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Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2019	Apr. 30, 2019
Document and Entity Information [Abstract]
Entity Registrant Name	TEJON RANCH CO
Entity Central Index Key	0000096869
Document Type	10-Q
Document Period End Date	Mar. 31, 2019
Amendment Flag	false
Entity Emerging Growth Company	false
Entity Small Business	true
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock Shares Outstanding		25,949,799
Trading Symbol	TRC

Unaudited Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Revenues:
Total revenues	$ 10,662	$ 13,469
Costs and Expenses:
Total expenses	11,694	11,924
Operating (loss) income	(1,032)	1,545
Other Income:
Investment income	349	283
Other income (loss), net	26	(14)
Total other income	375	269
(Loss) income from operations before equity in earnings of unconsolidated joint ventures	(657)	1,814
Equity in earnings of unconsolidated joint ventures, net	876	167
Income before income tax expense	219	1,981
Income tax expense	95	526
Net income	124	1,455
Net income (loss) attributable to non-controlling interest	5	(2)
Net income attributable to common stockholders	$ 119	$ 1,457
Net income per share attributable to common stockholders, basic (in dollars per share)	$ 0.00	$ 0.06
Net income per share attributable to common stockholders, diluted (in dollars per share)	$ 0.00	$ 0.06
Real estate - commercial/industrial
Costs and Expenses:
Total expenses	$ 1,792	$ 1,319
Other Income:
Equity in earnings of unconsolidated joint ventures, net	876	167
Income before income tax expense	1,910	1,002
Real estate - resort/residential
Costs and Expenses:
Total expenses	648	415
Mineral resources
Costs and Expenses:
Total expenses	3,832	4,231
Other Income:
(Loss) income from operations before equity in earnings of unconsolidated joint ventures	2,300	4,900
Ranch operations
Costs and Expenses:
Total expenses	1,350	1,389
Other Income:
(Loss) income from operations before equity in earnings of unconsolidated joint ventures	(461)	(400)
Operating Segments \| Real estate - commercial/industrial
Revenues:
Total revenues	2,826	2,154
Operating Segments \| Mineral resources
Revenues:
Total revenues	6,132	9,131
Operating Segments \| Farming
Revenues:
Total revenues	815	1,195
Operating Segments \| Ranch operations
Revenues:
Total revenues	889	989
Corporate expenses
Costs and Expenses:
Total expenses	$ 2,474	$ 2,732

Unaudited Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Statement of Comprehensive Income [Abstract]
Net income	$ 124	$ 1,455
Other comprehensive income (loss):
Unrealized gain (loss) on available-for-sale securities	202	(302)
Unrealized (loss) gain on interest rate swap	(733)
Unrealized (loss) gain on interest rate swap		1,328
Other comprehensive (loss) income before taxes	(531)	1,026
Benefit (provision) for income taxes related to other comprehensive income items	112	(216)
Other comprehensive (loss) income	(419)	810
Comprehensive (loss) income	(295)	2,265
Comprehensive income (loss) attributable to non-controlling interests	5	(2)
Comprehensive (loss) income attributable to common stockholders	$ (300)	$ 2,267

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Current Assets:
Cash and cash equivalents	$ 7,904	$ 15,908
Marketable securities - available-for-sale	60,270	63,749
Accounts receivable	9,655	10,876
Inventories	5,179	2,618
Prepaid expenses and other current assets	3,654	3,348
Total current assets	86,662	96,499
Real estate and improvements - held for lease, net	18,859	18,953
Real estate development (includes $101,331 at March 31, 2019 and $100,311 at December 31, 2018, attributable to Centennial Founders, LLC, Note 15)	287,444	283,385
Property and equipment, net	46,915	46,086
Investments in unconsolidated joint ventures	29,503	28,602
Net investment in water assets	54,993	51,832
Deferred tax assets	1,341	1,229
Other assets	2,249	2,462
TOTAL ASSETS	527,966	529,048
Current Liabilities:
Trade accounts payable	6,610	6,037
Accrued liabilities and other	3,218	3,575
Deferred income	1,997	2,863
Current maturities of long-term debt	4,048	4,018
Total current liabilities	15,873	16,493
Long-term debt, less current portion	60,749	61,780
Long-term deferred gains	3,405	3,405
Other liabilities	13,245	12,698
Total liabilities	93,272	94,376
Commitments and contingencies
Tejon Ranch Co. Stockholders’ Equity
Issued and outstanding shares - 26,020,953 at March 31, 2019 and 25,972,080 at December 31, 2018	13,010	12,986
Additional paid-in capital	336,813	336,520
Accumulated other comprehensive loss	(5,276)	(4,857)
Retained earnings	74,766	74,647
Total Tejon Ranch Co. Stockholders’ Equity	419,313	419,296
Non-controlling interest	15,381	15,376
Total equity	434,694	434,672
TOTAL LIABILITIES AND EQUITY	$ 527,966	$ 529,048

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Real estate development	$ 287,444	$ 283,385
Common stock, par value per share (in dollars per share)	$ 0.50	$ 0.50
Common stock, authorized shares (in shares)	30,000,000	30,000,000
Common stock, issued shares (in shares)	26,020,953	25,972,080
Common stock, outstanding shares (in shares)	26,020,953	25,972,080
Centennial
Real estate development	$ 101,331	$ 100,311

Unaudited Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Operating Activities
Net income	$ 124	$ 1,455
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation and amortization	1,089	1,071
Amortization of premium/discount of marketable securities	(21)	35
Equity in earnings of unconsolidated joint ventures, net	(876)	(167)
Non-cash retirement plan expense	77	41
Loss on sale of property plant and equipment	0	36
Stock compensation expense	813	948
Excess tax benefit from stock-based compensation	46	22
Changes in operating assets and liabilities:
Receivables, inventories, prepaids and other assets, net	(1,385)	2,001
Current liabilities, net	(1,078)	1,527
Net cash (used in) provided by operating activities	(1,211)	6,969
Investing Activities
Maturities and sales of marketable securities	14,567	10,942
Funds invested in marketable securities	(10,865)	(11,520)
Real estate and equipment expenditures	(5,112)	(3,779)
Reimbursement proceeds from Community Facilities District	0	1,385
Investment in unconsolidated joint ventures	(100)	0
Distribution of equity from unconsolidated joint ventures	41	181
Investments in long-term water assets	(3,502)	(2,659)
Net cash used in investing activities	(4,971)	(5,450)
Financing Activities
Repayments of long-term debt	(1,007)	(985)
Rights offering costs	0	(166)
Taxes on vested stock grants	(815)	(996)
Net cash used in financing activities	(1,822)	(2,147)
Decrease in cash and cash equivalents	(8,004)	(628)
Cash and cash equivalents at beginning of period	15,908	20,107
Cash and cash equivalents at end of period	7,904	19,479
Supplemental cash flow information
Accrued capital expenditures included in current liabilities	$ 292	$ 673

Unaudited Consolidated Statement of Changes in Equity and Noncontrolling Interests - USD ($) $ in Thousands	Total	Total Stockholders' Equity	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings	Noncontrolling Interest
Beginning Balance, value at Dec. 31, 2017	$ 426,810	$ 398,242	$ 12,947	$ 320,167	$ (5,264)	$ 70,392	$ 28,568
Beginning Balance (in shares) at Dec. 31, 2017			25,894,773
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	1,455	1,457				1,457	(2)
Other comprehensive loss	810	810			810
Rights offering costs	(166)	(166)		(166)
Restricted stock issuance	0	0	$ 45	(45)
Restricted stock issuance (in shares)			89,480
Stock compensation	1,294	1,294		1,294
Shares withheld for taxes and tax benefit of vested shares	(996)	(996)	$ (21)	(975)
Shares withheld for taxes and tax benefit of vested shares (in shares)			(42,773)
Ending Balance, value at Mar. 31, 2018	429,207	400,641	$ 12,971	320,275	(4,454)	71,849	28,566
Ending Balance (in shares) at Mar. 31, 2018			25,941,480
Beginning Balance, value at Dec. 31, 2018	434,672	419,296	$ 12,986	336,520	(4,857)	74,647	15,376
Beginning Balance (in shares) at Dec. 31, 2018			25,972,080
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	124	119				119	5
Other comprehensive loss	(419)	(419)			(419)
Restricted stock issuance	0	0	$ 46	(46)
Restricted stock issuance (in shares)			91,478
Stock compensation	1,132	1,132		1,132
Shares withheld for taxes and tax benefit of vested shares	(815)	(815)	$ (22)	(793)
Shares withheld for taxes and tax benefit of vested shares (in shares)			(42,605)
Ending Balance, value at Mar. 31, 2019	$ 434,694	$ 419,313	$ 13,010	$ 336,813	$ (5,276)	$ 74,766	$ 15,381
Ending Balance (in shares) at Mar. 31, 2019			26,020,953

Basis of Presentation	3 Months Ended
Basis of Presentation	Mar. 31, 2019
Accounting Policies [Abstract]
Basis of Presentation	BASIS OF PRESENTATION The summarized information of Tejon Ranch Co. and its subsidiaries (the Company, Tejon, we, us and our), provided pursuant to Part I, Item 1 of Form 10-Q, is unaudited and reflects all adjustments which are, in the opinion of the Company’s management, necessary for a fair statement of the results for the interim period. All such adjustments are of a normal recurring nature. We have evaluated subsequent events through the date of issuance of our consolidated financial statements. The periods ending March 31, 2019 and 2018 include the consolidation of Centennial Founders, LLC’s statement of operations within the resort/residential real estate development segment and statements of cash flows. The Company’s March 31, 2019 and December 31, 2018 balance sheets and statements of changes in equity and noncontrolling interests are presented on a consolidated basis, including the consolidation of Centennial Founders, LLC. The Company has identified five reportable segments: commercial/industrial real estate development, resort/residential real estate development, mineral resources, farming, and ranch operations. Information for the Company’s reportable segments are presented in its Consolidated Statements of Operations. The Company’s reportable segments follow the same accounting policies used for the Company’s consolidated financial statements. We use segment profit or loss, along with equity in earnings of unconsolidated joint ventures, as the primary measure of profitability to evaluate operating performance and to allocate capital resources. The results of the period reported herein are not indicative of the results to be expected for the full year due to the seasonal nature of the Company’s agricultural activities, water activities, and the timing of real estate sales and leasing activities. Historically, the Company’s largest percentages of farming revenues are recognized during the third and fourth quarters of the fiscal year. For further information and a summary of significant accounting policies, refer to the Consolidated Financial Statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018. Recent Accounting Pronouncements Allowance for Credit Losses In June 2016, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update, or ASU, No. 2016-13, "Financial Instruments — Credit Losses (Topic 326)," changing the impairment model for most financial instruments by requiring companies to recognize an allowance for expected losses, rather than incurred losses as required currently by the other-than-temporary impairment model. The ASU will apply to most financial assets measured at amortized cost and certain other instruments, including trade and other receivables, loans, available-for-sale and held-to-maturity debt securities, net investments in leases, and off-balance-sheet credit exposures. The ASU is effective for the Company on January 1, 2020, and will be applied as a cumulative adjustment to retained earnings as of the effective date. The Company is currently in the process of evaluating the impact of the adoption of this ASU on its consolidated financial statements. The Company's implementation efforts include, but are not limited to, identifying key interpretive issues, assessing its policies and processes, and evaluating related control activities to determine if modifications or enhancements may be required. The Company's accounts receivable balance is primarily composed of crop receivables. Based on historical experience with our current customers and periodic credit evaluations of our customers' financial conditions, we believe our credit risk is minimal. With regards to the marketable securities, as the Company limits its investment to securities with investment grade rating from Moody's or Standard and Poor's, and it generally does not sell securities before recovery of their amortized cost basis, we do not expect this ASU to have any material impact on its accounting of marketable securities. Fair Value of Financial Instruments In August 2018, the FASB issued ASU No. 2018-13, "Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement". This ASU removes certain disclosure requirements related to the fair value hierarchy, such as disclosure of amounts and reasons for transfers between Level 1 and Level 2, and adds new disclosure requirements, such as disclosure of the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurement. For the Company, the new standard will be effective on January 1, 2020. The Company does not expect this ASU to have any material impact on its consolidated financial statements, as the Company does not have financial instruments classified as Level 3. Retirement Benefits In August 2018, the FASB issued ASU No. 2018-14, "Changes to the Disclosure Requirements for Defined Benefit Plans." This ASU removes certain disclosure requirements, including the amounts in accumulated other comprehensive income expected to be recognized as components of net periodic benefit cost over the next fiscal year and the amount and timing of plan assets expected to be returned to the employer. This ASU also requires additional disclosures for the weighted average interest crediting rates for cash balance plans and explanations for significant gains and losses related to changes in the benefit plan obligation. This ASU is effective for fiscal years beginning after December 15, 2020. The Company is currently assessing the impact of this ASU on its consolidated financial statements and related disclosures. Newly Adopted Accounting Pronouncements Lease Accounting In February 2016, the FASB issued ASU No. 2016-02, "Leases." From the lessee's perspective, the new standard establishes a right-of-use, or ROU, model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement for a lessee. From the lessor's perspective, the new standard requires a lessor to classify leases as either sales-type, finance or operating. Entities are prohibited from using a full retrospective transition approach to adopt this guidance, and a modified retrospective approach is required to be used for all leases that exist at or commence after the beginning of the earliest comparative period presented. Entities are permitted to elect a package of expedients where an entity need not reassess (i) whether any expired or existing contracts are or contain leases, (ii) lease classification for any expired or existing leases, or (iii) initial direct costs for any existing leases. In January 2018, the FASB issued ASU No. 2018-01, "Land Easement Practical Expedient for Transition to Topic 842," which permits entities to elect a transition practical expedient to not assess land easements that exist or expired before the adoption of the new standard in order to reduce the costs and complexity of complying with the transition provisions. If this practical expedient is elected, entities are effectively allowed to grandfather the accounting for easements entered into prior to the adoption of the new standards. In July 2018, the FASB issued ASU No. 2018-11, "Targeted Improvements to Leases (Topic 842)," which allows entities to not apply the new leases standard in the comparative periods they present in their financial statements. Under this transition option, entities can continue to apply the legacy guidance in the comparative periods presented in the year they adopt the new standard. ASU No. 2018-11 also provides a practical expedient for lessors to combine the lease and non-lease components under certain circumstances to simplify lessor's implementation of the new guidance. The Accounting Standards Codification Topic 842: Leases, or ASC 842, became effective on January 1, 2019. The Company adopted the new standards using the modified retrospective method on January 1, 2019. The optional transition method was elected during this transition, and comparative information is not restated and will continue to be reported under the legacy guidance. The Company also elected the package of practical expedients and will account for its existing leases under the new guidance without reassessing its prior conclusions of lease identification, lease classification and initial direct costs. Lessee Impact: The Company currently leases several office copiers under 48-month lease terms. On January 1, 2019, an operating lease ROU asset and an operating lease liability were recorded on the consolidated balance sheets, both in the amount of $52,000, as a result of adopting the new guidance. The $52,000 was determined by calculating the present value of the future annual cash lease payments using a discount rate of 4.11%. The 4.11% discount rate represents the Company's incremental borrowing rate as of January 1, 2019. The implementation of the new standards did not have any impact on the consolidated statements of operations or the opening balance of retained earnings on the consolidated statements of equity. Lessor Impact: The Company elected the land easement practical expedient upon adoption of the new guidance and is thus permitted to continue its current accounting policy for land easements that exist or expired before the effective date of the adoption. The Company will evaluate new or modified land easements under ASC 842 beginning on the adoption date of the new guidance. Additionally, the Company elected the lessor's practical expedient and combined the lease and non-lease components due to the following criteria being met: (i) the timing and pattern of recognizing revenue for the lease components are the same as its associated non-lease components, (ii) the lease component, if accounted for separately, would be classified as an operating lease, and (iii) the lease component is the predominant component within the contract. The Company believes that combining the lease component, which is the lease revenue, and non-lease components such as common area maintenance revenue and provisions of real estate taxes and insurance, will provide more meaningful information as it is more reflective of the predominant component in the lease contracts. We expect no significant differences in the timing and pattern of revenue recognition under the new lease guidance for all our existing leases from the lessor's perspective. For new leases originated after the adoption date, we expect to capitalize less initial direct cost, as the definition of initial direct cost is narrower under the new guidance. Certain costs, such as legal costs incurred, were eligible for capitalization under the legacy guidance, but are no longer eligible for capitalization under the new standards. The amounts capitalized as legal costs have been de minimis in the past and would not have a material impact to our results of operations. Derivatives and Hedging In August 2017, the FASB issued ASU No. 2017-12, "Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities," which amends the hedge accounting model and allows entities to better portray the economics of their risk management activities in their financial statements. This guidance eliminates the requirement to separately measure and report hedge ineffectiveness and requires the entire change in the fair value of a hedging instrument to be presented in the same income statement line as hedged item. The Company adopted ASU No. 2017-12 on January 1, 2019 using a modified retrospective approach. The Company utilizes an interest rate swap to hedge its exposure to variable interest rate associated with borrowings based on London Interbank Offered Rate (LIBOR). The interest rate swap is designated as a cash flow hedge, and the hedge has been highly effective since inception. Therefore, no cumulative effective adjustment of previously recognized ineffectiveness was required to be recorded as a result of adopting this new guidance. The adoption of this guidance did not have an impact on the Company's consolidated financial statements. In October 2018, the FASB issued ASU No. 2018-16, "Derivatives and Hedging (Topic 815): Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes". This ASU identified SOFR as the preferred reference rate alternative to LIBOR. The Company adopted this new guidance on January 1, 2019, and the adoption did not have an impact on the Company's consolidated financial statements. For a more detailed discussion of the benchmark interest rate, see Part I, Item 1A, "Risk Factors" included in the Annual Report on Form 10-K for the year ended December 31, 2018. Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income In February 2018, the FASB issued ASU No. 2018-02, "Income Statement — Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income," which allows a reclassification from accumulated other comprehensive income, or AOCI, to retained earnings for stranded tax effects resulting from the U.S. government’s comprehensive tax legislation enacted in December 2017, commonly referred to as U.S. Tax Reform. The guidance became effective for the Company on January 1, 2019, and the Company adopted the provisions of the guidance as of the effective date. The Company did not make an election to reclassify the income tax effects of the U.S Tax Reform from AOCI to retained earnings. Please also refer to Critical Accounting Policies in Part I, Item 2 of this report for discussion on changes to critical accounting policies.

