Core Viewpoint - Tejon Ranch Co. urges shareholders to support its Board of Directors against a proxy contest initiated by Bulldog Investors, emphasizing the importance of experienced governance for long-term value creation [1][4][16]. Group 1: Company Strategy and Governance - Tejon Ranch has a value creation strategy focused on disciplined capital allocation and discretionary spending, overseen by a highly qualified Board [3][6]. - The capital allocation to future master-planned communities has decreased from 51% to 15% since 2019, reflecting a strategic shift [6]. - Tejon's entitled land value has increased by an estimated 5x-10x due to disciplined capital deployment and securing entitlements [6]. Group 2: Shareholder Engagement and Communication - Tejon has engaged with investors representing approximately 53% of shares outstanding in 2024, leading to updates in disclosures and improved communication strategies [12]. - The company emphasizes transparency and accessibility in its communications, particularly under the leadership of the newly appointed CEO [12][16]. Group 3: Response to Bulldog Investors - Bulldog Investors is criticized for lacking the necessary experience in real estate and land development, with their nominees deemed unqualified [4][15]. - Tejon asserts that Bulldog's campaign is opportunistic and lacks a concrete plan for long-term value creation, focusing instead on short-term gains [16][14]. - Tejon's Board has made efforts to avoid a contested election and has been open to considering potential director candidates proposed by Bulldog, which were declined [12][13].

TEJON RANCH, Calif., May 01, 2025 (GLOBE NEWSWIRE) -- Tejon Ranch Co. (NYSE:TRC), (“Tejon” or the “Company”), a diversified real estate development and agribusiness company, today announced that it will participate at Oppenheimer’s 20th Annual Growth Conference (virtual format) on Tuesday, May 6, 2025. Tejon’s new President & CEO Matthew Walker is scheduled to present at 12 PM ET on May 6th. A webcast of the presentation, as well as a 90-day replay, will be available at the following webcast link: TRC Prese ...

ASHBURN, Va., April 30, 2025 (GLOBE NEWSWIRE) -- Harvey Capital, a holder of 5,531 shares of Tejon Ranch Co., has issued a letter to shareholders of Tejon Ranch Co. (NYSE: TRC), strongly urging them to vote FOR the nominees proposed by Bulldog Investors at the upcoming Annual Meeting on May 13, 2025. The letter asserts that the current board of directors has been ineffective at delivering a meaningful increase in share price for several decades, underscoring the need for a change in leadership and strategic ...

Core Viewpoint - Tejon Ranch Co. is actively pursuing strategic initiatives to enhance growth and shareholder value, particularly through its real estate development and agribusiness operations [1][2]. Group 1: Company Strategy and Development - Tejon Ranch is executing its strategy by developing residential and industrial projects at Tejon Ranch Commerce Center (TRCC) and progressing with entitlements for Master-Planned Communities (MPCs) [2]. - The company has achieved significant industrial land price appreciation of nearly 1,500% since the inception of TRCC, generating over $110 million in cumulative cash flows from commercial and industrial development since 2000 [2]. - Tejon is strategically investing in its Mountain Village, Grapevine, and Centennial developments to sustain growth and long-term value creation [2]. Group 2: Leadership and Governance - In 2024, Tejon's Board implemented a succession planning process, resulting in the appointment of a new CEO and four new directors, enhancing the Board's expertise and strategic outlook [2]. - The company engaged a compensation consultant to evaluate its executive compensation program, improving transparency and disclosures [2]. Group 3: Shareholder Engagement - Tejon urges shareholders to vote for its 10 nominees on the WHITE proxy card, emphasizing the importance of their support for the company's long-term value creation and economic growth in California [3][4]. - The company criticizes Bulldog Investors for lacking the necessary skills and knowledge to drive Tejon's strategy, asserting that Bulldog's nominees would derail the company's value creation plan [2].

