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REPORTING SEGMENTS AND RELATED INFORMATION
 9 Months Ended
Sep. 30, 2022
Segment Reporting [Abstract]  
REPORTING SEGMENTS AND RELATED INFORMATION REPORTING SEGMENTS AND RELATED INFORMATION
The Company currently operates 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 2, "Management's Discussion and Analysis of Financial Condition and Results of Operations."
Real estate - Commercial/Industrial
Commercial/Industrial real estate development segment revenues consist of land sale revenues, leases of land and/or building space to tenants at the Company's commercial retail and industrial developments, base and percentage rents from the PEF power plant lease, communication tower rents, land sales, and payments from easement leases. Refer to Note 15 for discussion of unconsolidated joint ventures.
In the first quarter of 2022, the Company sold 12.3 acres of industrial land located at TRCC West to a third party for $4,680,000 and recognize the amount as land sales revenue. In the third quarter of 2022, the Company sold 58.0 acres of industrial land located at TRCC East to a major multinational corporation for $22,000,000. The Company recognized land sales revenue of $19,627,000 and deferred revenues of $2,373,000 attributable to a performance obligation within the contract after applying the five-step revenue recognition model in accordance with ASC Topic 606 - Revenue From Contracts With Customers.
The following table summarizes revenues, expenses and operating income from this segment for the periods ended:
Three Months Ended September 30,Nine Months Ended September 30,
($ in thousands)2022202120222021
Commercial/industrial revenues$22,352 $2,466 $32,163 $12,820 
Equity in earnings of unconsolidated joint ventures1,991 1,510 4,867 2,816 
Commercial/industrial revenues and equity in earnings of unconsolidated joint ventures24,343 3,976 37,030 15,636 
Commercial/industrial expenses6,845 2,331 11,403 8,595 
Operating results from commercial/industrial and unconsolidated joint ventures $17,498 $1,645 $25,627 $7,041 

Real Estate - Resort/Residential
The Resort/Residential real estate development segment is actively involved in pursuing land entitlement and development processes both internally and through joint ventures. The segment incurs costs and expenses related to land management activities on land held for future development, but currently generates no revenue. The segment generated losses of $372,000 and $322,000 for the three months ended September 30, 2022 and 2021, respectively, and $1,218,000 and $1,314,000 for the nine months ended September 30, 2022 and 2021.

Mineral Resources
The Mineral Resources segment revenues include water sales and oil and mineral royalties from exploration and development companies that extract or mine natural resources from the Company's land. The following table summarizes revenues, expenses and operating results from this segment for the periods ended:
Three Months Ended September 30,Nine Months Ended September 30,
($ in thousands)2022202120222021
Mineral resources revenues$3,139 $4,774 $19,238 $19,354 
Mineral resources expenses1,745 3,025 11,347 12,325 
Operating results from mineral resources $1,394 $1,749 $7,891 $7,029 
Farming
The Farming segment revenues include the sale of almonds, pistachios, wine grapes, and hay. The following table summarizes revenues, expenses and operating results from this segment for the periods ended:
Three Months Ended September 30,Nine Months Ended September 30,
($ in thousands)2022202120222021
Farming revenues$4,776 $6,726 $7,352 $7,612 
Farming expenses8,752 7,296 13,976 9,977 
Operating results from farming$(3,976)$(570)$(6,624)$(2,365)
Ranch Operations
The Ranch Operations segment consists of game management revenues and ancillary land uses such as grazing leases and on-location filming. The following table summarizes revenues, expenses and operating results from this segment for the periods ended:
Three Months Ended September 30,Nine Months Ended September 30,
($ in thousands)2022202120222021
Ranch operations revenues$1,208 $996 $3,011 $2,868 
Ranch operations expenses1,143 1,182 3,708 3,511 
Operating results from ranch operations$65 $(186)$(697)$(643)