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)	2018		2017
Pastoria Energy Facility	$	1,024	$	844
TRCC Leasing	407		527
TRCC management fees and reimbursements	213		212
Commercial leases	160		150
Communication leases	184		207
Landscaping and other	166		249
Land sale	—		—
Commercial/industrial revenues	2,154		2,189
Equity in earnings from unconsolidated joint ventures	167		228
Total commercial/industrial revenues and equity in earnings from unconsolidated joint ventures	2,321		2,417
Net operating income from commercial/industrial and unconsolidated joint ventures	$	1,002	$	674

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 $415,000 and $630,000 for the three months ended March 31, 2018 and 2017, respectively.

The mineral resources segment receives oil and mineral royalties from exploration and development companies that extract or mine the natural resources from our land 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)	2018		2017
Oil and gas	$	538	$	376
Cement	351		278
Rock aggregate	202		180
Exploration leases	26		25
Water Sales	7,992		1,108
Reimbursables and other	22		34
Total mineral resources revenues	9,131		2,001
Net operating income from mineral resources	$	4,900	$	677

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)	2018			2017
Almonds	$	924		$	—
Pistachios	43			256
Wine grapes	—			—
Hay	87			(1		)
Other	141			176
Total farming revenues	1,195			431
Net operating income (loss) from farming	$	(643	)	$	(892	)

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. The revenue components of the segment were as follows:



	Three Months Ended March 31,
($ in thousands)	2018			2017
Game management	$	296		$	301
Grazing	406			424
High Desert Hunt Club	166			186
Filming and other	121			170
Total ranch operations revenues	989			1,081
Net operating loss from ranch operations	$	(400	)	$	(412	)