Company Leadership Transition - Tejon Ranch Company has selected Matthew Walker as the new President and CEO, effective March 31, 2025, succeeding Gregory S. Bielli who will retire [1][5] - Walker will initially join as Chief Operating Officer on March 6, 2025, following a nationwide search led by the Board of Directors [1] Matthew Walker's Background - Walker has a 24-year career at Lowe Enterprises, where he served as Executive Vice President and Shareholder, overseeing hospitality and resort community platforms [2] - His experience includes resort and residential development, sales and marketing, and capital development [2][3] - Walker holds a Bachelor of Architecture from Cornell University and an MBA from UCLA Anderson School of Management [3] Strategic Vision and Goals - Walker emphasizes the importance of responsible development at Tejon Ranch for California's future, aiming to create jobs, housing, and economic opportunities in Southern California [4] - The company plans to build on the success of the Tejon Ranch Commerce Center and develop three additional master planned communities to unlock shareholder value [4][5] Board's Perspective - Norman Metcalfe, Chairman of the Board, highlights Walker's unique development background and skills in creating immersive experiences as crucial for the company's growth [4] - The Board expresses gratitude to Bielli for his contributions, including the development of key projects like the Outlets at Tejon and the Tejon Ranch Commerce Center [4][5] Company Overview - Tejon Ranch Company is a diversified real estate development and agribusiness company with a principal asset of 270,000 acres located 60 miles north of Los Angeles [7]

Core Viewpoint - Tejon Ranch Company has appointed Matthew Walker as the new President and CEO, effective March 31, 2025, succeeding Gregory S. Bielli, who will retire after a significant tenure [1][5]. Company Leadership Transition - Matthew Walker will join Tejon Ranch as Chief Operating Officer on March 6, 2025, before officially taking over as President and CEO [1]. - Gregory S. Bielli has been with the company since 2013 and will continue to serve as an executive advisor and Director after his retirement [5]. Matthew Walker's Background - Walker has a 24-year career at Lowe Enterprises, where he served as Executive Vice President and Shareholder, focusing on hospitality and resort community development [2]. - His experience includes resort and residential development, sales and marketing, and capital development [2][3]. - Walker holds a Bachelor of Architecture from Cornell University and an MBA from UCLA Anderson School of Management [3]. Strategic Vision for Tejon Ranch - Walker emphasizes the importance of responsible development at Tejon Ranch, which he believes is crucial for California's economic future, providing jobs and housing [4]. - The company aims to build on the success of the Tejon Ranch Commerce Center and advance three additional master planned communities [4][5]. - Norman Metcalfe, Chairman of the Board, highlights Walker's unique development background as vital for the company's growth and shareholder value [4]. Company Overview - Tejon Ranch Company is a diversified real estate development and agribusiness firm with a principal asset of 270,000 acres of land located between Los Angeles and Bakersfield [6].

Core Viewpoint - Canadian Natural Resources Limited has received an unsolicited mini-tender offer from TRC Capital Investment Corporation to purchase up to 2,500,000 common shares at a price of C$43.25 per share, which is below the current market price [1][2]. Group 1: Offer Details - The mini-tender offer represents approximately 0.12% of Canadian Natural's outstanding shares [1]. - The offering price reflects a discount of 4.44% to the closing price on January 14, 2025, and a 4.71% discount to the closing price on January 22, 2025 [1]. Group 2: Company Response - Canadian Natural does not endorse TRC Capital's offer and advises shareholders to exercise caution due to the offer being below market price [2][7]. - The company recommends that shareholders who have not responded to the offer take no action [7]. Group 3: Investor Caution - Mini-tender offers are designed to avoid many investor protections, and both the Canadian Securities Administrators and the SEC have expressed concerns regarding such offers [3][5]. - Shareholders are encouraged to consult with their brokers or financial advisors and to obtain current market quotations for their shares [7]. Group 4: Withdrawal Information - Shareholders who have already tendered their shares can withdraw them before 11:59 p.m. (EST) on February 13, 2025, by following the procedures in TRC Capital's offering documents [8].

Revenue Performance - Commercial/industrial revenues for Q3 2024 were $3,002,000, a decrease of 11.6% from $3,397,000 in Q3 2023[70] - Mineral resources revenues for Q3 2024 were $3,166,000, up 1.5% from $3,118,000 in Q3 2023[72] - The Farming segment generated revenues of $3,242,000 in Q3 2024, an increase of 22.7% from $2,642,000 in Q3 2023[73] - Ranch operations revenues increased to $1,446,000 in Q3 2024, compared to $1,052,000 in Q3 2023, marking a growth of 37.5%[75] - Total revenues for Petro Travel Plaza Holdings, LLC for the three months ended September 30, 2024, were $40,446,000, a decrease of 10.5% from $44,976,000 in the same period of 2023[80] - For the nine months ended September 30, 2024, total revenues were $143,392,000, an increase of 1.0% compared to $140,984,000 in 2023[81] Earnings and Investments - Equity in earnings of unconsolidated joint ventures increased to $3,329,000 for Q3 2024, compared to $1,161,000 in Q3 2023[70] - The equity in income of unconsolidated joint ventures for the nine months ended September 30, 2024, was $7,611,000, up from $4,616,000 in the same period of 2023[74] - The equity in earnings for Petro Travel Plaza Holdings, LLC for the three months ended September 30, 2024, was $1,736,000, compared to a loss of $2,785,000 in the same period of 2023[80] Assets and Liabilities - The total assets for Petro Travel Plaza Holdings, LLC as of September 30, 2024, were $322,146,000, with a joint venture debt of $222,746,000[83] - The outstanding balance of the term note for the TRCC/Rock Outlet Center LLC joint venture was $20,626,000 as of September 30, 2024, after a reduction of $6,000,000[77] - The company has a revolving line of credit with an outstanding balance of $59,942,000, with an effective interest rate of 7.45% as of September 30, 2024[160] - Marketable securities amounted to $6,270,000 with a weighted average interest rate of 4.98%[162] - The company reported a total equity of $81,667,000 as of September 30, 2024, compared to $85,857,000 at the end of 2023[83] Operational Highlights - The Resort/Residential segment reported losses of $328,000 for Q3 2024, slightly improved from a loss of $367,000 in Q3 2023[71] - The construction of a 446,400 square foot industrial building was completed in Q4 2023, with 100% of the rentable space leased[76] Risk Management - The company’s market risk exposure includes interest rates and commodity prices, with a focus on preserving principal while maximizing yields[158] - The company’s investment strategy limits investments to securities with a maturity of less than five years and an investment grade rating[159] - As of September 30, 2024, there were no receivables exposed to commodity price fluctuations due to the absence of at-risk pistachio crop receivables[165] - The company is currently not facing any adverse price fluctuations impacting its farming inventories[165] Farming Operations - Farming inventories include costs associated with crop production, which are recorded as incurred and historically recovered through post-harvest crop sales[165] - The company’s water service contract with TCWD requires an annual payment of $5,434,000 for water deliveries[84]

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]

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]

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, 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, 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 ...

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 ...