0000096869-22-000015 | 10-Q | XBRL Viewer

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Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2022	Oct. 31, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
Document Transition Report	false
Entity File Number	1-07183
Entity Registrant Name	TEJON RANCH CO.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	77-0196136
Entity Address, Address Line One	P.O. Box 1000
Entity Address, City or Town	Tejon Ranch
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	93243
City Area Code	661
Local Phone Number	248-3000
Title of 12(b) Security	Common Stock, $0.50 par value
Trading Symbol	TRC
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock Shares Outstanding		26,499,626
Entity Central Index Key	0000096869
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31

UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Costs and Expenses:
Total expenses	$ 20,487	$ 16,177	$ 47,882	$ 42,398
Operating income (loss)	10,988	(1,215)	13,882	256
Other Income:
Investment income	204	5	300	21
Other income, net	211	24	1,038	131
Total other income	415	29	1,338	152
Income (loss) from operations before equity in earnings of unconsolidated joint ventures	11,403	(1,186)	15,220	408
Equity in earnings of unconsolidated joint ventures, net	1,991	1,510	4,867	2,816
Income before income tax expense	13,394	324	20,087	3,224
Income tax expense	3,221	98	6,262	1,237
Net income	10,173	226	13,825	1,987
Net (loss) income attributable to non-controlling interest	(11)	7	1	1
Net income attributable to common stockholders	$ 10,184	$ 219	$ 13,824	$ 1,986
Net (loss) income per share attributable to common stockholders, basic (in dollars per share)	$ 0.38	$ 0.01	$ 0.52	$ 0.08
Net (loss) income per share attributable to common stockholders, diluted (in dollars per share)	$ 0.38	$ 0.01	$ 0.52	$ 0.08
Operating Segments
Revenues:
Total revenues	$ 31,475	$ 14,962	$ 61,764	$ 42,654
Operating Segments \| Real estate - commercial/industrial
Revenues:
Total revenues	22,352	2,466	32,163	12,820
Costs and Expenses:
Total expenses	6,845	2,331	11,403	8,595
Other Income:
Equity in earnings of unconsolidated joint ventures, net	1,991	1,510	4,867	2,816
Operating Segments \| Real estate - resort/residential
Costs and Expenses:
Total expenses	372	322	1,218	1,314
Operating Segments \| Mineral resources
Revenues:
Total revenues	3,139	4,774	19,238	19,354
Costs and Expenses:
Total expenses	1,745	3,025	11,347	12,325
Operating income (loss)	1,394	1,749	7,891	7,029
Operating Segments \| Farming
Revenues:
Total revenues	4,776	6,726	7,352	7,612
Costs and Expenses:
Total expenses	8,752	7,296	13,976	9,977
Operating income (loss)	(3,976)	(570)	(6,624)	(2,365)
Operating Segments \| Ranch operations
Revenues:
Total revenues	1,208	996	3,011	2,868
Costs and Expenses:
Total expenses	1,143	1,182	3,708	3,511
Operating income (loss)	65	(186)	(697)	(643)
Corporate expenses
Costs and Expenses:
Total expenses	$ 1,630	$ 2,021	$ 6,230	$ 6,676

UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 10,173	$ 226	$ 13,825	$ 1,987
Other comprehensive (loss) income:
Unrealized loss on available-for-sale securities	(101)	(1)	(278)	(8)
Unrealized gain on interest rate swap	1,608	456	5,819	2,237
Other comprehensive gain before taxes	1,507	455	5,541	2,229
Expense for income taxes related to other comprehensive income items	(422)	(126)	(1,553)	(624)
Other comprehensive income	1,085	329	3,988	1,605
Comprehensive income	11,258	555	17,813	3,592
Comprehensive (loss) income attributable to non-controlling interests	(11)	7	1	1
Comprehensive income attributable to common stockholders	$ 11,269	$ 548	$ 17,812	$ 3,591

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Current Assets:
Cash and cash equivalents	$ 30,308	$ 36,195
Marketable securities - available-for-sale	31,242	10,983
Accounts receivable	4,668	6,473
Inventories	5,532	5,702
Prepaid expenses and other current assets	3,919	3,619
Total current assets	75,669	62,972
Real estate and improvements - held for lease, net	17,028	17,301
Real estate development (includes $114,284 at September 30, 2022 and $112,063 at December 31, 2021, attributable to Centennial Founders, LLC, Note 15)	325,931	319,030
Property and equipment, net	53,468	50,699
Investments in unconsolidated joint ventures	38,605	43,418
Net investment in water assets	48,024	50,997
Other assets	3,160	1,619
TOTAL ASSETS	561,885	546,036
Current Liabilities:
Trade accounts payable	4,143	4,545
Accrued liabilities and other	4,415	3,451
Deferred income	2,071	1,907
Income Taxes Payable	843	1,217
Current maturities of long-term debt	1,758	4,475
Total current liabilities	13,230	15,595
Long-term debt, less current portion	48,612	48,155
Long-term deferred gains	8,435	8,409
Deferred tax liability	4,136	2,898
Other liabilities	11,943	14,468
Total liabilities	86,356	89,525
Commitments and contingencies
Tejon Ranch Co. Stockholders’ Equity
Issued and outstanding shares - 26,491,770 at September 30, 2022 and 26,400,921 at December 31, 2021	13,246	13,200
Additional paid-in capital	346,095	344,936
Accumulated other comprehensive loss	(2,834)	(6,822)
Retained earnings	103,659	89,835
Total Tejon Ranch Co. Stockholders’ Equity	460,166	441,149
Non-controlling interest	15,363	15,362
Total equity	475,529	456,511
TOTAL LIABILITIES AND EQUITY	$ 561,885	$ 546,036

CONSOLIDATED BALANCE SHEETS (PARENTHETICAL) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Real estate development	$ 325,931	$ 319,030
Common stock, par value per share (in dollars per share)	$ 0.50	$ 0.50
Common stock, authorized shares (in shares)	50,000,000	50,000,000
Common stock, issued shares (in shares)	26,491,770	26,400,921
Common stock, outstanding shares (in shares)	26,491,770	26,400,921
Centennial
Real estate development	$ 114,284	$ 112,063

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

12 Months Ended

Sep. 30, 2022

Sep. 30, 2021

Sep. 30, 2022

Sep. 30, 2021

Dec. 31, 2021

Operating Activities

Net income

$ 10,173

$ 226

$ 13,825

$ 1,987

Adjustments to reconcile net income to net cash used by operating activities:

Depreciation and amortization

3,342

3,408

Amortization of premium/discount of marketable securities

116

Equity in earnings of unconsolidated joint ventures, net

(1,991)

(1,510)

(4,867)

(2,816)

Non-cash retirement plan expense (benefit)

(75)

Non-cash profits recognized from land contribution

(2,784)

Profit from water sales

^[1]

(1,889)

(3,277)

Profit from land sales

(18,372)

Gain on sale of property plant and equipment

(1,140)

(12)

Deferred income taxes

(315)

(1)

Stock compensation expense

2,088

3,162

Excess tax shortfall from stock-based compensation

155

Loan fee write-off

Distribution of earnings from unconsolidated joint ventures

7,336

364

Changes in operating assets and liabilities:

Receivables, inventories, prepaids and other assets, net

851

(2,597)

Current liabilities

724

493

Net cash provided by (used in) operating activities

1,868

(1,916)

Investing Activities

Maturities and sales of marketable securities

27,961

5,250

Funds invested in marketable securities

(48,614)

(10,355)

Real estate and equipment expenditures

(17,687)

(15,240)

Reimbursement proceeds from Community Facilities District

135

Proceeds from sale of real estate/assets

Investment in unconsolidated joint ventures

(175)

(2,900)

Distribution of equity from unconsolidated joint ventures

3,968

5,690

Proceeds from water sales

^[1]

5,202

8,997

Investments in water assets

(988)

(2,415)

Net proceeds from land sales

^[2]

24,950

Net cash used in investing activities

(5,383)

(10,775)

Financing Activities

Borrowings of long-term debt

49,080

Repayments of long-term debt

(51,272)

(3,200)

Deferred financing costs

(181)