Core Viewpoint - Tejon Ranch Co. urges shareholders to vote exclusively for its own director nominees on the WHITE proxy card, emphasizing that Bulldog Investors' campaign poses risks to the company's long-term value and shareholder interests [1][2][3]. Company Strategy and Performance - Tejon Ranch has a proven history of success in real estate development and securing land use entitlements, which is crucial for maximizing the value of its unique assets [7][10]. - The company has successfully generated over $110 million in cumulative cash flow from its Tejon Ranch Commerce Center (TRCC) through strategic planning and execution [11]. - Tejon has reduced discretionary land use entitlement spending by 38% over the past five years, demonstrating prudent capital allocation while maintaining low debt levels [12]. Risks of Bulldog Investors' Nominees - Bulldog Investors' nominees lack meaningful experience in real estate and California-specific regulations, which are essential for overseeing Tejon's complex operations [4][6]. - Bulldog's focus on short-term gains could jeopardize the long-term value created by Tejon's strategic investments in master planned communities (MPCs) [14]. Importance of Shareholder Vote - The company emphasizes the importance of shareholder votes in maintaining its strategic direction and protecting long-term investments against Bulldog's short-sighted approach [3][15]. - Tejon's Board believes that electing its recommended nominees is critical for continuing the company's value creation strategy and ensuring future returns for shareholders [13][16].

Group 1 - TRC Capital Investment Corporation has amended its tender offer for Ingersoll Rand Inc., reducing the offer price from US$77.50 to US$65.25 per share [1] - The tender offer will expire on April 23, 2025, at 11:59 p.m. New York City time, unless extended [1] - As of April 8, 2025, only 200 shares had been tendered [2] Group 2 - TRC will accept and pay for all shares validly tendered before the expiration date, provided they are not withdrawn [3] - Stockholders who have already tendered their shares will receive the new offer price of US$65.25 per share without needing to take further action [4] - TRC has updated its tender offer materials to reflect the new offer price and other relevant changes [4]

Files Definitive Proxy Materials and Mails Letter to Shareholders Urges Shareholders to Vote “FOR” Only Tejon’s Highly Qualified Director Nominees on the WHITE Proxy Card TODAY TEJON RANCH, Calif., April 03, 2025 (GLOBE NEWSWIRE) -- Tejon Ranch Co. (NYSE:TRC), (“Tejon” or the “Company”), a diversified real estate development and agribusiness company, today filed definitive proxy materials with the Securities and Exchange Commission in connection with its upcoming Annual Meeting of Shareholders (the “Annual ...

DAVIDSON, N.C., March 31, 2025 (GLOBE NEWSWIRE) -- Ingersoll Rand Inc. (NYSE: IR), a global provider of mission-critical flow creation and life sciences and industrial solutions, today announced that it received notice of an unsolicited "mini-tender" offer by TRC Capital Investment Corporation (TRC Capital) to purchase up to 1,500,00 shares of Ingersoll Rand's common stock at $77.50 per share. The offer price is approximately 4.27% below the closing price of the company's common stock on The New York Stock ...

