PROPERTY AND EQUIPMENT

12 Months Ended

Dec. 31, 2011

4.	PROPERTY AND EQUIPMENT

Property and equipment, net, consists of the following at December 31:


($ in thousands)	2011			2010
Land and land improvements	$	14,385		$	14,154
Buildings and improvements		12,209			10,420
Machinery, water pipelines, furniture fixtures and other equipment		11,828			11,269
Vineyards and orchards		35,749			35,400
Development in process		94,659			84,078

		168,830			155,321
Less accumulated depreciation		(40,400	)		(38,046	)

	$	128,430		$	117,275

During 2011, we recognized $4,340,000 of revenue and $4,058,000 gain related to a land sale of $4,988,000 that closed in December 2011 and deferred $648,000 of revenue to 2012 when offsite infrastructure related to the land sale will be completed. We fully recognized the revenues from all land sales in 2010, as none of the requirements for deferral of revenue were present. There were no land sales in 2009.

The Company received $10,860,000 in 2010 and $2,007,000 in 2009 of reimbursement from the Community Facilities District bond fund. The Company received no reimbursements during 2011. These proceeds were for public infrastructure improvements the Company had constructed related to the Tejon Ranch Commerce Center and were reflected as a reduction to development in process.

- Definition

The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures.

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