordance with ASC Topic 606 — Revenue From Contracts With Customers and ASC Topic 323, Investments — Equity Method and Joint Ventures.
•58.0 acres of industrial land located at TRCC East to Nestlé for $22,000,000. The Company recognized land sales revenue of $19,627,000 and deferred revenues of $2,373,000 attributable to a performance obligation within the contract after applying the five-step revenue recognition model in accordance with ASC Topic 606 - Revenue From Contracts With Customers.
•12.3 acres of industrial land located at TRCC West to a third party for $4,680,000.
The following table summarizes revenues, expenses and operating income from this segment for each of the years ended December 31:
($ in thousands)202420232022
Commercial/industrial revenues$12,552 $11,758 $40,515 
Equity in earnings of unconsolidated joint ventures10,881 6,868 7,752 
Commercial/industrial revenues and equity in earnings of unconsolidated joint ventures$23,433 $18,626 $48,267 
Cost of sales of land— $(176)$8,623 
Operating expenses3,453 4,229 3,997 
General and administrative expenses 1
3,592 3,146 2,923 
Other expenses 2
865 854 813 
Commercial/industrial expenses$7,910 $8,053 $16,356 
Operating results from commercial/industrial and unconsolidated joint ventures$15,523 $10,573 $31,911 
1 General and administrative expenses included compensation expenses and overheads.
2 The main components of the other expenses included tenant recoverable expenses and depreciation expenses.
Real Estate - Resort/Residential
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 $2,615,000, $1,528,000, and $1,629,000 during the years ended December 31, 2024, 2023, and 2022, respectively. The expenses consisted of professional services of $1,352,000, general and administrative expenses of $1,215,000, and other expenses of $48,000 for the twelve months ended December 31, 2024. The main components of the other expenses included travel and entertainment expenses, and depreciation expenses.

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 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)202420232022
Mineral resources revenues$10,214 $14,524 $21,595 
Cost of sales of water3,555 5,220 9,549 
Other expenses1
3,497 3,465 3,420 
Mineral resources expenses$7,052 $8,685 $12,969 
Operating results from mineral resources$3,162 $5,839 $8,626 
1 The main components of the other expenses included general and administrative expenses and depreciation expenses.
Farming
The farming segment produces revenues from the sale of wine grapes, almonds, pistachios and hay. The following table summarizes revenues, expenses and operating results from this segment for each of the years ended December 31:
($ in thousands)202420232022
Farming revenues$13,925 $13,950 $13,001 
Cost of sales11,853 11,945 15,412 
Water holding costs2,912 695 3,454 
Other expenses1
2,786 2,617 945 
Farming expenses$17,551 $15,257 $19,811 
Operating results from farming$(3,626)$(1,307)$(6,810)
1 The main components of the other expenses included general and administrative expenses and depreciation expenses.
Ranch Operations
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)202420232022
Ranch operations revenues$5,195 $4,507 $4,106 
Operating expenses2,380 2,586 2,312 
Compensation expenses1,494 1,548 1,708 
Other expenses1
990 909 1,004 
Ranch operations expenses$4,864 $5,043 $5,024 
Operating results from ranch operations$331 $(536)$(918)
1 The main components of the other expenses included amortization and depreciation expenses.
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 AmortizationCapital
Expenditures
2024
Real estate - commercial/industrial$98,185 $424 $43,018 
Real estate - resort/residential330,513 40 8,394 
Mineral resources54,658 1,375 46 
Farming54,478 2,319 4,891 
Ranch operations2,658 382 739 
Corporate67,506 345 146 
Total$607,998 $4,885 $57,234 
2023
Real estate - commercial/industrial$73,105 $468 $7,815 
Real estate - resort/residential321,216 42 7,888 
Mineral resources52,068 1,374 — 
Farming52,094 2,097 4,870 
Ranch operations2,072 390 464 
Corporate76,968 435 291 
Total$577,523 $4,806 $21,328 
2022
Real estate - commercial/industrial$74,292 $455 $8,933 
Real estate - resort/residential312,956 30 7,253 
Mineral resources48,780 1,366 — 
Farming45,814 1,937 5,915 
Ranch operations1,945 439 305 
Corporate83,004 401 196 
Total$566,791 $4,628 $22,602 
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.