TRC
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Earnings documents stored for TRC.
Investor releaseQuarter not tagged2026-05-09Tejon Ranch (TRC) Q1 2026 Earnings Transcript
Motley Fool
Tejon Ranch (TRC) Q1 2026 Earnings Transcript
Image source: The Motley Fool. Thursday, May 7, 2026, at 5 p.m. ET Chief Executive Officer — Matthew Walker Chief Financial Officer — Robert Velasquez Corporate Secretary — Nicholas Ortiz Operator Need a quote from a Motley Fool analyst? Email [email protected] Matthew Walker: Thank you, Nick. Good afternoon, and thank you all for joining us. Today, I'm going to share my perspective on recent performance, then turn it over to our CFO, Robert Velasquez, who will cover our financials, and then we will answer questions from shareholders. Let me start off by saying we had a good first quarter. Revenues were up 16% from the first quarter of 2025, while operating costs were down 14%, including a $2.4 million reduction in corporate costs. As a result, net income was up $1.6 million and adjusted EBITDA was up $3.1 million with a 12-month trailing adjusted EBITDA of $27.2 million. Looking at adjusted EBITDA by segment on a 12-month trailing basis, Commercial real estate contributed $7.5 million, reflecting steady performance from our income-producing portfolio. Mineral Resources delivered $4.8 million, supported by the strength in water sales and farming contributed $2.2 million. Branch operations added approximately $1 million, benefiting from the increased membership activity. The headline number there is the $2.4 million reduction in corporate expenses, driven by lower headcount and the absence of proxy defense costs. Our first quarter results demonstrate our continued progress against our strategic goals over the past year, in particular, driving stronger cash flows. At the Tejon Ranch Commerce Center, we are especially pleased to report the groundbreaking of a new 510,000 square foot Class A industrial facility developed in partnership with Dedeaux Properties. TRCC is the nucleus of our growth, so we are excited to be moving forward, leveraging our land and our balance sheet to develop an income-producing property, which we expect to complete in the first quarter of next year. With our 2.8 million square foot TRCC industrial portfolio 100% leased, this project further capitalizes on the demand we continue to see along the I-5 corridor. In addition, as of the end of the quarter, our commercial and retail portfolio was 95% leased and the outlet to Tejon was 92% occupied. Terra Vista with 228 units now delivered, ended the quarter 71% leased and is on track for Phase 1 t...
Investor releaseQuarter not tagged2026-05-07Tejon: Q1 Earnings Snapshot
Associated Press
Tejon: Q1 Earnings Snapshot
LEBEC, Calif. (AP) — LEBEC, Calif. (AP) — Tejon Ranch Co. (TRC) on Thursday reported earnings of $151,000 in its first quarter. On a per-share basis, the Lebec, California-based company said it had profit of 1 cent. The real estate development company posted revenue of $9.5 million in the period. _____ This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on TRC at https://www.zacks.com/ap/TRC
Investor releaseQuarter not tagged2026-05-07Tejon Ranch Co. Announces First Quarter 2026 Financial Results
GlobeNewswire
Tejon Ranch Co. Announces First Quarter 2026 Financial Results
TEJON RANCH, Calif., May 07, 2026 (GLOBE NEWSWIRE) -- Tejon Ranch Co. (NYSE:TRC), ("Tejon" or the "Company"), a diversified real estate development and agribusiness company, today announced financial results for the first quarter ended March 31, 2026. First Quarter 2026 Financial Highlights Net income attributable to common stockholders increased by $1.6 million to $0.2 million ($0.01/share basic and diluted), compared to a loss of $1.5 million, ($0.05/share) in the first quarter of 2025. Revenues and other income, including equity in earnings of unconsolidated joint ventures increased by $1.3 million to $10.8 million, compared to $9.6 million, while overall results also benefited from lower operating expenses compared to the first quarter of 2025. Adjusted EBITDA, a non-GAAP measure, increased by $2.0 million to $4.8 million compared to $2.8 million in the first quarter of 2025. Tejon Ranch Co. provides Adjusted EBITDA, a non-GAAP financial measure, because it offers additional information for monitoring the Company's cash flow performance. A table providing a reconciliation of Adjusted EBITDA to its most comparable GAAP measure, as well as an explanation of, and important disclosures about, this non-GAAP measure, is included in the tables at the end of this press release. Executive Summary "We delivered a solid first quarter, with revenue up 16% and expenses down 14%, the kind of operating progress to which we committed to a year ago," said Matthew Walker, President and Chief Executive Officer of Tejon Ranch Company. "Revenue growth was led by our mineral resources and ranch operations segments and was partially offset by farming. The expense improvement reflects our focus on cost reductions and enhanced efficiencies and is translating directly into increased Adjusted EBITDA and stronger cash flow. "We are continuing to grow our commercial real estate portfolio. The recent commencement of construction on Building 1B through our joint venture with Dedeaux Properties is a tangible example of that growth, adding 510,500 square feet of Class A space to an industrial portfolio that remains fully leased. The anticipated stabilization of Terra Vista, along with the recent opening of the Hard Rock Casino Tejon, should continue to drive increased traffic and commercial activity across the Ranch. Looking ahead, we believe Tejon Ranch is well-positioned to capitalize...