Interest rate swap settlement

^[3]

1,123

Taxes on vested stock grants

(1,122)

(966)

Net cash used in financing activities

(2,372)

(4,166)

Decrease in cash and cash equivalents

(5,887)

(16,857)

Cash, cash equivalents, and restricted cash at beginning of period

37,398

55,320

$ 55,320

Cash, cash equivalents, and restricted cash at end of period

31,511

38,463

31,511

38,463

37,398

Reconciliation to amounts on consolidated balance sheets:

Cash and cash equivalents

30,308

37,660

30,308

37,660

36,195

Restricted cash (Shown in Other Assets)

1,203

803

1,203

803

Total cash, cash equivalents, and restricted cash

$ 31,511

$ 38,463

31,511

38,463

$ 37,398

Non-cash investing activities

Accrued capital expenditures included in current liabilities

841

737

Accrued long-term water assets included in current liabilities

374

262

Contribution to unconsolidated joint venture

8,464

Long term deferred profit on land contribution

$ 0

$ 2,785

[1]	In determining the classification of cash inflows and outflows related to water asset activity, the Company’s practices are supported by Accounting Standards Codification (“ASC”) 230-10-45-22, which provides that “Certain cash receipts and payments have aspects of more than one class of cash flows…. If so, the appropriate classification shall depend on the activity that is likely to be the predominant source of cash flows for the item.” Also, at the 2006 American Institution of Certified Public Accountants Conference on Current SEC and PCAOB Developments, the Securities and Exchange Commission, or SEC staff discussed that an entity should be consistent in how it classifies cash outflows and inflows related to an asset’s purchase and sale and noted that when cash flow classification is unclear, registrants must use judgment and analysis that considers the nature of the activity and the predominant source of cash flow for these items. Given the nature of our water assets and the aforementioned authoritative guidance, the Company estimates the appropriate classification of water assets purchased based on the timing of the sale of the water. Water purchased in prior periods that was classified as investing was sold for $4.0 million in 2022, this cash inflow is appropriately classified in the Company’s investing activities. The profit of $1.6 million related to the water purchased in prior periods is appropriately being deducted from operating activities for the current period. The Company has and will continue to apply this methodology to water asset transactions that meet this fact pattern.
[2]	In determining the classification of cash inflows and outflows related to land development costs, the Company’s practices are supported by Accounting Standards Codification (“ASC”) 230-10-45-22, which provides that “Certain cash receipts and payments have aspects of more than one class of cash flows…. If so, the appropriate classification shall depend on the activity that is likely to be the predominant source of cash flows for the item.” Also, at the 2006 American Institution of Certified Public Accountants Conference on Current SEC and PCAOB Developments, the Securities and Exchange Commission, or SEC staff discussed that an entity should be consistent in how it classifies cash outflows and inflows related to an asset’s purchase and sale and noted that when cash flow classification is unclear, registrants must use judgment and analysis that considers the nature of the activity and the predominant source of cash flow for these items. Given the nature of our land development costs and the aforementioned authoritative guidance, the Company estimates the appropriate classification of land development costs based on the timing of the sale of land. Land development costs incurred during prior periods that were classified as investing were sold for $26.7 million in 2022, this cash inflow is appropriately classified in the Company’s investing activities. The profit of $18.4 million related to land development costs incurred in prior periods is appropriately being deducted from operating activities for the current period. The Company has and will continue to apply this methodology to land sale transactions that meet this fact pattern. In June 2021, the Company contributed land with a fair value of $8.5 million to TRC-MRC 4, LLC an unconsolidated joint venture formed to pursue the development, construction, leasing, and management of a 630,000 square foot industrial building on the Company's property at TRCC-East. The total cost of the land was $2.9 million. The Company recognized $2.8 million in profit and deferred $2.8 million of profit after applying the five-step revenue recognition model in accordance with Accounting Standards Codification (ASC) Topic 606 — Revenue From Contracts With Customers and ASC Topic 323, Investments — Equity Method and Joint Ventures. Historically, cash outflows related to land development expenditures were accounted for within investing activities. For consistency, the Company will continue to classify cash outflows and cash inflows related to land development as investing activities.
[3]	The Company had an interest rate swap agreement with Wells Fargo Bank, N.A. to reduce its exposure to fluctuations in the floating interest rate tied to the London Inter-Bank Offered Rate, or LIBOR, under a term note with Wells Fargo. The hedging relationship qualified as an effective cash flow hedge at the initial assessment, based upon a regression analysis, and is recorded at fair value. On June 27, 2022, the Company terminated the interest rate swap agreement with Wells Fargo and received a $1,123,200 cash termination fee from Wells Fargo. See Interest rate swap liability (Note 10) for further discussion.

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical)

9 Months Ended

Sep. 30, 2022

USD ($)

Proceeds from sale of other investments

$ 5,202,000

^[1]

Profit from water sales

1,889,000

^[1]

Net proceeds from land sales

24,950,000

^[2]

18,372,000

Value of property contributed

Real estate development (includes $114,284 at September 30, 2022 and $112,063 at December 31, 2021, attributable to Centennial Founders, LLC, Note 15)

325,931,000

Water

Proceeds from sale of other investments

5,200,000

Profit from water sales

1,900,000

TRC-MRC 4, LLC

Net proceeds from land sales

26,700,000

$ 18,400,000

[1]

In determining the classification of cash inflows and outflows related to water asset activity, the Company’s practices are supported by Accounting Standards Codification (“ASC”) 230-10-45-22, which provides that “Certain cash receipts and payments have aspects of more than one class of cash flows…. If so, the appropriate classification shall depend on the activity that is likely to be the predominant source of cash flows for the item.” Also, at the 2006 American Institution of Certified Public Accountants Conference on Current SEC and PCAOB Developments, the Securities and Exchange Commission, or SEC staff discussed that an entity should be consistent in how it classifies cash outflows and inflows related to an asset’s purchase and sale and noted that when cash flow classification is unclear, registrants must use judgment and analysis that considers the nature of the activity and the predominant source of cash flow for these items.

Given the nature of our water assets and the aforementioned authoritative guidance, the Company estimates the appropriate classification of water assets purchased based on the timing of the sale of the water. Water purchased in prior periods that was classified as investing was sold for $4.0 million in 2022, this cash inflow is appropriately classified in the Company’s investing activities. The profit of $1.6 million related to the water purchased in prior periods is appropriately being deducted from operating activities for the current period. The Company has and will continue to apply this methodology to water asset transactions that meet this fact pattern.

[2]

In determining the classification of cash inflows and outflows related to land development costs, the Company’s practices are supported by Accounting Standards Codification (“ASC”) 230-10-45-22, which provides that “Certain cash receipts and payments have aspects of more than one class of cash flows…. If so, the appropriate classification shall depend on the activity that is likely to be the predominant source of cash flows for the item.” Also, at the 2006 American Institution of Certified Public Accountants Conference on Current SEC and PCAOB Developments, the Securities and Exchange Commission, or SEC staff discussed that an entity should be consistent in how it classifies cash outflows and inflows related to an asset’s purchase and sale and noted that when cash flow classification is unclear, registrants must use judgment and analysis that considers the nature of the activity and the predominant source of cash flow for these items.

Given the nature of our land development costs and the aforementioned authoritative guidance, the Company estimates the appropriate classification of land development costs based on the timing of the sale of land. Land development costs incurred during prior periods that were classified as investing were sold for $26.7 million in 2022, this cash inflow is appropriately classified in the Company’s investing activities. The profit of $18.4 million related to land development costs incurred in prior periods is appropriately being deducted from operating activities for the current period. The Company has and will continue to apply this methodology to land sale transactions that meet this fact pattern.

In June 2021, the Company contributed land with a fair value of $8.5 million to TRC-MRC 4, LLC an unconsolidated joint venture formed to pursue the development, construction, leasing, and management of a 630,000 square foot industrial building on the Company's property at TRCC-East. The total cost of the land was $2.9 million. The Company recognized $2.8 million in profit and deferred $2.8 million of profit after applying the five-step revenue recognition model in accordance with Accounting Standards Codification (ASC) Topic 606 — Revenue From Contracts With Customers and ASC Topic 323, Investments — Equity Method and Joint Ventures. Historically, cash outflows related to land development expenditures were accounted for within investing activities. For consistency, the Company will continue to classify cash outflows and cash inflows related to land development as investing activities.

