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REPORTING SEGMENTS AND RELATED INFORMATION
 6 Months Ended
Jun. 30, 2025
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 period end:
Three Months Ended June 30,Six Months Ended June 30,
($ in thousands)2025202420252024
Revenues
Real estate - commercial/industrial$5,107 $2,550 $7,861 $5,495 
Mineral resources1,510 2,032 4,105 4,521 
Farming607 142 2,163 1,007 
Ranch operations1,083 965 2,387 2,072 
Segment revenues8,307 5,689 16,516 13,095 
Segment Operating Results
Real estate - commercial/industrial4,126 3,329 6,191 5,860 
Real estate - resort/residential(304)(427)(690)(1,988)
Mineral resources720 917 1,230 1,290 
Farming(890)(945)(1,882)(2,147)
Ranch operations(252)(296)(221)(416)
Segment operating results 1
3,400 2,578 4,628 2,599 
Reconciling items:
Investment income226 630 572 1,315 
Other loss, net(4)(71)(80)(141)
Corporate expenses(4,900)(3,357)(9,136)(5,849)
Loss before income taxes$(1,278)$(220)$(4,016)$(2,076)
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 Development
Revenues from the Commercial/Industrial Real Estate Development segment primarily consist of rental income derived from land and/or building leases to commercial and industrial tenants, including multifamily units at Terra Vista. This segment also includes variable income such as percentage rents from the PEF power plant lease, rents from communication tower leases, land sales, and payments received from easement agreements. Refer to Note 14 (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)2025202420252024
Commercial/industrial revenues$5,107 $2,550 $7,861 $5,495 
Equity in earnings of unconsolidated joint ventures2,555 2,769 3,713 4,282 
Commercial/industrial revenues and equity in earnings of unconsolidated joint ventures7,662 5,319 11,574 9,777 
Cost of sales of land1,778 — 1,778 — 
Operating expenses719 729 1,456 1,558 
General and administrative expenses 1
686 1,052 1,554 1,922 
Other expenses 2
353 209 595 437 
Commercial/industrial expenses3,536 1,990 5,383 3,917 
Operating results from commercial/industrial and unconsolidated joint ventures $4,126 $3,329 $6,191 $5,860 
1 General and administrative expenses included compensation expense and overhead.
2 The main components of the other expenses included tenant recoverable expenses and depreciation expenses.
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 $304,000 and $427,000 for the three months ended June 30, 2025 and 2024, respectively. The expenses consisted of general and administrative expenses of $278,000, professional services of $15,000, and other expenses of $11,000 for the three months ended June 30, 2025. The prior period expenses consisted of general and administrative expenses of $394,000, professional services of $22,000, and other expenses of $11,000 for the three months ended June 30, 2024.

The segment generated losses of $690,000 and $1,988,000 for the six months ended June 30, 2025 and 2024, respectively. The expenses consisted of general and administrative expenses of $630,000, professional services of $36,000, and other expenses of $24,000 for the six months ended June 30, 2024. The main components of the other expenses included travel and entertainment expenses, and depreciation expenses. The prior period expenses consisted of general and administrative expenses of $669,000, professional services of $1,296,000, and other expenses of $23,000 for the six months ended June 30, 2024.
Mineral Resources
The Mineral Resources segment revenues include water sales and oil and mineral royalties from exploration and development companies that extract or mine natural resources from the Company's land. The following table summarizes revenues, expenses and operating results from this segment for the periods ended:
Three Months Ended June 30,Six Months Ended June 30,
($ in thousands)2025202420252024
Mineral resources revenues$1,510 $2,032 $4,105 $4,521 
Cost of sales of water(24)255 1,183 1,415 
Other expenses1
814 860 1,692 1,816 
Mineral resources expenses790 1,115 2,875 3,231 
Operating results from mineral resources $720 $917 $1,230 $1,290 
1 The main components of the other expenses included general and administrative expenses and depreciation expenses.
Farming
The Farming segment revenues include the sale of almonds, pistachios, wine grapes, and hay. The following table summarizes revenues, expenses and operating results from this segment for the periods ended:
Three Months Ended June 30,Six Months Ended June 30,
($ in thousands)2025202420252024
Farming revenues$607 $142 $2,163 $1,007 
Cost of sales443 36 1,743 1,088 
Water holding costs672 797 1,516 1,553 
Other expenses1
382 254 786 513 
Farming expenses1,497 1,087 4,045 3,154 
Operating results from farming$(890)$(945)$(1,882)$(2,147)
1 The main components of the other expenses included general and administrative expenses and depreciation expenses.
Ranch Operations
The Ranch Operations segment consists of game management revenues and ancillary land uses, such as grazing leases and on-location filming. The following table summarizes revenues, expenses and operating results from this segment for the periods ended:
Three Months Ended June 30,Six Months Ended June 30,
($ in thousands)2025202420252024
Ranch operations revenues$1,083 $965 $2,387 $2,072 
Operating expenses709 587 1,350 1,222 
Compensation expense407 395 789 762 
Other expenses1
219 279 469 504 
Ranch operations expenses1,335 1,261 2,608 2,488 
Operating results from ranch operations$(252)$(296)$(221)$(416)
1 The main components of the other expenses included amortization and depreciation expenses.

Information pertaining to identifiable assets of the Company’s reporting segments is as follows for the periods ended:
Identifiable Assets
($ in thousands)
June 30, 2025December 31, 2024
Real estate - commercial/industrial$123,957 $98,185 
Real estate - resort/residential335,196 330,513 
Mineral resources64,869 54,658 
Farming56,124 54,478 
Ranch operations2,574 2,658 
Corporate35,821 67,506 
Total$618,541 $607,998 
Identifiable assets by segment include both assets directly identified with those operations and an allocable share of jointly used assets. Corporate assets consist primarily of cash and cash equivalents, marketable securities, deferred income taxes, and land and buildings. Land is valued at cost for acquisitions since 1936. Land acquired in 1936, upon organization of the Company, is stated on the basis carried by the Company’s predecessor.
Information pertaining to depreciation and amortization of the Company’s reporting segments is as follows for the periods ended:
Depreciation and AmortizationThree Months Ended June 30,Six Months Ended June 30,
($ in thousands)2025202420252024
Real estate - commercial/industrial$245 $109 $352 $214 
Real estate - resort/residential9 10 20 19 
Mineral resources344 344 688 688 
Farming311 273 679 641 
Ranch operations97 94 192 187 
Corporate89 85 179 172 
Total$1,095 $915 $2,110 $1,921 
Information pertaining to capital expenditures of the Company’s reporting segments is as follows for the periods ended:
Capital ExpendituresThree Months Ended June 30,Six Months Ended June 30,
($ in thousands)2025202420252024
Real estate - commercial/industrial$14,970 $10,085 $28,513 $14,228 
Real estate - resort/residential2,741 2,154 4,405 4,100 
Mineral resources1 — 56 — 
Farming1,722 1,471 3,752 3,317 
Ranch operations112 136 156 313 
Corporate56 119 264 119 
Total$19,602 $13,965 $37,146 $22,077