TranscriptFY2026 Q12026-05-07FY2026 Q1 earnings call transcript
Earnings source - 29 paragraphs
FY2026 Q1 earnings call transcript
Welcome to the Tejon Ranch Company first quarter 2026 earnings call. All participants will be in listen-only mode. If you should need operator assistance, please key in star and zero on your telephone keypad. Please note that this event is being recorded. I will now hand you over to Nick Ortiz. Please go ahead.
Good afternoon, welcome to Tejon Ranch Company's first quarter 2026 earnings call. My name is Nick Ortiz. Joining me today are Matt Walker, President and CEO, and Robert Velasquez, Senior Vice President and Chief Financial Officer. Today's press release, 10-Q, and this webcast are available on our investor relations website. A replay will be posted after we conclude. That site is ir.tejonranch.com. Today's remarks may include forward-looking statements. These statements are made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and are subject to risks and uncertainties that could cause actual results to differ materially. These factors are detailed in our SEC filings, including our most recent forms 10-Q and 10-K. We assume no obligation to update any forward-looking statements. We may reference non-GAAP measures.
These measures should be considered in addition to, not as a substitute for, GAAP results. Reconciliations to the most directly comparable GAAP measures and reasons why we use non-GAAP are included in today's filings and are posted on our website, again, ir.tejonranch.com. After prepared remarks, we'll address questions. Shareholders were invited to submit questions by email in advance. Now I'll turn the call over to Matt Walker.
Thank you, Nick. Good afternoon, and thank you all for joining us. Today, I'm going to share my perspective on recent performance, then turn it over to our CFO, Robert Velasquez, who will cover our financials, and then we will answer questions from shareholders. Let me start off by saying we had a good first quarter. Revenues were up 16% from the first quarter 2025, while operating costs were down 14%, including a $2.4 million reduction in corporate costs. As a result, net income was up $1.6 million, and adjusted EBITDA was up $3.1 million, with a 12-month trailing adjusted EBITDA of $27.2 million. Looking at adjusted EBITDA by segment on a 12-month trailing basis, commercial real estate contributed $7.5 million, reflecting steady performance from our income-producing portfolio.
Mineral resources delivered $4.8 million, supported by the strength in water sales, and farming contributed $2.2 million. Ranch operations added approximately $1 million, benefiting from the increased membership activity. The headline number there is the $2.4 million reduction in corporate expenses, driven by a lower headcount and the absence of proxy defense costs. Our first quarter results demonstrate our continued progress against our strategic goals over the past year, in particular, driving stronger cash flows. At the Tejon Ranch Commerce Center, we are especially pleased to report the groundbreaking of a new 510,000 sq ft Class A industrial facility developed in partnership with Dedeaux Properties.
TRCC is the nucleus of our growth. We are excited to be moving forward, leveraging our land and our balance sheet to develop an income-producing property, which we expect to complete in the first quarter of next year. With our 2.8 million sq ft TRCC industrial portfolio 100% leased, this project further capitalizes on the demand we continue to see along the I-5 corridor. In addition, as of the end of the quarter, our commercial and retail portfolio was 95% leased, and the Outlets at Tejon was 92% occupied. Terra Vista, with 228 units now delivered, ended the quarter 71% leased and is on track for phase I to be stabilized this summer. TRCC's momentum is accelerating.
