Business Segments

9 Months Ended

Sep. 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 was as follows:

	Nine Months Ended September 30
($ in thousands)	2014		2013
Commercial leases	$	4,338	$	5,078
Grazing leases	1,064		1,090
All other land management ancillary services	2,665		2,221
Total revenue	8,067		8,389
Equity in earnings of unconsolidated joint ventures	3,328		2,972
Revenues and equity in earnings of unconsolidated joint ventures	$	11,395	$	11,361

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 was as follows:

	Nine Months Ended September 30
($ in thousands)	2014			2013
Hay sales - Centennial operations	$	588		$	621
Management fees	195			234
Other	3			26
Total revenue	786			881
Equity in earnings (losses) of unconsolidated joint ventures	(35		)	(52		)
Revenues and equity in earnings of unconsolidated joint ventures	$	751		$	829

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 and from the sale of annual recurring water assets. The revenue components of the mineral resources segment was as follows:

	Nine Months Ended September 30
($ in thousands)	2014		2013
Oil and gas	$	5,301	$	6,198
Water sales	7,703		—
Rock aggregate	885		639
Cement	763		581
Land lease for oil exploration	149		637
Total revenue	$	14,801	$	8,055

The farming segment produces revenues from the sale of wine grapes, almonds and pistachios. The revenue components of the farming segment was as follows:

	Nine Months Ended September 30
	2014		2013
Almonds	$	5,295	$	6,680
Pistachios	6,237		7,002
Wine grapes	1,293		1,163
Total crop proceeds	$	12,825	$	14,845
Other farming revenues	229		193
Total farming revenues	$	13,054	$	15,038