Tejon Ranch (US:TRC)2026-03-19 12:35Financial Performance - Net income attributable to common stockholders decreased by $2.9 million to $1.6 million ($0.06/share) in Q4 2025, compared to $4.5 million ($0.17/share) in Q4 2024[6] - Revenues and other income increased 8% to $23.3 million in Q4 2025, up from $21.6 million in Q4 2024[6] - Total revenues for the three months ended December 31, 2025, increased to $21,106,000, up from $17,935,000 in the same period of 2024, representing a growth of 12.1%[30] - Net income attributable to common stockholders for the three months ended December 31, 2025, was $1,581,000, compared to $4,483,000 in the same period of 2024, reflecting a decrease of 64.8%[30] - The company reported an operating loss of $2,292,000 for the three months ended December 31, 2025, compared to a loss of $2,126,000 in the same period of 2024[30] - Total expenses for the three months ended December 31, 2025, were $18,814,000, up from $15,809,000 in the same period of 2024, marking an increase of 18.9%[30] - The company incurred a stock compensation expense of $554,000 for the three months ended December 31, 2025, compared to $96,000 in the same period of 2024[35] - Investment income for the three months ended December 31, 2025, was $165,000, down from $430,000 in the same period of 2024, a decline of 61.7%[30] - The company’s total other income, net for the three months ended December 31, 2025, was $90,000, compared to $348,000 in the same period of 2024, a decrease of 74.1%[30] Farming Segment Performance - Farming segment revenues increased 26% to $12.2 million in Q4 2025, compared to $9.7 million in Q4 2024[6] - Farming segment revenues increased 34.6% to $18.7 million in 2025, driven by a return of pistachio production contributing $5.3 million[16] - For the three months ended December 31, 2025, farming revenues increased to $12,240,000, up from $9,676,000 in the same period of 2024, representing a growth of 26%[44] - Adjusted EBITDA for the farming segment reached $3,804,000 for the three months ended December 31, 2025, compared to $2,676,000 in the same period of 2024, reflecting a 42% increase[44] - The adjusted farming EBITDA before fixed water obligations was $4,428,000 for the three months ended December 31, 2025, compared to $3,429,000 in the same period of 2024, indicating a 29% increase[44] - The company's fixed water obligations for the farming segment were $624,000 for the three months ended December 31, 2025, down from $753,000 in the same period of 2024[44] Capital and Liquidity - Total capital, including debt, was $584.5 million as of December 31, 2025, with total liquidity of approximately $91.0 million[13] Operational Developments - The TRCC industrial portfolio is 100% leased, comprising 2.8 million square feet of gross leasable area[10] - The construction of the Nestlé USA distribution facility, over 700,000 square feet, has been completed and is preparing to become operational[11] Future Outlook - The Company expects net income to fluctuate based on development activity, commodity prices, and timing of land sales[15] - The Company planted 150 acres of olives in 2025 and plans to plant an additional 150 acres in 2026 as part of its crop diversification strategy[18] Shareholder Information - Basic and diluted earnings per share for the three months ended December 31, 2025, were both $0.06, consistent with the previous quarter[46] - The period-end share price was $15.77, a slight decrease from $15.98 in the previous quarter[46] - The weighted average number of diluted shares outstanding for the three months ended December 31, 2025, was 26,965,558, compared to 26,829,344 in the same period of 2024[30] - The weighted average shares outstanding increased to 26,907,329 for the three months ended December 31, 2025, compared to 26,890,979 in the previous quarter[46] Debt and Interest - The company reported a total interest expense of $3,892,000, with a significant portion attributed to unconsolidated joint ventures[39] - The company's share of equity in earnings of unconsolidated joint ventures for the year ended December 31, 2025, was $8,362,000, down from $10,881,000 in 2024, a decrease of 23.1%[30] Depreciation and Amortization - The total depreciation and amortization for the company was $11,638,000, with $4,885,000 attributed to consolidated operations[39]