Welcome to our dedicated page for Tejon Ranch Co. news (Ticker: TRC), a resource for investors and traders seeking the latest updates and insights on Tejon Ranch Co. stock.
Tejon Ranch Co. (NYSE: TRC) stands as a diversified real estate development and agribusiness company, strategically leveraging its expansive 270,000 acres of land. Founded in 1843, Tejon Ranch is the largest contiguous expanse of private land in California, located along Interstate 5, approximately 60 miles north of Los Angeles. This historic property is about the size of Los Angeles and 40% the size of Rhode Island, offering a rare blend of natural beauty and strategic location.
The company operates through five primary segments: commercial/industrial real estate development, resort/residential real estate development, mineral resources, farming, and ranch operations. Notably, the Tejon Ranch Commerce Center (TRCC) continues to grow, attracting major companies like RectorSeal and Nestlé USA, reflecting its significance as a premier business hub.
Recent achievements include securing $160 million in financing from AgWest Farm Credit and initiating Terra Vista at Tejon, a new multi-family apartment community. This development underscores Tejon Ranch's commitment to expanding residential options and adding vibrancy to the Ranch.
Financially, Tejon Ranch Co. has reported robust results for the fourth quarter and year-ended December 31, 2023, highlighting its strategic focus on unlocking land value and advancing residential projects such as Mountain Village, Centennial, and Grapevine at Tejon Ranch. The company's farming operations, however, face challenges from increased production costs and fluctuating commodity prices.
Tejon Ranch Co. remains committed to responsible land use, aiming to meet the housing, employment, and lifestyle needs of Californians while creating shareholder value. Prospective investors and stakeholders can find more detailed financial information and updates on the company's website.
Tejon Ranch Co. (NYSE:TRC) reported Q3 2024 financial results with a net loss of $1.8 million ($0.07 per share), compared to a $0.3 million loss in Q3 2023. Revenue increased to $14.6 million from $12.0 million year-over-year. The company's Tejon Ranch Commerce Center maintains 100% occupancy of its 2.8 million square feet industrial portfolio. Notable developments include the upcoming Terra Vista at Tejon residential project, a new 510,500 square foot joint venture with Dedeaux Properties, and a Nestlé USA distribution facility under construction. The Outlets at Tejon achieved over 90% occupancy in its 10th anniversary year.
Tejon Ranch Co. (TRC: NYSE) has elected four new directors to its Board: Denise Gammon, Kenneth Yee, Jeff McCall, and Eric Speron. Three directors joined effective November 4, 2024, while Yee will join on December 11, 2024, following Geoffrey Stack's retirement. The appointments are part of a strategic plan to enhance board diversity and expertise in financial analytics and master-planned developments. The new directors bring extensive experience in banking, finance, law, accounting, land development, and business operations. Gammon has managed $5B in land transactions, Yee has handled $2B in real estate debt deals, and McCall has managed over $12B in assets at Quarterra Group.
Tejon Ranch Company (NYSE: TRC) has announced a joint venture with Dedeaux Properties to develop a 510,500-square-foot industrial warehouse at the Tejon Ranch Commerce Center (TRCC). Located at the intersection of Interstate 5 and Highway 99, TRCC serves as a important logistics hub for California and the western United States. The new warehouse will be situated on a 25-acre parcel with immediate access to Interstate 5, designed as a Class-A divisible cross-dock facility with 185' truck courts and 36' clear height.
Tejon Ranch Company has already developed 8.2 million square feet of industrial space at TRCC, with an additional 11.1 million square feet of entitled property remaining. The company also has 674,000 square feet of commercial development, including the Outlets at Tejon. Additionally, Tejon Ranch Company's first residential project, Terra Vista at Tejon, is set to open its first phase of 228 units in Spring 2025.
Tejon Ranch Co. (NYSE: TRC) has announced the appointment of Nicholas (Nick) T. Ortiz as Senior Vice President, Corporate Communications and Public Affairs. Ortiz, who previously served as Vice President of Small Business Advocacy for the California Chamber of Commerce, will oversee the company's communications, brand image, government affairs, and key stakeholder engagement activities. He will also coordinate with the investor relations team to support Tejon Ranch's long-term growth objectives.
Gregory S. Bielli, President and CEO of Tejon Ranch Co., expressed excitement about bringing Ortiz back to Kern County, citing his expertise in developing strategies to inform and engage key audiences. Ortiz's background includes nearly eight years as President & CEO of the Greater Bakersfield Chamber and experience with various organizations in public affairs and policy.
Ortiz, a Kern County native, expressed enthusiasm for joining Tejon Ranch Company and supporting its efforts to boost housing availability, increase job opportunities, and spur economic development in Los Angeles County and Southern California.
Tejon Ranch Co. (NYSE:TRC) reported its Q2 2024 financial results, highlighting strategic efforts to unlock value from entitled land assets and grow diversified cash flows. Key developments include:
- Terra Vista at Tejon: First multi-family apartment community in Tejon Ranch Commerce Center (TRCC), with leasable units expected in Q2 2025.
- TRCC Industrial Portfolio: 2.8 million sq ft, 100% leased.
- TRCC Commercial Portfolio: 620,907 sq ft, 95% leased.
- Outlets at Tejon: Celebrating 10-year anniversary with 90% occupancy.
Financial Highlights:
- Q2 2024 GAAP net income: $1.0 million ($0.04 per share)
- Q2 2024 Revenues: $9.0 million
- Q2 2024 Adjusted EBITDA: $5.1 million
- Total liquidity as of June 30, 2024: $154.2 million
Glenbrook Capital Management, a long-time shareholder of Tejon Ranch Co. (NYSE: TRC), has issued an open letter urging the Tejon Board to improve transparency and shareholder engagement.
Glenbrook suggests the adoption of periodic investor calls and an investor outreach program, believing these changes will unlock the company's value.
The letter cites concerns over management's failure to communicate the company's asset value effectively, with the stock trading significantly below its book value.
Additionally, Glenbrook criticizes the high compensation of CEO Gregory Bielli, questioning the necessity of joint ventures that dilute shareholder value.
The letter also mentions recent shareholder votes against management and urges the Board to engage with shareholders about potential governance changes.
Glenbrook has a substantial investment in Tejon, holding 300,000 shares and options to purchase another 160,000 shares.
Tejon Ranch Co. reported its first-quarter 2024 financial results, showcasing a strategic focus on real estate development initiatives, including the construction of a residential community, Terra Vista at Tejon. The company's industrial and commercial real estate segments are performing well, with leasing activities and new developments underway. However, the financial results revealed a net loss attributable to common stockholders mainly due to decreased operating profit in the mineral resources segment and increased expenses in the resort/residential segment. Revenue and adjusted EBITDA declined compared to the same period in 2023. The company maintains a strong liquidity position and market capitalization, with plans to continue investing in various projects despite potential regulatory and environmental challenges in California.
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