Outlet traffic was up 22%, and sales were up nearly 12% in the first quarter compared to last year, with similar gains at our TA Petro Travel Center. We're seeing that the lease-up of Terra Vista and the opening of Hard Rock Casino Tejon are driving greater commercial activity across the center. As we approach our annual meeting next week, I'm looking forward to opening our gates to you and sharing more about the progress we've made and where we're headed. The meeting will be held on-site at the ranch with options for virtual attendance. Registration details are in the proxy statement. We hope to see you there. I also want to thank our shareholders for their continued engagement and our board for their leadership over the past year. With that, I'll turn the call over to our Chief Financial Officer, Robert Velasquez, to walk through the financials.
Robert.
Thank you, Matt, and good afternoon, everyone. I will begin with a review of our first quarter results, provide some additional detail on segment performance, and then summarize our current liquidity. For the first quarter of 2026, revenues and other income, including equity and earnings from unconsolidated joint ventures, increased 13% to $10.8 million compared to $9.6 million in the same quarter last year. Here, turning to segment performance, commercial and industrial real estate generated $2.8 million in revenue for the quarter, in line with the prior year period. Operationally, the portfolio remains strong.
Equity and earnings from unconsolidated joint ventures totaled $1.3 million in the first quarter compared to $1.2 million in the prior year period, reflecting continued earnings growth despite diesel fuel margin pressure within our TA Petro joint venture. Farming segment revenues were approximately $900,000 in the first quarter of 2026, compared to $1.6 million in the same quarter last year. The year-over-year decline was due to lower carryover crop available for sale as we strategically accelerated sales of carryover inventory last quarter to capitalize on stronger than anticipated pricing. In addition, we planted 150 new acres of olives in April on top of the 150 acres planted in 2025 as part of our ongoing crop diversification strategy.
Mineral resource revenues increased 36% to $3.5 million in the first quarter of 2026, with segment operating profit more than doubling to $1 million. Year-over-year improvement was driven primarily by opportunistic water sales executed during the quarter. Underlying royalty streams across rock and aggregate, cement, and oil and gas continued to contribute stable cash flows during the quarter. Turning to liquidity, I'll look at the balance sheet. As of March 31, 2026, cash and marketable securities totaled approximately $19.4 million. Available capacity on our revolving credit facility was approximately $64.6 million. Total liquidity was therefore approximately $86 million. We believe our liquidity position provides sufficient flexibility to continue advancing development initiatives while maintaining balance sheet discipline. With that overview, I'll turn it back to Matt.
Thanks, Robert. In summary, the first quarter marked a solid start to the year for us. We returned to profitability, demonstrated the value of our diversified business model, and continued executing on our long-term strategic initiatives. Looking ahead, we remain focused on several key priorities, including the successful lease-up of Terra Vista, maintaining momentum at TRCC as a premier logistics and distribution hub, and leveraging our diversified revenue base to deliver consistent results. With that, we will now respond to the questions that have been submitted. Please just give us a moment to get those pulled up.
We have received questions from shareholders. I'll start by reading the person who submitted the question and the question itself before turning it over to Matt. Our first question comes from Justin Lebo. Matt, thank you for this call, and we greatly appreciate your efforts to date. In prior calls and presentations, the company cited Five Point Holdings as a positive example of the long-term master planned community entitlement and development strategy. As I am sure you know, it took five years to get their Valencia MPC across the line. Valencia has been selling lots for a few years now, yet Five Point stock is significantly lower than it was prior to Valencia's development. Overall, Five Point has been a terrible long-term investment for shareholders, and they've developed some of their MPC projects using the JV structure touted by management.
FivePoint stock is down 60% over the past 10 years. Howard Hughes is another publicly traded MPC developer, which has also been a terrible long-term investment for shareholders. Their stock is down 35% over the past 10 years. How are these two examples not an indictment on the publicly traded master planned community development model? How can you expect shareholders to buy into the idea of continuing to pursue Mountain Village and Centennial, and continue to absorb the millions of costs related to these assets, knowing that even if we are able to get these assets across the finish line, the market will not reward this business model or the future cash flows generated by these assets? That's the end of the question.
Hey, Justin. Thanks for your question. You know, this is a humbling job. I've thought a lot about some of the comments that I made during last quarter's call with respect to the public master planned community companies. I'd like to refine my thoughts to some extent. You're right in a lot of what you said, inasmuch as the facts are the facts in terms of investment returns. I don't believe that a joint venture structure is what's driving the other companies' poor performances. For us, I do believe that JVs are a positive tool because they allow us to monetize our land by contributing it to a joint venture while leveraging our partners' capital so that we can preserve cash.