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 (Loss) Income	Retained Earnings	Noncontrolling Interest
Beginning balance (in shares) at Dec. 31, 2020			26,276,830
Beginning balance, value at Dec. 31, 2020	$ 445,331	$ 429,963	$ 13,137	$ 342,059	$ (9,720)	$ 84,487	$ 15,368
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	1,987	1,986				1,986	1
Other comprehensive income (loss)	1,605	1,605			1,605
Restricted stock issuance (in shares)			134,021
Restricted stock issuance	0		$ 67	(67)
Stock compensation	3,492	3,492		3,492
Shares withheld for taxes and tax benefit of vested shares (in shares)			(58,658)
Shares withheld for taxes and tax benefit of vested shares	(966)	(966)	$ (29)	(937)
Ending balance (in shares) at Sep. 30, 2021			26,352,193
Ending balance, value at Sep. 30, 2021	451,449	436,080	$ 13,175	344,547	(8,115)	86,473	15,369
Beginning balance (in shares) at Jun. 30, 2021			26,343,864
Beginning balance, value at Jun. 30, 2021	449,758	434,396	$ 13,171	343,415	(8,444)	86,254	15,362
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	226	219				219	7
Other comprehensive income (loss)	329	329			329
Restricted stock issuance (in shares)			8,329
Restricted stock issuance	0		$ 4	(4)
Stock compensation	1,136	1,136		1,136
Shares withheld for taxes and tax benefit of vested shares	0
Ending balance (in shares) at Sep. 30, 2021			26,352,193
Ending balance, value at Sep. 30, 2021	$ 451,449	436,080	$ 13,175	344,547	(8,115)	86,473	15,369
Beginning balance (in shares) at Dec. 31, 2021	26,400,921		26,400,921
Beginning balance, value at Dec. 31, 2021	$ 456,511	441,149	$ 13,200	344,936	(6,822)	89,835	15,362
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	13,825	13,824				13,824	1
Other comprehensive income (loss)	3,988	3,988			3,988
Restricted stock issuance (in shares)			154,709
Restricted stock issuance	0		$ 77	(77)
Stock compensation	2,327	2,327		2,327
Shares withheld for taxes and tax benefit of vested shares (in shares)			(63,860)
Shares withheld for taxes and tax benefit of vested shares	$ (1,122)	(1,122)	$ (31)	(1,091)
Ending balance (in shares) at Sep. 30, 2022	26,491,770		26,491,770
Ending balance, value at Sep. 30, 2022	$ 475,529	460,166	$ 13,246	346,095	(2,834)	103,659	15,363
Beginning balance (in shares) at Jun. 30, 2022			26,484,947
Beginning balance, value at Jun. 30, 2022	464,309	448,935	$ 13,242	346,137	(3,919)	93,475	15,374
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	10,173	10,184				10,184	(11)
Other comprehensive income (loss)	1,085	1,085			1,085
Restricted stock issuance (in shares)			6,823
Restricted stock issuance	1	1	$ 4	(3)
Stock compensation	(39)	(39)		(39)
Shares withheld for taxes and tax benefit of vested shares	$ 0
Ending balance (in shares) at Sep. 30, 2022	26,491,770		26,491,770
Ending balance, value at Sep. 30, 2022	$ 475,529	$ 460,166	$ 13,246	$ 346,095	$ (2,834)	$ 103,659	$ 15,363

BASIS OF PRESENTATION	9 Months Ended
BASIS OF PRESENTATION	Sep. 30, 2022
Accounting Policies [Abstract]
BASIS OF PRESENTATION	BASIS OF PRESENTATION The summarized information of Tejon Ranch Co. and its subsidiaries (the Company or Tejon), 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. The Company has evaluated subsequent events through the date of issuance of its consolidated financial statements. The periods ended September 30, 2022 and 2021 include the consolidation of Centennial Founders, LLC’s statement of operations within the resort/residential real estate development segment, statements of changes in equity and noncontrolling interests, and statements of cash flows. The Company’s September 30, 2022 and December 31, 2021 balance sheets 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. The Company uses segment profit or loss and equity in earnings of unconsolidated joint ventures as the primary measures 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, 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, 2021. Restricted Cash Restricted cash is included in Prepaid expenses and other current assets within the Consolidated Balance Sheets and primarily relate to funds held in escrow. The Company had $1,203,000 of restricted cash as of September 30, 2022. Recent Accounting Pronouncements No new Accounting Standards Update, or ASU, is applicable to our consolidated financial statements as of September 30, 2022.

EQUITY

9 Months Ended

Sep. 30, 2022

Stockholders' Equity Note [Abstract]

EQUITY

Earnings Per Share (EPS)

Basic net income (loss) 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 (loss) 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 issuance of common stock upon exercise of stock options, warrants to purchase common stock, and the vesting of restricted stock grants per ASC Topic 260, “Earnings Per Share.”


	Three Months Ended September 30,		Nine Months Ended September 30,
	2022	2021	2022	2021
Weighted average number of shares outstanding:
Common stock	26,491,251	26,351,254	26,468,099	26,336,247
Common stock equivalents	47,507	163,689	164,364	135,264
Diluted shares outstanding	26,538,758	26,514,943	26,632,463	26,471,511

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-URI https://asc.fasb.org/topic&trid=2208762

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI https://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 18
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

MARKETABLE SECURITIES

9 Months Ended

Sep. 30, 2022

Investments, Debt and Equity Securities [Abstract]

MARKETABLE SECURITIES

ASC Topic 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 classifies 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)		September 30, 2022				December 31, 2021
Marketable Securities:	Fair Value Hierarchy	Cost		Fair Value		Cost		Fair Value
Certificates of deposit
with unrealized losses for less than 12 months		$	—	$	—	$	401	$	400

with unrealized gains		648		649		—		—
Total Certificates of deposit	Level 1	648		649		401		400
U.S. Treasury and agency notes
with unrealized losses for less than 12 months		13,236		13,138		1,360		1,358

with unrealized gains		500		500		—		—
Total U.S. Treasury and agency notes	Level 2	13,736		13,638		1,360		1,358
Corporate notes
with unrealized losses for less than 12 months		16,057		15,871		9,231		9,225
with unrealized losses for more than 12 months		1,088		1,084		—		—

Total Corporate notes	Level 2	17,145		16,955		9,231		9,225






		$	31,529	$	31,242	$	10,992	$	10,983

ASC Topic 326, "Financial Instruments - Credit Losses," requires the Company to use an allowance approach when recognizing credit loss for available-for-sale debt securities, measured as the difference between the security's amortized cost basis and the amount expected to be collected over the security's lifetime. Under this approach, at each reporting date, the Company records impairment related to credit losses through earnings offset with an allowance for credit losses, or ACL. At September 30, 2022, the Company has not recorded any credit losses.

As of September 30, 2022, the fair market value of marketable securities was $287,000 below their cost basis. The Company’s gross unrealized holding gains equaled $1,000 and gross unrealized holding losses equaled $288,000. As of September 30, 2022, the adjustment to accumulated other comprehensive loss reflected a decline in market value of $278,000, including estimated taxes of $78,000.

The Company elected to exclude applicable accrued interest from both the fair value and the amortized cost basis of the available-for-sale debt securities, and separately present the accrued interest receivable balance per ASC Topic 326. The accrued interest receivables balance totaled $151,000 as of September 30, 2022 and was included within the Prepaid expenses and other current assets line item of the Consolidated Balance Sheets. The Company elected not to measure an allowance for credit losses on accrued interest receivable as an allowance on possible uncollectible accrued interest is not warranted.

U.S. Treasury and agency notes

The unrealized losses on the Company's investments in U.S. Treasury and agency notes at September 30, 2022 and December 31, 2021 were caused by relative changes in interest rates since the time of purchase. The contractual cash flows for these securities are guaranteed by U.S. government agencies. The unrealized losses on these debt security holdings are a function of changes in investment spreads and interest rate movements and not changes in credit quality. As of September 30, 2022 and December 31, 2021, the Company did not intend to sell these securities and it is not more-likely-than-not that the Company would be required to sell these securities before recovery of their cost basis. Therefore, these investments did not require an ACL as of September 30, 2022 and December 31, 2021.

