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REPORTING SEGMENTS AND RELATED INFORMATION
 3 Months Ended
Mar. 31, 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 March 31,
($ in thousands)20252024
Revenues
Real estate - commercial/industrial$2,754 $2,945 
Mineral resources2,595 2,489 
Farming1,556 865 
Ranch operations1,304 1,107 
Segment revenues8,209 7,406 
Segment Operating Results
Real estate - commercial/industrial2,065 2,531 
Real estate - resort/residential(386)(1,561)
Mineral resources510 373 
Farming(992)(1,202)
Ranch operations31 (120)
Segment operating results 1
1,228 21 
Reconciling items:
Investment income346 685 
Other loss, net(76)(70)
Corporate expenses(4,236)(2,492)
Loss from operations before income taxes$(2,738)$(1,856)
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
Commercial/Industrial real estate development segment revenues consist of 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 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 March 31,
($ in thousands)20252024
Commercial/industrial revenues$2,754 $2,945 
Equity in earnings of unconsolidated joint ventures1,158 1,513 
Commercial/industrial revenues and equity in earnings of unconsolidated joint ventures3,912 4,458 
Operating expenses737 829 
General and administrative expenses 1
868 870 
Other expenses 2
242 228 
Commercial/industrial expenses1,847 1,927 
Operating results from commercial/industrial and unconsolidated joint ventures $2,065 $2,531 
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 $386,000 and $1,561,000 for the three months ended March 31, 2025 and 2024, respectively. The expenses consisted of general and administrative expenses of $352,000, professional services of $21,000, and other expenses of $13,000 for the three months ended March 31, 2025. The main components of the other expenses included travel and entertainment expenses, and depreciation expenses.
Mineral Resources
The Mineral Resources segment revenues include water sales and oil and mineral royalties from exploration and development companies that extract or mine natural resources from the Company's land. The following table summarizes revenues, expenses and operating results from this segment for the periods ended:
Three Months Ended March 31,
($ in thousands)20252024
Mineral resources revenues$2,595 $2,489 
Cost of sales of water1,207 1,160 
Other expenses1
878 956 
Mineral resources expenses2,085 2,116 
Operating results from mineral resources $510 $373 
1 The main components of the other expenses included general and administrative expenses and depreciation expenses.
Farming
The Farming segment revenues include the sale of almonds, pistachios, wine grapes, and hay. The following table summarizes revenues, expenses and operating results from this segment for the periods ended:
Three Months Ended March 31,
($ in thousands)20252024
Farming revenues$1,556 $865 
Cost of sales1,300 949 
Water holding costs844 756 
Other expenses1
404 362 
Farming expenses2,548 2,067 
Operating results from farming$(992)$(1,202)
1 The main components of the other expenses included general and administrative expenses and depreciation expenses.
Ranch Operations
The Ranch Operations segment consists of game management revenues and ancillary land uses, such as grazing leases and on-location filming. The following table summarizes revenues, expenses and operating results from this segment for the periods ended:
Three Months Ended March 31,
($ in thousands)20252024
Ranch operations revenues$1,304 $1,107 
Operating expenses641 635 
Compensation expenses382 367 
Other expenses1
250 225 
Ranch operations expenses1,273 1,227 
Operating results from ranch operations$31 $(120)
1 The main components of the other expenses included amortization and depreciation expenses.
Information pertaining to identifiable assets of the Company’s reporting segments is as follows for the periods ended:
Identifiable Assets
($ in thousands)
March 31, 2025December 31, 2024
Real estate - commercial/industrial$109,504 $98,185 
Real estate - resort/residential332,417 330,513 
Mineral resources64,303 54,658 
Farming54,258 54,478 
Ranch operations2,594 2,658 
Corporate51,479 67,506 
Total$614,555 $607,998 
Identifiable assets by segment include both assets directly identified with those operations and an allocable share of jointly used assets. Corporate assets consist primarily of cash and cash equivalents, marketable securities, deferred income taxes, and land and buildings. Land is valued at cost for acquisitions since 1936. Land acquired in 1936, upon organization of the Company, is stated on the basis carried by the Company’s predecessor.
Information pertaining to depreciation and amortization of the Company’s reporting segments is as follows for the periods ended:
Depreciation and AmortizationThree Months Ended March 31,
($ in thousands)20252024
Real estate - commercial/industrial$107 $106 
Real estate - resort/residential11 8 
Mineral resources344 344 
Farming368 368 
Ranch operations95 93 
Corporate90 87 
Total$1,015 $1,006 
Information pertaining to capital expenditures of the Company’s reporting segments is as follows for the periods ended:
Capital ExpendituresThree Months Ended March 31,
($ in thousands)20252024
Real estate - commercial/industrial$13,543 $4,143 
Real estate - resort/residential1,664 1,946 
Mineral resources55 — 
Farming2,030 1,846 
Ranch operations44 177 
Corporate208 — 
Total$17,544 $8,112