v3.26.1
REPORTING SEGMENTS AND RELATED INFORMATION
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
REPORTING SEGMENTS AND RELATED INFORMATION REPORTING SEGMENTS AND RELATED INFORMATION
The Company currently operates six reporting segments: commercial/industrial real estate development, multifamily, resort/residential real estate development, mineral resources, farming, and ranch operations. Beginning in the second quarter of 2025, the Company commenced multifamily leasing operations as buildings within the Terra Vista development were completed and placed into service. The final building was delivered in October 2025. Multifamily is presented as a separate reportable segment due to the significance of its operations and the manner in which management evaluates its performance. Prior years' segment activity related to the Multifamily has been recast, where applicable.
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 evaluates segment performance primarily based on GAAP operating income (loss) for each segment. Segment operating income (loss) represents revenues less direct segment operating expenses, and excludes investment income, other income (loss), corporate expenses, and income taxes. This measure is used in the Company’s annual budgeting and forecasting process and in monthly reviews of budget-to-actual variances when making decisions regarding the allocation of capital and personnel among segments. The CODM also reviews capital expenditures by segment, which represent cash expenditures for additions to long-lived assets, consistent with the information regularly provided to and reviewed by the CODM for purposes of evaluating resource allocation decisions.
Certain prior-year amounts have been reclassified to conform to the significant expense categories in which the CODM receives the information. Specifically, certain costs previously included within General and administrative expenses have been reclassified to Operating costs within the segment expense presentation, and depreciation expense, which was previously included within Other expense, is now presented separately. These reclassifications had no impact on total operating expenses, operating income, net income, or earnings per share as previously reported.
Information pertaining to operating results of the Company's reporting segments are as follows for each of the period end:
Three Months Ended March 31,
($ in thousands)20262025
Revenues
Real estate - commercial/industrial$2,762 $2,754 
Multifamily696 — 
Mineral resources3,533 2,595 
Farming895 1,556 
Ranch operations1,617 1,304 
Segment revenues9,503 8,209 
Segment Operating Results
Real estate - commercial/industrial2,374 2,257 
Multifamily(328)(192)
Real estate - resort/residential(356)(386)
Mineral resources1,045 510 
Farming(1,094)(992)
Ranch operations404 31 
Segment operating results 1
2,045 1,228 
Reconciling items:
Investment income142 346 
Other loss, net(92)(76)
Corporate expenses(1,886)(4,236)
Income (loss) before income taxes$209 $(2,738)
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
Commercial revenue consists of land and building leases 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.
The following table summarizes revenues, expenses and operating income from this segment for the periods ended:
Three Months Ended March 31,
($ in thousands)20262025
Commercial/industrial revenues$2,762 $2,754 
Equity in earnings of unconsolidated joint ventures1,290 1,158 
Commercial/industrial revenues and equity in earnings of unconsolidated joint ventures4,052 3,912 
Operating expenses644 558 
Selling, general and administrative expenses931 990 
Depreciation and amortization103 107 
Commercial/industrial expenses1,678 1,655 
Operating results from commercial/industrial and unconsolidated joint ventures $2,374 $2,257 
Multifamily
The multifamily segment generates rents from the tenants living in the Terra Vista community. Construction of the Terra Vista development occurred in phases during 2024 and 2025, and leasing operations commenced as individual buildings were completed and placed into service. The final building was delivered in October 2025. The property is currently in the initial lease-up phase. Operating losses for the three months ended March 31, 2026 and 2025 primarily reflect start-up costs and depreciation and amortization associated with the newly completed development.
The following table summarizes revenues, expenses and operating loss from this segment for the periods ended:
Three Months Ended March 31,
($ in thousands)20262025
Multifamily revenues$696 $— 
Operating expenses332 64 
Selling, general and administrative expenses175 128 
Depreciation and amortization517 — 
Multifamily expenses$1,024 $192 
Operating loss from multifamily$(328)$(192)
Real Estate - Resort/Residential Development
The Resort/Residential real estate development segment is actively involved in pursuing land entitlement and development processes both internally and through joint ventures. The segment incurs costs and expenses related to land management activities on land held for future development, but currently generates no revenue.
The following table summarizes revenues, expenses and operating loss from this segment for the periods ended:
Three Months Ended March 31,
($ in thousands)20262025
Resort/residential
Operating expenses171 157 
Selling, general and administrative expenses178 218 
Depreciation and amortization7 11 
Total resort/residential expenses$356 $386 
Operating loss from resort/residential$(356)$(386)
Mineral Resources
The Mineral Resources segment revenues include water sales and oil and mineral royalties from exploration and development companies that extract or mine natural resources from the Company's land. The following table summarizes revenues, expenses and operating results from this segment for the periods ended:
Three Months Ended March 31,
($ in thousands)20262025
Mineral resources revenues$3,533 $2,595 
Cost of sales of water1,624 1,207 
Operating expenses304 293 
Selling, general and administrative expenses216 241 
Depreciation and amortization344 344 
Mineral resources expenses2,488 2,085 
Operating results from mineral resources $1,045 $510 
Farming
The Farming segment revenues include the sale of almonds, pistachios, wine grapes, and hay. The following table summarizes revenues, expenses and operating results from this segment for the periods ended:
Three Months Ended March 31,
($ in thousands)20262025
Farming revenues$895 $1,556 
Cost of sales619 1,300 
Fixed water obligations1,006 844 
Selling, general and administrative expenses35 36 
Depreciation and amortization329 368 
Farming expenses1,989 2,548 
Operating results from farming$(1,094)$(992)

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 March 31,
($ in thousands)20262025
Ranch operations revenues$1,617 $1,304 
Operating expenses972 1,006 
Selling, general and administrative expenses153 172 
Depreciation and amortization88 95 
Ranch operations expenses1,213 1,273 
Operating results from ranch operations$404 $31 
Information pertaining to identifiable assets of the Company’s reporting segments is as follows for the periods ended:
Identifiable Assets
($ in thousands)
March 31, 2026December 31, 2025
Real estate - commercial/industrial$65,319 $64,681 
Multifamily63,622 63,695 
Real estate - resort/residential343,399 341,433 
Mineral resources68,777 62,236 
Farming58,941 58,545 
Ranch operations2,322 2,172 
Corporate31,779 37,707 
Total$634,159 $630,469 
Identifiable assets by segment include both assets directly identified with those operations and an allocable share of jointly used assets. Corporate assets consist primarily of cash and cash equivalents, marketable securities, deferred income taxes, and land and buildings. Land is valued at cost for acquisitions since 1936. Land acquired in 1936, upon organization of the Company, is stated on the basis carried by the Company’s predecessor.
Information pertaining to depreciation and amortization of the Company’s reporting segments is as follows for the periods ended:
Depreciation and AmortizationThree Months Ended March 31,
($ in thousands)20262025
Real estate - commercial/industrial$103 $107 
Multifamily517 — 
Real estate - resort/residential7 11 
Mineral resources344 344 
Farming329 368 
Ranch operations88 95 
Corporate85 90 
Total$1,473 $1,015 
Information pertaining to capital expenditures of the Company’s reporting segments is as follows for the periods ended:
Capital ExpendituresThree Months Ended March 31,
($ in thousands)20262025
Real estate - commercial/industrial$182 $1,957 
Multifamily22 11,586 
Real estate - resort/residential1,897 1,664 
Mineral resources— 55 
Farming1,740 2,030 
Ranch operations132 44 
Corporate— 208 
Total$3,973 $17,544