Development Projects - In Q1 2024, the company began construction on Terra Vista at Tejon, a multi-family community with a maximum of 495 residences and 14,500 square feet of community retail space[48][55] - The company has formed a new joint venture with Dedeaux Properties to develop a 510,385 square foot industrial building within TRCC-East[58] - The company has three major resort/residential communities in development, with a total of 3,450 entitled dwelling units planned[75][79] - Centennial development encompasses 12,323 acres, entitled for 19,333 housing units and 10.1 million square feet of commercial development, with a 93.65% ownership interest by the company[82] - Grapevine development covers 8,010 acres, entitled for 12,000 homes and 5.1 million square feet of commercial development[86] - As of December 31, 2024, the company has 3,450 housing units in Mountain Village, 19,333 in Centennial, and 12,000 in Grapevine, totaling 34,783 housing units across its developments[90] Financial Performance - The company has incurred costs to date of $158.348 million for Mountain Village, $124.136 million for Centennial, and $42.456 million for Grapevine, totaling $324.940 million[90] - The current outstanding balance on the Company's revolving credit line is $66,942,000, with a floating interest rate of one-month term SOFR plus 2.25%[324] - The Company has $7,916,000 in outstanding accounts receivable as of December 31, 2024, with no receivables at risk for changing prices due to no pistachio yield in 2024[330] - As of December 31, 2024, marketable securities amounted to $14,437,000 with a weighted average interest rate of 4.59%[328] - The revolving line-of-credit liability was $66,942,000 with an effective interest rate of 6.85% as of December 31, 2024[328] - As of December 31, 2023, marketable securities were $32,576,000 with a weighted average interest rate of 5.27%[328] - The revolving line-of-credit liability was $47,942,000 with an effective interest rate of 7.59% as of December 31, 2023[328] Industrial Market Insights - The company has a total of 19,300,941 square feet of industrial entitlements and 956,309 square feet of commercial retail entitlements as of December 31, 2024[61] - Industrial rents have increased by 236% over the past seven years, rising from $0.25 per square foot in 2017 to current levels[61] - The company has a total of 11,099,077 square feet of industrial entitlements available for future development[61] - The Inland Empire industrial market saw a vacancy rate of 6.8% as of December 31, 2024, a 170-basis point increase year-over-year[67][68] - Average asking rents in the Inland Empire declined by 22% year-over-year to $1.15 per square foot[67][68] Agricultural Operations - The company produced approximately 83,411 barrels of oil and 20,480 MCF of dry gas in 2024, with an average royalty rate of approximately 13% on oil production[94] - The company farms 1,036 acres of wine grapes, 2,116 acres of almonds, and 935 acres of pistachios, with plans to plant 160 acres of olives in 2025[101] - Approximately 256,000 acres are used for grazing leases, accounting for 45% of total revenues from ranch operations as of December 31, 2024[108] - The almond industry projected 2024 yields to be about 2.6 billion pounds, down from over 3.0 billion pounds, impacting pricing positively[102] Environmental Initiatives - The Company has conserved 240,000 acres of land since 2008, sequestering 3.3 million tons of carbon, equivalent to the annual emissions of 2.5 million passenger vehicles, about 5% of California's 2022 fleet[25] - The solar-covered parking structure at the Outlets at Tejon is projected to reduce electricity consumption by approximately 83% and produce about 1,076,000 kWh of clean energy annually[25] - A 600-acre solar field being developed with Calpine Energy is expected to generate approximately 100 MW of power once operational[25] - At Centennial, at least 50% of the energy supply is intended to be produced by on-site renewable sources, with 30,000 EV chargers planned[25] - The Company utilizes highly efficient automated and drip irrigation systems for its agricultural operations, enhancing water management[119] - The Company has contributed funding to replace outdated agricultural engines, expected to reduce air emissions in the region[119] Regulatory and Market Monitoring - The company is actively monitoring regulatory changes that may impact industrial zoning and development strategies[69][70] - The majority of the Company's developed land lies within a non-critically overdrafted groundwater basin with an approved Groundwater Sustainability Plan[119]

Core Insights - Tejon Ranch Co. reported significant financial growth in 2024, driven by its commercial and industrial real estate operations, particularly the Tejon Ranch Commerce Center (TRCC) [2][4] - The company is optimistic about future growth opportunities, including a new joint venture for a warehouse facility and the development of a mixed-use community [2][10] Financial Highlights - For Q4 2024, GAAP net income attributable to common stockholders increased by 186% to $4.5 million, with earnings per share rising to $0.17 from $0.06 in Q4 2023 [5][22] - Total revenues for Q4 2024 rose by 15% to $21.6 million compared to $18.8 million in Q4 2023, with commercial/industrial segment revenues increasing by 33% [5][6] - Adjusted EBITDA for Q4 2024 was $10.5 million, a 116% increase from $4.8 million in Q4 2023 [6][26] Leasing and Occupancy - As of December 31, 2024, TRCC's industrial portfolio, through joint ventures, consists of 2.8 million square feet of gross leasable area (GLA) and is 100% leased [5] - The commercial portfolio, including joint ventures, has 620,907 square feet of GLA and is 96% leased [5] - The Outlets at Tejon achieved 93% occupancy as of December 31, 2024, marking its 10-year anniversary [5] Development Projects - Construction of the Terra Vista at Tejon multi-family residential development is underway, with Phase 1 including 228 of the planned 495 units expected to be available in Q2 2025 [5][10] - A new distribution facility for Nestlé USA is also under construction, totaling over 700,000 square feet [5] Capitalization and Liquidity - As of December 31, 2024, total capitalization was approximately $605.3 million, with a debt to total capitalization ratio of 29.5% [9][31] - The company had total liquidity of $146.8 million, including cash, securities, and available credit [9] 2025 Outlook - The company plans to pursue further commercial and industrial development, as well as multi-family projects within TRCC and its joint ventures [10] - There is an expectation for increased water sales opportunities in 2025, contingent on precipitation and state water project allocations [12]