Corporate notes

The contractual terms of those investments do not permit the issuers to settle the securities at a price less than the amortized cost basis of the investments. The unrealized losses on corporate notes are a function of changes in investment spreads and interest rate movements and not changes in credit quality. The Company expects to recover the entire amortized cost basis of these securities. As of September 30, 2022 and December 31, 2021, the Company did not intend to sell these securities and it is not more-likely-than-not that the Company would be required to sell these securities before recovery of their cost basis. Therefore, these investments did not require an ACL as of September 30, 2022 and December 31, 2021.

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


	September 30, 2022
($ in thousands)	2022		2023		Total
Certificates of deposit	$	649	$	—	$	649
U.S. Treasury and agency notes	2,905		10,875		13,780
Corporate notes	3,636		13,470		17,106

	$	7,190	$	24,345	$	31,535


	December 31, 2021
($ in thousands)	2022		2023		Total
Certificates of deposit	$	400	$	—	$	400
U.S. Treasury and agency notes	855		500		1,355
Corporate notes	8,925		250		9,175

	$	10,180	$	750	$	10,930

The Company’s investments in corporate notes are with companies that have an investment grade rating from Standard & Poor’s as of September 30, 2022.

REAL ESTATE

9 Months Ended

Sep. 30, 2022

Real Estate [Abstract]

REAL ESTATE

Our accumulated real estate development costs by project consisted of the following:


($ in thousands)	September 30, 2022		December 31, 2021
Real estate development
Mountain Village	$	153,267	$	150,668
Centennial	114,284		112,063
Grapevine	38,778		37,922
Tejon Ranch Commerce Center	19,602		18,377
Real estate development	$	325,931	$	319,030

Real estate and improvements - held for lease
Tejon Ranch Commerce Center	$	20,590	$	20,595
Less accumulated depreciation	(3,562)		(3,294)
Real estate and improvements - held for lease, net	$	17,028	$	17,301

LONG-TERM WATER ASSETS

9 Months Ended

Sep. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

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 and by the Tejon-Castac Water District (TCWD) in the Kern Water Banks.

The Company has secured State Water Project, or SWP, entitlements under long-term SWP water contracts within the Tulare Lake Basin Water Storage District, or Tulare Lake Basin, and the Dudley-Ridge Water District, or Dudley-Ridge, totaling 3,444 acre-feet of SWP entitlement annually, subject to SWP allocations. These contracts extend through 2035 and have been transferred to the Antelope Valley East Kern Water Agency, or AVEK, for the Company's 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 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 2022 is $861 per acre-foot. The purchase cost is subject to annual cost increases based on the greater of the consumer price index or 3%.

Water assets will ultimately be sold to water districts servicing the Company’s commercial/industrial and resort/residential real estate developments, and for the Company's own use in its agricultural operations. Interim uses may include the sale of the temporary “right-of-use” of portions of this water to third-party users on an annual basis until this water is fully allocated to Company uses, as previously described.

Water revenues and cost of sales were as follows for the nine months ended ($ in thousands):


	September 30, 2022		September 30, 2021
Acre-Feet Sold	9,600		13,199

Revenues	$	13,635	$	14,986
Cost of sales	8,944		10,297
Profit	$	4,691	$	4,689

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


	September 30, 2022		December 31, 2021
Banked water and water for future delivery	$	23,855	$	25,020
Water available for banking, sales, or internal use	2,093		2,879
Total water held for future use at cost	$	25,948	$	27,899

Intangible Water Assets

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


	September 30, 2022				December 31, 2021
	Costs		Accumulated Depreciation		Costs		Accumulated Depreciation
Dudley-Ridge water rights	$	11,581	$	(5,669)	$	11,581	$	(5,307)
Nickel water rights	18,740		(5,729)		18,740		(5,247)
Tulare Lake Basin water rights	6,479		(3,326)		6,479		(3,148)
	$	36,800	$	(14,724)	$	36,800	$	(13,702)
Net cost of purchased water contracts	22,076				23,098
Total cost water held for future use	25,948				27,899
Net investments in water assets	$	48,024			$	50,997

Water contracts with the Wheeler Ridge Maricopa Water Storage District, or WRMWSD, and TCWD are also in place, but were entered into with each district at the inception of the respective contracts, were 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)	September 30, 2022	December 31, 2021

Water held for future use
TCWD - Banked water owned by the Company	53,448	56,189
Company water bank	50,349	50,349
Water available for banking, sales, or internal use	2,874	4,203
Total water held for future use	106,671	110,741
Purchased water contracts
Water Contracts (Dudley-Ridge, Nickel and Tulare)	10,137	10,137
WRMWSD - Contracts with the Company	15,547	15,547
TCWD - Contracts with the Company	5,749	5,749
Total purchased water contracts	31,433	31,433
Total water held for future use and purchased water contracts	138,104	142,174

Tejon Ranchcorp, or Ranchcorp, a wholly-owned subsidiary of Tejon Ranch Co., entered into a Water Supply Agreement with Pastoria Energy Facility, L.L.C., or PEF, in 2015. PEF is a current lessee of the Company in a land lease for the operation of a power plant. Pursuant to the Water Supply Agreement, PEF may purchase from the Company up to 3,500 acre-feet of water per year until 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 2022 is $1,224 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 that 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

9 Months Ended

Sep. 30, 2022

Payables and Accruals [Abstract]

ACCRUED LIABILITIES AND OTHER

Accrued liabilities and other consisted of the following:


($ in thousands)	September 30, 2022		December 31, 2021
Accrued vacation	$	749	$	782
Accrued paid personal leave	356		356
Accrued bonus	1,845		2,062

Property tax payable	1,359		—
Other	106		251
	$	4,415	$	3,451

LINE OF CREDIT AND LONG-TERM DEBT

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

LINE OF CREDIT AND LONG-TERM DEBT

Debt consisted of the following:


($ in thousands)	September 30, 2022		December 31, 2021
Notes payable	$	50,590	$	52,784


Less: line-of-credit and current maturities of long-term debt	(1,758)		(4,475)
Less: deferred loan costs	(220)		(154)
Long-term debt, less current portion	$	48,612	$	48,155

On June 30, 2022, the Company entered into a variable rate term note, or New Term Note, and a new Revolving Line of Credit Note, or New RLC, with Bank of America, N.A, or collectively the New Credit Facility. The New Term Loan provided a principal amount of $49,080,000 and a maturity date of June 28, 2032, which was used to pay off the existing Wells Fargo Amended Term Note. The Company evaluated the debt exchange under Accounting Standards Codification (ASC) 470 and

determined that the exchange should be treated as a debt extinguishment. The amount of New RLC under the New Credit Facility is $40,607,000.

