Reporting Segments and Related Information

3 Months Ended

Mar. 31, 2017

Segment Reporting [Abstract]

Reporting Segments and Related Information

REPORTING SEGMENTS AND RELATED INFORMATION

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

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

The revenue components of the commercial/industrial real estate development segment were as follows:

	Three Months Ended March 31,
($ in thousands)	2017		2016
Pastoria Energy Facility Lease	$	844	$	871
Tejon Ranch Commerce Center	612		493
Commercial leases	302		401
Communication leases	207		196
Landscaping and other	224		193
Commercial/industrial revenues	2,189		2,154
Equity in earnings from unconsolidated joint ventures	228		1,455
Total commercial/industrial revenues and equity in earnings from unconsolidated joint ventures	2,417		3,609
Net operating income from commercial/industrial and unconsolidated joint ventures	$	674	$	1,930

The resort/residential real estate development segment is actively involved in the land entitlement and development process internally and through a joint venture. The segment incurs costs and expenses related to its development activities, but currently generates no revenue. The segment produced losses of $630,000 and $542,000 for the three months ended March 31, 2017 and 2016, respectively.

The mineral resources segment receives oil and mineral royalties in addition to periodic reimbursable costs from lessors. The segment also, as opportunities arise periodically, may generate revenues through water transactions. The revenue components of the mineral resources segment were as follows:

	Three Months Ended March 31,
($ in thousands)	2017		2016
Oil and gas	$	376	$	386
Water sales	1,108		7,791
Rock aggregate	180		202
Cement	278		260
Land lease for oil exploration	25		101
Reimbursable costs	34		—
Total mineral resources revenues	2,001		8,740
Net operating income from mineral resources	$	677	$	4,047

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

	Three Months Ended March 31,
($ in thousands)	2017			2016
Almonds	$	—		$	985
Pistachios	256			199
Hay and other	175			37
Total farming revenues	431			1,221
Net operating loss from farming	$	(892	)	$	(285	)

Ranch operations consists of game management, ranch and property maintenance, and ancillary land uses such as grazing leases and filming. Within game management, we offer a wide variety of guided big game hunts including trophy Rocky Mountain elk, deer, turkey and wild pig. The revenue components of the ranch operations segment were as follows:

	Three Months Ended March 31,
($ in thousands)	2017			2016
Game management	$	301		$	310
Grazing	424			250
Filming and other	356			278
Total ranch operations revenues	1,081			838
Net operating loss from ranch operations	$	(412	)	$	(509	)