Equity

3 Months Ended

Mar. 31, 2019

Stockholders' Equity Note [Abstract]

Equity

EQUITY

Earnings Per Share (EPS)

Basic net income per share attributable to common stockholders is based upon the weighted average number of shares of common stock outstanding during the year. Diluted net income per share attributable to common stockholders is based upon the weighted average number of shares of common stock outstanding and the weighted average number of shares outstanding assuming the vesting of restricted stock grants per ASC 260, “Earnings Per Share.”



	Three Months Ended March 31,
	2019	2018
Weighted average number of shares outstanding:
Common stock	25,992,374	25,912,819
Common stock equivalents	17,707	28,509
Diluted shares outstanding	26,010,081	25,941,328

Marketable Securities

3 Months Ended

Mar. 31, 2019

Investments, Debt and Equity Securities [Abstract]

Marketable Securities

MARKETABLE SECURITIES

ASC 320, “Investments – Debt and Equity Securities” requires that an enterprise classify all debt securities as either held-to-maturity, trading or available-for-sale. The Company has elected to classify its securities as available-for-sale and therefore is required to adjust securities to fair value at each reporting date. All costs and both realized and unrealized gains and losses on securities are determined on a specific identification basis. The following is a summary of available-for-sale securities at:



($ in thousands)		March 31, 2019				December 31, 2018
Marketable Securities:	Fair Value Hierarchy	Cost		Fair Value		Cost		Fair Value
Certificates of deposit
with unrecognized losses for less than 12 months		$	—	$	—	$	250	$	248
with unrecognized losses for more than 12 months		4,012		3,991		3,861		3,812
with unrecognized gains		—		—		—		—
Total Certificates of deposit	Level 1	4,012		3,991		4,111		4,060
U.S. Treasury and agency notes
with unrecognized losses for less than 12 months		4,064		4,058		3,112		3,105
with unrecognized losses for more than 12 months		19,472		19,391		23,564		23,415
with unrecognized gains		2		3		3		4
Total U.S. Treasury and agency notes	Level 2	23,538		23,452		26,679		26,524
Corporate notes
with unrecognized losses for less than 12 months		14,780		14,760		13,696		13,665
with unrecognized losses for more than 12 months		9,383		9,334		12,542		12,431
with unrecognized gains		1,795		1,797		—		—
Total Corporate notes	Level 2	25,958		25,891		26,238		26,096
Municipal notes
with unrecognized losses for less than 12 months		—		—		2,994		2,982
with unrecognized losses for more than 12 months		6,949		6,936		4,116		4,087
with unrecognized gains		—		—		—		—
Total Municipal notes	Level 2	6,949		6,936		7,110		7,069
		$	60,457	$	60,270	$	64,138	$	63,749

We evaluate our securities for other-than-temporary impairment based on the specific facts and circumstances surrounding each security valued below its cost. Factors considered include the length of time the securities have been valued below cost, the financial condition of the issuer, industry reports related to the issuer, the severity of any decline, our intention not to sell the security, and our assessment as to whether it is not more likely than not that we will be required to sell the security before a recovery of its amortized cost basis. We then segregate the loss between the amounts representing a decrease in cash flows expected to be collected, or the credit loss, which is recognized through earnings, and the balance of the loss, which is recognized through other comprehensive income. At March 31, 2019, the fair market value of investment securities was $187,000 below their cost basis. The Company’s gross unrealized holding gains equaled $3,000 and gross unrealized holding losses equaled $190,000. The Company has determined that any unrealized losses in the portfolio were temporary as of March 31, 2019. As of March 31, 2019, the adjustment to accumulated other comprehensive loss reflected an improvement in market value of $202,000, including estimated taxes of $42,000.

The following tables summarize the maturities, at par, of marketable securities as of:



	March 31, 2019
($ in thousands)	2019		2020		2021		Total
Certificates of deposit	$	2,212	$	1,799	$	—	$	4,011
U.S. Treasury and agency notes	13,414		10,173		—		23,587
Corporate notes	11,871		13,700		400		25,971
Municipal notes	4,951		2,000		—		6,951
	$	32,448	$	27,672	$	400	$	60,520



	December 31, 2018
($ in thousands)	2019		2020		2021		Total
Certificates of deposit	$	2,311	$	1,799	$	—	$	4,110
U.S. Treasury and agency notes	17,574		9,174		—		26,748
Corporate notes	18,671		7,150		400		26,221
Municipal notes	5,111		2,000		—		7,111
	$	43,667	$	20,123	$	400	$	64,190

The Company’s investments in corporate notes are with companies that have an investment grade rating from Standard & Poor’s.

Real Estate

3 Months Ended

Mar. 31, 2019

Real Estate [Abstract]

Real Estate

REAL ESTATE



($ in thousands)	March 31, 2019			December 31, 2018
Real estate development
Mountain Village	$	138,521		$	137,571
Centennial	101,331			100,311
Grapevine	31,896			31,175
Tejon Ranch Commerce Center	15,696			14,328
Real estate development	287,444			283,385

Real estate and improvements - held for lease
Tejon Ranch Commerce Center	21,328			21,327
Less accumulated depreciation	(2,469		)	(2,374		)
Real estate and improvements - held for lease, net	$	18,859		$	18,953

Long-Term Water Assets

3 Months Ended

Mar. 31, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Long-Term Water Assets

LONG-TERM WATER ASSETS

Long-term water assets consist of water and water contracts held for future use or sale. The water is held at cost, which includes the price paid for the water and the cost to pump and deliver the water from the California aqueduct into the water bank. Water is currently held in a water bank on Company land in southern Kern County. Company-banked water costs also include costs related to the right to receive additional acre-feet of water in the future from the Antelope Valley East Kern Water Agency, or AVEK. The Company has also banked water within an AVEK-owned water bank.

We have also been purchasing water for future use or sale. In 2008, we purchased 8,393 acre-feet of transferable water and in 2009 we purchased an additional 6,393 acre-feet of transferable water, all of which is now stored in the Company's water bank. We also have secured State Water Project, or SWP, entitlement under long-term SWP water contracts within the Tulare Lake Basin Water Storage District and the Dudley-Ridge Water District, totaling 3,444 acre-feet of SWP entitlement annually, subject to SWP allocations. These contracts extend through 2035 and have been transferred to AVEK for our use in the Antelope Valley. In 2013, the Company acquired a contract to purchase water that obligates the Company to purchase 6,693 acre-feet of water each year from the Nickel Family, LLC, or Nickel, a California limited liability company that is located in Kern County.

The initial term of the water purchase agreement with Nickel runs to 2044 and includes a Company option to extend the contract for an additional 35 years. The purchase cost of water in 2019 is $769 per acre-foot. The purchase cost is subject to annual cost increases based on the greater of the consumer price index or 3%.

The water purchased above will ultimately be used in the development of the Company’s land for commercial/industrial real estate development, resort/residential real estate development, and farming. Interim uses may include the sale of portions of this water to third party users on an annual basis until this water is fully allocated to Company uses, as just described.

Water revenues and cost of sales were as follows ($ in thousands):



	March 31, 2019		March 31, 2018

Acre-Feet Sold	4,445		7,442

Revenues	$	5,026	$	7,992
Cost of sales	3,194		3,679
Profit	$	1,832	$	4,313

The costs assigned to water assets held for future use were as follows ($ in thousands):



	March 31, 2019		December 31, 2018
Banked water and water for future delivery	$	25,208	$	24,597
Transferable water	2,927		36
Total water held for future use at cost	$	28,135	$	24,633

Intangible Water Assets

The Company's carrying amounts of its purchased water contracts were as follows ($ in thousands):



	March 31, 2019					December 31, 2018
	Costs		Accumulated Depreciation			Costs		Accumulated Depreciation
Dudley-Ridge water rights	$	12,203	$	(3,980	)	$	12,203	$	(3,860	)
Nickel water rights	18,740		(3,480		)	18,740		(3,320		)
Tulare Lake Basin water rights	5,857		(2,482		)	5,857		(2,421		)
	$	36,800	$	(9,942	)	$	36,800	$	(9,601	)
Net cost of purchased water contracts	26,858					27,199
Total cost water held for future use	28,135					24,633
Net investments in water assets	$	54,993				$	51,832

Water contracts with the Wheeler Ridge Maricopa Water Storage District, or WRMWSD, and the Tejon-Castac Water District, or TCWD, are also in place, but were entered into with each district at inception of the contract and not purchased later from third parties, and do not have a related financial value on the books of the Company. Therefore, there is no amortization expense related to these contracts. Total water resources, including both recurring and one-time usage, are:



(in acre-feet, unaudited)	March 31, 2019	December 31, 2018
Water held for future use
AVEK water bank	13,033	13,033
Company water bank	37,316	35,793
Transferable water	5,999	500
Total water held for future use	56,348	49,326
Purchased water contracts
Water Contracts (Dudley-Ridge, Nickel and Tulare)	10,137	10,137
WRMWSD - Contracts with Company	15,547	15,547
TCWD - Contracts with Company	5,749	5,749
TCWD - Banked water contracted to Company	54,351	52,547
Total purchased water contracts	85,784	83,980
Total water held for future use and purchased water contracts	142,132	133,306

The Company entered into a Water Supply Agreement with Pastoria Energy Facility, L.L.C., or PEF in 2015. PEF is our current lessee under a power plant lease. Pursuant to the Water Supply Agreement, PEF may purchase from the Company up to 3,500 acre-feet of water per year from January 1, 2017 through July 31, 2030, with an option to extend the term. PEF is under no obligation to purchase water from the Company in any year but is required to pay the Company an annual option payment equal to 30% of the maximum annual payment. The price of the water under the Water Supply Agreement for 2019 is $1,120 per acre-foot, subject to 3% annual increases over the life of the contract. The Water Supply Agreement contains other customary terms and conditions, including representations and warranties, which are typical for agreements of this type. The Company's commitments to sell water can be met through current water assets.

Accrued Liabilities and Other

3 Months Ended

Mar. 31, 2019

Payables and Accruals [Abstract]

Accrued Liabilities and Other

ACCRUED LIABILITIES AND OTHER

Accrued liabilities and other consists of the following:



($ in thousands)	March 31, 2019		December 31, 2018
Accrued vacation	$	790	$	761
Accrued paid personal leave	428		416
Accrued bonus	647		2,071
Property tax payable¹	1,022		—
Other	331		327
	$	3,218	$	3,575

¹California property taxes are paid every April and December.

Line of Credit and Long-Term Debt

3 Months Ended

Mar. 31, 2019

Debt Disclosure [Abstract]

Line of Credit and Long-Term Debt

LINE OF CREDIT AND LONG-TERM DEBT

Debt consists of the following:



($ in thousands)	March 31, 2019			December 31, 2018
Notes payable	64,908			65,901
Other borrowings	—			14
Total short-term and long-term debt	64,908			65,915
Less: line-of-credit and current maturities of long-term debt	(4,048		)	(4,018		)
Less: deferred loan costs	(111		)	(117		)
Long-term debt, less current portion	$	60,749		$	61,780

On October 13, 2014, the Company as borrower entered into an Amended and Restated Credit Agreement, a Term Note and a Revolving Line of Credit Note (collectively, the Credit Facility) with Wells Fargo. The Credit Facility added a $70,000,000 term loan, or Term Loan, to the existing $30,000,000 revolving line of credit, or RLC. Funds from the Term Loan were used to finance the Company's purchase of DMB TMV LLC’s interest in TMV LLC in 2014.

The Term Loan had outstanding balances of $61,561,000 and $62,483,000 as of March 31, 2019 and December 31, 2018, respectively. The interest rate per annum applicable to the Term Loan is LIBOR (as defined in the Term Note) plus a margin of 170 basis points. The interest rate for the term of the Term Note has been fixed through the use of an interest rate swap at a rate of 4.11%. The Term Loan requires monthly amortization payments pursuant to a schedule set forth in the Term Note, with the final outstanding principal amount due October 5, 2024. The Company may make voluntary prepayments on the Term Loan at any time without penalty (excluding any applicable LIBOR or interest rate swap breakage costs). Each optional prepayment will be applied to reduce the most remote principal payment then unpaid. The Credit Facility is secured by the Company's farmland and farm assets, which include equipment, crops and crop receivables; the PEF power plant lease and lease site; and related accounts and other rights to payment and inventory.