The New Term Note had a $48,833,000 balance as of September 30, 2022. The interest rate per annum applicable to the New Term Loan is the daily Secured Overnight Financing Rate, or SOFR, plus a margin of 1.55 percentage points. The interest rate for the term of the New Term Note has been fixed through the use of an interest rate swap at a rate of 4.62%. The New Term Note requires monthly amortization payments pursuant to a schedule set forth in the New Term Note, with the final outstanding principal amount due June 28, 2032. The New 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 New RLC had no outstanding balance as of September 30, 2022. At the Company’s option, the interest rate on this line of credit can float at 1.37% over a selected Daily SOFR rate or can be fixed at 1.37% above Term SOFR for a fixed rate term. During the term of this RLC (which matures in June 2032), the Company can borrow at any time and partially or wholly repay any outstanding borrowings and then re-borrow, as necessary.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI https://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
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-Paragraph 1C
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-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
-Paragraph 1E
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 20
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-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

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-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
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-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

OTHER LIABILITIES

9 Months Ended

Sep. 30, 2022

Other Liabilities Disclosure [Abstract]

OTHER LIABILITIES

Other liabilities consisted of the following:


($ in thousands)	September 30, 2022		December 31, 2021
Pension liability	$	26	$	185

Interest rate swap liability (Note 10)1	—		3,088
Supplemental executive retirement plan liability	7,691		7,847
Excess joint venture distributions and other	4,226		3,348
Total	$	11,943	$	14,468

1The Company's interest rate swap had an asset balance of $1.6 million as of September 30, 2022 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

9 Months Ended

Sep. 30, 2022

Share-Based Payment Arrangement [Abstract]

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 share price, or as Performance Condition Grants; and performance share grants that include threshold, target, and maximum achievement levels based on the achievement of specific performance measures, or Performance Milestone Grants. Performance Condition Grants with market-based conditions are based on the achievement of a target share price. The share price used to calculate vesting for market-based awards is determined using a Monte Carlo simulation. Failure to achieve the target share price 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 nine months ended September 30, 2022:


Performance Condition Grants


Target performance						453,747
Maximum performance						342,411

The following is a summary of the Company’s stock grant activity, both time and performance share grants, assuming target achievement for outstanding performance grants for the nine months ended September 30, 2022:


			September 30, 2022
Stock Grants Outstanding Beginning of Period at Target Achievement			683,645
New Stock Grants/Additional Shares due to Achievement in Excess of Target			60,078
Vested Grants			(128,893)
Expired/Forfeited Grants			(240,710)
Stock Grants Outstanding End of Period at Target Achievement			374,120

The following is a summary of the assumptions used to determine the price for the Company’s market-based Performance Condition Grants for the nine months ended September 30, 2022:


($ in thousands except for share prices)
Grant date	12/12/2019	03/11/2020	12/11/2020	03/18/2021	12/16/2021	03/17/2022
Vesting end	12/31/2022	12/31/2022	12/31/2023	03/18/2024	12/16/2024	03/17/2025
Share price at target achievement	$18.80	$16.36	$17.07	$20.02	$21.58	$20.43

Expected volatility	17.28%	18.21%	29.25%	30.30%	31.29%	31.54%
Risk-free interest rate	1.69%	0.58%	0.19%	0.33%	0.92%	2.13%

Simulated Monte Carlo share price	$11.95	$5.87	$15.59	$18.82	$21.48	$21.75
Shares granted	6,327	81,716	3,628	10,905	3,536	13,338
Total fair value of award	$76	$480	$57	$205	$76	$290

The unamortized cost associated with unvested stock grants and the weighted average period over which it is expected to be recognized as of September 30, 2022 were $1,406,000 and 16 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. The 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, the Company determined, based on historic and projected results, the probability of (1) achieving the performance objective and (2) the level of achievement. Based on this information, the Company determines the fair value of the award and measures 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, the Company estimates whether the performance condition will be met and over what period of time. Ultimately, the Company will adjust stock compensation costs 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 a portion of 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)	Nine Months Ended September 30,
Employee Plan:	2022		2021
Expensed	$	1,646	$	2,774
Capitalized	239		330
	1,885		3,104
NDSI Plan - Expensed	442		388
Total Stock Compensation Costs	$	2,327	$	3,492

INTEREST RATE SWAP

9 Months Ended

Sep. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

INTEREST RATE SWAP

In October 2014, the Company entered into an interest rate swap agreement to reduce its exposure to fluctuations in the floating interest rate tied to the London Inter-Bank Offered Rate, or LIBOR, under the term note with Wells Fargo, or the Term Note. On June 21, 2019, the Company amended the interest rate swap agreement to continue to hedge a portion of its exposure to interest rate risk from the Term Note, and, subsequently, the Amended Term Note. The original hedging relationship was de-designated, and the amended interest rate swap was re-designated simultaneously. The amended interest rate swap qualified as an effective cash flow hedge at the initial assessment, based upon a regression analysis, and is recorded at fair value. Changes in fair value, including accrued interest and adjustments for non-performance risk, that qualify as cash flow hedges are classified in accumulated other comprehensive income, or AOCI. Amounts classified in AOCI are subsequently reclassified into earnings in the period during which the hedged transactions affect earnings.

On June 27, 2022, the Company terminated the related amended interest rate swap agreement with Wells Fargo and received a $1,123,000 cash termination fee from Wells Fargo. The amounts in AOCI were not reclassified into earnings upon the termination of the interest rate swap but will be released into earnings over the depreciable life of the constructed asset or when the asset is sold.

On June 30, 2022, the Company entered into a variable rate term note, or New Term Note, with Bank of America, N.A. On the same day, the Company entered into a new interest rate swap agreement to reduce its exposure to fluctuations in the floating interest rate tied to SOFR under the New Term Note. Per ASC 815, an entity may apply the shortcut method to hedging relationships that meet all of the conditions under ASC 815. The Company performed an initial assessment of the hedging relationship and determined it is appropriate to apply the shortcut method as all conditions were met. The new interest rate swap qualified as an effective cash flow hedge under the guidance of ASC 815. Applying the shortcut method allows the Company to assume that it has a perfectly effective hedging relationship, therefore there is no need for the Company to perform any quantitative assessments of whether the hedge is highly effective.

As of September 30, 2022, the fair value of the interest rate swap agreement was greater than its cost basis and as such the mark-to-market adjustment is recorded within Other Assets on the Consolidated Balance Sheets. The Company had the following outstanding interest rate swap agreement designated as an interest rate cash flow hedge as of September 30, 2022 and December 31, 2021 ($ in thousands):

September 30, 2022

Effective Date

Maturity Date

Fair Value Hierarchy

Weighted Average Interest Pay Rate

Fair Value

Notional Amount

June 30, 2022

June 28, 2032

Level 2

4.62%

$1,608

$48,833

December 31, 2021

Effective Date

Maturity Date

Fair Value Hierarchy

Weighted Average Interest Pay Rate

Fair Value

Notional Amount

July 5, 2019

June 5, 2029

Level 2

4.16%

$(3,088)

$50,837

INCOME TAXES	9 Months Ended
INCOME TAXES	Sep. 30, 2022
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXESThe Company’s provision for income taxes as of September 30, 2022 has been calculated by applying an estimate of the annual effective tax rate for the full year to “ordinary” income or loss (pre-tax income or loss excluding unusual or infrequently occurring discrete items). For the nine months ended September 30, 2022, the Company’s income tax expense was $6,262,000 compared to $1,237,000 for the nine months ended September 30, 2021. Effective tax rates were 31% and 38% for the nine months ended September 30, 2022 and 2021, respectively. As of September 30, 2022, the Company had income tax payables of $843,000. The Company classifies interest and penalties incurred on tax payments as income tax expense.For the nine months ended September 30, 2022, the Company’s effective tax rate was above statutory tax rates as a result of permanent differences related to Section 162(m) limitations. The Section 162(m) compensation deduction limitations occurred as a result of changes in tax law arising from the 2017 Tax Cuts Jobs Act.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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+ Details