And that applies to our strategy on income-producing properties, such as the new industrial building that we've just taken underway or for our MPCs. There are many lessons to be learned from looking at other companies, including things that we would do differently. What I can tell you is that I'm very much aware of the issues related to master-planned community development, such as the lengthy duration and the capital requirements and the capital reinvestment on top of market cyclicality. I also see the opportunity with MPCs and with recurring cash flow. For me, the takeaway is if we're gonna pursue master-planned community development as a public company, we need to do it in certain ways that might be different than how a private developer would approach it.
Thanks. Our next question is from David Spier. Matt, thank you for this call and your continued efforts. According to the trailing 12-month EBITDA table in the release, the company's JV investments, commercial real estate operations, and mineral resource segment generate $33 million of EBITDA and $26 million of cash flow. These are passive investments and operations that investors typically ascribe immense value to, as they can be managed at low costs while generating high returns on invested capital. Companies with similar passive operations, such as LandBridge and Texas Pacific Land Corporation, trade at EV/EBITDA multiples over 30x and have multiple billion-dollar market caps. Companies with smaller market caps, such as Aztec Land Company and Keweenaw Land Association traded even higher multiples. These have also been highly successful investments for shareholders.
Applying 25x to 30x EBITDA multiple would result in a valuation between $800 million to $1 billion for just our income producing assets. How can we justify pursuing master plan development projects when one could argue that selling them and focusing on our more highly valued assets and operations would result in a stock price that is 3x to 4x the current price? How can we ignore this passive capital-light option, especially considering the real estate development model has historically been punished by the stock market? That's the end of the question.
Okay, thanks, Nick. Thanks, David. Good comment. You cited some great companies with good business models, they've performed really well in the market. I was planning to cover some of your topics at next week's annual shareholder meeting, let me give it a shot right now. You're right. Tejon Ranch Company has several business lines and segments that generate significant EBITDA through passive investments, those businesses share many similarities with the companies that you've mentioned, all of which we've looked at to try to better understand. I should also note that there are certain characteristics of our land that are different than the land owned by the companies that you mentioned, we also have plenty of opportunity as well. I'm focused on growing this asset light part of the business, as you mentioned.
I'd rather place an aspirational multiple on some more conservative assumptions, but I think I understand your math. I might also add that our new industrial building is entirely consistent with the strategy that you're advocating. Specifically, that our JV structure allows us to earn an extremely high MOIC, especially when you look on our multiple on net invested cash. Nonetheless, we continue to believe that there's an immense amount of value to be earned from placing our master planned community project into development. As I've reported before, this requires external capital, which I committed to shareholders last November that I would seek out, and we're going through that process over the next several quarters. Nick?
Our next question is from David Ross. We applaud the considerable improvements in the cost structure of the company, and this effort is appreciated. Yet even with these changes, the company generated just $200,000 or $0.01 per share of earnings. If you add back the interest expense that the company continues to capitalize, TRC is still losing money each quarter and generating negative free cash flow. Given the amount of recurring passive income, we cannot build shareholder value while continuing the non-income producing costs that are tied to the Mountain Village and Centennial development. These assets generate no income and will require hundreds of millions of future capital investment to eventually generate income. Developing these assets will prevent the company from being able to return capital back to shareholders for at least another decade.
If we are focused on shareholder value and long-term share price appreciation, how can you justify holding on to these assets and pursuing the same build strategy? I think we can agree that the strategy has not worked for the last 30 years. On an adjusted basis, farming EBITDA was $185,000. Every year the company continues to invest in CapEx towards the farming operation. While we understand the nature of fixed water obligations, this is still a cash expense. The farming operation continues to cost shareholders millions per year while factoring in PP&E CapEx and water. Why would we continue to accept these losses? Is there no better alternative for shareholders? The two questions point to the issue of capital allocation. We have been subsidizing these dream projects for decades.
At what point does the leadership at TRC consider shareholder return on capital?
David, there's a lot there to consider. You've seen me present an economic case for farming in which we back out the cost of water, which we think is the right way to look at the business given our water contracts, which will ultimately support our residential and commercial development. If you look at the remaining adjusted EBITDA, excluding the water holding cost, the picture for farming is more positive. There are also a lot of ancillary benefits that the company receives from our farming. Water is part of it. Access to debt capital is another. With that said, we're taking an objective look at our farming business and its ongoing capital allocation.