The RLC had no outstanding balance as of March 31, 2019 and December 31, 2018. At the Company’s option, the interest rate on this line of credit can float at 1.50% over a selected LIBOR rate or can be fixed at 1.50% above LIBOR for a fixed rate term. During the term of this RLC (which matures in September 2019), we can borrow at any time and partially or wholly repay any outstanding borrowings and then re-borrow, as necessary. We anticipate renewing the RLC in September 2019 at similar terms as the expiring terms.

Any future borrowings under the RLC will be used for ongoing working capital requirements and other general corporate purposes. To maintain availability of funds under the RLC, undrawn amounts under the RLC will accrue a commitment fee of 10 basis points per annum. The Company's ability to borrow additional funds in the future under the RLC is subject to compliance with certain financial covenants and making certain representations and warranties, which are typical in this type of borrowing arrangement.

The Credit Facility requires compliance with three financial covenants: (i) total liabilities divided by tangible net worth not greater than 0.75 to 1.0 at each quarter end; (ii) a debt service coverage ratio not less than 1.25 to 1.00 as of each quarter end on a rolling four quarter basis; and (iii) maintain liquid assets equal to or greater than $20,000,000, including availability on RLC. At March 31, 2019 and December 31, 2018, we were in compliance with all financial covenants.

The Credit Facility also contains customary negative covenants that limit the ability of the Company to, among other things, make capital expenditures, incur indebtedness and issue guaranties, consummate certain assets sales, acquisitions or mergers, make investments, pay dividends or repurchase stock, or incur liens on any assets.

The Credit Facility contains customary events of default, including: failure to make required payments; failure to comply with terms of the Credit Facility; bankruptcy and insolvency; and a change in control without consent of the bank (which consent will not be unreasonably withheld). The Credit Facility contains other customary terms and conditions, including representations and warranties, which are typical for credit facilities of this type.

In 2013, we entered into a promissory note agreement, secured by real estate, with CMFG Life Insurance Company to pay a principal amount of $4,750,000 with principal and interest due monthly starting on October 1, 2013. The interest rate on this promissory note is 4.25% per annum, with monthly principal and interest payments of $36,000 ending on September 1, 2028. The proceeds from this promissory note were used to eliminate debt that had been previously used to provide long-term financing for a building being leased to Starbucks and provide additional working capital for future investment. The current balance on the note was $3,347,000 on March 31, 2019. The balance of this long-term debt instrument included in "Notes payable" above approximates the fair value of the instrument.

Other Liabilities

3 Months Ended

Mar. 31, 2019

Other Liabilities Disclosure [Abstract]

Other Liabilities

OTHER LIABILITIES

Other liabilities consist of the following:



($ in thousands)	March 31, 2019		December 31, 2018
Pension liability (Note 13)	$	2,133	$	2,148
Interest rate swap liability (Note 10)¹	640		—
Supplemental executive retirement plan liability (Note 13)	7,709		7,750
Excess joint venture distributions and other	2,763		2,800
Total	$	13,245	$	12,698

¹The Company's interest rate swap had an asset balance of $93,000 as of December 31, 2018 and is recorded under the caption Other Assets on the Consolidated Balance Sheets.

For the captions presented in the table above, please refer to the respective Notes to Unaudited Consolidated Financial Statements for further detail.

Stock Compensation - Restricted Stock and Performance Share Grants

3 Months Ended

Mar. 31, 2019

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock Compensation - Restricted Stock and Performance Share Grants

STOCK COMPENSATION - RESTRICTED STOCK AND PERFORMANCE SHARE GRANTS

The Company’s stock incentive plans provide for the making of awards to employees based upon a service condition or through the achievement of performance-related objectives. The Company has issued three types of stock grant awards under these plans: restricted stock with service condition vesting; performance share grants that only vest upon the achievement of specified performance conditions, such as corporate cash flow goals, or Performance Condition Grants; and performance share grants that include threshold, target, and maximum achievement levels based on the achievement of specific performance milestones, or Performance Milestone Grants. The Company has also granted performance share grants that contain both performance-based and market-based conditions. Compensation cost for these awards is recognized based on either the achievement of the performance-based conditions, if they are considered probable, or if they are not considered probable, on the achievement of the market-based condition. Failure to satisfy the threshold performance conditions will result in the forfeiture of shares. Forfeiture of share awards with service conditions or performance-based restrictions will result in a reversal of previously recognized share-based compensation expense. Forfeiture of share awards with market-based restrictions do not result in a reversal of previously recognized share-based compensation expense.

The following is a summary of the Company's Performance Condition Grants as of the three months ended March 31, 2019:



Performance Condition Grants
Below threshold performance	—
Threshold performance	186,366
Target performance	422,264
Maximum performance	640,981

The following is a summary of the Company’s stock grant activity, both time and performance unit grants, assuming target achievement for outstanding performance grants for the three months ended March 31, 2019:



	March 31, 2019
Stock Grants Outstanding Beginning of Period at Target Achievement	538,599
New Stock Grants/Additional Shares due to Achievement in Excess of Target	115,426
Vested Grants	(82,112	)
Expired/Forfeited Grants	—
Stock Grants Outstanding End of Period at Target Achievement	571,913

The unamortized cost associated with unvested stock grants and the weighted average period over which it is expected to be recognized as of March 31, 2019 were $5,695,000 and 21 months, respectively. The fair value of restricted stock with time-based vesting features is based upon the Company’s share price on the date of grant and is expensed over the service period. Fair value of performance grants that cliff vest based on the achievement of performance conditions is based on the share price of the Company’s stock on the day of grant once the Company determines that it is probable that the award will vest. This fair value is expensed over the service period applicable to these grants. For performance grants that contain a range of shares from zero to a maximum we determine based on historic and projected results, the probability of (1) achieving the performance objective and (2) the level of achievement. Based on this information, we determine the fair value of the award and measure the expense over the service period related to these grants. Because the ultimate vesting of all performance grants is tied to the achievement of a performance condition, we estimate whether the performance condition will be met and over what period of time. Ultimately, we adjust compensation cost according to the actual outcome of the performance condition.

Under the Non-Employee Director Stock Incentive Plan, or NDSI Plan, each non-employee director receives his or her annual compensation in stock. The stock is granted at the end of each quarter based on the quarter end stock price.

The following table summarizes stock compensation costs for the Company's 1998 Stock Incentive Plan, or the Employee Plan, and NDSI Plan for the following periods:



($ in thousands)	Three Months Ended March 31,
Employee Plan:	2019		2018
Expensed	$	666	$	761
Capitalized	319		346
	985		1,107
NDSI Plan - Expensed	147		187
Total Stock Compensation Costs	$	1,132	$	1,294

Interest Rate Swap

3 Months Ended

Mar. 31, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Interest Rate Swap

INTEREST RATE SWAP

In October 2014, the Company entered into an interest rate swap agreement to hedge cash flows tied to changes in the underlying floating interest rate tied to LIBOR for the Term Note as discussed in Note 7 (Line of Credit and Long-Term Debt). During the quarter ended March 31, 2019, our interest rate swap agreement was 100% effective. Changes in fair value, including accrued interest and adjustments for non-performance risk, that qualify as cash flow hedges are classified in AOCI. Amounts classified in AOCI are subsequently reclassified into earnings in the period during which the hedged transactions affect earnings. As of March 31, 2019, the fair value of our interest rate swap agreement was less than its cost basis and as such is recorded within Other Liabilities on the Consolidated Balance Sheets.

We had the following outstanding interest rate swap agreement designated as an interest rate cash flow hedge as of March 31, 2019 ($ in thousands):



Effective Date	Maturity Date	Fair Value Hierarchy	Interest Rate	Fair Value	Notional Amount
October 15, 2014	October 5, 2024	Level 2	4.11%	$(640)	$61,561

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2019
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES For the three months ended March 31, 2019, the Company's income tax expense was $95,000 compared to $526,000 for the three months ended March 31, 2018. Effective tax rates were 43% and 27% for the three months ended March 31, 2019 and 2018, respectively. The increase in effective tax rates resulted from tax shortfalls associated with stock compensation vesting. As of March 31, 2019, the Company had income tax receivables of $181,000. The Company classifies interest and penalties incurred on tax payments as income tax expense. During the three months ended March 31, 2019, the Company did not make any income tax payments. The Company did not record a provisional adjustment for the three-months ended March 31, 2019.