COMMITMENTS AND CONTINGENCIES	9 Months Ended
COMMITMENTS AND CONTINGENCIES	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Water Contracts The Company has secured water contracts that are encumbered by the Company's land. These water contracts require minimum annual payments, for which $13,249,000 is expected to be paid in 2022. These estimated water contract payments consist of SWP contracts with WRMWSD, TCWD, Tulare Lake Basin, Dudley-Ridge, 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. Contractual obligations for future water payments were $277,663,000 as of September 30, 2022. Conservancy Payments As of September 30, 2022, the Company has fulfilled its financial obligations to the Tejon Ranch Conservancy as prescribed in the Conservation Agreement that was entered into with five major environmental organizations in 2008. Contracts The Company exited a consulting contract during the second quarter of 2014 related to the Grapevine Development, or Grapevine project, and is obligated to pay an earned incentive fee at the time of its 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 fee will not be finalized until the future payment dates. The Company believes as of September 30, 2022, the net savings resulting from exiting the contract during this future time period will more than offset the incentive payment costs. Community Facilities Districts 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 $75,965,000 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 $44,035,000 of additional bond debt authorized by TRPFFA that can be sold in the future. In connection with the sale of the bonds, there is a standby letter of credit for $4,393,000 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 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 $10,000. 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. As of September 30, 2022, there were no additional improvement funds remaining from the West CFD bonds. There are $15,647,940 of additional improvement funds remaining within the East CFD bonds for reimbursement of public infrastructure costs during future years. During fiscal 2022, the Company expects to pay approximately $2,899,000 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 tax assessment of each individual property sold or leased is not determinable at this time because it is based on the current tax rate of the property at the time of sale or at the time it is leased to a third-party. Accordingly, the Company was not required to recognize an obligation on September 30, 2022. Centennial On April 30, 2019, the Los Angeles County Board of Supervisors granted final entitlement approval for the Centennial project. On May 15, 2019, Climate Resolve filed an action in Los Angeles Superior Court (the Climate Resolve Action), pursuant to the California Environmental Quality Act, or CEQA, and the California Planning and Zoning Law, against the County of Los Angeles and the Los Angeles County Board of Supervisors (collectively, LA County) concerning LA County’s granting of approvals for the Centennial project, including certification of the final environmental impact report and related findings (Centennial EIR); approval of associated general plan amendments; adoption of associated zoning; adoption of the Centennial Specific Plan; approval of a subdivision map for financing purposes; and adoption of a development agreement, among other approvals (collectively, the Centennial Approvals). Separately, on May 28, 2019, the Center for Biological Diversity (CBD) and the California Native Plant Society (CNPS) filed an action in Los Angeles County Superior Court (the CBD/CNPS Action) against LA County; like the Climate Resolve Action, the CBD/CNPS Action also challenges the Centennial Approvals. The Company, its wholly owned subsidiary Tejon Ranchcorp, and Centennial Founders, LLC are named as real parties-in-interest in both the Climate Resolve Action and the CBD/CNPS Action. The Climate Resolve Action and the CBD/CNPS Action collectively allege that LA County failed to properly follow the procedures and requirements of CEQA and the California Planning and Zoning Law. The Climate Resolve Action and the CBD/CNPS Action have been deemed “related” and have been consolidated for adjudication before the judge presiding over the Climate Resolve Action. The Climate Resolve Action and CBD/CNPS Action seek to invalidate the Centennial Approvals and require LA County to revise the environmental documentation related to the Centennial project. The court held three consolidated hearings for the CBD/CNPS Action and Climate Resolve Action on September 30, 2020, November 13, 2020, and January 8, 2021. On April 5, 2021 the court issued its decision denying the petition for writ of mandate by CBD/CNPS and granting the petition for writ of mandate filed by Climate Resolve. In granting Climate Resolve’s petition, the court found three specific areas where the EIR for the project was lacking. The court ruled that California’s Cap-and-Trade Program cannot be used as a compliance pathway for mitigating greenhouse gas (GHG) impacts for the project and therefore further ruled that additional analysis will be required related to all feasible mitigation of GHG impacts. The court also found that the EIR must provide additional analysis and explanation of how wildland fire risk on lands outside of the project site, posed by on-site ignition sources, is mitigated to less than significant. On April 19, 2021 CBD filed a motion for reconsideration with the court on the denial of their petition for writ of mandate to be granted prevailing party status in the Climate Resolve Action (“Motion for Reconsideration”). The hearing on the Motion for Reconsideration originally scheduled for August 13, 2021, was rescheduled to December 1, 2021. On November 30, 2021, the Company together with Ranchcorp and Centennial, entered into a Settlement Agreement with Climate Resolve. Pursuant to the Settlement Agreement, the Company has agreed: (1) to make Centennial a net zero GHG emissions project through various on-site and off-site measures, including but not limited to installing electric vehicle chargers and establishing and funding incentive programs for the purchase of electric vehicles; (2) to fund certain on-site and off-site fire protection and prevention measures; and (3) to provide annual public reports and create an organization to monitor progress towards these commitments. The foregoing is only a summary of the material terms of the Settlement Agreement and does not purport to be a complete description of the rights and obligations of the parties thereunder and is qualified in its entirety by reference to the Settlement Agreement. In exchange, Climate Resolve filed a request for dismissal of the Climate Resolve Action with prejudice from the Los Angeles County Superior Court. On December 3, 2021, the Los Angeles Superior Court granted and entered Climate Resolve’s dismissal with prejudice concluding the Climate Resolve Action. On December 1, 2021, the Los Angeles Superior Court continued CBD/CNPS Motion for Reconsideration to January 14, 2022, directing CBD/CNPS to evaluate the Settlement Agreement reached in the Climate Resolve Action to address issues surrounding remedies should CBD be granted prevailing party status in the Climate Resolve Action, and to evaluate the potential to settle or otherwise address CBD’s objections to the Centennial project. To that end, the Company met and conferred twice on January 4, 2022 and January 20, 2022. On January 14, the Los Angeles County Superior Court heard CBD/CNPS Motion for Reconsideration and issued its decision granting CBD/CNPS prevailing party status in the Climate Resolve Action. The Los Angeles County Superior Court set a tentative hearing date of February 25, 2022 concerning the entry of final judgment and awarding of appropriate remedies. Upon mutual request of the parties and approval by the Court, the February 25, 2022 hearing date has been extended on four separate occasions, originally to March 30, 2022, and then again to May 13, 2022, July 1, 2022 and most recently to September 7, 2022. On September 7, 2022, the Parties appeared before the Court concerning the entry of final judgment and the setting of appropriate remedies. The Court upon hearing oral argument ordered the parties to continue to meet and confer for an additional 30 days and continued the September 7th hearing to October 7, 2022. On October 3, 2022, the Court issued an order on the Court’s own continuance to further continue the October 7, 2022 hearing to October 21, 2022. Upon mutual request of the Parties and approval by the Court, the Parties extended the October 21, 2022 hearing date to October 26, 2022. At the October 26th hearing, the Court agreed to: (a) hear the Company’s Motion for Reconsideration as to the successful challenges Climate Resolve prevailed upon within the Climate Resolve Action, and ordered the Parties to appear on December 14, 2022 to hear the Company’s Motion to Reconsider and (b) rule on the entry of final judgment and setting of remedies at a February 17, 2023 hearing date. Prior to and subsequent of final judgment being entered, appellate litigation may follow. To the extent there may be an adverse outcome of the claims still pending as described above, the monetary value cannot be estimated at this time. Proceedings Incidental to Business From time to time, the Company is involved in other proceedings incidental to its 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, the Company does not believe that the ultimate resolution of these other proceedings will have a material adverse effect on the Company’s financial position, results of operations or cash flows, either individually or in the aggregate.

RETIREMENT PLANS

9 Months Ended

Sep. 30, 2022

Retirement Benefits [Abstract]

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 (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 in 2022.

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 policy's strategy seeks 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 the funded status improves. At September 30, 2022, the investment mix was approximately 19% equity, 80% debt, and 1% money market funds. At December 31, 2021, the investment mix was approximately 35% equity, 64% debt, and 1% money market funds. Equity investments comprise of value, growth, large cap, small cap and international stock funds. Debt investments consist of U.S. Treasury securities and investment grade corporate debt. A weighted average discount rate of 2.8% was used in determining the net periodic pension cost for fiscal 2022 and 2021. The assumed expected long-term rate of return on plan assets is 7.3% for both fiscal 2022 and 2021. 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 earnings for the Benefit Plan was as follows:


	Nine Months Ended September 30,
($ in thousands)	2022		2021
Earnings (cost) components:

Interest cost	$	(234)	$	(219)
Expected return on plan assets	414		564
Net amortization and deferral	(36)		(54)
Total net periodic pension earnings	$	144	$	291

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. In April 2017, the Company froze the SERP as it relates to the accrual of additional benefits.

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


	Nine Months Ended September 30,
($ in thousands)	2022		2021
Cost components:
Interest cost	$	(138)	$	(123)
Net amortization and other	(87)		(93)
Total net periodic pension expense	$	(225)	$	(216)

- Definition

The entire disclosure for retirement benefits.

+ References

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+ Details

REPORTING SEGMENTS AND RELATED INFORMATION

9 Months Ended

Sep. 30, 2022

Segment Reporting [Abstract]

REPORTING SEGMENTS AND RELATED INFORMATION

The Company currently operates 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 2, "Management's Discussion and Analysis of Financial Condition and Results of Operations."

