Business Segments

6 Months Ended

Jun. 30, 2014

Segment Reporting [Abstract]

Business Segments

BUSINESS SEGMENTS

We currently operate in four business segments: commercial/industrial real estate development; resort/residential real estate development; mineral resources; and farming.

The revenue components of the commercial/industrial real estate segment for the six months ended June 30 are as follows:

(In thousands)	2014		2013
Commercial leases	$	2,785	$	3,401
Grazing leases	713		748
All other land management ancillary services	1,997		1,398
Total revenue	5,495		5,547
Equity in earnings of unconsolidated joint ventures	1,621		1,720
Revenues and equity in earnings of unconsolidated joint ventures	$	7,116	$	7,267

Commercial lease revenue consists of land and building leases to tenants at our commercial retail and industrial developments, base and percentage rents from our Calpine power plant lease, communication tower rents, and payments from easement leases. Land management ancillary services include development fees, wildlife management, landscape and property maintenance, and building management services.

The resort/residential real estate development segment produces revenues from farming activities, such as hay sales, within the Centennial Founders, LLC joint venture and is actively involved in the land entitlement and pre-development process.

The revenue components of the resort/residential real estate development segment for the six months ended June 30 are as follows:

(In thousands)	2014			2013
Hay sales - Centennial operations	$	404		$	307
Management fees	180			156
Other	3			8
Total revenue	587			471
Equity in earnings (losses) of unconsolidated joint ventures	(35		)	(41		)
Revenues and equity in earnings of unconsolidated joint ventures	$	552		$	430

The mineral resources segment receives oil and mineral and mining royalties from exploration and development companies that extract or mine the natural resources from our land. The revenue components of the mineral resources segment for the six months ended June 30 are as follows:

($ in thousands)	2014		2013
Oil and gas	$	3,522	$	4,418
Rock aggregate	592		296
Cement	479		375
Land lease for oil exploration	112		542
Total revenue	$	4,705	$	5,631

The farming segment produces revenues from the sale of wine grapes, almonds and pistachios.