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIES The Company's land is subject to water contracts with minimum annual payments, for which $10,156,000 is expected to be paid in 2019. So far in 2019, the Company has paid $7,038,000 for its water contracts. These estimated water contract payments consist of SWP, contracts with Wheeler Ridge Maricopa Water Storage District, TCWD, Tulare Lake Basin Water Storage District, Dudley-Ridge Water Storage District and the Nickel water contract. The SWP contracts run through 2035 and the Nickel water contract runs through 2044, with an option to extend an additional 35 years. As discussed in Note 5 (Long-Term Water Assets), we purchased the assignment of a contract to purchase water in late 2013. The assigned water contract is with Nickel and obligates us to purchase 6,693 acre-feet of water annually through the term of the contract. Our contractual obligation for future water payments was $253,040,000 as of March 31, 2019. The Company is obligated to make payments of approximately $800,000 per year through 2021 to the Tejon Ranch Conservancy as prescribed in the Conservation Agreement we entered into with five major environmental organizations in 2008. Our advances to the Tejon Ranch Conservancy are dependent on the occurrence of certain events and their timing and are therefore subject to change in amount and period. These amounts paid will be capitalized in real estate development for the Centennial, Grapevine and Mountain Village, or MV, projects. The Company exited a consulting contract during the second quarter of 2014 related to the Grapevine Development and is obligated to pay an earned incentive fee at the time of successful receipt of litigated project entitlements and at a value measurement date five-years after litigated entitlements have been achieved for Grapevine. The final amount of the incentive fees will not be finalized until the future payment dates. The Company believes that net savings from exiting the contract over this future time period will more than offset the incentive payment costs. The Tejon Ranch Public Facilities Financing Authority, or TRPFFA, is a joint powers authority formed by Kern County and TCWD to finance public infrastructure within the Company’s Kern County developments. For the development of the Tejon Ranch Commerce Center, or TRCC, TRPFFA has created two Community Facilities Districts, or CFDs: the West CFD and the East CFD. The West CFD has placed liens on 420 acres of the Company’s land to secure payment of special taxes related to $28,620,000 of bond debt sold by TRPFFA for TRCC-West. The East CFD has placed liens on 1,931 acres of the Company’s land to secure payments of special taxes related to $55,000,000 of bond debt sold by TRPFFA for TRCC-East. At TRCC-West, the West CFD has no additional bond debt approved for issuance. At TRCC-East, the East CFD has approximately $65,000,000 of additional bond debt authorized by TRPFFA that can be sold in the future. In connection with the sale of bonds, there is a standby letter of credit for $4,468,000 related to the issuance of East CFD bonds. The standby letter of credit is in place to provide additional credit enhancement and cover approximately two years' worth of interest on the outstanding bonds. This letter of credit will not be drawn upon unless the Company, as the largest landowner in the CFD, fails to make its property tax payments. The Company believes that the letter of credit will never be drawn upon. The letter of credit is for two years and will be renewed in two-year intervals as necessary. The annual cost related to the letter of credit is approximately $68,000. The Company is obligated, as a landowner in each CFD, to pay its share of the special taxes assessed each year. The secured lands include both the TRCC-West and TRCC-East developments. Proceeds from the sale of West CFD bonds went to reimburse the Company for public infrastructure costs related to the TRCC-West development. At March 31, 2019 there were no additional improvement funds remaining from the West CFD bonds. There are $4,180,000 in improvement funds within the East CFD bonds for reimbursement of public infrastructure costs during 2019 and future years. During 2019 the Company expects to pay approximately $2,570,000 in special taxes. As development continues to occur at TRCC, new owners of land and new lease tenants, through triple net leases, will bear an increasing portion of the assessed special tax. This amount could change in the future based on the amount of bonds outstanding and the amount of taxes paid by others. The assessment of each individual property sold or leased is not determinable at this time because it is based on the current tax rate and the assessed value of the property at the time of sale or on its assessed value at the time it is leased to a third-party. Accordingly, the Company is not required to recognize an obligation at March 31, 2019. Tehachapi Uplands Multiple Species Habitat Conservation Plan Litigation In July 2014, the Company received a copy of a Notice of Intent to Sue, dated July 17, 2014 indicating that the Center for Biological Diversity, or CBD, the Wishtoyo Foundation and Dee Dominguez (collectively the TUMSHCP Plaintiffs) intended to initiate a lawsuit against the U.S. Fish and Wildlife Service, or USFWS, challenging USFWS's approval of the Company's Tehachapi Uplands Multiple Species Habitat Conservation Plan, or TMSHCP, and USFWS's issuance of an Incidental Take Permit, or ITP, for the take of federally listed species. The TUMSHCP approval and ITP issuance by the USFWS occurred in 2013. These approvals authorize, among other things, the removal of California condor habitat associated with the Company's potential future development of MV. On April 25, 2019, the TUMSHCP Plaintiffs filed suit against the USFWS in the U.S. District Court for the Central District of California, in Los Angeles (Case No. 2:19-CV-3322), or TUMSHCP Suit. The Company is presently not named as a party in the TUMSHCP Suit. The TUMSHCP Suit seeks to invalidate the TUMSHCP as it pertains to the protection of the California condor (an endangered species), as well as the ITP. The primary allegations in the TUMSHCP Suit are that California condors or their habitat are “Traditional Cultural Properties” within the meaning of the National Historic Preservation Act and that the USFWS failed to adequately consult with affected Native American tribes or their representatives with respect to the impact of the TUMSHCP and ITP on these “Traditional Cultural Properties.” Management considers the allegations in the TUMSHCP Suit to be beyond the scope of the law and regulations referenced in the TUMSHCP Suit, and believes that the issues raised by the TUMSHCP Plaintiffs were adequately addressed by the USFWS during the consultation process with Native American tribes. The Company intends to coordinate closely with the USFWS to vigorously defend this matter. The TUMSHCP Plaintiffs raised essentially the same arguments regarding the Native American consultation process and the California condor in state court litigation. In that litigation, the California Court of Appeal rejected the TUMSHCP Plaintiffs’ arguments as lacking merit. See Center for Biological Diversity, et al.v. Kern County, 2012 WL 1417682 (Case No. F061908). That state appellate court decision was issued on April 25, 2012. The Company believes the TUMSHCP Suit does not impede on the ability to start or complete the development of MV development. National Cement The Company leases land to National Cement Company of California Inc., or National, for the purpose of manufacturing Portland cement from limestone deposits on the leased acreage. The California Regional Water Quality Control Board, or RWQCB, for the Lahontan Region issued orders in the late 1990s with respect to environmental conditions on the property currently leased to National. The Company's former tenant Lafarge Corporation, or Lafarge, and current tenant National, continue to remediate these environmental conditions consistent with the RWQCB orders. The Company is not aware of any failure by Lafarge or National to comply with directives of the RWQCB. Under current and prior leases, National and Lafarge are obligated to indemnify the Company for costs and liabilities arising out of their use of the leased premises. The remediation of environmental conditions is included within the scope of the National or Lafarge indemnity obligations. If the Company were required to remediate the environmental conditions at its own cost, it is unlikely that the amount of any such expenditure by the Company would be material and there is no reasonable likelihood of continuing risk from this matter. Antelope Valley Groundwater Cases On November 29, 2004, a conglomerate of public water suppliers filed a cross-complaint in the Los Angeles Superior Court seeking a judicial determination of the rights to groundwater within the Antelope Valley basin, including the groundwater underlying the Company’s land near the Centennial project. Four phases of a multi-phase trial have been completed. Upon completion of the third phase, the court ruled that the groundwater basin was in overdraft and established a current total sustainable yield. The fourth phase of trial occurred in the first half of 2013 and resulted in confirmation of each party’s groundwater pumping for 2011 and 2012. The fifth phase of the trial commenced in February 2014, and concerned 1) whether the United States has a federal reserved water right to basin groundwater, and 2) the rights to return flows from imported water. The court heard evidence on the federal reserved right but continued the trial on the return flow issues while most of the parties to the adjudication discussed a settlement, including rights to return flows. In February 2015, more than 140 parties representing more than 99% of the current water use within the adjudication boundary agreed to a settlement. On March 4, 2015, the settling parties, including Tejon, submitted a Stipulation for Entry of Judgment and Physical Solution to the court for approval. On December 23, 2015, the court entered judgment approving the Stipulation for Entry of Judgment and Physical Solution, or Judgment. The Company’s water supply plan for the Centennial project anticipated reliance on, among other sources, a certain quantity of groundwater underlying the Company’s lands in the Antelope Valley. The Company’s allocation in the Judgment is consistent with that amount. Prior to the Judgment becoming final, on February 19 and 22, 2016, several parties, including the Willis Class and Phelan Pinon Hills Community Services District, filed notices of appeal from the Judgment. The Appeal has been transferred from the Fourth Appellate District to the Fifth Appellate District. Appellate briefing is scheduled to occur in 2019. Notwithstanding the appeals, the parties, with assistance from the Court have established the Watermaster Board, hired the Watermaster Engineer and Watermaster Legal Counsel, and begun administering the Physical Solution, consistent with the Judgment. Summary and Status of Kern Water Bank Lawsuits On June 3, 2010, the Central Delta and South Delta Water Agencies and several environmental groups, including CBD, or collectively, Central Delta Petitioners, filed a complaint in the Sacramento County Superior Court against the California Department of Water Resources, or DWR, Kern County Water Agency, or KCWA, and a number of “real parties in interest,” including the Company and TCWD, or Central Delta Action. The lawsuit challenges certain amendments to the SWP contracts that were originally approved in 1995, known as the Monterey Amendments. The Central Delta Petitioners sought to invalidate the DWR's approval of the Monterey Amendments and also the 2010 environmental impact report, or 2010 EIR, regarding the Monterey Amendments prepared pursuant to the California Environmental Quality Act, or CEQA, pertaining to the Kern Water Bank, or KWB. Pursuant to the Monterey Amendments, DWR transferred approximately 20,000 acres in Kern County owned by DWR, or KWB property, to the KCWA. A separate but parallel lawsuit, or Central Delta II, was also filed by the Central Delta Petitioners in Kern County Superior Court on July 2, 2010, against KCWA, also naming the Company and TCWD as real parties in interest. Central Delta II challenged the validity of the transfer of the KWB property from the KCWA to the Kern Water Bank Authority, or KWBA. The petitioners in this case alleged that (i) the transfer of the KWB property by KCWA to the KWBA was an unconstitutional gift of public funds, (ii) and the consideration for the transfer of the KWB property to the KWBA was unconscionable and illusory. This case has been stayed pending the outcome of the Central Delta Action. In addition, another lawsuit was filed in Kern County Superior Court on June 3, 2010, by two districts adjacent to the KWB, namely Rosedale Rio Bravo and Buena Vista Water Storage Districts, or collectively, the Rosedale Petitioners, asserting that the 2010 EIR did not adequately evaluate potential impacts arising from operations of the KWB, or Rosedale Action, but this lawsuit did not name the Company; it only named TCWD. TCWD has a contract right for water stored in the KWB and rights to recharge and withdraw water. This lawsuit was moved to the Sacramento County Superior Court. In the Central Delta Action and Rosedale Action, the trial courts concluded that the 2010 EIR for the Monterey Amendments was insufficient with regard to the EIR's evaluation of the potential impacts of the operation of the KWB, particularly on groundwater and water quality, and ruled that DWR was required to prepare a remedial EIR (which is further described below). In the Central Delta Action, the trial court also concluded that the challenges to DWR’s 1995 approval of the Monterey Amendments were barred by statutes of limitations and laches. The Central Delta Petitioners filed an appeal of the Sacramento County Superior Court Judgment, and certain real parties filed a cross-appeal. No party appealed the Kern County Superior Court Judgment in the Rosedale Action. On November 24, 2014, the Sacramento County Superior Court in the Central Delta Action issued a writ of mandate, or 2014 Writ, that required DWR to prepare a revised EIR (described herein as the 2016 EIR because it was certified in 2016) regarding the Monterey Amendments evaluating the potential operational impacts of the KWB. The 2014 Writ, as revised by the court, required DWR to certify the 2016 EIR and file the response to the 2014 Writ by September 28, 2016. On September 20, 2016, the Director of DWR (a) certified the 2016 EIR prepared by DWR, as in compliance with CEQA, (b) adopted findings, a statement of overriding considerations, and a mitigation, monitoring and reporting program as required by CEQA, (c) made a new finding pertaining to carrying out the Monterey Amendments through continued use and operation of the KWB by the KWBA, and (d) caused a notice of determination to be filed with the Office of Planning and Resources of the State of California on September 22, 2016. On September 28, 2016, DWR filed with the Sacramento Superior Court its return to the 2014 Writ in the Central Delta Action. On October 21, 2016, the Central Delta Petitioners and a new party, the Center for Food Safety, or CFS, or collectively, the CFS Petitioners, filed a new lawsuit in Sacramento County Superior Court, or CFS Action, against DWR and naming a number of real parties in interest, including KWBA and TCWD (but not including the Company). The CFS Action challenges DWR’s (i) certification of the 2016 EIR, (ii) compliance with the 2014 Writ and CEQA, and (iii) finding concerning the continued use and operation of the KWB by KWBA. On August 18, 2017, the Sacramento County Superior Court held a hearing on the response to the 2014 Writ and on the CFS petition filed in this action. On October 2, 2017, the Sacramento County Superior Court issued a ruling that the court shall deny the CFS petition and shall discharge the 2014 Writ. The CFS Petitioners appealed the Sacramento County Superior Court judgment denying the CFS petition. The Third Appellate District of the Court of Appeal granted DWR’s motion to consolidate the CFS Action appeal for hearing with the pending appeals in the Central Delta Action. Briefing on all of the appeals and cross-appeals is now complete. At this time, we anticipate having a ruling from the Court of Appeal on these consolidated appeals of the CFS Action and the Central Delta Action sometime in 2019 or 2020. Grapevine On December 6, 2016, the Kern County Board of Supervisors unanimously granted entitlement approval for the Grapevine project (described below). On January 5, 2017, the CBD, and the CFS, filed an action in Kern County Superior Court pursuant to CEQA, against Kern County and the Kern County Board of Supervisors, or collectively, the County, concerning the County’s granting of the 2016 approvals for the Grapevine project, including certification of the final EIR. The Company is named as real parties in interest in this action. The action alleges that the County failed to properly follow the procedures and requirements of CEQA, including failure to identify, analyze and mitigate impacts to air quality, greenhouse gas emissions, biological resources, traffic, water supply and hydrology, growth inducing impacts, failure to adequately consider project alternatives and to provide support for the County’s findings and statement of overriding considerations in adopting the EIR and failure to adequately describe the environmental setting and project description. Petitioners sought to invalidate the County’s approval of the project, the environmental approvals and require the Company and the County to revise the environmental documentation. On July 27, 2018, the court held a hearing on the petitioners’ claims. At that hearing, the court rejected all of petitioners’ claims raised in the litigation, except petitioners’ claims that (i) the project description was inadequate and (ii) such inadequacy resulted in aspects of certain environmental impacts being improperly analyzed. As to the claims described in “(i)” and “(ii)” in the foregoing sentence, the court determined that the EIR was inadequate. In that regard, the court determined the Grapevine project description contained in the EIR allowed development to occur in the time and manner determined by the real parties in interest and, as a consequence, such development flexibility could result in the project’s internal capture rate, or ICR - the percent of vehicle trips remaining within the project - actually being lower than the projected ICR levels used in the EIR and that lower ICR levels warranted supplemental traffic, air quality, greenhouse gas emissions, noise, public health and growth inducing impact analyses. On December 11, 2018, the court ruled that portions of the EIR required corrections and supplemental environmental analysis and ordered that the County rescind the Grapevine project approvals until such supplemental environmental analysis was completed. The court issued a final judgment consistent with its ruling on February 15, 2019 and, on March 12, 2019, the County rescinded the Grapevine project approvals. Following the County’s rescission of the Grapevine project approvals, the Company has filed new applications to re-entitle the Grapevine project, or re-entitlement. The re-entitlement application involves processing project approvals that are substantively similar to the Grapevine project that was unanimously approved by the Kern County Board of Supervisors in December of 2016. As part of the re-entitlement, supplemental environmental analysis will be prepared to address the court’s ruling. Following a public comment and review period, the Kern County Planning Commission will hold a hearing to make a recommendation to the Kern County Board of Supervisors on the re-entitlement of the Grapevine project. Thereafter, the Kern County Board of Supervisors will hold a hearing to consider the supplemental environmental analysis and whether to act to approve the re-entitlement of the Grapevine project. We anticipate possible Kern County Board of Supervisors action occurring in late 2019. Following the Board of Supervisors’ action, further litigation could challenge the re-entitlement. Proceedings Incidental to Business From time to time, we are involved in other proceedings incidental to our business, including actions relating to employee claims, real estate disputes, contractor disputes and grievance hearings before labor regulatory agencies. The outcome of these other proceedings is not predictable. However, based on current circumstances, we do not believe that the ultimate resolution of these other proceedings will have a material adverse effect on our financial position, results of operations or cash flows either individually or in the aggregate.

Retirement Plans

3 Months Ended

Mar. 31, 2019

Retirement Benefits [Abstract]

Retirement Plans

RETIREMENT PLANS

The Company sponsors a defined benefit retirement plan, or Benefit Plan, that covers eligible employees hired prior to February 1, 2007. The benefits are based on years of service and the employee’s five-year final average salary. Contributions are intended to provide for benefits attributable to service both to date and expected to be provided in the future. The Company funds the plan in accordance with the Employee Retirement Income Security Act of 1974, or ERISA. In April 2017, the Company froze the Benefit Plan as it relates to future benefit accruals for participants. The Company expects to contribute $165,000 to the Benefit Plan during 2019.

Benefit Plan assets consist of equity, debt and short-term money market investment funds. The Benefit Plan’s current investment policy changed during the third quarter of 2018. The new policy is an investment strategy in which the primary focus is to minimize the volatility of the funding ratio. This objective will result in a prescribed asset mix between "return seeking" assets (e.g., stocks) and a bond portfolio (e.g., long duration bonds) according to a pre-determined customized investment strategy based on the Benefit Plan's funded status as the primary input. This path will be used as a reference point as to the mix of assets, which by design will de-emphasize the return seeking portion as funded status improves. At both March 31, 2019 and December 31, 2018, the investment mix was approximately 64% equity, 35% debt, and 1% money market funds. Equity investments consist of a combination of individual equity securities plus value funds, growth funds, large cap funds and international stock funds. Debt investments consist of U.S. Treasury securities and investment grade corporate debt. The weighted average discount rate used in determining the periodic pension cost is 4.2% in 2019 and 2018. The expected long-term rate of return on plan assets is 7.3% and 7.5% in 2019 and 2018, respectively. The long-term rate of return on Benefit Plan assets is based on the historical returns within the plan and expectations for future returns.

Total pension and retirement expense for the Benefit Plan was as follows:



	Three Months Ended March 31,
($ in thousands)	2019			2018
Earnings (cost) components:
Interest cost	(97		)	(91		)
Expected return on plan assets	131			146
Net amortization and deferral	(19		)	(16		)
Total net periodic pension earnings	$	15		$	39

The Company has a Supplemental Executive Retirement Plan, or SERP, to restore to executives designated by the Compensation Committee of the Board of Directors the full benefits under the pension plan that would otherwise be restricted by certain limitations now imposed under the Internal Revenue Code. The SERP is currently unfunded. The Company in April 2017 froze the SERP as it relates to the accrual of additional benefits.

The pension and retirement expense for the SERP was as follows:



	Three Months Ended March 31,
($ in thousands)	2019			2018
Cost components:
Interest cost	$	(76	)	$	(64	)
Net amortization and other	(16		)	(16		)
Total net periodic pension cost	$	(92	)	$	(80	)

Reporting Segments and Related Information

3 Months Ended

Mar. 31, 2019

Segment Reporting [Abstract]

Reporting Segments and Related Information

REPORTING SEGMENTS AND RELATED INFORMATION

We currently operate in five reporting segments: commercial/industrial real estate development, resort/residential real estate development, mineral resources, farming, and ranch operations. For further details of the revenue components within each reporting segment, see Results of Operations by Segment in Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations".

Commercial

Commercial revenue consists of land and building leases to tenants at our commercial retail and industrial developments, base and percentage rents from our PEF power plant lease, communication tower rents, and payments from easement leases. The following table summarizes revenues, expenses and operating income from this segment for periods ended:



	Three Months Ended March 31,
($ in thousands)	2019		2018
Commercial revenues	2,826		2,154
Equity in earnings of unconsolidated joint ventures	876		167
Commercial revenues and equity in earnings of unconsolidated joint ventures	3,702		2,321
Commercial expenses	1,792		1,319
Operating results from commercial and unconsolidated joint ventures	$	1,910	$	1,002

Resort Residential

The resort/residential real estate development segment is actively involved in the land entitlement and development process internally and through joint ventures. The segment incurs costs and expenses related to its development activities, but currently generates no revenue. The segment produced losses of $648,000 and $415,000 for the three months ended March 31, 2019 and 2018, respectively.

Mineral Resources

The mineral resources segment receives oil and mineral royalties from the exploration and development companies that extract or mine the natural resources from our land and receives revenue from water sales. The following table summarizes revenues, expenses and operating results from this segment for periods ended:



	Three Months Ended March 31,
($ in thousands)	2019		2018
Mineral resources revenues	6,132		9,131
Mineral resources expenses	$	3,832	$	4,231
Operating results from mineral resources	$	2,300	$	4,900

Farming

The farming segment produces revenues from the sale of almonds, pistachios, wine grapes, and hay. The following table summarizes revenues, expenses and operating results from this segment for periods ended:



	Three Months Ended March 31,
($ in thousands)	2019			2018
Farming revenues	815			1,195
Farming expenses	$	1,598		$	1,838
Operating results from farming	$	(783	)	$	(643	)

Ranch Operations

The ranch operations segment consists of game management revenues and ancillary land uses such as grazing leases. The following table summarizes revenues, expenses and operating results from this segment for periods ended:



	Three Months Ended March 31,
($ in thousands)	2019			2018
Ranch operations revenues	889			989
Ranch operations expenses	$	1,350		$	1,389
Operating results from ranch operations	$	(461	)	$	(400	)

Investment in Unconsolidated and Consolidated Joint Ventures

3 Months Ended

Mar. 31, 2019

Equity Method Investments and Joint Ventures [Abstract]

Investment in Unconsolidated and Consolidated Joint Ventures

INVESTMENT IN UNCONSOLIDATED AND CONSOLIDATED JOINT VENTURES

The Company maintains investments in joint ventures. The Company accounts for its investments in unconsolidated joint ventures using the equity method of accounting unless the venture is a variable interest entity, or VIE, and meets the requirements for consolidation. The Company’s investment in its unconsolidated joint ventures as of March 31, 2019 was $29,503,000. Equity in earnings from unconsolidated joint ventures was $876,000 for the three months ended March 31, 2019. The unconsolidated joint ventures have not been consolidated as of March 31, 2019, because the Company does not control the investments. The Company’s current joint ventures are as follows:

•

Petro Travel Plaza Holdings LLC – is an unconsolidated joint venture with TravelCenters of America that develops and manages travel plazas, gas stations, convenience stores, and fast food restaurants throughout TRCC. The Company has 50% of the voting rights but participates in 60% of all profits and losses. The Company does not control the investment due to it only having 50% of the voting rights. Our partner is the managing partner and performs all of the day-to-day operations and has significant decision making authority regarding key business components such as fuel inventory and pricing at the facility. The Company's investment in this joint venture was $19,548,000 as of March 31, 2019.

