SEC 8-K filings with transcript text
Aug 6, 2026
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Exhibit 99.1
California—August 6, 2026 - Tejon Ranch Co. (NYSE:TRC), (“Tejon” or the “Company”), a diversified real estate, land and agribusiness company, today announced financial results for the second quarter ended June 30, 2026.
Second Quarter 2026 Financial Highlights
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Net income attributable to common stockholders increased by $4.3 million to $2.6 million ($0.10/ share basic and diluted), compared to a loss of $1.7 million, ($0.06/share) in the second quarter of 2025.
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Revenues and other income, including equity in earnings of unconsolidated joint ventures increased by $6.3 million to $17.4 million, compared to $11.1 million, in the second quarter of 2025, while overall results also benefited from disciplined cost management, with year-to-date corporate expenses of $4.7 million compared to $9.1 million in the prior-year period. The prior-year period included $3.4 million of non-recurring corporate expenses.
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Adjusted EBITDA, a non-GAAP measure, increased by $2.7 million to $8.4 million compared to $5.7 million in the second quarter of 2025.
Executive Summary
“Last year we committed to a clear strategy of cost discipline and capital efficiency, and this quarter’s improved performance reflects a company executing its plan,” said Matthew Walker, President and Chief Executive Officer of Tejon Ranch Company. “Compared to the prior year, we’ve cut corporate expenses and grown Adjusted EBITDA approximately 47%. Revenue benefited from the Dedeaux land sale, a transaction that also launches a new industrial joint venture at Tejon Ranch Commerce Center in which we hold a 60% economic interest, while our multifamily, mineral resources, and ranch operations segments all grew.”
“Terra Vista continues to stabilize, with leasing now surpassing 80%, and our TRCC industrial portfolio remains fully leased. The discipline we’ve imposed and momentum we’re seeing position the Company to accelerate, as our investments mature and new opportunities emerge across the Ranch.”
Commercial/Industrial Real Estate Update
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Segment revenues increased $4.6 million to $9.7 million, compared to $5.1 million in the second quarter of 2025, driven primarily by the $6.9 million land sale associated with the Dedeaux Properties joint venture.
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Leasing and occupancy as of June 30, 2026:
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The TRCC industrial portfolio, through the Company’s joint venture partnerships, consists of 2.8 million square feet of GLA and remains 100% leased.
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The TRCC commercial portfolio, wholly owned and through joint venture partnerships, consists of approximately 584,000 square feet of GLA and is 95% leased.
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Occupancy at the Outlets at Tejon was 92% as of June 30, 2026.
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Construction commenced on Building 1B at TRCC through the Company’s 60-40 joint venture with Dedeaux Properties. Upon its completion in early 2027, this asset will add approximately 510,500 square feet of Class-A capacity to our industrial portfolio.
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Management continues to see elevated activity at TRCC tied to the lease-up of Terra Vista and the opening of the Hard Rock Casino Tejon, with outlet traffic increasing approximately 25%, year over year, and outlet sales per square foot rising 11%, as the positive trends that emerged at the end of 2025 extended into the second quarter. Similar trends are evident in fuel sales at the Company’s travel centers which are a joint venture with TravelCenters of America Inc.
Farming Highlights
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Farming segment revenues were $0.8 million, compared to $0.6 million in the second quarter of 2025.
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For the first six months of 2026, farming revenues were $1.6 million, compared to $2.2 million in the prior-year period.
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The year-over-year decline reflects lower carryover crop available for sale in the first half of 2026, as the
Company strategically accelerated sales of carryover inventory during the fourth quarter of 2025 to capitalize on stronger-than-anticipated pricing.
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The Company planted 150 acres of olives in 2025 and an additional 150 acres in 2026 as part of its ongoing crop diversification strategy.
Mineral Resources Highlights
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Mineral resources segment revenues increased 20% to $1.8 million, compared to $1.5 million in the second quarter of 2025, with segment operating profit increasing 25% to $0.9 million.
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For the first six months of 2026, segment revenues increased 30% to $5.3 million, driven primarily by opportunistic water sales executed in the first quarter.
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Underlying royalty streams across rock and aggregate, cement, and oil and gas continued to contribute stable cash flow during the quarter.
Liquidity and Capital Resources
As of June 30, 2026, total capital, including debt, was $588.9 million. The Company had total liquidity of approximately $79.2 million, consisting of cash and securities totaling approximately $15.1 million and $64.1 million available on
May 7, 2026
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Exhibit 99.1
California - May 7, 2026 - 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
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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.
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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.
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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 on a compelling set of opportunities.”
