Tejon Ranch Co. Announces Third Quarter 2024 Financial Results

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]