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, ...

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]

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 ...

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 ...

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 June 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. (Exact name of registrant as specified in its charter) Delaware (State or other jurisdiction of incorporatio ...

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q For the transition period from to Commission file number: 1-07183 (Mark One) TEJON RANCH CO. ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 OR (State or other jurisdiction of incorporation or organization) 77-0196136 (I.R.S. Employer Identification N ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 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. (Exact name of registrant as specified in its charter) Delaware 77-0196136 (State or other jurisdiction of incor ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (State or other jurisdiction of incorporation or organization) OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 77-0196136 TEJON RANCH CO. (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, 2022 (Exact name of registrant as specified in its charter) For the transition period from to Commis ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q 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. (Exact name of registrant as specified in its charter) Delaware (State or other jurisdiction of incorporation or organization) 77-0196136 (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarter ...

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 March 31, 2022 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. (State or other jurisdiction of incorporation or organization) 77-0196136 (I.R.S. Employer Identification N ...