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REPORTING SEGMENTS AND RELATED INFORMATION | 9 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
REPORTING SEGMENTS AND RELATED INFORMATION | REPORTING SEGMENTS AND RELATED INFORMATION The Company currently operates five reporting segments: commercial/industrial real estate development, resort/residential real estate development, mineral resources, farming, and ranch operations. The financial results of these segments are utilized by the chief operating decision maker, or CODM, who is our Chief Executive Officer, for evaluating segment performance and allocating resources. The CODM uses GAAP operating results predominantly in the annual budgeting and forecasting process. The CODM considers budget-to-actual variances on a monthly basis for GAAP operating results when making decisions about allocating capital and personnel to the segments. Information pertaining to operating results of the Company's reporting segments are as follows for each of the period end:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
($ in thousands) |  | 2025 |  | 2024 |  | 2025 |  | 2024
Revenues |  |  |  |  |  |  |  |
Real estate - commercial/industrial |  | $ | 3,124 |  |  | $ | 3,002 |  |  | $ | 10,985 |  |  | $ | 8,497 |
Mineral resources |  | 3,172 |  |  | 3,166 |  |  | 7,277 |  |  | 7,687 |
Farming |  | 4,335 |  |  | 3,242 |  |  | 6,498 |  |  | 4,249 |
Ranch operations |  | 1,338 |  |  | 1,446 |  |  | 3,725 |  |  | 3,518 |
Segment revenues |  | 11,969 |  |  | 10,856 |  |  | 28,485 |  |  | 23,951 |
Segment Operating Results |  |  |  |  |  |  |  |
Real estate - commercial/industrial |  | 3,531 |  |  | 4,243 |  |  | 9,722 |  |  | 10,103 |
Real estate - resort/residential |  | (318) |  |  | (328) |  |  | (1,008) |  |  | (2,316) |
Mineral resources |  | 1,051 |  |  | 1,354 |  |  | 2,281 |  |  | 2,644 |
Farming |  | (1,027) |  |  | (3,010) |  |  | (2,909) |  |  | (5,157) |
Ranch operations |  | 162 |  |  | 223 |  |  | (59) |  |  | (193) |
Segment operating results 1 |  | 3,399 |  |  | 2,482 |  |  | 8,027 |  |  | 5,081 |
Reconciling items: |  |  |  |  |  |  |  |
Investment income |  | 177 |  |  | 528 |  |  | 749 |  |  | 1,843 |
Other loss, net |  | (9) |  |  | (69) |  |  | (89) |  |  | (210) |
Corporate expenses |  | (2,868) |  |  | (2,945) |  |  | (12,004) |  |  | (8,794) |
Income (loss) before income taxes |  | $ | 699 |  |  | $ | (4) |  |  | $ | (3,317) |  |  | $ | (2,080) |
1 Segment operating results are comprised of revenues and equity in earnings of unconsolidated joint ventures, less segment expenses, excluding investment income, other income (loss), corporate expenses, and income taxes.
Real Estate - Commercial/Industrial Development Revenues from the Commercial/Industrial Real Estate Development segment primarily consist of rental income derived from land and/or building leases to commercial and industrial tenants, including multifamily units at Terra Vista. This segment also includes variable income such as percentage rents from the PEF power plant lease, rents from communication tower leases, land sales, and payments received from easement agreements. Refer to Note 14 (Investment in Unconsolidated and Consolidated Joint Ventures) for discussion of unconsolidated joint ventures. 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) | 2025 |  | 2024 |  | 2025 |  | 2024
Commercial/industrial revenues | $ | 3,124 |  |  | $ | 3,002 |  |  | $ | 10,985 |  |  | $ | 8,497 |
Equity in earnings of unconsolidated joint ventures | 2,555 |  |  | 3,329 |  |  | 6,268 |  |  | 7,611 |
Commercial/industrial revenues and equity in earnings of unconsolidated joint ventures | 5,679 |  |  | 6,331 |  |  | 17,253 |  |  | 16,108 |
Cost of sales of land | — |  |  | — |  |  | 1,778 |  |  | — |
Operating expenses | 923 |  |  | 858 |  |  | 2,187 |  |  | 2,372 |
Selling, general and administrative expenses | 837 |  |  | 1,125 |  |  | 2,826 |  |  | 3,314 |
Depreciation and amortization | 388 |  |  | 105 |  |  | 740 |  |  | 319 |
Commercial/industrial expenses | 2,148 |  |  | 2,088 |  |  | 7,531 |  |  | 6,005 |
Operating results from commercial/industrial and unconsolidated joint ventures | $ | 3,531 |  |  | $ | 4,243 |  |  | $ | 9,722 |  |  | $ | 10,103 |
Real Estate - Resort/Residential Development 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 $318,000 and $328,000 for the three months ended September 30, 2025 and 2024, respectively. The expenses consisted of operating expenses of $192,000, selling, general and administrative expenses of $118,000, and depreciation of $8,000 for the three months ended September 30, 2025. The prior period expenses consisted of operating expenses of $98,000, selling, general and administrative expenses of $219,000, and depreciation of $11,000 for the three months ended September 30, 2024. The segment generated losses of $1,008,000 and $2,316,000 for the nine months ended September 30, 2025 and 2024, respectively. The expenses consisted of operating expenses of $475,000, selling, general and administrative expenses of $504,000, and depreciation of $28,000 for the nine months ended September 30, 2025. The prior period expenses consisted of operating expenses of $1,628,000, selling, general and administrative expenses of $658,000, and depreciation of $29,000 for the nine months ended September 30, 2024. Mineral Resources The Mineral Resources segment revenues include water sales and oil and mineral royalties from exploration and development companies that extract or mine natural resources from the Company's land. The following table summarizes revenues, expenses and operating results from this segment for the periods ended:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
