Tejon Ranch Co 10-Q Filing

Ticker: TRC · Form: 10-Q · Filed: Nov 7, 2024 · CIK: 96869

Tejon Ranch Co 10-Q Filing Summary
FieldDetail
CompanyTejon Ranch Co (TRC)
Form Type10-Q
Filed DateNov 7, 2024
Pages16
Reading Time19 min
Key Dollar Amounts$0.50
Sentimentneutral

Sentiment: neutral

FAQ

What type of filing is this?

This is a 10-Q filing submitted by Tejon Ranch Co (ticker: TRC) to the SEC on Nov 7, 2024.

What are the key financial figures in this filing?

Key dollar amounts include: $0.50 (ange on which registered Common Stock, $0.50 par value TRC New York Stock Exchange).

How long is this filing?

Tejon Ranch Co's 10-Q filing is 16 pages with approximately 4,740 words. Estimated reading time is 19 minutes.

Where can I view the full 10-Q filing?

The complete filing is available on SEC EDGAR. You can also read the AI-decoded analysis with risk assessment and key highlights on ReadTheFiling.

Filing Stats: 4,740 words · 19 min read · ~16 pages · Grade level 16.2 · Accepted 2024-11-07 13:15:46

Key Financial Figures

  • $0.50 — ange on which registered Common Stock, $0.50 par value TRC New York Stock Exchange

Filing Documents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements 4 Consolidated Balance Sheets as of September 30, 2024 (unaudited) and December 31, 2023 4 Unaudited Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2024 and 2023 5 Unaudited Consolidated Statements of Comprehensive (Loss) Income for the Three and Nine Months Ended September 30, 2024 and 2023 6 Unaudited Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2024 and 2023 7 Unaudited Consolidated Statements of Changes in Equity for the Three and Nine Months Ended September 30, 2024 and 2023 9 Notes to Unaudited Consolidated Financial Statements 11

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 28

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 45

Controls and Procedures

Item 4. Controls and Procedures 47

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 48

Risk Factors

Item 1A. Risk Factors 48

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 48

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 48

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 48

Other Information

Item 5. Other Information 48

Exhibits

Item 6. Exhibits 48

SIGNATURES

SIGNATURES 53 2 Glossary The following initialisms or acronyms may be used in this document and shall be defined as set forth below: AKIP Advance Kern Incentive Program ASC Accounting Standards Codification ASU Accounting Standards Update AVEK Antelope Valley East Kern Water Agency CFL Centennial Founders, LLC CBD Center for Biological Diversity CEQA California Environmental Quality Act CFD Community Facilities District CNPS California Native Plant Society EBITDA Earnings Before Interest Taxes Depreciation and Amortization EIR Environmental Impact Report FTZ Foreign Trade Zone GAAP Generally Accepted Accounting Principles GHG Greenhouse Gas MV Mountain Village at Tejon Ranch NOI Net Operating Income PEF Pastoria Energy Facility, LLC RCL Revolving Credit Line RWA Tejon Ranch Conservation and Land Use Agreement SEC Securities and Exchange Commission SOFR Secured Overnight Financing Rate SWP State Water Project TCWD Tejon-Castac Water District TRCC Tejon Ranch Commerce Center TRPFFA Tejon Ranch Public Facilities Financing Authority WRMWSD Wheeler Ridge Maricopa Water Storage District 3

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS TEJON RANCH CO. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS ($ in thousands, except per share data) September 30, 2024 December 31, 2023 (unaudited) ASSETS Current Assets: Cash and cash equivalents $ 27,369 $ 31,907 Marketable securities - available-for-sale 13,892 32,556 Accounts receivable 2,783 8,352 Inventories 7,550 3,493 Prepaid expenses and other current assets 4,053 3,502 Total current assets 55,647 79,810 Real estate and improvements - held for lease, net 16,340 16,609 Real estate development (includes $ 123,302 at September 30, 2024 and $ 119,788 at December 31, 2023, attributable to CFL (Note 14)) 374,341 337,257 Property and equipment, net 56,760 53,985 Investments in unconsolidated joint ventures 34,429 33,648 Net investment in water assets 56,024 52,130 Other assets 4,496 4,084 TOTAL ASSETS $ 598,037 $ 577,523 LIABILITIES AND EQUITY Current Liabilities: Trade accounts payable $ 11,283 $ 6,457 Accrued liabilities and other 6,565 3,214 Deferred income 1,721 1,891 Total current liabilities 19,569 11,562 Revolving line of credit 59,942 47,942 Long-term deferred gains 11,447 11,447 Deferred tax liability 8,282 8,269 Other liabilities 15,114 15,207 Total liabilities 114,354 94,427 Commitments and contingencies (Note 11) Equity: Tejon Ranch Co. Stockholders' Equity Common stock, $ 0.50 par value per share: Authorized shares - 50,000,000 Issued and outstanding shares - 26,814,680 at September 30, 2024 and 26,770,545 at December 31, 2023 13,408 13,386 Additional paid-in capital 347,939 345,609 Accumulated other comprehensive loss ( 142 ) ( 171 ) Retained earnings 107,115 108,908 Total Tejon Ranch Co. Stockholders' Equity 468,320 467,732 Non-controlling interest 15,363 15,364 Total equity 483,683 483,096 TOTAL LIABILITIES AND EQUITY $ 598,037 $ 577,523 See accompanying notes. 4 TEJON RANCH CO. AND SUBSIDIARIES UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS ($ in thousands

View Full Filing

View this 10-Q filing on SEC EDGAR

View on ReadTheFiling | About | Contact | Privacy | Terms

Data from SEC EDGAR. Not affiliated with the SEC. Not investment advice. © 2026 OpenDataHQ.