XML 58 R21.htm IDEA: XBRL DOCUMENT v2.4.0.6
Segment Reporting
 6 Months Ended
Jun. 30, 2012
Segment Reporting [Abstract]  
SEGMENT REPORTING

NOTE M – SEGMENT REPORTING

The revenue components of our commercial/industrial real estate segment for the six months ending June 30 are as follows:

 

                 
(In thousands)   2012     2011  
     

Commercial leases

   $ 2,918     $ 2,616  

Oil and Gas revenue

     7,183       4,084  

Mineral revenue

     642       561  

Grazing leases

     587       564  

Land Sale

     648       —    

All other land management ancillary services

     578       1,567  
   

 

 

    

 

 

  
    $ 12,556     $ 9,392  
   

 

 

    

 

 

  

Commercial lease revenue consists of land and building leases to tenants at our commercial retail and industrial developments, base and percentage rents from our Calpine power plant lease, communication tower rents, and payments from easement leases. Oil and mineral royalties are received from the exploration and development companies who extract or mine the natural resources from our land. Land management ancillary services include wildlife management, landscape and property maintenance, and building management services. During the first six months of 2012, the Company’s game management operations were temporarily suspended in order to complete the development of a new sales program and operating procedures. Please refer to Form 8-K filed on January 20, 2012 regarding the Company’s game management and hunting operations. It is expected that the game management operations will be fully functional beginning September 1, 2012.

Resort/residential land development segment produces revenues from farming activities within the Centennial Founders, LLC and is actively involved in the land entitlement and pre-development process. The farming segment produces revenues from the sale of wine grapes, almonds and pistachios.

During the first quarter of 2011, the Company completed the sale of five conservation easements totaling approximately 62,000 acres for $15,750,000. These easements were sold to the Tejon Ranch Conservancy, an independent non-profit organization set up as a part of the 2008 Conservation and Land Use Agreement by the conservation groups that signed the agreement. Funds for the purchase were provided by a grant from the California Wildlife Conservation Board. The Company will retain fee ownership of the 62,000 acres and continue to operate current revenue generating activities farming, cattle grazing, filming, oil and gas and other mineral exploration and production on portions of the acreage. The conservation easements will preclude the Company from pursuing any long term development on the 62,000 acres.