With respect to your other comments and questions, I tried to provide an explanation of that when I was addressing Justin and David's earlier questions on the same topic. Right now, we're continuing to pursue our business plan, as I've discussed, but we will consider all alternatives and look to remain flexible going forward. Nick, do you have any other questions?
That concludes our questions.
Great. Thanks.
All right. Thank you very much for joining us. Operator, you can conclude the call.
Thank you, sir. Ladies and gentlemen, that concludes today's event. Thank you for attending, and you may now disconnect your lines.
Investor releaseQuarter not tagged2026-05-01Tejon Ranch Co. Announces Date for First Quarter 2026 Earnings Release and Conference Call
GlobeNewswire
Tejon Ranch Co. Announces Date for First Quarter 2026 Earnings Release and Conference Call
TEJON RANCH, Calif., April 30, 2026 (GLOBE NEWSWIRE) -- Tejon Ranch Co., or the Company, (NYSE: TRC), a diversified real estate development and agribusiness company, today announced it will release its first quarter 2026 financial results before the market opens on May 7, 2026. In connection with this announcement, the Company will host a conference call on May 7, 2026 at 5:00 p.m. Eastern Time. During the call, President & CEO Matt Walker and CFO Robert Velasquez will provide an update on the Company’s recent initiatives and financial results. Management will address questions e‐mailed in advance by investors to: [email protected]. Questions must be submitted by 2:00 p.m. ET on May 7, 2026. Webcast An audio webcast of the conference call will be available through the “Investors” section of the Company’s website at www.tejonranch.com. To listen to the broadcast, go to the site at least 15 minutes prior to the scheduled start time in order to register and install any necessary audio software. A replay of the audio webcast will be available for one year on the Company’s website shortly after the conclusion of the call. Details on how to access the call are below. To dial into the Telephone Conference Call: Domestic: 1-877-704-4453 International: 1-201-389-0920 Conference Call Playback: Domestic: 1-844-512-2921 International: 1-412-317-6671 Passcode: 13759630 The full playback can be accessed through Thursday, June 4, 2026. About Tejon Ranch Co. Tejon Ranch Co. (NYSE: TRC) is a diversified real estate development and agribusiness Company whose principal asset is its 270,000-acre land holding located approximately 60 miles north of Los Angeles and 30 miles south of Bakersfield. More information about Tejon Ranch Co. can be found on the Company's website at www.tejonranch.com. Contact: Nicholas Ortiz Senior Vice President, Corporate Communications & Public Affairs [email protected] (661) 331-0313
Investor releaseQuarter not tagged2026-03-20Tejon Ranch (TRC) Q4 2025 Earnings Call Transcript
Motley Fool
Tejon Ranch (TRC) Q4 2025 Earnings Call Transcript
Image source: The Motley Fool. Thursday, March 19, 2026 at 5 p.m. ET President and Chief Executive Officer — Matthew Walker Chief Financial Officer — Robert Velasquez Corporate Secretary — Nicholas Ortiz Matthew Walker: Good afternoon. I am Matthew Walker, President and CEO of Tejon Ranch Co. Thank you for joining us. For this, our second earnings call, we will be using the same format as last November. I will share my perspective and turn it over to our CFO, Robert Velasquez, who will cover our financials, and then we will answer questions. As we did last quarter, we will be answering each shareholder question that is asked. So moving on to this quarter, I would like to talk about where we have been and where we are headed. For the quarter, our operating income was up compared to the fourth quarter 2024, while our net income was down. Our net income reflects one-time proxy defense costs, but our overall operating performance was strong, which we will explain as we go through our segments. For the year, our $49,600,000 in revenue and $24,200,000 in adjusted EBITDA both improved over 2024. Our company’s economic driver remains our commercial real estate business. Commercial revenue was up $1,000,000 for the quarter and $3,500,000 for the year, led by two land sales. One of which was a hotel site and the second, a back-end payment on our Nestlé transaction from 2025. In farming, we had one of the stronger years in recent memory. This was supported by an on-bearing year for pistachios. Farming revenue was up 20% over the same quarter last year, and up nearly 26% annually. I am pleased to report that our farming revenues were the highest in a decade. Income from our joint ventures was down for the quarter and down for the year. While our industrial real estate JVs performed well, our travel center JV with TA Petro was impacted by reduced car and truck traffic on Interstate 5. This led to lower fuel sales and fuel margins as well as lower sales in our travel centers and restaurants. On the positive side, we have seen encouraging signs from the Outlets at Tejon, with December generating the highest retail sales of any month since we opened in 2014. There are many factors in play, but among them is the positive impact of the new Hard Rock Tejon Casino, which opened in November. So far, the casino’s impact has been extremely encouraging, and we look forward to furth...
