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. For further details of the revenue components within each reporting segment, see Results of Operations by Segment in Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations".

Commercial

Commercial 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 following table summarizes revenues, expenses and operating income from this segment for periods ended:



	Three Months Ended March 31,
($ in thousands)	2019		2018
Commercial revenues	2,826		2,154
Equity in earnings of unconsolidated joint ventures	876		167
Commercial revenues and equity in earnings of unconsolidated joint ventures	3,702		2,321
Commercial expenses	1,792		1,319
Operating results from commercial and unconsolidated joint ventures	$	1,910	$	1,002

Resort Residential

The resort/residential real estate development segment is actively involved in the land entitlement and development process internally and through joint ventures. The segment incurs costs and expenses related to its development activities, but currently generates no revenue. The segment produced losses of $648,000 and $415,000 for the three months ended March 31, 2019 and 2018, respectively.

Mineral Resources

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 revenues, expenses and operating results from this segment for periods ended:



	Three Months Ended March 31,
($ in thousands)	2019		2018
Mineral resources revenues	6,132		9,131
Mineral resources expenses	$	3,832	$	4,231
Operating results from mineral resources	$	2,300	$	4,900

Farming

The farming segment produces revenues from the sale of almonds, pistachios, wine grapes, and hay. The following table summarizes revenues, expenses and operating results from this segment for periods ended:



	Three Months Ended March 31,
($ in thousands)	2019			2018
Farming revenues	815			1,195
Farming expenses	$	1,598		$	1,838
Operating results from farming	$	(783	)	$	(643	)

Ranch Operations

The ranch operations segment consists of game management revenues and ancillary land uses such as grazing leases. The following table summarizes revenues, expenses and operating results from this segment for periods ended:



	Three Months Ended March 31,
($ in thousands)	2019			2018
Ranch operations revenues	889			989
Ranch operations expenses	$	1,350		$	1,389
Operating results from ranch operations	$	(461	)	$	(400	)