($ in thousands) | 2025 |  | 2024 |  | 2025 |  | 2024
Mineral resources revenues | $ | 3,172 |  |  | $ | 3,166 |  |  | $ | 7,277 |  |  | $ | 7,687 |
Cost of sales of water | 1,366 |  |  | 1,249 |  |  | 2,548 |  |  | 2,664 |
Operating expenses | 264 |  |  | (22) |  |  | 841 |  |  | 644 |
Selling, general and administrative expenses | 147 |  |  | 240 |  |  | 576 |  |  | 704 |
Depreciation and amortization | 344 |  |  | 345 |  |  | 1,031 |  |  | 1,031 |
Mineral resources expenses | 2,121 |  |  | 1,812 |  |  | 4,996 |  |  | 5,043 |
Operating results from mineral resources | $ | 1,051 |  |  | $ | 1,354 |  |  | $ | 2,281 |  |  | $ | 2,644 |
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) | 2025 |  | 2024 |  | 2025 |  | 2024
Farming revenues | $ | 4,335 |  |  | $ | 3,242 |  |  | $ | 6,498 |  |  | $ | 4,249 |
Cost of sales | 3,726 |  |  | 4,478 |  |  | 5,433 |  |  | 5,435 |
Fixed water obligations | 656 |  |  | 606 |  |  | 2,172 |  |  | 2,159 |
Selling, general and administrative expenses | 212 |  |  | 595 |  |  | 355 |  |  | 597 |
Depreciation and amortization | 768 |  |  | 573 |  |  | 1,447 |  |  | 1,215 |
Farming expenses | 5,362 |  |  | 6,252 |  |  | 9,407 |  |  | 9,406 |
Operating results from farming | $ | (1,027) |  |  | $ | (3,010) |  |  | $ | (2,909) |  |  | $ | (5,157) |
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) | 2025 |  | 2024 |  | 2025 |  | 2024
Ranch operations revenues | $ | 1,338 |  |  | $ | 1,446 |  |  | $ | 3,725 |  |  | $ | 3,518 |
Operating expenses | 960 |  |  | 946 |  |  | 3,033 |  |  | 2,913 |
Selling, general and administrative expenses | 122 |  |  | 179 |  |  | 464 |  |  | 512 |
Depreciation and amortization | 94 |  |  | 98 |  |  | 287 |  |  | 286 |
Ranch operations expenses | 1,176 |  |  | 1,223 |  |  | 3,784 |  |  | 3,711 |
Operating results from ranch operations | $ | 162 |  |  | $ | 223 |  |  | $ | (59) |  |  | $ | (193) |
Information pertaining to identifiable assets of the Company’s reporting segments is as follows for the periods ended:
Identifiable Assets ($ in thousands) | September 30, 2025 |  | December 31, 2024
Real estate - commercial/industrial | $ | 127,472 |  |  | $ | 98,185 |
Real estate - resort/residential | 338,136 |  |  | 330,513 |
Mineral resources | 62,999 |  |  | 54,658 |
Farming | 59,794 |  |  | 54,478 |
Ranch operations | 2,548 |  |  | 2,658 |
Corporate | 38,638 |  |  | 67,506 |
Total | $ | 629,587 |  |  | $ | 607,998 |
Identifiable assets by segment include both assets directly identified with those operations and an allocable share of jointly used assets. Corporate assets consist primarily of cash and cash equivalents, marketable securities, deferred income taxes, and land and buildings. Land is valued at cost for acquisitions since 1936. Land acquired in 1936, upon organization of the Company, is stated on the basis carried by the Company’s predecessor. Information pertaining to depreciation and amortization of the Company’s reporting segments is as follows for the periods ended:
Depreciation and Amortization | Three Months Ended September 30, |  | Nine Months Ended September 30,
($ in thousands) | 2025 |  | 2024 |  | 2025 |  | 2024
Real estate - commercial/industrial | $ | 388 |  |  | $ | 105 |  |  | $ | 740 |  |  | $ | 319 |
Real estate - resort/residential | 8 |  |  | 11 |  |  | 28 |  |  | 30 |
Mineral resources | 344 |  |  | 345 |  |  | 1,031 |  |  | 1,031 |
Farming | 768 |  |  | 573 |  |  | 1,447 |  |  | 1,215 |
Ranch operations | 94 |  |  | 98 |  |  | 287 |  |  | 286 |
Corporate | 88 |  |  | 84 |  |  | 267 |  |  | 256 |
Total | $ | 1,690 |  |  | $ | 1,216 |  |  | $ | 3,800 |  |  | $ | 3,137 |
Information pertaining to capital expenditures of the Company’s reporting segments is as follows for the periods ended:
Capital Expenditures | Three Months Ended September 30, |  | Nine Months Ended September 30,
($ in thousands) | 2025 |  | 2024 |  | 2025 |  | 2024
Real estate - commercial/industrial | $ | 8,100 |  |  | $ | 15,358 |  |  | $ | 36,613 |  |  | $ | 29,586 |
Real estate - resort/residential | 2,795 |  |  | 2,112 |  |  | 7,200 |  |  | 6,212 |
Mineral resources | — |  |  | — |  |  | 56 |  |  | — |
Farming | 981 |  |  | 1,034 |  |  | 4,733 |  |  | 4,351 |
Ranch operations | 36 |  |  | 406 |  |  | 192 |  |  | 719 |
Corporate | 335 |  |  | 8 |  |  | 599 |  |  | 127 |
Total | $ | 12,247 |  |  | $ | 18,918 |  |  | $ | 49,393 |  |  | $ | 40,995 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name 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