Investor releaseQuarter not tagged2026-03-20Tejon Ranch Co (TRC) Q4 2025 Earnings Call Highlights: Strong Farming Revenue and Strategic ...
GuruFocus.com
Tejon Ranch Co (TRC) Q4 2025 Earnings Call Highlights: Strong Farming Revenue and Strategic ...
This article first appeared on GuruFocus. Revenue: $49.6 million for the year, an improvement over 2024. Adjusted EBITDA: $24.2 million for the year, an increase from 2024. Net Income: $1.6 million for Q4 2025, down from $4.5 million in Q4 2024. Revenue and Other Income: Increased 8% to $23.3 million in Q4 2025 compared to $21.6 million in Q4 2024. Adjusted EBITDA for Q4: $11.4 million, a 9% increase from $10.5 million in Q4 2024. Commercial and Industrial Real Estate Revenue: $4.2 million for Q4 2025, up from $4.1 million in Q4 2024. Farming Revenue: $12.2 million for Q4 2025, a 26% increase from $9.7 million in Q4 2024. Equity and Earnings from Unconsolidated Joint Ventures: $2.1 million in Q4 2025, down from $3.3 million in Q4 2024. Minimal Resources Revenue: $2.4 million for Q4 2025, slightly down from $2.5 million in Q4 2024. Multifamily Revenue: $536,000 for Q4 2025 from Terra Vista at Tejon leasing activity. Cash and Marketable Securities: Approximately $24.9 million as of December 31, 2025. Total Liquidity: Approximately $91 million, including $66.1 million available on the revolving credit facility. Warning! GuruFocus has detected 7 Warning Signs with TRC. Is TRC fairly valued? Test your thesis with our free DCF calculator. Release Date: March 19, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Tejon Ranch Co (NYSE:TRC) reported an increase in operating income for the fourth quarter of 2025 compared to the same period in 2024. The company's commercial real estate business remains a key economic driver, with commercial revenue up by $1 million for the quarter and $3.5 million for the year. Farming revenues were the highest in a decade, with a 20% increase over the same quarter last year and a 26% annual increase, driven by a strong pistachio harvest. The opening of the Hard Rock Tejon Casino has positively impacted retail sales at the outlets Tejon, with December generating the highest retail sales since 2014. Tejon Ranch Co (NYSE:TRC) is actively working on cost-saving measures, targeting an additional $1 million in overhead savings by the end of 2027. Net income for the fourth quarter of 2025 was down compared to the same period in 2024, partly due to onetime proxy defense costs. Income from joint ventures decreased for both the quarter and the year, with the travel center JV impacted by red...
