Tejon Ranch Co
NYSE:TRC
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Tejon Ranch Co
NYSE:TRC
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US |
Tejon Ranch Co
Tejon Ranch Co. engages in real estate development and agribusiness. The company is headquartered in Lebec, California and currently employs 90 full-time employees. The Real Estate-Commercial/Industrial segment is engaged in planning and permitting of land held for development; construction of infrastructure; the construction of pre-leased buildings; the construction of buildings to be leased or sold, and the sale of land to third parties for their own development. The Real Estate-Resort/Residential segment activities include land entitlement, land planning and pre-construction engineering and conservation activities. The Mineral Resources segment includes oil and gas royalties, rock and aggregate royalties, royalties from a cement operation leased, and the management of water assets and water infrastructure. The Farming Operations segment farm permanent crops, including the wine grapes, almonds and pistachios. The Ranch Operations segment consists of game management and ancillary land uses, such as grazing leases and filming.
Tejon Ranch Co. engages in real estate development and agribusiness. The company is headquartered in Lebec, California and currently employs 90 full-time employees. The Real Estate-Commercial/Industrial segment is engaged in planning and permitting of land held for development; construction of infrastructure; the construction of pre-leased buildings; the construction of buildings to be leased or sold, and the sale of land to third parties for their own development. The Real Estate-Resort/Residential segment activities include land entitlement, land planning and pre-construction engineering and conservation activities. The Mineral Resources segment includes oil and gas royalties, rock and aggregate royalties, royalties from a cement operation leased, and the management of water assets and water infrastructure. The Farming Operations segment farm permanent crops, including the wine grapes, almonds and pistachios. The Ranch Operations segment consists of game management and ancillary land uses, such as grazing leases and filming.
Net income: Q4 net income attributable to common stockholders was $1.6 million, or $0.06 per diluted share, down from $4.5 million ($0.17) in Q4 2024, partly due to one-time proxy defense costs.
Revenue & EBITDA: Revenues and other income rose 8% to $23.3 million in Q4; adjusted EBITDA was $11.4 million, up 9% year-over-year.
Commercial strength: Commercial & industrial real estate remains highly leased (industrial fully leased; commercial ~98% leased; outlets ~93% occupancy) and management is prioritizing further development at TRCC and Grapevine.
Farming outperformance: Farming had a strong year—Q4 farming revenue was $12.2 million (up 26% YoY) and adjusted farming EBITDA before fixed water obligation rose to $4.4 million.
Multifamily ramping: Terra Vista lease-up is progressing (Phase 1: 228 units; Q4 multifamily revenue $536,000; now ~70% leased) and Phase 2 is planned pending capital prioritization.
Liquidity: Cash and marketable securities were approximately $24.9 million; available revolver capacity ~$66.1 million; total liquidity ~$91 million.
Governance moves: Board proposes shareholder right to call special meetings at 25% threshold, reduced board size (10 → 9, targeted to 7 by May 2027) and eliminated the executive committee.
Capital allocation approach: Management plans to use third-party JV equity (not a rights offering) to fund master-planned communities and is pursuing additional cost savings (targeting an extra $1 million by end of 2027).