•

Majestic Realty Co. – Majestic Realty Co., or Majestic, is a privately-held developer and owner of master planned business parks throughout the United States. The Company formed three 50/50 joint ventures with Majestic to acquire, develop, manage, and operate industrial real estate at TRCC. The partners have equal voting rights and equally share in the profit and loss of the joint ventures. The Company and Majestic guarantee the performance of all outstanding debt.

◦

In November 2018, TRC-MRC 3, LLC was formed to pursue the development, construction, leasing, and management of a 579,040 square foot industrial building on the Company's property at TRCC-East. We anticipate construction to be completed in 2019, and plan to deliver the space in the fourth quarter of 2019 to a tenant that has entered into a lease agreement to occupy 67% of this rentable space. The Company's investment in this joint venture was $100,000 as of March 31, 2019. See Note 17 Subsequent Events for further disclosures related TRC-MRC 3, LLC.

◦

TRC-MRC 2, LLC was formed to acquire, lease, and maintain a fully occupied warehouse at TRCC-West. The partnership acquired the 651,909 square foot building for $24,773,000 that was largely financed through a promissory note guaranteed by both partners. The promissory note was refinanced on June 1, 2018 with a $25,240,000 promissory note. The note matures on July 1, 2028 and currently has an outstanding principal balance of $24,877,000. Since inception, we have received excess distributions resulting in a deficit balance of $2,482,000. In accordance with the applicable accounting guidance, we reclassified excess distributions to Other Liabilities within our Consolidated Balance Sheets. We will continue to record equity in earnings as a debit to the investment account and if it were to become positive, we will reclassify the liability to an asset. If it becomes obvious that any excess distribution may not be returned (upon joint venture liquidation or otherwise), we will immediately recognize the liability as income.

◦

TRC-MRC 1, LLC was formed to develop and operate a 480,480 square foot industrial building at TRCC-East. The facility is currently leased to Dollar General and L’Oréal USA, the largest subsidiary of L’Oréal. Since inception, we have received excess distributions resulting in a deficit balance of $275,000. In accordance with the applicable accounting guidance, we reclassified excess distributions to Other Liabilities within our Consolidated Balance Sheets. We will continue to record equity in earnings as a debit to the investment account and if it were to become positive, we will reclassify the liability to an asset. If it becomes obvious that any excess distribution may not be returned (upon joint venture liquidation or otherwise), we will immediately recognize the liability as income. The joint venture refinanced its construction loan in December 2018 with a mortgage loan. The original balance of the mortgage loan was $25,030,000, of which $24,943,000 was outstanding as of March 31, 2019.


•	Rockefeller Joint Ventures – The Company has three joint ventures with Rockefeller Group Development Corporation, or Rockefeller. At March 31, 2019, the Company’s combined equity investment balance in these three joint ventures was $9,855,000.

◦

Two joint ventures are for the development of buildings on approximately 91 acres of our land and are part of an agreement for the potential development of up to 500 acres of land in TRCC that are tied to Foreign Trade Zone designation. The Company owns a 50% interest in each of the joint ventures. Currently, the Five West Parcel LLC joint venture owns and leases a 606,000 square foot building to Dollar General, which has now been extended to July 2022, and includes an option for an additional three years. For operating revenue, please see the following table. The Five West Parcel LLC joint venture currently has an outstanding term loan with a balance of $9,038,000 that matures on May 5, 2022. The Company and Rockefeller guarantee the performance of the debt. The second of these joint ventures, 18-19 West LLC, was formed in August 2009 through the contribution of 61.5 acres of land by the Company, which is being held for future development. Both of these joint ventures are being accounted for under the equity method due to both members having significant participating rights in the management of the ventures.

◦

The third joint venture is the TRCC/Rock Outlet Center LLC joint venture that was formed in of 2013 to develop, own, and manage a net leasable 326,000 square foot outlet center on land at TRCC-East. The cost of the outlet center was approximately $87,000,000 and was funded through a construction loan for up to 60% of the costs. The remaining 40% was funded through equity contributions from the two members. The Company controls 50% of the voting interests of TRCC/Rock Outlet Center LLC; thus, it does not control the joint venture by voting interest alone. The Company is the named managing member. The managing member's responsibilities relate to the routine day-to-day activities of TRCC/Rock Outlet Center LLC. However, all operating decisions during the development period and ongoing operations, including the setting and monitoring of the budget, leasing, marketing, financing and selection of the contractor for any construction, are jointly made by both members of the joint venture. Therefore, the Company concluded that both members have significant participating rights that are sufficient to overcome the presumption of the Company controlling the joint venture through it being named the managing member. Therefore, the investment in TRCC/Rock Outlet Center LLC is being accounted for under the equity method. The TRCC/Rock Outlet Center LLC joint venture has a credit agreement with a financial institution for $52,000,000 that, as of March 31, 2019, had an outstanding balance of $46,341,000. The Company and Rockefeller guarantee the performance of the debt.

•

Centennial Founders, LLC – Centennial Founders, LLC, or CFL, is a joint venture that was initially formed with TRI Pointe Homes, Lewis Investment Company, or Lewis, and CalAtlantic to pursue the entitlement and development of land that the Company owns in Los Angeles County. Based on the Second Amended and Restated Limited Company Agreement of CFL and the change in control and funding that resulted from the amended agreement, CFL qualified as a VIE beginning in the third quarter of 2009, and the Company was determined to be the primary beneficiary. As a result, CFL was consolidated into our financial statements beginning in that quarter. Our partners retained a noncontrolling interest in the joint venture. On November 30, 2016, CFL and Lewis entered a Redemption and Withdrawal Agreement, whereby Lewis irrevocably and unconditionally withdrew as a member of CFL, and CFL redeemed Lewis' entire interest for no consideration. As a result, our noncontrolling interest balance was reduced by $11,039,000. On December 31, 2018, CFL and CalAtlantic entered a Redemption and Withdrawal Agreement, whereby CalAtlantic irrevocably and unconditionally withdrew as a member of CFL, and CFL redeemed CalAtlantic's entire interest for no consideration. As a result, the noncontrolling interest balance was reduced by $13,172,000. At March 31, 2019, the Company owned 92.32% of CFL.

The Company’s investment balance in its unconsolidated joint ventures differs from its respective capital accounts in the respective joint ventures. The differential represents the difference between the cost basis of assets contributed by the Company and the agreed upon contribution value of the assets contributed.

Unaudited condensed statement of operations for the three months ended March 31, 2019 and condensed balance sheet information of the Company’s unconsolidated joint ventures as of March 31, 2019 are as follows:



	Three Months Ended March 31,
	2019		2018		2019			2018			2019			2018
	Joint Venture										TRC
($ in thousands)	Revenues				Earnings(Loss)						Equity in Earnings(Loss)
Petro Travel Plaza Holdings, LLC	$	25,406	$	24,677	$	1,870		$	887		$	1,122		$	532
Five West Parcel, LLC	684		697		171			191			86			96
18-19 West, LLC	3		3		(28		)	(27		)	(14		)	(13		)
TRCC/Rock Outlet Center, LLC¹	1,898		1,475		(785		)	(1,095		)	(393		)	(548		)
TRC-MRC 1, LLC	736		—		(5		)	(1		)	(2		)	(1		)
TRC-MRC 2, LLC²	984		978		154			202			77			101
Total	$	29,711	$	27,830	$	1,377		$	157		$	876		$	167

Centennial Founders, LLC	$	122	$	87	$	64		$	(18	)	Consolidated

(1) Revenues for TRCC/Rock Outlet Center are presented net of non-cash tenant allowance amortization of $0.5 million and $0.4 million as of March 31, 2019 and 2018, respectively.
(2) Earnings for TRC-MRC 2, LLC include non-cash amortization of purchase accounting adjustments related to in-place leases of $0.2 million as of both of March 31, 2019 and 2018.



	March 31, 2019										December 31, 2018
	Joint Venture								TRC		Joint Venture								TRC
($ in thousands)	Assets		Debt			Equity			Equity		Assets		Debt			Equity			Equity
Petro Travel Plaza Holdings, LLC	$	70,441	$	(15,284	)	$	53,247		$	19,548	$	69,096	$	(15,283	)	$	51,377		$	18,426
Five West Parcel, LLC	15,125		(9,038		)	5,922			2,777		15,157		(9,173		)	5,751			2,691
18-19 West, LLC	4,632		—			4,626			1,769		4,654		—			4,654			1,783
TRCC/Rock Outlet Center, LLC	74,062		(46,341		)	26,746			5,309		75,194		(46,826		)	27,531			5,702
TRC-MRC 1, LLC	29,629		(24,943		)	3,998			—		29,692		(25,030		)	4,018			—
TRC-MRC 2, LLC	20,358		(24,877		)	(6,281		)	—		20,362		(25,014		)	(5,763		)	—
TRC-MRC 3, LLC	$	3,866	$	—		$	200		$	100	$	—	$	—		$	—		$	—
Total	$	218,113	$	(120,483	)	$	88,458		$	29,503	$	214,155	$	(121,326	)	$	87,568		$	28,602

Centennial Founders, LLC	$	94,397	$	—		$	94,002		***		$	93,840	$	—		$	93,188		***

*** Centennial Founders, LLC is consolidated within the Company's financial statements.

Related Party Transactions	3 Months Ended
Related Party Transactions	Mar. 31, 2019
Related Party Transactions [Abstract]
Related Party Transactions	RELATED PARTY TRANSACTIONS TCWD is a not-for-profit governmental entity, organized on December 28, 1965, pursuant to Division 13 of the Water Code, State of California. TCWD is a landowner voting district, which requires an elector, or voter, to be an owner of land located within the district. TCWD was organized to provide the water needs for future municipal and industrial development. The Company is the largest landowner and taxpayer within TCWD. The Company has a water service contract with TCWD that entitles us to receive all of TCWD’s State Water Project entitlement and all of TCWD’s banked water. TCWD is also entitled to make assessments of all taxpayers within the district, to the extent funds are required to cover expenses and to charge water users within the district for the use of water. From time to time, we transact with TCWD in the ordinary course of business.

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2019
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTS On April 1, 2019, the Company contributed land valued at $5,800,000 to TRC-MRC 3, LLC in accordance with the Limited Liability Company Agreement of this joint venture and recorded our investment in this joint venture at the aforementioned fair value. The land contribution meets the criteria of a land sale under ASC Topic 606, "Revenue from Contracts with Customers" as such, we recognized profit of $1,700,000 and deferred $1,700,000 of profit in accordance with ASC Topic 323, "Investment - Equity Method and Joint Ventures" on the date the land was contributed.