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Commercial/Industrial Real Estate Update
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Segment revenues of $2.8 million were consistent with the first quarter of 2025, reflecting stability at Tejon Ranch Commerce Center (“TRCC”).
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Leasing and occupancy as of March 31, 2026:
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The TRCC industrial portfolio, through the Company’s joint venture partnerships, consists of 2.8 million square feet of GLA and remains 100% leased.
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The TRCC commercial portfolio, wholly owned and through joint venture partnerships, consists of approximately 584,000 square feet of GLA and is 95% leased.
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Occupancy at the Outlets at Tejon was 92% as of March 31, 2026.
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Subsequent to quarter end, construction commenced on Building 1B at TRCC through the Company’s joint venture with Dedeaux Properties. Once complete, this will add approximately 510,500 square feet of Class-A industrial capacity.
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Management continues to see elevated activity at TRCC tied to the lease-up of Terra Vista and the opening of the Hard Rock Casino Tejon, with outlet traffic increasing approximately 22%, year over year, and outlet sales per square foot rising 12%, as the positive trends that emerged at the end of 2025 extended into the first quarter.
Farming Highlights
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Farming segment revenues were $0.9 million in the first quarter of 2026, compared to $1.6 million in the first quarter of 2025.
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The year-over-year decline reflects lower carryover crop available for sale in the first quarter of 2026, as the
Company strategically accelerated sales of carryover inventory during the fourth quarter of 2025 to capitalize on stronger-than-anticipated pricing.
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The Company planted 150 acres of olives in 2025 and an additional 150 acres in 2026 as part of its ongoing crop diversification strategy.
Mineral Resources Highlights
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Mineral resources segment revenues increased 36% to $3.5 million in the first quarter of 2026, compared to $2.6 million in the first quarter of 2025, with segment operating profit more than doubling to $1.0 million.
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The year-over-year improvement was driven primarily by opportunistic water sales executed during the quarter.
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Underlying royalty streams across rock and aggregate, cement, and oil and gas continued to contribute stable cash flow during the quarter.
Liquidity and Capital Resources
As of March 31, 2026, total capital, including debt, was $585.3 million. The Company had total liquidity of approximately $83.9 million, c
Mar 19, 2026
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Exhibit 99.1
TEJON RANCH, California - March 19, 2026 - 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
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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.
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Revenues and other income, including equity in earnings from unconsolidated joint ventures, increased 8% to $23.3 million, compared to $21.6 million.
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Farming segment revenues increased 26% to $12.2 million, compared to $9.7 million.
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Adjusted EBITDA, a non-GAAP measure, increased 9% to $11.4 million, compared to $10.5 million.
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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
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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.
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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.
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Farming segment revenue increased 35% to $18.7 million vs. 2024.
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Commercial/industrial segment revenue increased 20% to $15.0 million vs. 2024.
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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’re making in executing our strategy. While our reported net income this year includes approximately $3.4 million in one-time proxy defense costs, the underlying performance of the business improved, led by stronger profitability in commercial real estate and a significant year-over-year improvement in farming.
“The broader story is the continued activity across our operating platform, particularly at the Tejon Ranch Commerce Center. In December for example, leveraging the opening of the neighboring Hard Rock Tejon Casino, fuel and food revenue increased at TA Petro Travel Center, and the Outlets at Tejon generated its highest retail sales of any month ever. Those trends are continuing through the first quarter. Our 2025 results included two land transactions at TRCC, the sale of a hotel site and the back-end revenue recognition tied to the Nestlé land sale. We are also encouraged by our success beyond TRCC, where farming revenues in 2025, which was an on-bearing year, were the highest in ten years.
“We continue to set the table for future growth. Over the past year we’ve simplified our organization, reduced overhead and clarified where and how capital will be deployed. We are not done yet, but we are encouraged with the progress in strengthening our communication, governance and overall alignment with our shareholders. Last year included several non-recurring costs including our activism defense expenses, and adjusting for those our net income would show improvement over 2024. Our responsibility now is to put more of the Ranch to work, converting land into recurring cash flow. A significant step in that process is the advancement of Centennial, our master-planned community in Los Angeles County, which is about to enter a more public phase of its entitlement process addressing the court’s identified issues.
“We recognize that investors will ultimately judge us by our results which means driving long term value through earnings growth and returns on invested capital.”
Commercial/Industrial Real Estate Highlights
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Leasing and occupancy updates as of December 31, 2025:
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TRCC industrial portfolio, through the Company’s joint venture partnerships, consists of 2.8 million square feet of gross leasable area (GLA) and is 100% leased.
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TRCC commercial portfolio, wholly owned and through joint venture partnerships, consists of 620,907 square feet of GLA and is 98% lea
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