REPORTING SEGMENTS AND RELATED INFORMATION (Tables)

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

Reconciliation of Revenues, Segment Profits (Losses) and Net Income (Loss)

Information pertaining to operating results of the Company's reporting segments are as follows for each of the years ended December 31:

($ in thousands)	2022		2021		2020
Revenues
Real estate—commercial/industrial	$	40,515	$	19,476	$	9,536
Mineral resources	21,595		20,987		10,736
Farming	13,001		11,039		13,866
Ranch operations	4,106		4,111		3,692
Segment revenues	79,217		55,613		37,830
Equity in unconsolidated joint ventures, net	7,752		9,202		4,504
Gain on sale of real estate	—		—		1,331
Investment income	634		57		884
Total revenues and other income	87,603		64,872		44,549
Segment Profits (Losses)
Real estate—commercial/industrial	24,159		7,523		2,414
Real estate—resort/residential	(1,629)		(1,723)		(1,612)
Mineral resources	8,626		7,428		4,322
Farming	(6,810)		(3,077)		(1,237)
Ranch operations	(918)		(568)		(1,204)
Segment profits (1)	23,428		9,583		2,683
Equity in unconsolidated joint ventures, net	7,752		9,202		4,504
Gain on sale of real estate	—		—		1,331
Investment income	634		57		884
Other income	1,088		164		110
Corporate expenses	(9,699)		(9,843)		(9,430)
Income from operations before income taxes	$	23,203	$	9,163	$	82
(1) Segment profits are revenues less operating expenses, excluding investment income and expense, corporate expenses, equity in earnings of unconsolidated joint ventures, and income taxes.

Schedule of Components of Segment Revenues

The following table summarizes revenues, expenses and operating income from this segment for each of the years ended December 31:

($ in thousands)	2022		2021		2020
Commercial revenues	$	40,515	$	19,476	$	9,536
Equity in earnings of unconsolidated joint ventures	7,752		9,202		4,504
Commercial revenues and equity in earnings of unconsolidated joint ventures	$	48,267	$	28,678	$	14,040
Commercial expenses	16,356		11,953		7,122
Operating results from commercial and unconsolidated joint ventures	$	31,911	$	16,725	$	6,918

The following table summarizes revenues, expenses and operating results from this segment for each of the years ended December 31:

($ in thousands)	2022		2021		2020
Mineral resources revenues	$	21,595	$	20,987	$	10,736
Mineral resources expenses	12,969		13,559		6,414
Operating results from mineral resources	$	8,626	$	7,428	$	4,322

The farming segment produces revenues from the sale of wine grapes, almonds, pistachios and hay. The following table summarizes revenues, expenses and operating results from this segment for each of the years ended December 31:

($ in thousands)	2022		2021		2020
Farming revenues	$	13,001	$	11,039	$	13,866
Farming expenses	19,811		14,116		15,103
Operating results from farming	$	(6,810)	$	(3,077)	$	(1,237)

The following table summarizes revenues, expenses and operating results from this segment for each of the years ended December 31:

($ in thousands)	2022		2021		2020
Ranch operations revenues	$	4,106	$	4,111	$	3,692
Ranch operations expenses	5,024		4,679		4,896
Operating results from ranch operations	$	(918)	$	(568)	$	(1,204)

Schedule of Information Pertaining to Assets of Segments

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

($ in thousands)	Identifiable Assets		Depreciation and Amortization		Capital Expenditures
2022
Real estate - commercial/industrial	$	74,292	$	455	$	8,933
Real estate - resort/residential	312,956		30		7,253
Mineral resources	48,780		1,366		—
Farming	45,814		1,937		5,915
Ranch operations	1,945		439		305
Corporate	83,004		401		196
Total	$	566,791	$	4,628	$	22,602
2021
Real estate - commercial/industrial	$	82,397	$	463	$	4,906
Real estate - resort/residential	305,818		31		8,064
Mineral resources	52,440		1,368		—
Farming	47,160		1,789		7,416
Ranch operations	2,079		455		306
Corporate	56,142		488		187
Total	$	546,036	$	4,594	$	20,879
2020
Real estate - commercial/industrial	$	73,317	$	486	$	7,128
Real estate - resort/residential	297,052		39		9,764
Mineral resources	57,797		1,384		25
Farming	38,090		1,989		5,145
Ranch operations	2,442		482		91
Corporate	67,651		558		106
Total	$	536,349	$	4,938	$	22,259