REPORTING SEGMENTS AND RELATED INFORMATION (Tables)

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Schedule of 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)	2024		2023		2022
Revenues
Real estate—commercial/industrial	$	12,552	$	11,758	$	40,515
Mineral resources	10,214		14,524		21,595
Farming	13,925		13,950		13,001
Ranch operations	5,195		4,507		4,106
Segment revenues	41,886		44,739		79,217
Segment Operating Results
Real estate—commercial/industrial	15,523		10,573		31,911
Real estate—resort/residential	(2,615)		(1,528)		(1,629)
Mineral resources	3,162		5,839		8,626
Farming	(3,626)		(1,307)		(6,810)
Ranch operations	331		(536)		(918)
Segment operating results 1	12,775		13,041		31,180
Reconciling items:
Investment income	2,273		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.

Schedule of Segment Information

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

($ in thousands)	2024		2023		2022
Commercial/industrial revenues	$	12,552	$	11,758	$	40,515
Equity in earnings of unconsolidated joint ventures	10,881		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 expenses	3,453		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.

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

($ in thousands)	2024		2023		2022
Mineral resources revenues	$	10,214	$	14,524	$	21,595
Cost of sales of water	3,555		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.

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)	2024		2023		2022
Farming revenues	$	13,925	$	13,950	$	13,001
Cost of sales	11,853		11,945		15,412
Water holding costs	2,912		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.

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

($ in thousands)	2024		2023		2022
Ranch operations revenues	$	5,195	$	4,507	$	4,106
Operating expenses	2,380		2,586		2,312
Compensation expenses	1,494		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 Amortization		Capital Expenditures
2024
Real estate - commercial/industrial	$	98,185	$	424	$	43,018
Real estate - resort/residential	330,513		40		8,394
Mineral resources	54,658		1,375		46
Farming	54,478		2,319		4,891
Ranch operations	2,658		382		739
Corporate	67,506		345		146
Total	$	607,998	$	4,885	$	57,234
2023
Real estate - commercial/industrial	$	73,105	$	468	$	7,815
Real estate - resort/residential	321,216		42		7,888
Mineral resources	52,068		1,374		—
Farming	52,094		2,097		4,870
Ranch operations	2,072		390		464
Corporate	76,968		435		291
Total	$	577,523	$	4,806	$	21,328
2022
Real estate - commercial/industrial	$	74,292	$	455	$	8,933
Real estate - resort/residential	312,956		30		7,253
Mineral resources	48,780		1,366		—
Farming	45,814		1,937		5,915
Ranch operations	1,945		439		305
Corporate	83,004		401		196
Total	$	566,791	$	4,628	$	22,602