Tejon Ranch Co (TRC) reports earnings
Tejon Ranch Co (TRC). has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's operations, which include land planning and entitlement, land development, commercial land sales and leasing, mineral royalties, water asset management, grazing leases, and farming. The company plans to expand into residential leasing in 2025.
Tejon Ranch Co. reported total revenues of $41,886,000 for the year, a decrease from $44,739,000 in 2023. The decline was attributed to lower mineral resources revenue, specifically from water sales, due to back-to-back above-average rainfall years in California.
The company's net income attributable to common stockholders was $2,690,000, down from $3,265,000 in the previous year. This decrease was primarily due to reduced mineral resource segment operating income and increased farming segment expenses.
Tejon Ranch Co. continues to invest in its real estate developments, including the Tejon Ranch Commerce Center and the Centennial, Grapevine, and Mountain Village projects. The company is involved in joint ventures to facilitate these developments.
The company has a revolving credit facility with AgWest Farm Credit, PCA, providing a line of credit of $160,000,000, with $66,942,000 drawn as of December 31, 2024.
Tejon Ranch Co. faces ongoing litigation related to its Centennial project, with appeals pending in the California Court of Appeal. The company is working to address the legal challenges and continue its development plans.
The filing also discusses the company's commitment to environmental sustainability, including water conservation, renewable energy initiatives, and efforts to reduce greenhouse gas emissions.
The company did not pay cash dividends in 2024 and does not anticipate paying dividends in the near future. It plans to use available funds for development projects and operational needs.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Tejon Ranch Co annual 10-K report dated March 6, 2025. To report an error, please email [email protected].