Basis of Presentation (Policies)	3 Months Ended
Basis of Presentation (Policies)	Mar. 31, 2019
Accounting Policies [Abstract]
Recent and Newly Adopted Accounting Pronouncements	Recent Accounting Pronouncements Allowance for Credit Losses In June 2016, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update, or ASU, No. 2016-13, "Financial Instruments — Credit Losses (Topic 326)," changing the impairment model for most financial instruments by requiring companies to recognize an allowance for expected losses, rather than incurred losses as required currently by the other-than-temporary impairment model. The ASU will apply to most financial assets measured at amortized cost and certain other instruments, including trade and other receivables, loans, available-for-sale and held-to-maturity debt securities, net investments in leases, and off-balance-sheet credit exposures. The ASU is effective for the Company on January 1, 2020, and will be applied as a cumulative adjustment to retained earnings as of the effective date. The Company is currently in the process of evaluating the impact of the adoption of this ASU on its consolidated financial statements. The Company's implementation efforts include, but are not limited to, identifying key interpretive issues, assessing its policies and processes, and evaluating related control activities to determine if modifications or enhancements may be required. The Company's accounts receivable balance is primarily composed of crop receivables. Based on historical experience with our current customers and periodic credit evaluations of our customers' financial conditions, we believe our credit risk is minimal. With regards to the marketable securities, as the Company limits its investment to securities with investment grade rating from Moody's or Standard and Poor's, and it generally does not sell securities before recovery of their amortized cost basis, we do not expect this ASU to have any material impact on its accounting of marketable securities. Fair Value of Financial Instruments In August 2018, the FASB issued ASU No. 2018-13, "Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement". This ASU removes certain disclosure requirements related to the fair value hierarchy, such as disclosure of amounts and reasons for transfers between Level 1 and Level 2, and adds new disclosure requirements, such as disclosure of the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurement. For the Company, the new standard will be effective on January 1, 2020. The Company does not expect this ASU to have any material impact on its consolidated financial statements, as the Company does not have financial instruments classified as Level 3. Retirement Benefits In August 2018, the FASB issued ASU No. 2018-14, "Changes to the Disclosure Requirements for Defined Benefit Plans." This ASU removes certain disclosure requirements, including the amounts in accumulated other comprehensive income expected to be recognized as components of net periodic benefit cost over the next fiscal year and the amount and timing of plan assets expected to be returned to the employer. This ASU also requires additional disclosures for the weighted average interest crediting rates for cash balance plans and explanations for significant gains and losses related to changes in the benefit plan obligation. This ASU is effective for fiscal years beginning after December 15, 2020. The Company is currently assessing the impact of this ASU on its consolidated financial statements and related disclosures. Newly Adopted Accounting Pronouncements Lease Accounting In February 2016, the FASB issued ASU No. 2016-02, "Leases." From the lessee's perspective, the new standard establishes a right-of-use, or ROU, model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement for a lessee. From the lessor's perspective, the new standard requires a lessor to classify leases as either sales-type, finance or operating. Entities are prohibited from using a full retrospective transition approach to adopt this guidance, and a modified retrospective approach is required to be used for all leases that exist at or commence after the beginning of the earliest comparative period presented. Entities are permitted to elect a package of expedients where an entity need not reassess (i) whether any expired or existing contracts are or contain leases, (ii) lease classification for any expired or existing leases, or (iii) initial direct costs for any existing leases. In January 2018, the FASB issued ASU No. 2018-01, "Land Easement Practical Expedient for Transition to Topic 842," which permits entities to elect a transition practical expedient to not assess land easements that exist or expired before the adoption of the new standard in order to reduce the costs and complexity of complying with the transition provisions. If this practical expedient is elected, entities are effectively allowed to grandfather the accounting for easements entered into prior to the adoption of the new standards. In July 2018, the FASB issued ASU No. 2018-11, "Targeted Improvements to Leases (Topic 842)," which allows entities to not apply the new leases standard in the comparative periods they present in their financial statements. Under this transition option, entities can continue to apply the legacy guidance in the comparative periods presented in the year they adopt the new standard. ASU No. 2018-11 also provides a practical expedient for lessors to combine the lease and non-lease components under certain circumstances to simplify lessor's implementation of the new guidance. The Accounting Standards Codification Topic 842: Leases, or ASC 842, became effective on January 1, 2019. The Company adopted the new standards using the modified retrospective method on January 1, 2019. The optional transition method was elected during this transition, and comparative information is not restated and will continue to be reported under the legacy guidance. The Company also elected the package of practical expedients and will account for its existing leases under the new guidance without reassessing its prior conclusions of lease identification, lease classification and initial direct costs. Lessee Impact: The Company currently leases several office copiers under 48-month lease terms. On January 1, 2019, an operating lease ROU asset and an operating lease liability were recorded on the consolidated balance sheets, both in the amount of $52,000, as a result of adopting the new guidance. The $52,000 was determined by calculating the present value of the future annual cash lease payments using a discount rate of 4.11%. The 4.11% discount rate represents the Company's incremental borrowing rate as of January 1, 2019. The implementation of the new standards did not have any impact on the consolidated statements of operations or the opening balance of retained earnings on the consolidated statements of equity. Lessor Impact: The Company elected the land easement practical expedient upon adoption of the new guidance and is thus permitted to continue its current accounting policy for land easements that exist or expired before the effective date of the adoption. The Company will evaluate new or modified land easements under ASC 842 beginning on the adoption date of the new guidance. Additionally, the Company elected the lessor's practical expedient and combined the lease and non-lease components due to the following criteria being met: (i) the timing and pattern of recognizing revenue for the lease components are the same as its associated non-lease components, (ii) the lease component, if accounted for separately, would be classified as an operating lease, and (iii) the lease component is the predominant component within the contract. The Company believes that combining the lease component, which is the lease revenue, and non-lease components such as common area maintenance revenue and provisions of real estate taxes and insurance, will provide more meaningful information as it is more reflective of the predominant component in the lease contracts. We expect no significant differences in the timing and pattern of revenue recognition under the new lease guidance for all our existing leases from the lessor's perspective. For new leases originated after the adoption date, we expect to capitalize less initial direct cost, as the definition of initial direct cost is narrower under the new guidance. Certain costs, such as legal costs incurred, were eligible for capitalization under the legacy guidance, but are no longer eligible for capitalization under the new standards. The amounts capitalized as legal costs have been de minimis in the past and would not have a material impact to our results of operations. Derivatives and Hedging In August 2017, the FASB issued ASU No. 2017-12, "Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities," which amends the hedge accounting model and allows entities to better portray the economics of their risk management activities in their financial statements. This guidance eliminates the requirement to separately measure and report hedge ineffectiveness and requires the entire change in the fair value of a hedging instrument to be presented in the same income statement line as hedged item. The Company adopted ASU No. 2017-12 on January 1, 2019 using a modified retrospective approach. The Company utilizes an interest rate swap to hedge its exposure to variable interest rate associated with borrowings based on London Interbank Offered Rate (LIBOR). The interest rate swap is designated as a cash flow hedge, and the hedge has been highly effective since inception. Therefore, no cumulative effective adjustment of previously recognized ineffectiveness was required to be recorded as a result of adopting this new guidance. The adoption of this guidance did not have an impact on the Company's consolidated financial statements. In October 2018, the FASB issued ASU No. 2018-16, "Derivatives and Hedging (Topic 815): Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes". This ASU identified SOFR as the preferred reference rate alternative to LIBOR. The Company adopted this new guidance on January 1, 2019, and the adoption did not have an impact on the Company's consolidated financial statements. For a more detailed discussion of the benchmark interest rate, see Part I, Item 1A, "Risk Factors" included in the Annual Report on Form 10-K for the year ended December 31, 2018. Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income In February 2018, the FASB issued ASU No. 2018-02, "Income Statement — Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income," which allows a reclassification from accumulated other comprehensive income, or AOCI, to retained earnings for stranded tax effects resulting from the U.S. government’s comprehensive tax legislation enacted in December 2017, commonly referred to as U.S. Tax Reform. The guidance became effective for the Company on January 1, 2019, and the Company adopted the provisions of the guidance as of the effective date. The Company did not make an election to reclassify the income tax effects of the U.S Tax Reform from AOCI to retained earnings. Please also refer to Critical Accounting Policies in Part I, Item 2 of this report for discussion on changes to critical accounting policies.

Equity (Tables)

3 Months Ended

Mar. 31, 2019

Stockholders' Equity Note [Abstract]

Schedule of weighted average number of shares outstanding



	Three Months Ended March 31,
	2019	2018
Weighted average number of shares outstanding:
Common stock	25,992,374	25,912,819
Common stock equivalents	17,707	28,509
Diluted shares outstanding	26,010,081	25,941,328

Marketable Securities (Tables)

3 Months Ended

Mar. 31, 2019

Investments, Debt and Equity Securities [Abstract]

Summary of available-for-sale securities

The following is a summary of available-for-sale securities at:



($ in thousands)		March 31, 2019				December 31, 2018
Marketable Securities:	Fair Value Hierarchy	Cost		Fair Value		Cost		Fair Value
Certificates of deposit
with unrecognized losses for less than 12 months		$	—	$	—	$	250	$	248
with unrecognized losses for more than 12 months		4,012		3,991		3,861		3,812
with unrecognized gains		—		—		—		—
Total Certificates of deposit	Level 1	4,012		3,991		4,111		4,060
U.S. Treasury and agency notes
with unrecognized losses for less than 12 months		4,064		4,058		3,112		3,105
with unrecognized losses for more than 12 months		19,472		19,391		23,564		23,415
with unrecognized gains		2		3		3		4
Total U.S. Treasury and agency notes	Level 2	23,538		23,452		26,679		26,524
Corporate notes
with unrecognized losses for less than 12 months		14,780		14,760		13,696		13,665
with unrecognized losses for more than 12 months		9,383		9,334		12,542		12,431
with unrecognized gains		1,795		1,797		—		—
Total Corporate notes	Level 2	25,958		25,891		26,238		26,096
Municipal notes
with unrecognized losses for less than 12 months		—		—		2,994		2,982
with unrecognized losses for more than 12 months		6,949		6,936		4,116		4,087
with unrecognized gains		—		—		—		—
Total Municipal notes	Level 2	6,949		6,936		7,110		7,069
		$	60,457	$	60,270	$	64,138	$	63,749

Summary of maturities, at par, of marketable securities by year

The following tables summarize the maturities, at par, of marketable securities as of:



	March 31, 2019
($ in thousands)	2019		2020		2021		Total
Certificates of deposit	$	2,212	$	1,799	$	—	$	4,011
U.S. Treasury and agency notes	13,414		10,173		—		23,587
Corporate notes	11,871		13,700		400		25,971
Municipal notes	4,951		2,000		—		6,951
	$	32,448	$	27,672	$	400	$	60,520



	December 31, 2018
($ in thousands)	2019		2020		2021		Total
Certificates of deposit	$	2,311	$	1,799	$	—	$	4,110
U.S. Treasury and agency notes	17,574		9,174		—		26,748
Corporate notes	18,671		7,150		400		26,221
Municipal notes	5,111		2,000		—		7,111
	$	43,667	$	20,123	$	400	$	64,190

Real Estate (Tables)

3 Months Ended

Mar. 31, 2019

Real Estate [Abstract]

Schedule of Real Estate



($ in thousands)	March 31, 2019			December 31, 2018
Real estate development
Mountain Village	$	138,521		$	137,571
Centennial	101,331			100,311
Grapevine	31,896			31,175
Tejon Ranch Commerce Center	15,696			14,328
Real estate development	287,444			283,385

Real estate and improvements - held for lease
Tejon Ranch Commerce Center	21,328			21,327
Less accumulated depreciation	(2,469		)	(2,374		)
Real estate and improvements - held for lease, net	$	18,859		$	18,953

Long-Term Water Assets (Tables)

3 Months Ended

Mar. 31, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of water revenues and cost of sales

Water revenues and cost of sales were as follows ($ in thousands):



	March 31, 2019		March 31, 2018

Acre-Feet Sold	4,445		7,442

Revenues	$	5,026	$	7,992
Cost of sales	3,194		3,679
Profit	$	1,832	$	4,313

Tangible water assets

The costs assigned to water assets held for future use were as follows ($ in thousands):



	March 31, 2019		December 31, 2018
Banked water and water for future delivery	$	25,208	$	24,597
Transferable water	2,927		36
Total water held for future use at cost	$	28,135	$	24,633

Schedule of finite-lived intangible assets

The Company's carrying amounts of its purchased water contracts were as follows ($ in thousands):



	March 31, 2019					December 31, 2018
	Costs		Accumulated Depreciation			Costs		Accumulated Depreciation
Dudley-Ridge water rights	$	12,203	$	(3,980	)	$	12,203	$	(3,860	)
Nickel water rights	18,740		(3,480		)	18,740		(3,320		)
Tulare Lake Basin water rights	5,857		(2,482		)	5,857		(2,421		)
	$	36,800	$	(9,942	)	$	36,800	$	(9,601	)
Net cost of purchased water contracts	26,858					27,199
Total cost water held for future use	28,135					24,633
Net investments in water assets	$	54,993				$	51,832

Components of water assets

Total water resources, including both recurring and one-time usage, are:



(in acre-feet, unaudited)	March 31, 2019	December 31, 2018
Water held for future use
AVEK water bank	13,033	13,033
Company water bank	37,316	35,793
Transferable water	5,999	500
Total water held for future use	56,348	49,326
Purchased water contracts
Water Contracts (Dudley-Ridge, Nickel and Tulare)	10,137	10,137
WRMWSD - Contracts with Company	15,547	15,547
TCWD - Contracts with Company	5,749	5,749
TCWD - Banked water contracted to Company	54,351	52,547
Total purchased water contracts	85,784	83,980
Total water held for future use and purchased water contracts	142,132	133,306

Accrued Liabilities and Other (Tables)

3 Months Ended

Mar. 31, 2019

Payables and Accruals [Abstract]

Schedule of Accrued Liabilities and Other

Accrued liabilities and other consists of the following:



($ in thousands)	March 31, 2019		December 31, 2018
Accrued vacation	$	790	$	761
Accrued paid personal leave	428		416
Accrued bonus	647		2,071
Property tax payable¹	1,022		—
Other	331		327
	$	3,218	$	3,575

¹California property taxes are paid every April and December.

Line of Credit and Long-Term Debt (Tables)

3 Months Ended

Mar. 31, 2019

Debt Disclosure [Abstract]

Components of long-term debt

Debt consists of the following:



($ in thousands)	March 31, 2019			December 31, 2018
Notes payable	64,908			65,901
Other borrowings	—			14
Total short-term and long-term debt	64,908			65,915
Less: line-of-credit and current maturities of long-term debt	(4,048		)	(4,018		)
Less: deferred loan costs	(111		)	(117		)
Long-term debt, less current portion	$	60,749		$	61,780

Other Liabilities (Tables)

3 Months Ended

Mar. 31, 2019

Other Liabilities Disclosure [Abstract]

Other Liabilities

Other liabilities consist of the following:



($ in thousands)	March 31, 2019		December 31, 2018
Pension liability (Note 13)	$	2,133	$	2,148
Interest rate swap liability (Note 10)¹	640		—
Supplemental executive retirement plan liability (Note 13)	7,709		7,750
Excess joint venture distributions and other	2,763		2,800
Total	$	13,245	$	12,698

¹The Company's interest rate swap had an asset balance of $93,000 as of December 31, 2018 and is recorded under the caption Other Assets on the Consolidated Balance Sheets.

Stock Compensation - Restricted Stock and Performance Share Grants (Tables)

3 Months Ended

Mar. 31, 2019

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Summary of performance share grants with performance conditions

The following is a summary of the Company's Performance Condition Grants as of the three months ended March 31, 2019:



Performance Condition Grants
Below threshold performance	—
Threshold performance	186,366
Target performance	422,264
Maximum performance	640,981

Summary of stock grant activity



	March 31, 2019
Stock Grants Outstanding Beginning of Period at Target Achievement	538,599
New Stock Grants/Additional Shares due to Achievement in Excess of Target	115,426
Vested Grants	(82,112	)
Expired/Forfeited Grants	—
Stock Grants Outstanding End of Period at Target Achievement	571,913

Summary of stock compensation costs for Employee and NDSI Plans

The following table summarizes stock compensation costs for the Company's 1998 Stock Incentive Plan, or the Employee Plan, and NDSI Plan for the following periods:



($ in thousands)	Three Months Ended March 31,
Employee Plan:	2019		2018
Expensed	$	666	$	761
Capitalized	319		346
	985		1,107
NDSI Plan - Expensed	147		187
Total Stock Compensation Costs	$	1,132	$	1,294

Interest Rate Swap (Tables)

3 Months Ended

Mar. 31, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Interest Rate Derivatives

We had the following outstanding interest rate swap agreement designated as an interest rate cash flow hedge as of March 31, 2019 ($ in thousands):



Effective Date	Maturity Date	Fair Value Hierarchy	Interest Rate	Fair Value	Notional Amount
October 15, 2014	October 5, 2024	Level 2	4.11%	$(640)	$61,561

Retirement Plans (Tables)

3 Months Ended

Mar. 31, 2019

Retirement Benefits [Abstract]

Components of net periodic pension cost

Total pension and retirement expense for the Benefit Plan was as follows:



	Three Months Ended March 31,
($ in thousands)	2019			2018
Earnings (cost) components:
Interest cost	(97		)	(91		)
Expected return on plan assets	131			146
Net amortization and deferral	(19		)	(16		)
Total net periodic pension earnings	$	15		$	39

The pension and retirement expense for the SERP was as follows:



	Three Months Ended March 31,
($ in thousands)	2019			2018
Cost components:
Interest cost	$	(76	)	$	(64	)
Net amortization and other	(16		)	(16		)
Total net periodic pension cost	$	(92	)	$	(80	)

Reporting Segments and Related Information (Tables)

3 Months Ended

Mar. 31, 2019

Segment Reporting [Abstract]

Components of segment revenues

The following table summarizes revenues, expenses and operating income from this segment for periods ended:



	Three Months Ended March 31,
($ in thousands)	2019		2018
Commercial revenues	2,826		2,154
Equity in earnings of unconsolidated joint ventures	876		167
Commercial revenues and equity in earnings of unconsolidated joint ventures	3,702		2,321
Commercial expenses	1,792		1,319
Operating results from commercial and unconsolidated joint ventures	$	1,910	$	1,002

The following table summarizes revenues, expenses and operating results from this segment for periods ended:



	Three Months Ended March 31,
($ in thousands)	2019			2018
Farming revenues	815			1,195
Farming expenses	$	1,598		$	1,838
Operating results from farming	$	(783	)	$	(643	)

The following table summarizes revenues, expenses and operating results from this segment for periods ended:



	Three Months Ended March 31,
($ in thousands)	2019			2018
Ranch operations revenues	889			989
Ranch operations expenses	$	1,350		$	1,389
Operating results from ranch operations	$	(461	)	$	(400	)

The following table summarizes revenues, expenses and operating results from this segment for periods ended:



	Three Months Ended March 31,
($ in thousands)	2019		2018
Mineral resources revenues	6,132		9,131
Mineral resources expenses	$	3,832	$	4,231
Operating results from mineral resources	$	2,300	$	4,900

Investment in Unconsolidated and Consolidated Joint Ventures (Tables)

3 Months Ended

Mar. 31, 2019

Equity Method Investments and Joint Ventures [Abstract]

Condensed statements of operations and balance sheet information of consolidated and unconsolidated joint ventures



	Three Months Ended March 31,
	2019		2018		2019			2018			2019			2018
	Joint Venture										TRC
($ in thousands)	Revenues				Earnings(Loss)						Equity in Earnings(Loss)
Petro Travel Plaza Holdings, LLC	$	25,406	$	24,677	$	1,870		$	887		$	1,122		$	532
Five West Parcel, LLC	684		697		171			191			86			96
18-19 West, LLC	3		3		(28		)	(27		)	(14		)	(13		)
TRCC/Rock Outlet Center, LLC¹	1,898		1,475		(785		)	(1,095		)	(393		)	(548		)
TRC-MRC 1, LLC	736		—		(5		)	(1		)	(2		)	(1		)
TRC-MRC 2, LLC²	984		978		154			202			77			101
Total	$	29,711	$	27,830	$	1,377		$	157		$	876		$	167

Centennial Founders, LLC	$	122	$	87	$	64		$	(18	)	Consolidated

(1) Revenues for TRCC/Rock Outlet Center are presented net of non-cash tenant allowance amortization of $0.5 million and $0.4 million as of March 31, 2019 and 2018, respectively.
(2) Earnings for TRC-MRC 2, LLC include non-cash amortization of purchase accounting adjustments related to in-place leases of $0.2 million as of both of March 31, 2019 and 2018.