Investor releaseQuarter not tagged2026-03-20Tejon Ranch Q4 Earnings Call Highlights
MarketBeat
Tejon Ranch Q4 Earnings Call Highlights
Financial results: Revenues and other income rose 8% to $23.3 million in Q4 and adjusted EBITDA increased 9% to $11.4 million, but net income fell to $1.6 million ($0.06/share) from $4.5 million due to one‑time proxy defense costs; full‑year revenue was $49.6 million with adjusted EBITDA of $24.2 million. Operational momentum: Commercial real estate remains the primary driver with the industrial portfolio fully leased, commercial ~98% leased and Outlets at Tejon ~93%, farming delivered decade‑high revenue (Q4 farming $12.2M) and the new multifamily segment’s Terra Vista is about 70% leased after Phase 1 lease‑up. Governance, cost actions and funding plan: The board is implementing governance changes (right to call special meetings, smaller board, no executive committee) alongside workforce and overhead cuts and a $1M overhead savings target, while management is raising capital for Mountain Village, plans to use third‑party JV equity (not a rights offering) and reports total liquidity of roughly $91 million. Interested in Tejon Ranch Co? Here are five stocks we like better. Tejon Ranch (NYSE:TRC) executives used the company’s fourth-quarter 2025 earnings call to highlight improved operating performance, continued cost-cutting initiatives, and progress on governance changes, while also addressing investor concerns about returns on invested capital tied up in its long-dated master planned community projects. President and CEO Matt Walker said operating income increased versus the fourth quarter of 2024, while net income declined due to what he described as one-time proxy defense costs. Chief Financial Officer Robert Velasquez reported net income attributable to common stockholders of $1.6 million, or $0.06 per diluted share, compared with $4.5 million, or $0.17 per diluted share, in the prior-year quarter. → Expedia Stock Turns Volatile After Rally. Where Does It Go Next? Velasquez said revenues and other income, including equity and earnings from unconsolidated joint ventures, rose 8% to $23.3 million from $21.6 million a year earlier. Adjusted EBITDA increased 9% to $11.4 million from $10.5 million. For the full year, Walker said revenue totaled $49.6 million and adjusted EBITDA was $24.2 million, both improving over 2024. He emphasized that commercial real estate remains the company’s primary economic driver. → The S&P 500 Broke Its 200-Day Moving Average—He...
Investor releaseQuarter not tagged2026-03-20Tejon Ranch Co. Q4 2025 Earnings Call Summary
Moby
Tejon Ranch Co. Q4 2025 Earnings Call Summary
Management is transitioning from a 'table-setting' phase of strategic formulation to an 'activation' phase focused on converting dormant land assets into recurring revenue streams. Commercial real estate remains the primary economic engine, with performance driven by strategic land sales and high occupancy rates across industrial and retail portfolios. Farming operations achieved a ten-year revenue peak, primarily attributed to the favorable on-bearing cycle for pistachios and improved yields in permanent crops. The opening of the Hard Rock Tejon Casino in November has provided an immediate positive catalyst for retail sales at the Outlets at Tejon, reaching record monthly levels in December. Joint venture earnings faced headwinds due to reduced Interstate 5 traffic, which negatively impacted fuel margins and retail volumes at the travel center operations. The company is aggressively pursuing overhead reductions, having already reduced the workforce by 20% with a target of an additional $1,000,000 in savings by 2027. A new reporting segment for multifamily real estate was established to reflect the strategic importance and leasing momentum of the Terra Vista residential project. The company intends to utilize third-party joint venture equity for large-scale developments like Mountain Village to minimize shareholder dilution and manage capital intensity. Centennial is advancing through a reentitlement process with plans to appear before the Los Angeles County Board of Supervisors later in 2025 to address environmental review issues. Management is prioritizing the monetization of non-master-planned community assets, including 270,000 acres of land, to accelerate the growth of Net Operating Profit After Taxes. Phase two of the Terra Vista multifamily project is planned, with timing dependent on capital allocation prioritization and the leveraging of existing phase one amenities. Strategic focus is shifting toward high-yielding industrial assets within the Tejon Ranch Commerce Center to build a more robust base of recurring cash flow. Net income for the quarter was impacted by one-time proxy defense costs, masking the underlying strength of core operating performance. The Board of Directors is undergoing a structural contraction from 10 to 7 members by 2027 and has eliminated the executive committee to streamline governance. A new governance proposal will allow...