Real estate - Commercial/Industrial

Commercial/Industrial real estate development segment revenues consist of land sale revenues, leases of land and/or building space to tenants at the Company's commercial retail and industrial developments, base and percentage rents from the PEF power plant lease, communication tower rents, land sales, and payments from easement leases. Refer to Note 15 for discussion of unconsolidated joint ventures.

In the first quarter of 2022, the Company sold 12.3 acres of industrial land located at TRCC West to a third party for $4,680,000 and recognize the amount as land sales revenue. In the third quarter of 2022, the Company sold 58.0 acres of industrial land located at TRCC East to a major multinational corporation for $22,000,000. The Company recognized land sales revenue of $19,627,000 and deferred revenues of $2,373,000 attributable to a performance obligation within the contract after applying the five-step revenue recognition model in accordance with ASC Topic 606 - Revenue From Contracts With Customers.

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


	Three Months Ended September 30,				Nine Months Ended September 30,
($ in thousands)	2022		2021		2022		2021







Commercial/industrial revenues	$	22,352	$	2,466	$	32,163	$	12,820
Equity in earnings of unconsolidated joint ventures	1,991		1,510		4,867		2,816
Commercial/industrial revenues and equity in earnings of unconsolidated joint ventures	24,343		3,976		37,030		15,636
Commercial/industrial expenses	6,845		2,331		11,403		8,595
Operating results from commercial/industrial and unconsolidated joint ventures	$	17,498	$	1,645	$	25,627	$	7,041

Real Estate - Resort/Residential

The Resort/Residential real estate development segment is actively involved in pursuing land entitlement and development processes both internally and through joint ventures. The segment incurs costs and expenses related to land management activities on land held for future development, but currently generates no revenue. The segment generated losses of $372,000 and $322,000 for the three months ended September 30, 2022 and 2021, respectively, and $1,218,000 and $1,314,000 for the nine months ended September 30, 2022 and 2021.

Mineral Resources

The Mineral Resources segment revenues include water sales and oil and mineral royalties from exploration and development companies that extract or mine natural resources from the Company's land. The following table summarizes revenues, expenses and operating results from this segment for the periods ended:


	Three Months Ended September 30,				Nine Months Ended September 30,
($ in thousands)	2022		2021		2022		2021






Mineral resources revenues	$	3,139	$	4,774	$	19,238	$	19,354
Mineral resources expenses	1,745		3,025		11,347		12,325
Operating results from mineral resources	$	1,394	$	1,749	$	7,891	$	7,029

Farming

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


	Three Months Ended September 30,				Nine Months Ended September 30,
($ in thousands)	2022		2021		2022		2021





Farming revenues	$	4,776	$	6,726	$	7,352	$	7,612
Farming expenses	8,752		7,296		13,976		9,977
Operating results from farming	$	(3,976)	$	(570)	$	(6,624)	$	(2,365)

Ranch Operations

The Ranch Operations segment consists of game management revenues and ancillary land uses such as grazing leases and on-location filming. The following table summarizes revenues, expenses and operating results from this segment for the periods ended:


	Three Months Ended September 30,				Nine Months Ended September 30,
($ in thousands)	2022		2021		2022		2021


Ranch operations revenues	$	1,208	$	996	$	3,011	$	2,868
Ranch operations expenses	1,143		1,182		3,708		3,511
Operating results from ranch operations	$	65	$	(186)	$	(697)	$	(643)

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

INVESTMENT IN UNCONSOLIDATED AND CONSOLIDATED JOINT VENTURES

9 Months Ended

Sep. 30, 2022

Equity Method Investments and Joint Ventures [Abstract]

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 September 30, 2022 was $38,605,000. Equity in earnings from unconsolidated joint ventures was $4,867,000 for the nine months ended September 30, 2022. The unconsolidated joint ventures have not been consolidated as of September 30, 2022, because the Company does not control the investments. The Company’s current joint ventures are as follows:

•Petro Travel Plaza Holdings LLC – Petro Travel Plaza Holdings LLC, or Petro, 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 having only 50% of the voting rights. The Company's partner is the managing partner and performs all of the day-to-day operations and has significant decision-making authority over key business components such as fuel inventory and pricing at the facilities. The Company's investment in this joint venture was $26,421,000 as of September 30, 2022.

•Majestic Realty Co. – Majestic Realty Co., or Majestic, is a privately-held developer and owner of real estate projects throughout the United States. The Company has formed six 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.

•On March 29, 2022, TRC-MRC 5 LLC was formed to pursue the development, construction, lease-up, and management of an approximately 446,400 square foot industrial building located within TRCC-East.

•In February 2022, we formed TRC-MRC Multi I, LLC, to pursue the development, construction, lease-up, and management of approximately 495 multi-family rental units located within TRCC-East. The Company's investment in this joint venture was $175,000 as of September 30, 2022. The project is currently in its initial planning and design phases with construction set to commence in 2023.

•On March 25, 2021, TRC-MRC 4 LLC was formed to pursue the development, construction, lease-up, and management of a 629,274 square foot industrial building located within TRCC-East. On October 20, 2022, the industrial building received the Certificate of Occupancy. The construction was financed by a $47,500,000 construction loan that had an outstanding balance of $35,752,000 as of September 30, 2022. The construction loan is individually and collectively guaranteed by the Company and Majestic. In 2021, the Company contributed land with a fair value of $8,464,000 to TRC-MRC 4, LLC. The total cost of the land was $2,895,000. The Company recognized profit of $2,785,000 and deferred profit of $2,785,000 after applying the five-step revenue recognition model in accordance with ASC Topic 606 — Revenue From Contracts With Customers and ASC Topic 323, Investments — Equity Method and Joint Ventures. The Company's investment in this joint venture was $4,663,000 as of September 30, 2022. The building is 100% leased.

•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 located within TRCC-East. TRC-MRC 3, LLC qualified as a VIE from inception, but the Company is not the primary beneficiary; therefore, it does not consolidate TRC-MRC 3, LLC in its financial statements. The building is 100% leased as of September 30, 2022. In March 2019, the joint venture entered into a promissory note with a financial institution to finance the construction of the building. The note matures on May 1, 2030 and had an outstanding principal balance of $34,705,000 as of September 30, 2022. On April 1, 2019, the Company contributed land with a fair value of $5,854,000 to TRC-MRC 3, LLC in accordance with the limited liability agreement. The Company's investment in this joint venture was $409,000 as of September 30, 2022.

•In August 2016, the Company partnered with Majestic to form TRC-MRC 2, LLC 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, which 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 has an outstanding principal balance of $22,776,000 as of September 30, 2022. The building is 100% leased as of September 30, 2022. Since its inception, the Company has received excess distributions resulting in a deficit balance in its investment of $2,470,000. In accordance with the applicable accounting guidance, the Company reclassified excess distributions to Other Liabilities within the Consolidated Balance Sheets. The Company expects to continue to record equity in earnings as a debit to the investment account and if it were to become positive, the Company would reclassify the liability to an asset. If it becomes obvious that any excess distribution may not be returned (upon joint venture liquidation or otherwise), the Company will immediately recognize the liability as income.

•In September 2016, TRC-MRC 1, LLC was formed to develop and operate an approximately 480,480 square foot industrial building at TRCC-East. The building is 100% leased as of September 30, 2022. Since its inception, the Company has received excess distributions resulting in a deficit balance in its investment of $1,747,000. In accordance with the applicable accounting guidance, the Company reclassified excess distributions to Other Liabilities within the Consolidated Balance Sheets. The Company expects to continue to record equity in earnings as a debit to the investment account and if it were to become positive, the Company 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), the Company 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 $22,943,000 was outstanding as of September 30, 2022. Currently 240,000 square feet of industrial space is under negotiations.

•Rockefeller Joint Ventures – The Company has one joint venture with Rockefeller Group Development Corporation, or Rockefeller. At September 30, 2022, the Company’s combined equity investment balance in these one joint ventures was $6,937,000.