	March 31, 2019										December 31, 2018
	Joint Venture								TRC		Joint Venture								TRC
($ in thousands)	Assets		Debt			Equity			Equity		Assets		Debt			Equity			Equity
Petro Travel Plaza Holdings, LLC	$	70,441	$	(15,284	)	$	53,247		$	19,548	$	69,096	$	(15,283	)	$	51,377		$	18,426
Five West Parcel, LLC	15,125		(9,038		)	5,922			2,777		15,157		(9,173		)	5,751			2,691
18-19 West, LLC	4,632		—			4,626			1,769		4,654		—			4,654			1,783
TRCC/Rock Outlet Center, LLC	74,062		(46,341		)	26,746			5,309		75,194		(46,826		)	27,531			5,702
TRC-MRC 1, LLC	29,629		(24,943		)	3,998			—		29,692		(25,030		)	4,018			—
TRC-MRC 2, LLC	20,358		(24,877		)	(6,281		)	—		20,362		(25,014		)	(5,763		)	—
TRC-MRC 3, LLC	$	3,866	$	—		$	200		$	100	$	—	$	—		$	—		$	—
Total	$	218,113	$	(120,483	)	$	88,458		$	29,503	$	214,155	$	(121,326	)	$	87,568		$	28,602

Centennial Founders, LLC	$	94,397	$	—		$	94,002		***		$	93,840	$	—		$	93,188		***

*** Centennial Founders, LLC is consolidated within the Company's financial statements.

Basis of Presentation (Details) $ in Thousands	3 Months Ended
Basis of Presentation (Details) $ in Thousands	Mar. 31, 2019 segment	Jan. 01, 2019 USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of reportable segments \| segment	5
Lease term	48 months
Accounting Standards Update 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Right-of-use asset		$ 52
Lease discount rate		4.11%
Operating lease liability		$ 52,000

Equity - Earnings Per Share (EPS) (Details) - shares	3 Months Ended
Equity - Earnings Per Share (EPS) (Details) - shares	Mar. 31, 2019	Mar. 31, 2018
Weighted average number of shares outstanding:
Common stock (in shares)	25,992,374	25,912,819
Common stock equivalents (in shares)	17,707	28,509
Diluted shares outstanding (in shares)	26,010,081	25,941,328

Marketable Securities - Summary of Available-for-sale Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Debt Securities, Available-for-sale [Line Items]
Marketable Securities with unrecognized gains	$ 3
Cost
Debt Securities, Available-for-sale [Line Items]
Total Available-for-sale Securities	60,457	$ 64,138
Cost \| Certificates of deposit \| Level 1
Debt Securities, Available-for-sale [Line Items]
Marketable Securities with unrecognized losses for less than 12 months	0	250
Marketable Securities with unrecognized losses for more than 12 months	4,012	3,861
Marketable Securities with unrecognized gains	0	0
Total Available-for-sale Securities	4,012	4,111
Cost \| U.S. Treasury and agency notes \| Level 2
Debt Securities, Available-for-sale [Line Items]
Marketable Securities with unrecognized losses for less than 12 months	4,064	3,112
Marketable Securities with unrecognized losses for more than 12 months	19,472	23,564
Marketable Securities with unrecognized gains	2	3
Total Available-for-sale Securities	23,538	26,679
Cost \| Corporate notes \| Level 2
Debt Securities, Available-for-sale [Line Items]
Marketable Securities with unrecognized losses for less than 12 months	14,780	13,696
Marketable Securities with unrecognized losses for more than 12 months	9,383	12,542
Marketable Securities with unrecognized gains	1,795	0
Total Available-for-sale Securities	25,958	26,238
Cost \| Municipal notes \| Level 2
Debt Securities, Available-for-sale [Line Items]
Marketable Securities with unrecognized losses for less than 12 months	0	2,994
Marketable Securities with unrecognized losses for more than 12 months	6,949	4,116
Marketable Securities with unrecognized gains	0	0
Total Available-for-sale Securities	6,949	7,110
Fair Value
Debt Securities, Available-for-sale [Line Items]
Total Available-for-sale Securities	60,270	63,749
Fair Value \| Certificates of deposit \| Level 1
Debt Securities, Available-for-sale [Line Items]
Marketable Securities with unrecognized losses for less than 12 months	0	248
Marketable Securities with unrecognized losses for more than 12 months	3,991	3,812
Marketable Securities with unrecognized gains	0	0
Total Available-for-sale Securities	3,991	4,060
Fair Value \| U.S. Treasury and agency notes \| Level 2
Debt Securities, Available-for-sale [Line Items]
Marketable Securities with unrecognized losses for less than 12 months	4,058	3,105
Marketable Securities with unrecognized losses for more than 12 months	19,391	23,415
Marketable Securities with unrecognized gains	3	4
Total Available-for-sale Securities	23,452	26,524
Fair Value \| Corporate notes \| Level 2
Debt Securities, Available-for-sale [Line Items]
Marketable Securities with unrecognized losses for less than 12 months	14,760	13,665
Marketable Securities with unrecognized losses for more than 12 months	9,334	12,431
Marketable Securities with unrecognized gains	1,797	0
Total Available-for-sale Securities	25,891	26,096
Fair Value \| Municipal notes \| Level 2
Debt Securities, Available-for-sale [Line Items]
Marketable Securities with unrecognized losses for less than 12 months	0	2,982
Marketable Securities with unrecognized losses for more than 12 months	6,936	4,087
Marketable Securities with unrecognized gains	0	0
Total Available-for-sale Securities	$ 6,936	$ 7,069

Marketable Securities - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Investments, Debt and Equity Securities [Abstract]
Fair market value of investment securities exceeds cost basis	$ (187)
Gross unrealized holding gains	3
Gross unrealized holding losses	190
Unrealized gain (loss) on available-for-sale securities	202	$ (302)
Estimated tax expense (benefit) of change in value of available-for-sale securities	$ (42)

Marketable Securities - Available-for-sale Securities by Maturities (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Summary of maturities, at par, of marketable securities
2019	$ 32,448	$ 43,667
2020	27,672	20,123
2021	400	400
Total	60,520	64,190
Certificates of deposit
Summary of maturities, at par, of marketable securities
2019	2,212	2,311
2020	1,799	1,799
2021	0	0
Total	4,011	4,110
U.S. Treasury and agency notes
Summary of maturities, at par, of marketable securities
2019	13,414	17,574
2020	10,173	9,174
2021	0	0
Total	23,587	26,748
Corporate notes
Summary of maturities, at par, of marketable securities
2019	11,871	18,671
2020	13,700	7,150
2021	400	400
Total	25,971	26,221
Municipal notes
Summary of maturities, at par, of marketable securities
2019	4,951	5,111
2020	2,000	2,000
2021	0	0
Total	$ 6,951	$ 7,111

Real Estate (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Property, Plant and Equipment [Line Items]
Real estate development	$ 287,444	$ 283,385
Less accumulated depreciation	(2,469)	(2,374)
Real estate and improvements - held for lease, net	18,859	18,953
Mountain Village
Property, Plant and Equipment [Line Items]
Real estate development	138,521	137,571
Centennial
Property, Plant and Equipment [Line Items]
Real estate development	101,331	100,311
Grapevine
Property, Plant and Equipment [Line Items]
Real estate development	31,896	31,175
Tejon Ranch Commerce Center
Property, Plant and Equipment [Line Items]
Real estate development	15,696	14,328
Tejon Ranch Commerce Center	$ 21,328	$ 21,327

Long-Term Water Assets - Additional Information (Details)	3 Months Ended
	Mar. 31, 2019 $ / acre ft acre ft	Dec. 31, 2018 acre ft	Dec. 31, 2013 acre ft	Dec. 31, 2009 acre ft	Dec. 31, 2008 acre ft
Long Lived Assets Held-for-sale [Line Items]
Contract renewal optional term	35 years
AVEK water bank
Long Lived Assets Held-for-sale [Line Items]
AVEK water bank (in acre-feet)	13,033,000	13,033,000		6,393	8,393
SWP water contracts
Long Lived Assets Held-for-sale [Line Items]
AVEK water for future delivery (in acre-feet)				3,444
DMB
Long Lived Assets Held-for-sale [Line Items]
Contract renewal optional term	35 years
Consumer price per acre-foot \| $ / acre ft	769
DMB \| Maximum
Long Lived Assets Held-for-sale [Line Items]
Annual fee increase, percent	3.00%
DMB \| Transferable water
Long Lived Assets Held-for-sale [Line Items]
Long-term water assets (in acre-feet)	6,693		6,693
PEF \| Transferable water \| Ranchcorp
Long Lived Assets Held-for-sale [Line Items]
Consumer price per acre-foot \| $ / acre ft	1,120
Annual fee increase, percent	3.00%
Water assets, volume available for purchase from 2017-2030 (up to) (in acre-feet)	3,500
Annual option payment, percent	30.00%

Long-Term Water Assets - Revenues and Cost of Sales (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019 USD ($) acre ft	Mar. 31, 2018 USD ($) acre ft
Goodwill and Intangible Assets Disclosure [Abstract]
Acre-Feet Sold (in acre-feet) \| acre ft	4,445	7,442
Revenues	$ 5,026	$ 7,992
Cost of sales	3,194	3,679
Profit	$ 1,832	$ 4,313

Long-Term Water Assets - Tangible Water Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Long Lived Assets Held-for-sale [Line Items]
Total water held for future use at cost	$ 28,135	$ 24,633
Banked water and water for future delivery
Long Lived Assets Held-for-sale [Line Items]
Total water held for future use at cost	25,208	24,597
Transferable water
Long Lived Assets Held-for-sale [Line Items]
Total water held for future use at cost	$ 2,927	$ 36

Long-Term Water Assets - Intangible Water Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Finite-Lived Intangible Assets [Line Items]
Costs	$ 36,800	$ 36,800
Accumulated Depreciation	(9,942)	(9,601)
Net cost of purchased water contracts	26,858	27,199
Total tangible water assets	28,135	24,633
Net investment in water assets	54,993	51,832
Contract-based intangible assets \| Dudley-Ridge water rights
Finite-Lived Intangible Assets [Line Items]
Costs	12,203	12,203
Accumulated Depreciation	(3,980)	(3,860)
Contract-based intangible assets \| Nickel water rights
Finite-Lived Intangible Assets [Line Items]
Costs	18,740	18,740
Accumulated Depreciation	(3,480)	(3,320)
Contract-based intangible assets \| Tulare Lake Basin water rights
Finite-Lived Intangible Assets [Line Items]
Costs	5,857	5,857
Accumulated Depreciation	$ (2,482)	$ (2,421)

Long-Term Water Assets - Volume of Water Assets (Details) - acre ft	Mar. 31, 2019	Dec. 31, 2018	Dec. 31, 2009	Dec. 31, 2008
Banked water and water for future delivery
Water contracts and purchased water	10,137,000	10,137,000
Total purchased water contracts	85,784,000	83,980,000
Total purchased and contracted water sources in acre feet	142,132,000	133,306,000
AVEK water bank
Banked water and water for future delivery
AVEK water bank	13,033,000	13,033,000	6,393	8,393
Company water bank	37,316,000	35,793,000
Transferable water	5,999,000	500,000
Banked water and water for future delivery	56,348,000	49,326,000
WRMWSD - Contracts with Company
Banked water and water for future delivery
Water contracts and purchased water	15,547,000	15,547,000
Tejon-Castac Water District
Banked water and water for future delivery
Banked water and water for future delivery	54,351,000	52,547,000
Water contracts and purchased water	5,749,000	5,749,000

Accrued Liabilities and Other (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Payables and Accruals [Abstract]
Accrued vacation	$ 790	$ 761
Accrued paid personal leave	428	416
Accrued bonus	647	2,071
Property tax payable	1,022	0
Other	331	327
Total	$ 3,218	$ 3,575

Line of Credit and Long-Term Debt - Components of Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Long-term debt consists of:
Total short-term and long-term debt	$ 64,908	$ 65,915
Less: line-of-credit and current maturities of long-term debt	(4,048)	(4,018)
Less: deferred loan costs	(111)	(117)
Long-term debt, less current portion	60,749	61,780
Notes payable
Long-term debt consists of:
Total short-term and long-term debt	64,908	65,901
Other borrowings
Long-term debt consists of:
Total short-term and long-term debt	$ 0	$ 14

Line of Credit and Long-Term Debt - Additional Information (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2019 USD ($) covenant	Dec. 31, 2013 USD ($)	Dec. 31, 2018 USD ($)
Line of Credit Facility [Line Items]
RLC outstanding balance	$ 64,908,000		$ 65,915,000
Interest pay rate	4.11%
Promissory note agreement
Line of Credit Facility [Line Items]
Debt instrument face amount		$ 4,750,000
Stated interest rate		4.25%
Periodic principal and interest payments		$ 36,000
Long-term debt	$ 3,347,000
Level 2 \| Interest Rate Swap
Line of Credit Facility [Line Items]
Notional Amount	$ 61,561,000		62,483,000
Interest pay rate	4.11%
Term Notes
Line of Credit Facility [Line Items]
Line of credit amount	$ 70,000,000
Term Notes \| Selected LIBOR rate
Line of Credit Facility [Line Items]
Interest rate on line of credit, variable rate	1.70%
Revolving line of credit
Line of Credit Facility [Line Items]
Line of credit amount	$ 30,000,000
Commitment fee percentage	0.10%
RLC outstanding balance	$ 0		$ 0
Number of debt covenants \| covenant	3
Debt equity ratio	0.75
Debt service coverage ratio	1.25
Minimum liquid assets	$ 20,000,000
Revolving line of credit \| Selected LIBOR rate
Line of Credit Facility [Line Items]
Interest rate on line of credit, variable rate	1.50%
Revolving line of credit \| LIBOR for a fixed rate term
Line of Credit Facility [Line Items]
Interest rate on line of credit, variable rate	1.50%

