Tejon Ranch Co. - TRC STOCK NEWS

Tejon Ranch Co. has partnered with Majestic Realty Co. to create a joint venture for developing up to 495 apartments adjacent to the Outlets at Tejon, enhancing the Tejon Ranch Commerce Center. The apartments will cover approximately 22 acres and aim to provide housing for the workforce at TRCC, promoting work-life balance and reducing commuting challenges. Construction is projected to begin in late 2022, with the first units expected by late 2023. This initiative highlights Tejon Ranch Co.'s strategy to evolve into a mixed-use community.

Tejon Ranch Co (NYSE: TRC) has finalized the sale of 12.2 acres at the Tejon Ranch Commerce Center to Dedeaux Properties, a notable logistics real estate firm in Southern California. This parcel was the last remaining industrial site owned by TRC on the west side. The transaction highlights the appeal of TRCC, strategically located at the junction of I-5 and Highway 99. The region is currently experiencing supply constraints, leading to increased demand for logistics space. TRC plans further developments, including a 630,000 sq ft building and a multi-family project, to meet rising demand.

Tejon Ranch Co. (NYSE: TRC) has finalized the sale of 17.1 acres in the Tejon Ranch Commerce Center to Scannell Properties for a new automated manufacturing facility. This 270,000-square-foot plant will serve as Plant Prefab's first automated hub, aiming to produce custom-prefabricated building components more efficiently. The facility is expected to enhance Plant Prefab's production capacity, responding to a 175% increase in production contracts over the past year. Construction is set to begin production in January 2023, supporting the company's mission to address California's housing crisis sustainably.

Tejon Ranch Co. (NYSE: TRC) has reached an agreement with Climate Resolve to enhance the Centennial master planned community, committing to include 3,480 affordable housing units and achieving net zero carbon project status exceeding California's climate goals. The community will feature advanced wildfire resilience measures and aims to install nearly 30,000 electric vehicle chargers. The lawsuit challenging the project's approval has been dismissed, allowing Tejon Ranch to progress with the necessary legislative approvals, positively impacting housing supply in Los Angeles County.

Tejon Ranch Co. (NYSE:TRC) announced financial results for Q3 2021, reporting a net income of $0.2 million, down from $0.4 million in Q3 2020. Revenues rose to $16.5 million from $15.1 million year-over-year. Significant growth in mineral resources (up 261% to $4.8 million) fueled results, aided by increased water sales. However, farming revenues declined 21% to $6.7 million, primarily due to lower pistachio insurance proceeds. Year-to-date, net income reached $2 million, up from a loss of $0.6 million in 2020, with total revenues of $45.6 million compared to $34.5 million last year.

Tejon Ranch Company announces the voluntary withdrawal of an appeal by the Center for Biological Diversity and other environmental groups regarding a Multi-Species Habitat Conservation Plan. The U.S. District Court ruled in December 2020 in favor of Tejon Ranch and the U.S. Fish & Wildlife Service, dismissing the plaintiffs' arguments as 'unsupported by the record.' The plaintiffs initially filed the lawsuit in April 2019, six years post-approval of the plan. This dismissal, which cannot be refiled, allows Tejon Ranch to proceed with its development goals in California.

Tejon Ranch Co. (NYSE: TRC) announced the appointment of Susan K. Hori to its Board of Directors, effective December 1, 2021. Hori, a partner at Manatt, Phelps & Phillips, LLP, specializes in land use development entitlements and has significant experience in navigating complex multiagency permits. CEO Gregory S. Bielli expressed confidence in her capabilities, emphasizing her legal expertise as a valuable asset for the company's goals. Hori aims to help unlock the potential of Tejon Ranch, which is crucial for housing and job creation in California.

Tejon Ranch Co. (NYSE:TRC) reported a net income of $2.8 million for Q2 2021, recovering from a loss in the same period last year. Revenue surged to $18.1 million, up 144% year-over-year, driven by strong performance in commercial real estate and mineral resources segments. Significant milestones include the construction of a 630,000 sq ft industrial building and increased water sales due to drought conditions. However, uncertainties regarding long-term pandemic impacts and fluctuating commodity prices may affect future profits.

Tejon Ranch Co. (NYSE: TRC) has started construction on a new 630,000-square-foot speculative industrial facility at the Tejon Ranch Commerce Center in California, in partnership with Majestic Realty Co.. This building, the largest among three developed jointly since 2017, capitalizes on high demand for industrial space and its strategic location near Interstate 5. Scheduled for mid-2022 occupancy, the facility will offer significant logistical advantages and tax incentives, potentially attracting major tenants.