Business Segments

12 Months Ended

Dec. 31, 2015

Segment Reporting [Abstract]

Business Segments

BUSINESS SEGMENTS

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

Information pertaining to operating results of the Company's business segments are as follows:

($ in thousands)	December 31, 2015			December 31, 2014			December 31, 2013
Revenues
Real estate—commercial/industrial (1)	$	8,272		$	7,845		$	7,455
Mineral resources	15,116			16,255			10,242
Farming (2)	23,836			23,435			23,610
Ranch operations (1)	3,923			3,534			3,693
Segment revenues	51,147			51,069			45,000
Equity in unconsolidated joint ventures, net	6,324			5,294			4,006
Investment income	528			696			941
Other income	381			526			404
Total revenues and other income	58,380			57,585			50,351
Segment Profits (Losses)
Real estate—commercial/industrial (1)	1,578			639			602
Real estate—resort/residential	(2,349		)	(2,608		)	(2,231		)
Mineral resources	7,720			9,837			8,965
Farming (2)	4,852			7,185			7,684
Ranch operations (1)	(2,189		)	(2,464		)	(2,356		)
Segment profits (3)	9,612			12,589			12,664
Equity in unconsolidated joint ventures, net	6,324			5,294			4,006
Investment income	528			696			941
Other income	381			526			404
Corporate expenses	(12,808		)	(10,646		)	(11,826		)
Income from operations before income taxes	$	4,037		$	8,459		$	6,189
(1) During the fourth quarter of 2015, the Company reclassified revenues and expenses previously classified as commercial/industrial into a new segment called Ranch Operations. Ranch operations is comprised of grazing leases, special services and other ancillary services supporting the ranch.
(2) During the fourth quarter of 2014, the Company determined hay crop sales previously recorded in the resort/residential segment revenues fit most appropriately with our farming segment revenues. The Company has reclassified prior periods to conform to the current year presentation.
(3) Segment profits are revenues less operating expenses, excluding investment income and expense, corporate expenses, equity in earnings of unconsolidated joint ventures, and income taxes.

The revenue components of the commercial/industrial real estate segment for the years ended December 31 are as follow:

($ in thousands)	2015		2014		2013
PEF lease	$	3,694	$	3,445	$	4,195
Commercial leases	2,830		1,845		1,770
Communication leases	784		782		787
Other leases	105		84		46
Landscaping and other	859		1,181		657
Land Sale	—		508		—
Total commercial revenues	$	8,272	$	7,845	$	7,455
Equity in earnings of unconsolidated joint ventures	6,324		5,294		4,006
Commercial revenues & equity in earnings of unconsolidated joint ventures	$	14,596	$	13,139	$	11,461

Commercial lease revenue consists of land and building leases to tenants at our commercial retail and industrial developments, base and percentage rents from our PEF power plant lease, communication tower rents, and payments from easement leases.

The resort/residential real estate development segment is actively involved in the land entitlement and development process internally and through joint venture entities. The segment produced losses of $2,349,000, $2,608,000, and $2,231,000 during the years ended December 31, 2015, 2014, and 2013, respectively.

The mineral resources segment receives oil and mineral royalties from the exploration and development companies that extract or mine the natural resources from our land and receives revenue from water sales. The following table summarizes these activities for each of the years ended December 31:

($ in thousands)	2015		2014		2013
Oil and gas	$	2,662	$	6,096	$	7,810
Rock aggregate	870		1,216		964
Cement	1,263		1,043		819
Land lease for oil exploration	156		198		648
Water sales	10,165		7,702		—
Other	—		—		1
Total mineral resources revenues	$	15,116	$	16,255	$	10,242

The farming segment produces revenues from the sale of wine grapes, almonds, pistachios and hay. The revenue components of the farming segment were as follows for each of the year ended December 31:

($ in thousands)	2015		2014		2013
Almonds	$	12,238	$	10,036	$	10,857
Pistachios	6,425		7,585		7,537
Wine grapes	4,338		3,978		4,094
Hay	749		1,361		928
Total crop proceeds	23,750		22,960		23,416
Other farming revenues	86		475		194
Total farming revenues	$	23,836	$	23,435	$	23,610

Ranch operations consists of game management revenues and ancillary land uses such as grazing leases and filming. Within game management we operate our High Desert Hunt Club, a premier upland bird hunting club. The High Desert Hunt Club offers over 6,400 acres and 35 hunting fields, each field providing different terrain and challenges. The hunting season runs from mid-October through March. We sell individual hunting packages as well as memberships. Ranch operations also includes Hunt at Tejon, which offers a wide variety of guided big game hunts including trophy Rocky Mountain elk, deer, turkey and wild pig. We offer guided hunts and memberships for both the Spring and Fall hunting seasons.

($ in thousands)	2015		2014		2013
Game management	$	1,658	$	1,652	$	1,648
Grazing	1,484		1,155		1,433
High Desert Hunt Club	351		302		288
Filming and other	430		425		324
Total ranch operations revenues	$	3,923	$	3,534	$	3,693

Information pertaining to assets of the Company’s business segments is as follows for each of the years ended December 31:

($ in thousands)	Identifiable Assets		Depreciation and Amortization		Capital Expenditures
2015
Real estate - commercial/industrial	$	67,550	$	469	$	7,023
Real estate - resort/residential	228,064		71		16,404
Mineral resources	46,025		1,501		1,199
Farming	32,542		929		2,583
Ranch operations	4,313		460		299
Corporate	53,425		1,660		540
Total	$	431,919	$	5,090	$	28,048
2014
Real estate - commercial/industrial	$	67,640	$	645	$	8,391
Real estate - resort/residential	212,534		76		10,214
Mineral resources	47,434		1,351		—
Farming	34,464		1,633		4,701
Ranch operations	4,295		453		561
Corporate	65,556		713		908
Total	$	431,923	$	4,871	$	24,775
2013
Real estate - commercial/industrial	$	47,593	$	717	$	12,109
Real estate - resort/residential	130,576		78		2,957
Mineral resources	48,633		—		—
Farming	31,925		1,465		5,733
Ranch operations	4,789		488		187
Corporate	79,363		1,478		572
Total	$	342,879	$	4,226	$	21,558

Segment profits (losses) are total revenues less operating expenses, excluding interest income, corporate expenses, equity in earnings of unconsolidated joint ventures, and interest expense. 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.