TEJON RANCH CO

Listed Company

TRCCIK 0000096869NYSENon-AcceleratedSmaller ReportingReal EstateDelawareFY ends Dec 31

Period

FY 2025

Revenue

$49.59M

Net Income

$75.0K

Total Assets

$630.47M

Equity

$475.20M

Shares Out

26.93M

Op. Cash Flow

$6.13M

Business

TEJON RANCH CO is a diversified real estate development and agribusiness company that manages and monetizes a large contiguous landholding to meet housing, employment and lifestyle needs in California. It offers land planning and entitlement, real estate development, commercial land sales and leasing, residential leasing for multi‑family projects, mineral and rock royalties, water asset management and sales, farming, grazing leases and ranch operations. Its reporting structure comprises real estate commercial/industrial, real estate resort/residential, mineral resources, farming and ranch operations segments. Operations and distribution focus on Southern and Central California, centered on the Tejon Ranch Commerce Center and corridors along Interstate 5, delivered through joint ventures, direct leasing, land sales and royalty arrangements.

Summary from filing dated 2025-03-06

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total revenues	50	42	45	79	—
Total expenses	58	51	48	65	56
Operating loss	−8	−9	−4	14	−260,000
Investment income	914,000	2	3	634,000	57,000
Other loss, net	−164,000	−292,000	−138,000	1	164,000
Total other income, net	750,000	2	2	2	221,000
Loss from operations before equity in earnings of unconsolidated joint ventures and income tax expense	−7	−7	−1	15	−39,000
Equity in earnings of unconsolidated joint ventures, net	8	11	7	8	9
Income before income taxes	1	4	6	23	9
Income tax expense	1	976,000	2	7	4
Net income	71,000	3	3	16	5
Net loss attributable to non-controlling interest	−4,000	−2,000	0	2,000	−6,000
Net income attributable to common stockholders	75,000	3	3	16	5
Net income per share attributable to common stockholders, basic (in dollars per share)	0	0.1	0.12	0.6	0.2
Net income per share attributable to common stockholders, diluted (in dollars per share)	0	0.1	0.12	0.59	0.2

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	10	39	32	39	36
Marketable securities - available-for-sale	15	14	33	33	11
Accounts receivable	9	8	8	4	6
Inventories	3	4	3	3	6
Prepaid expenses and other current assets	2	4	4	3	4
Total current assets	39	69	80	83	63
Real estate and improvements - held for lease, net	79	16	17	17	17
Real estate development (includes $128,549 at December 31, 2025 and $124,136 at December 31, 2024, attributable to Centennial Founders, LLC, Note 16)	357	378	337	321	319
Property and equipment, net	59	56	54	53	51
Investments in unconsolidated joint ventures	30	29	34	42	43
Net investment in water assets	63	55	52	47	51
Other assets	4	4	4	4	2
TOTAL ASSETS	630	608	578	567	546
Trade accounts payable	5	9	6	5	5
Accrued liabilities and other	2	6	3	4	3
Deferred income	2	2	2	2	2
Total current liabilities	9	17	12	12	16
Revolving line of credit	94	67	48	0	—
Long-term deferred gains	11	11	11	11	8
Deferred tax liability	10	9	8	7	3
Other liabilities	16	15	15	10	14
Total liabilities	140	119	94	89	90
Commitments and contingencies	—	—	—	—	—
Issued and outstanding shares - 26916837 at December 31, 2025 and 26,822,768 at December 31, 2024	13	13	13	13	13
Additional paid-in capital	350	348	346	345	345
Accumulated other comprehensive (loss) income	−177,000	87,000	−171,000	−2	−7
Retained earnings	112	112	109	106	90
Total Tejon Ranch Co. stockholders equity	475	474	468	462	441
Non-controlling interest	15	15	15	15	15
Total equity	491	489	483	478	457
TOTAL LIABILITIES AND EQUITY	630	608	578	567	546

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	6	5	5	5	5
Amortization of discount on marketable securities	−169,000	−471,000	−691,000	87,000	111,000
Non-cash retirement plan expense	424,000	364,000	462,000	110,000	99,000
(Gain) loss on sale of real estate/assets	0	−8,000	6,000	−1	−12,000
Profit from water sale	0	0	−490,000	−2	−3
Profit from land sales	−1	0	0	−18	−3
Deferred income taxes	782,000	784,000	1	3	1
Stock compensation expense	2	4	3	3	4
Excess tax benefit of stock-based compensation	36,000	−1,000	−723,000	−105,000	48,000
Abandonment expense	0	0	189,000	85,000	0
Inventory write down	0	0	423,000	1	0
Distribution of earnings from unconsolidated joint ventures	10	10	14	12	6
Receivables, inventories, prepaids and other assets, net	2	261,000	−4	3	−814,000
Current liabilities, net	−5	3	−132,000	−1	718,000
Net cash provided by operating activities	6	14	14	9	3
Maturities and sales of marketable securities	32	93	134	41	6
Purchase of marketable securities	−32	−74	−132	−64	−15
Real estate development expenditures	−10	−8	−8	—	—
Real estate expenditures - to be held for lease	−47	−43	−8	—	—
Property and equipment expenditures	−7	−6	−6	—	—
Reimbursement proceeds from Community Facilities District	9	16	0	6	135,000
Proceeds from sale of real estate/assets	58,000	15,000	77,000	0	63,000
Proceeds from sale of land	2	0	0	25	4
Investment in unconsolidated joint ventures	−2	−346,000	−5	−800,000	−3
Distribution of equity from unconsolidated joint ventures	780,000	6	11	8	6
Investments in long-term water assets	−8	−9	−6	−988,000	−2
Proceeds from water sales	0	0	1	6	10
Interest rate swap settlement	0	0	4	0	0
Net cash used in investing activities	−62	−26	−14	−2	−15
Borrowings on line of credit	27	19	48	0	0
Repayments of long-term debt	0	0	−50	−52	−4
Deferred financing costs	0	0	−1	−181,000	0
Taxes on vested stock grants	−569,000	−206,000	−3	−3	−2
Net cash provided by (used in) financing activities	26	19	−7	−4	−6
(Decrease) increase in cash, cash equivalents, and restricted cash	−30	7	−7	2	−18
Accrued capital and water expenditures included in current liabilities	2	5	2	2	1

Filings

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