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Land Rich, Profit Poor: Unpacking Tejon Ranch's Ambitions
Seeking Alpha· 2024-11-07 17:16
Core Insights - Tejon Ranch Co. (TRC) has not received much attention since spring, indicating a potential opportunity for investors to explore this overlooked stock [1] Group 1 - The mission of Grassroots Trading emphasizes providing objective and unbiased research focused on small- to mid-cap companies, which may include Tejon Ranch Co. [1] - The analysis aims to identify compelling investment opportunities in both small- to mid-cap and large- and mega-cap companies, expanding the coverage of dynamic equity markets [1]
Tejon Ranch Co. Announces Third Quarter 2024 Financial Results
GlobeNewswire News Room· 2024-11-07 14:15
Core Insights - Tejon Ranch Co. reported a net loss of $1.8 million for Q3 2024, compared to a net loss of $0.3 million in Q3 2023, primarily due to lower pistachio crop yields [4][5] - The company achieved revenues of $14.6 million in Q3 2024, an increase from $12.0 million in Q3 2023, driven by improved fuel margins at its TA/Petro joint venture [4][5] - The company is progressing with its real estate developments, including the Terra Vista multi-family community set to open in H1 2025 and a new joint venture with Dedeaux Properties for a 510,500 square foot building [2][3] Financial Performance - For the first nine months of 2024, the company reported a net loss of $1.8 million, a decline from a net income of $1.7 million in the same period of 2023, largely due to reduced operating profits in the farming segment [5] - Year-to-date revenues totaled $33.2 million, down from $35.2 million in the first nine months of 2023, with mineral resources segment revenues decreasing by 34% to $7.7 million [5] - Adjusted EBITDA for Q3 2024 was $5.6 million, slightly down from $5.7 million in Q3 2023 [4][5] Real Estate Development - The Tejon Ranch Commerce Center (TRCC) industrial portfolio consists of 2.8 million square feet of gross leasable area (GLA), fully leased, while the commercial portfolio comprises 620,907 square feet, 95% leased [3] - Construction of the Terra Vista at Tejon Phase 1 is underway, with 228 of the planned 495 residential units expected to be available in the first half of 2025 [3] - The Outlets at Tejon celebrated its 10th anniversary with over 90% occupancy as of September 30, 2024 [3] Liquidity and Capital Resources - As of September 30, 2024, the company had total capitalization of approximately $643.1 million, with a debt to total capitalization ratio of 26.8% [6][19] - Total liquidity available was $141.3 million, including cash, securities, and available credit [6] Future Outlook - The company plans to continue pursuing commercial and industrial development, multi-family projects, and investments within TRCC and its joint ventures [7] - The company anticipates fluctuations in net income based on real estate activity, commodity prices, and production in its farming and mineral resources segments [8]
Tejon Ranch Co. Names New Senior Vice President- Corporate Communications and Public Affairs
GlobeNewswire News Room· 2024-09-24 20:15
Core Viewpoint - Tejon Ranch Company has appointed Nicholas T. Ortiz as Senior Vice President of Corporate Communications and Public Affairs to enhance its communication strategies and stakeholder engagement in alignment with the company's growth objectives [1][3]. Company Overview - Tejon Ranch Company (NYSE: TRC) is a diversified real estate development and agribusiness firm with a significant asset of 270,000 acres located approximately 60 miles north of Los Angeles and 30 miles south of Bakersfield [6]. Appointment Details - Nicholas T. Ortiz previously served as Vice President of Small Business Advocacy for the California Chamber of Commerce, where he expanded local chamber relations across the state [2]. - Ortiz has a strong background in public affairs, having held leadership roles in various organizations, including the Greater Bakersfield Chamber and the Western States Petroleum Association [4]. Strategic Goals - Ortiz's role will involve overseeing communications, brand image, government affairs, and stakeholder engagement, all aimed at supporting the company's long-term growth for shareholders [1][3]. - The company aims to boost housing availability, increase job opportunities, and stimulate economic development in Los Angeles County and Southern California [5].
Tejon Ranch Co. Announces Second Quarter 2024 Financial Results
GlobeNewswire News Room· 2024-08-06 13:15
TEJON RANCH, Calif., Aug. 06, 2024 (GLOBE NEWSWIRE) -- Tejon Ranch Co., or the Company, (NYSE:TRC), a diversified real estate development and agribusiness company, today announced financial results for the three and six-months ended June 30, 2024. "In the second quarter 2024, we continued our strategic efforts to unlock the value of our entitled land assets and grow our diversified cash flow streams for the Company. Terra Vista at Tejon, our first multi-family apartment community located in our Tejon Ranch ...
Tejon Ranch Co. Announces Second Quarter 2024 Financial Results
Newsfilter· 2024-08-06 13:15
TEJON RANCH, Calif., Aug. 06, 2024 (GLOBE NEWSWIRE) -- Tejon Ranch Co., or the Company, (NYSE:TRC), a diversified real estate development and agribusiness company, today announced financial results for the three and six-months ended June 30, 2024. "In the second quarter 2024, we continued our strategic efforts to unlock the value of our entitled land assets and grow our diversified cash flow streams for the Company. Terra Vista at Tejon, our first multi-family apartment community located in our Tejon Ranch ...