Investor releaseQuarter not tagged2026-03-20Tejon Ranch Co. unveils special-meeting proposal as it posts lower earnings
The Bakersfield Californian
Tejon Ranch Co. unveils special-meeting proposal as it posts lower earnings
Tejon Ranch Co. unveiled its latest concession to shareholders Thursday, a proposal that would allow groups holding at least 25% of the company’s outstanding shares to call a special meeting of the company’s investors. The Lebec-based agribusiness and real estate development company said the plan, variations of which have been floated by individual shareholders in recent years, will be put up for a vote of investors at this year’s annual meeting on May 13. Coming on the same day as Tejon Ranch posted sharply lower earnings, the proposal follows company directors’ move earlier this month to shrink their membership by 30% to seven and dissolve the company’s executive committee. As part of that, Tejon Ranch’s former CEO will step down, along with its longtime chairman, following next year’s annual meeting. News of those changes was greeted by a nearly 8% increase in the company’s stock price. A proponent of giving shareholders the right to call a special meeting, Grover Wickersham, said by email he had hoped the investor vote threshold would be set no higher than 20%, after an earlier proposal to make it 10% narrowly failed to gain shareholder approval last year. He called the latest proposal a move in the right direction. “We suspect that 25% is the best that the pro-shareholder directors could obtain,” he wrote. Tejon Ranch has been beset in recent years by shareholders impatient with the company’s sluggish stock price and what some see as unresponsive management. The company said Thursday its net income in the final three months of last year came to $1.6 million, down 64% from a year prior. Its revenue grew 8% to hit $23.3 million. Farming-related sales were up more than a quarter. President and CEO Matthew “Matt” Walker, who joined the company just over a year ago as chief operating officer, said in Thursday’s earnings release that Tejon Ranch’s underlying performance has improved, led by greater profitability in commercial real estate and improvements in the company’s farming segment. He was particularly bullish on the company’s commercial real estate property near the foot of the Grapevine, Tejon Ranch Commerce Center. “The broader story is the continued activity across our operating platform, particularly at the Tejon Ranch Commerce Center,” he stated. “In December, for example, leveraging the opening of the neighboring Hard Rock Tejon Casino, fuel and f...
Investor releaseQuarter not tagged2026-03-19Tejon: Q4 Earnings Snapshot
Associated Press Finance
Tejon: Q4 Earnings Snapshot
LEBEC, Calif. (AP) — LEBEC, Calif. (AP) — Tejon Ranch Co. (TRC) on Thursday reported profit of $1.6 million in its fourth quarter. On a per-share basis, the Lebec, California-based company said it had profit of 6 cents. The real estate development company posted revenue of $21.1 million in the period. For the year, the company reported profit of $75,000. Revenue was reported as $49.6 million. _____ This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on TRC at https://www.zacks.com/ap/TRC
Investor releaseQuarter not tagged2026-03-19Tejon Ranch Co. Announces Fourth Quarter and Year-Ended December 31, 2025 Financial Results
GlobeNewswire
Tejon Ranch Co. Announces Fourth Quarter and Year-Ended December 31, 2025 Financial Results
TEJON RANCH, Calif., March 19, 2026 (GLOBE NEWSWIRE) -- Tejon Ranch Co. (NYSE:TRC), ("Tejon" or the "Company"), a diversified real estate development and agribusiness company, today announced financial results for the fourth quarter and year-ended December 31, 2025. Fourth-Quarter 2025 Financial Highlights Net income attributable to common stockholders decreased by $2.9 million to $1.6 million ($0.06/share basic and diluted), compared to $4.5 million ($0.17/share) in fourth quarter of 2024. Revenues and other income, including equity in earnings from unconsolidated joint ventures, increased 8% to $23.3 million, compared to $21.6 million. Farming segment revenues increased 26% to $12.2 million, compared to $9.7 million. Adjusted EBITDA, a non-GAAP measure, increased 9% to $11.4 million, compared to $10.5 million. Delivered final buildings of the 228 unit phase 1 of Terra Vista at Tejon multifamily community. As of March 19, 2026, 71% of the units have been leased. Fiscal 2025 Financial Highlights Net income attributable to common stockholders of $0.1 million, ($0.00/share), compared to $2.7 million, or $0.10 per share basic and diluted, in 2024. Revenues and other income, including equity in earnings of unconsolidated joint ventures, increased 7% to $58.7 million, compared to $54.7 million in 2024. Farming segment revenue increased 35% to $18.7 million vs. 2024. Commercial/industrial segment revenue increased 20% to $15.0 million vs. 2024. Adjusted EBITDA, increased 8% to $25.3 million for 2025, compared to $23.4 million for 2024. Tejon Ranch Co. provides Adjusted EBITDA, a non-GAAP financial measure, because it offers additional information for monitoring the Company's cash flow performance. A table providing a reconciliation of Adjusted EBITDA to its most comparable GAAP measure, as well as an explanation of, and important disclosures about, this non-GAAP measure, is included in the tables at the end of this press release. Executive Summary “Last year we focused on establishing a clear direction for the company and aligning the organization around it,” said Matthew Walker, president and CEO of Tejon Ranch Company. “Our strategy is now beginning to gain traction in our operating performance. Our $49.6 million in revenues and $25.3 million in Adjusted EBITDA both improved over last year, reflecting the strength of our underlying businesses and the progress we...