Other Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Other Liabilities
Interest rate swap liability	$ 640	$ 0
Excess joint venture distributions and other	2,763	2,800
Total	13,245	12,698
Derivative asset, noncurrent		93
Pension plan
Other Liabilities
Pension and supplemental executive retirement plan liability	2,133	2,148
SERP
Other Liabilities
Pension and supplemental executive retirement plan liability	$ 7,709	$ 7,750

Stock Compensation - Restricted Stock and Performance Share Grants - Additional Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019 USD ($) award_type
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Number of types of stock grant awards \| award_type	3
Total compensation cost not yet recognized \| $	$ 5,695
Total compensation cost not yet recognized, period for recognition	21 months

Stock Compensation - Restricted Stock and Performance Share Grants - Performance Share Grants (Details) - Performance share grants	3 Months Ended
	Mar. 31, 2019 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Below threshold performance (in shares)	0
Threshold performance (in shares)	186,366
Target performance (in shares)	422,264
Maximum performance (in shares)	640,981

Stock Compensation - Restricted Stock and Performance Share Grants - Summary of Stock Grant Activity (Details) - Performance share grants	3 Months Ended
	Mar. 31, 2019 shares
Summary of stock grant activity:
Stock grants outstanding beginning of the year at target achievement (in shares)	538,599
New stock grants/additional shares due to maximum achievement (in shares)	115,426
Vested grants (in shares)	(82,112.3804038682)
Expired/forfeited grants (in shares)	0
Stock grants outstanding end of the year at target achievement (in shares)	571,913

Stock Compensation - Restricted Stock and Performance Share Grants - Compensation Costs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total Stock Compensation Costs	$ 1,132	$ 1,294
1998 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation costs, expensed	666	761
Stock compensation costs, capitalized	319	346
Total Stock Compensation Costs	985	1,107
NDSI Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation costs, expensed	$ 147	$ 187

Interest Rate Swap (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Derivatives, Fair Value [Line Items]
Interest Rate	4.11%
Level 2 \| Interest Rate Swap
Derivatives, Fair Value [Line Items]
Interest Rate	4.11%
Notional Amount	$ 61,561	$ 62,483
Level 2 \| Interest Rate Swap \| Other Liabilities
Derivatives, Fair Value [Line Items]
Fair Value - asset (liability)	$ (640)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Mar. 31, 2018
Income Tax Disclosure [Abstract]
Income tax expense	$ 95	$ 526
Effective income tax rate	43.00%	27.00%
Income taxes receivable	$ 181

Commitments and Contingencies (Details)	1 Months Ended	3 Months Ended		12 Months Ended
Commitments and Contingencies (Details)	Feb. 28, 2015 participant	Mar. 31, 2019 USD ($) a facility acre ft	Jun. 30, 2014	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2013 acre ft	Jun. 03, 2010 a
Loss Contingencies [Line Items]
Amount paid for water contracts		$ 7,038,000
Contract renewal optional term		35 years
Contractual obligation for future water payments		$ 253,040,000
Estimated future payments		$ 800,000
Incentive fee on contract termination, measurement period from entitlement achievement date			5 years
Number of community facility districts \| facility		2
Letter of credit period		2 years
Letter of credit renewal period		2 years
Annual cost related to the letter of credit		$ 111,000			$ 117,000
Special taxes paid					$ 2,570,000
Acres of land transferred \| a							20,000
Antelope Valley Groundwater Cases \| Settled Litigation
Loss Contingencies [Line Items]
Number of parties in agreement for settlement \| participant	140
Percentage of current water usage with the adjudication boundary (more than)	99.00%
West CFD
Loss Contingencies [Line Items]
Acres of land related to land liens \| a		420
Bond debt sold by TRPFFA		$ 28,620,000
Additional bond debt authorized to be sold in future		0
Additional reimbursement funds		$ 0
East CFD
Loss Contingencies [Line Items]
Acres of land related to land liens \| a		1,931
Bond debt sold by TRPFFA		$ 55,000,000
Additional bond debt authorized to be sold in future		65,000,000
Additional reimbursement funds		4,180,000
Standby letter of credit
Loss Contingencies [Line Items]
Letters of credit outstanding amount		4,468,000
Annual cost related to the letter of credit		$ 68,000
DMB
Loss Contingencies [Line Items]
Contract renewal optional term		35 years
DMB \| Transferable water
Loss Contingencies [Line Items]
Long-term water assets (volume) \| acre ft		6,693				6,693
Scenario, Forecast
Loss Contingencies [Line Items]
Amount paid for water contracts				$ 10,156,000

Retirement Plans - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Defined Benefit Plan Disclosure [Line Items]
Contributions to defined benefit plan	$ 165
Pension plan
Defined Benefit Plan Disclosure [Line Items]
Service period	5 years
Assumptions used in determining periodic pension cost:
Discount rate	4.20%	4.20%
Expected long-term rate of return on plan assets	7.30%	7.50%
Pension plan \| Equities
Current investment policy targets:
Current investment mix	64.00%		64.00%
Pension plan \| Treasury/Corporate Notes
Current investment policy targets:
Current investment mix	35.00%		35.00%
Pension plan \| Money market funds
Current investment policy targets:
Current investment mix	1.00%		1.00%

Retirement Plans - Net Periodic Pension Cost (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Pension plan
Earnings (cost) components:
Interest cost	$ (97)	$ (91)
Expected return on plan assets	131	146
Net amortization and deferral	(19)	(16)
Total net periodic pension earnings	15	39
SERP
Earnings (cost) components:
Interest cost	(76)	(64)
Net amortization and deferral	(16)	(16)
Total net periodic pension earnings	$ (92)	$ (80)

Reporting Segments and Related Information - Additional Information (Details)	3 Months Ended
	Mar. 31, 2019 USD ($) segment	Mar. 31, 2018 USD ($)
Revenue from External Customer [Line Items]
Number of reportable segments \| segment	5
Segment losses	$ 11,694,000	$ 11,924,000
Real estate - resort/residential
Revenue from External Customer [Line Items]
Total revenues	0
Segment losses	$ 648,000	$ 415,000

Reporting Segments and Related Information - Revenue Components of Real Estate Segments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Revenue from External Customer [Line Items]
Equity in earnings of unconsolidated joint ventures, net	$ 876	$ 167
Total expenses	11,694	11,924
Operating results from commercial and unconsolidated joint ventures	219	1,981
Real estate - commercial/industrial
Revenue from External Customer [Line Items]
Commercial revenues	2,826	2,154
Equity in earnings of unconsolidated joint ventures, net	876	167
Commercial revenues and equity in earnings of unconsolidated joint ventures	3,702	2,321
Total expenses	1,792	1,319
Operating results from commercial and unconsolidated joint ventures	$ 1,910	$ 1,002

- Definition

This item represents the entity's proportionate share for the period of the net income (loss) of its investee (such as unconsolidated subsidiaries and joint ventures) to which the equity method of accounting is applied. This item includes income or expense related to stock-based compensation based on the investor's grant of stock to employees of an equity method investee.

+ References + Details

Reporting Segments and Related Information - Revenue Components of Mineral Resources Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Revenue from External Customer [Line Items]
Total expenses	$ 11,694	$ 11,924
Operating results	(657)	1,814
Mineral resources
Revenue from External Customer [Line Items]
Total revenues	6,132	9,131
Total expenses	3,832	4,231
Operating results	$ 2,300	$ 4,900

Reporting Segments and Related Information - Revenue Components of Farming Segments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Revenue from External Customer [Line Items]
Total expenses	$ 11,694	$ 11,924
Operating results	(657)	1,814
Farming Segment
Revenue from External Customer [Line Items]
Total revenues	815	1,195
Total expenses	1,598	1,838
Operating results	$ (783)	$ (643)

Reporting Segments and Related Information - Revenue Components of Ranch Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Revenue from External Customer [Line Items]
Total expenses	$ 11,694	$ 11,924
Operating results	(657)	1,814
Ranch operations
Revenue from External Customer [Line Items]
Total revenues	889	989
Total expenses	1,350	1,389
Operating results	$ (461)	$ (400)

Investment in Unconsolidated and Consolidated Joint Ventures - Investment Information (Details)	1 Months Ended	3 Months Ended			12 Months Ended
	Nov. 30, 2018 ft²	Dec. 31, 2019	Mar. 31, 2019 USD ($) a ft² joint_venture	Mar. 31, 2018 USD ($)	Dec. 31, 2013 USD ($) ft² member	Dec. 31, 2018 USD ($)	Jun. 01, 2018 USD ($)
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated joint ventures			$ 29,503,000			$ 28,602,000
Equity in earnings (loss)			876,000	$ 167,000
Equity			29,503,000			28,602,000
Debt			120,483,000			121,326,000
Centennial
Schedule of Equity Method Investments [Line Items]
Noncontrolling interest balance			$ 11,039,000			13,172,000
Consolidated joint venture, ownership interest			92.32%
Petro Travel Plaza Holdings, LLC
Schedule of Equity Method Investments [Line Items]
Unconsolidated joint ventures, ownership interest			50.00%
Right and share of profit and loss			60.00%
Equity			$ 19,548,000			18,426,000
Debt			15,284,000			15,283,000
Majestic Realty Co.
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated joint ventures			$ 24,773,000
Area of building owned and leased \| ft²			651,909
TRC-MRC 3, LLC
Schedule of Equity Method Investments [Line Items]
Equity			$ 100,000			0
Number of acres for development \| ft²	579,040
Debt			0			0
TRC-MRC 3, LLC \| Scenario, Forecast
Schedule of Equity Method Investments [Line Items]
Joint Venture, Percentage of Rentable Space Occupied		67.00%
TRC-MRC 2, LLC
Schedule of Equity Method Investments [Line Items]
Equity			0			0
Debt instrument face amount							$ 25,240,000
Debt			24,877,000			25,014,000
Deficit balance			$ 2,482,000
TRCC-East
Schedule of Equity Method Investments [Line Items]
Number of acres for development \| ft²					326,000
Area of building owned and leased \| ft²			480,480
Deficit balance			$ 275,000
TRC-MRC 1, LLC
Schedule of Equity Method Investments [Line Items]
Equity			0			0
Debt			24,943,000			25,030,000
Construction Loan			$ 25,030,000
Rockefeller Joint Ventures
Schedule of Equity Method Investments [Line Items]
Number of joint venture contracts \| joint_venture			3
Investment in unconsolidated joint ventures			$ 9,855,000
Number of acres for development \| a			91
Development of land in TRCC including pursuing foreign trade zone (up to) \| a			500
Rockefeller Joint Ventures \| Building Development
Schedule of Equity Method Investments [Line Items]
Number of joint venture contracts \| joint_venture			2
Five West Parcel, LLC
Schedule of Equity Method Investments [Line Items]
Unconsolidated joint ventures, ownership interest			50.00%		50.00%
Equity			$ 2,777,000			2,691,000
Area of building owned and leased \| ft²			606,000
Debt			$ 9,038,000			9,173,000
18-19 West, LLC
Schedule of Equity Method Investments [Line Items]
Equity			1,769,000			1,783,000
Debt			$ 0			0
Number of acres for development \| a			61.5
TRCC/Rock Outlet Center, LLC
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated joint ventures					$ 87,000,000
Equity			$ 5,309,000			5,702,000
Debt			46,341,000			$ 46,826,000
Construction loan percent of costs					60.00%
Equity contributions, percent					40.00%
Number of members \| member					2
TRCC/Rock Outlet Center, LLC \| Line of Credit
Schedule of Equity Method Investments [Line Items]
Summarized financial information, maximum borrowing capacity			$ 52,000,000

Investment in Unconsolidated and Consolidated Joint Ventures - Condensed Statements of Operations and Balance Sheet Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Statement of Operations
Joint Venture Revenues	$ 29,711	$ 27,830
Joint Venture Earnings (Loss)	1,377	157
TRC Equity in Earnings (Loss)	876	167
Balance Sheet Information
Joint Venture Assets	218,113		$ 214,155
Joint Venture Debt	(120,483)		(121,326)
Joint Venture Equity	88,458		87,568
TRC Equity	29,503		28,602
Petro Travel Plaza Holdings, LLC
Statement of Operations
Joint Venture Revenues	25,406	24,677
Joint Venture Earnings (Loss)	1,870	887
TRC Equity in Earnings (Loss)	1,122	532
Balance Sheet Information
Joint Venture Assets	70,441		69,096
Joint Venture Debt	(15,284)		(15,283)
Joint Venture Equity	53,247		51,377
TRC Equity	19,548		18,426
Five West Parcel, LLC
Statement of Operations
Joint Venture Revenues	684	697
Joint Venture Earnings (Loss)	171	191
TRC Equity in Earnings (Loss)	86	96
Balance Sheet Information
Joint Venture Assets	15,125		15,157
Joint Venture Debt	(9,038)		(9,173)
Joint Venture Equity	5,922		5,751
TRC Equity	2,777		2,691
18-19 West, LLC
Statement of Operations
Joint Venture Revenues	3	3
Joint Venture Earnings (Loss)	(28)	(27)
TRC Equity in Earnings (Loss)	(14)	(13)
Balance Sheet Information
Joint Venture Assets	4,632		4,654
Joint Venture Debt	0		0
Joint Venture Equity	4,626		4,654
TRC Equity	1,769		1,783
TRCC/Rock Outlet Center, LLC
Statement of Operations
Joint Venture Revenues	1,898	1,475
Joint Venture Earnings (Loss)	(785)	(1,095)
TRC Equity in Earnings (Loss)	(393)	(548)
Non-cash tenant allowance amortization	500	400
Balance Sheet Information
Joint Venture Assets	74,062		75,194
Joint Venture Debt	(46,341)		(46,826)
Joint Venture Equity	26,746		27,531
TRC Equity	5,309		5,702
TRC-MRC 1, LLC
Statement of Operations
Joint Venture Revenues	736	0
Joint Venture Earnings (Loss)	(5)	(1)
TRC Equity in Earnings (Loss)	(2)	(1)
Balance Sheet Information
Joint Venture Assets	29,629		29,692
Joint Venture Debt	(24,943)		(25,030)
Joint Venture Equity	3,998		4,018
TRC Equity	0		0
TRC-MRC 2, LLC
Statement of Operations
Joint Venture Revenues	984	978
Joint Venture Earnings (Loss)	154	202
TRC Equity in Earnings (Loss)	77	101
Non-cash amortization related to in-place leases	200	200
Balance Sheet Information
Joint Venture Assets	20,358		20,362
Joint Venture Debt	(24,877)		(25,014)
Joint Venture Equity	(6,281)		(5,763)
TRC Equity	0		0
TRC-MRC 3, LLC
Balance Sheet Information
Joint Venture Assets	3,866		0
Joint Venture Debt	0		0
Joint Venture Equity	200		0
TRC Equity	100		0
Centennial
Statement of Operations
Joint Venture Revenues	122	87
Joint Venture Earnings (Loss)	64	$ (18)
Balance Sheet Information
Joint Venture Assets	94,397		93,840
Joint Venture Debt	0		0
Joint Venture Equity	$ 94,002		$ 93,188

Subsequent Events - Narrative (Details) - Subsequent Event - TRC-MRC 3, LLC $ in Thousands	Apr. 01, 2019 USD ($)
Subsequent Event [Line Items]
Profit margin	$ 1,700
Deferred profit margin	1,700
Land
Subsequent Event [Line Items]
Value of land contributed	$ 5,800