TRC Amends Its Tender Offer for Solventum Corporation
GlobeNewswire News Room· 2024-06-06 13:00
THIS PRESS RELEASE IS FOR INFORMATIONAL PURPOSES ONLY AND IS NOT AN OFFER TO BUY OR THE SOLICITATION OF AN OFFER TO SELL ANY SHARES. THE SOLICITATION AND THE OFFER TO BUY THE COMPANY'S SHARES WILL ONLY BE MADE PURSUANT TO THE OFFER TO PURCHASE AND RELATED MATERIALS, AS SUCH DOCUMENTS ARE SUPPLEMENTED AND AMENDED. STOCKHOLDERS SHOULD READ THESE MATERIALS CAREFULLY BECAUSE THEY CONTAIN IMPORTANT INFORMATION, INCLUDING THE TERMS AND CONDITIONS OF THE OFFER. STOCKHOLDERS CAN OBTAIN A COPY OF THE OFFER TO PURCHA ...
GLENBROOK CAPITAL MANAGEMENT RELEASES OPEN LETTER TO TEJON RANCH BOARD CALLING FOR TRANSPARENCY
Prnewswire· 2024-05-23 20:28
Urges Company to Conduct Periodic Investor Calls and Adopt Investor Outreach Program Believes Transparency and Engagement Will Help Unlock Tejon's Value PALO ALTO, Calif., May 23, 2024 /PRNewswire/ -- Glenbrook Capital Management ("Glenbrook" or "we"), a long-time shareholder of Tejon Ranch Co. (NYSE:TRC) ("Tejon"), today issued the following open letter to the Chairman of the Nominating and Corporate Governance Committee of Tejon's Board of Directors May 23, 2024 Tejon Ranch Co. P.O. Box 1000 Tejon Ranch, ...
Tejon Ranch (TRC) - 2024 Q1 - Quarterly Report
2024-05-07 16:57
Revenue Performance - Commercial/industrial revenues for Q1 2024 were $2,945,000, a 10.1% increase from $2,676,000 in Q1 2023[90] - Mineral resources revenues decreased significantly to $2,489,000 in Q1 2024 from $6,912,000 in Q1 2023, representing a decline of 64.0%[92] - Farming segment revenues fell to $865,000 in Q1 2024, down 27.0% from $1,185,000 in Q1 2023[93] - Resort/residential development segment incurred losses of $1,561,000 in Q1 2024, compared to losses of $388,000 in Q1 2023[91] - Ranch operations revenues decreased to $1,107,000 in Q1 2024 from $1,492,000 in Q1 2023, a decline of 25.8%[94] - Total revenues for the three months ended March 31, 2024, were $43,131,000, an increase of 4.1% compared to $41,421,000 for the same period in 2023[100] - The total earnings for the joint ventures amounted to $2,745,000 for Q1 2024, compared to $2,579,000 in Q1 2023, reflecting a growth of 6.4%[100] - The Company’s joint venture TRCC/Rock Outlet Center, LLC reported revenues of $1,832,000 for Q1 2024, up from $1,431,000 in Q1 2023[100] Financial Position - The Company reported a total asset value of $315,278,000 as of March 31, 2024, with total debt of $225,200,000, resulting in equity of $82,163,000[101] - The total equity for Petro Travel Plaza Holdings, LLC was $54,356,000 as of March 31, 2024, compared to $52,950,000 at the end of 2023[101] - The Company’s total liabilities decreased from $208,030,000 at December 31, 2023, to $225,200,000 as of March 31, 2024[101] Investments and Joint Ventures - The Company's investment in unconsolidated joint ventures was $30,075,000 as of March 31, 2024, with equity in earnings of $1,513,000 for Q1 2024[95] - TRC-MRC 5 LLC completed construction of a 446,400 square foot industrial building, fully leased as of Q1 2024, with a construction loan refinanced at $53,354,000[96] - TRC-MRC 4 LLC's outstanding loan balance was $61,556,000 as of March 31, 2024, with the building fully leased since completion in Q4 2022[97] - The TRCC/Rock Outlet Center LLC joint venture reduced its term note balance by $6,000,000, with an outstanding balance of $20,776,000 as of March 31, 2024[99] - The Company owns 93.51% of Centennial Founders, LLC, a joint venture with TRI Pointe Homes for land development in Los Angeles County[99] Assets and Receivables - Accounts receivable as of March 31, 2024, totaled $5,593,000, with $1,689,000 (30%) related to pistachio sales, which are subject to price fluctuations[199] - The Company has water contracts for annual deliveries of 15,547 acre-feet of water, with costs amounting to $1,482,000 as of March 31, 2024[103] - The Company’s marketable securities amounted to $25,148,000 as of March 31, 2024, with a weighted average interest rate of 5.15%[195] Debt and Interest Rates - The effective interest rate on the revolving line of credit was 7.58% as of March 31, 2024, with an outstanding balance of $47,942,000[191]
Tejon Ranch (TRC) - 2023 Q4 - Annual Report
2024-03-06 17:52
Yes ☐ No ☒ Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 1-07183 TEJ ...
Tejon Ranch (TRC) - 2023 Q3 - Quarterly Report
2023-11-07 18:44
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 1-07183 TEJON RANCH CO. (661) 248-3000 (Registrant's telephone number, including area code) Securities registered pursuant to S ...