•18-19 West LLC was formed in August 2009 through the contribution of 61.5 acres of land by the Company that is being held for future development. The Company owns a 50% interest in this joint venture, and the joint venture is being accounted for under the equity method due to both members having significant participating rights in the management of the venture. In 2021, a third-party purchased the land from the joint venture for $15,213,000. The cash proceeds from the sale were distributed to the partners in the first quarter of 2022. On August 18, 2022, the final cash distribution of $386,000 was made by the joint venture and the entity was subsequently dissolved on August 24, 2022.

•TRCC/Rock Outlet Center LLC was formed in 2013 to develop, own, and manage a net leasable 326,000 square foot outlet center on land at TRCC-East. 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, 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. As a result, the investment in TRCC/Rock Outlet Center LLC is being accounted for under the equity method. On September 7, 2021, the TRCC/Rock Outlet Center LLC joint venture successfully extended the maturity date of its term note with a financial institution from September 5, 2021 to May 31, 2024. In connection with the loan extension, the joint venture also reduced the outstanding amount by $4,600,000. As of September 30, 2022, the outstanding balance of the term note was $27,982,000. The Company and Rockefeller guarantee the performance of the debt.

•Centennial Founders, LLC – Centennial Founders, LLC, or CFL, is a joint venture with TRI Pointe Homes to pursue the entitlement and development of land that the Company owns in Los Angeles County. As of September 30, 2022, the Company owned 93.20% of CFL.

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

Unaudited condensed statement of operations for the nine months ended September 30, 2022 and condensed balance sheet information of the Company’s unconsolidated joint ventures as of September 30, 2022 and December 31, 2021 are as follows:


	Three Months Ended September 30,
	2022		2021		2022		2021		2022		2021
	Joint Venture								TRC
($ in thousands)	Revenues				Earnings (Loss)				Equity in Earnings (Loss)
Petro Travel Plaza Holdings, LLC	$	49,108	$	39,266	$	3,653	$	2,976	$	2,192	$	1,785

18-19 West, LLC	—		2		(16)		(31)		(7)		(15)
TRCC/Rock Outlet Center, LLC1	1,415		1,464		(944)		(764)		(472)		(383)
TRC-MRC 1, LLC	805		796		60		36		29		19
TRC-MRC 2, LLC	1,008		1,005		342		305		171		152
TRC-MRC 3, LLC	1,065		771		156		(96)		78		(47)
TRC-MRC 4, LLC	—		—		—		(1)		—		(1)
Total	$	53,401	$	43,304	$	3,251	$	2,425	$	1,991	$	1,510

Centennial Founders, LLC	$	55	$	126	$	(157)	$	(80)	Consolidated

(1) Revenues for TRCC/Rock Outlet Center are presented net of non-cash tenant allowance amortization of $0.3 million and $0.3 million for the three months ended September 30, 2022 and September 30, 2021, respectively.


	Nine Months Ended September 30,
	2022		2021		2022		2021		2022		2021
	Joint Venture								TRC
($ in thousands)	Revenues				Earnings (Loss)				Equity in Earnings (Loss)
Petro Travel Plaza Holdings, LLC	$	136,905	$	97,583	$	8,843	$	5,756	$	5,306	$	3,453

18-19 West, LLC	—		256		(63)		150		(31)		75
TRCC/Rock Outlet Center, LLC1	4,355		4,140		(2,322)		(2,183)		(1,161)		(1,092)
TRC-MRC 1, LLC	2,445		2,438		54		133		26		67
TRC-MRC 2, LLC	3,064		3,024		1,024		950		512		475
TRC-MRC 3, LLC	3,098		2,715		440		(323)		220		(161)
TRC-MRC 4, LLC	—		—		(11)		(1)		(5)		(1)
Total	$	149,867	$	110,156	$	7,965	$	4,482	$	4,867	$	2,816

Centennial Founders, LLC	$	379	$	377	$	18	$	9	Consolidated

(1) Revenues for TRCC/Rock Outlet Center are presented net of non-cash tenant allowance amortization of $0.9 million and $0.9 million for the nine months ended September 30, 2022 and September 30, 2021, respectively.


	September 30, 2022								December 31, 2021
	Joint Venture						TRC		Joint Venture						TRC
($ in thousands)	Assets		Debt		Equity (Deficit)		Equity		Assets		Debt		Equity (Deficit)		Equity
Petro Travel Plaza Holdings, LLC	$	85,006	$	(13,509)	$	64,703	$	26,421	$	78,064	$	(14,848)	$	58,859	$	22,915

18-19 West, LLC	—		—		—		—		14,965		—		14,895		6,877
TRCC/Rock Outlet Center, LLC	58,848		(27,982)		30,001		6,937		61,927		(28,783)		32,323		8,098
TRC-MRC 1, LLC	24,469		(22,943)		1,052		—		24,964		(23,400)		1,209		—
TRC-MRC 2, LLC	18,557		(22,776)		(3,971)		—		20,497		(23,255)		(5,657)		—
TRC-MRC 3, LLC	36,856		(34,705)		(2,885)		409		37,579		(35,324)		(914)		859
TRC-MRC 4, LLC	45,219		(35,752)		9,330		4,663		25,671		(16,307)		9,319		4,669
TRC-MRC Multi I, LLC	350		—		350		175		—		—		—		—
Total	$	269,305	$	(157,667)	$	98,580	$	38,605	$	263,667	$	(141,917)	$	110,034	$	43,418

Centennial Founders, LLC	$	102,385	$	—	$	101,979	***		$	101,178	$	—	$	100,261	***

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

RELATED PARTY TRANSACTIONS	9 Months Ended
RELATED PARTY TRANSACTIONS	Sep. 30, 2022
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONSTCWD 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, residential, and industrial development. The Company is the largest landowner and taxpayer within TCWD. The Company has a water service contract with TCWD that entitles it 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, the Company transacts with TCWD in the ordinary course of business.The Company has water contracts with WRMWSD for SWP water deliveries to its agricultural and municipal/industrial operations in the San Joaquin Valley. The terms of these contracts extend to 2035. Under the contracts, the Company is entitled to annual water for 5,496 acres of land, or 15,547 acre-feet of water, subject to SWP allocations. The Company's Executive Vice President and Chief Operating Officer/Chief Financial Officer is one of nine directors at WRMWSD. As of September 30, 2022, the Company paid $6,091,000 for these water contracts and related costs.

BASIS OF PRESENTATION (Policies)	9 Months Ended
BASIS OF PRESENTATION (Policies)	Sep. 30, 2022
Accounting Policies [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements No new Accounting Standards Update, or ASU, is applicable to our consolidated financial statements as of September 30, 2022.

EQUITY (Tables)

9 Months Ended

Sep. 30, 2022

Stockholders' Equity Note [Abstract]

Schedule of Weighted Average Number of Shares Outstanding


	Three Months Ended September 30,		Nine Months Ended September 30,
	2022	2021	2022	2021
Weighted average number of shares outstanding:
Common stock	26,491,251	26,351,254	26,468,099	26,336,247
Common stock equivalents	47,507	163,689	164,364	135,264
Diluted shares outstanding	26,538,758	26,514,943	26,632,463	26,471,511

MARKETABLE SECURITIES (Tables)

9 Months Ended

Sep. 30, 2022

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)		September 30, 2022				December 31, 2021
Marketable Securities:	Fair Value Hierarchy	Cost		Fair Value		Cost		Fair Value
Certificates of deposit
with unrealized losses for less than 12 months		$	—	$	—	$	401	$	400

with unrealized gains		648		649		—		—
Total Certificates of deposit	Level 1	648		649		401		400
U.S. Treasury and agency notes
with unrealized losses for less than 12 months		13,236		13,138		1,360		1,358

with unrealized gains		500		500		—		—
Total U.S. Treasury and agency notes	Level 2	13,736		13,638		1,360		1,358
Corporate notes
with unrealized losses for less than 12 months		16,057		15,871		9,231		9,225
with unrealized losses for more than 12 months		1,088		1,084		—		—

Total Corporate notes	Level 2	17,145		16,955		9,231		9,225






		$	31,529	$	31,242	$	10,992	$	10,983

Summary of Maturities, at Par, of Marketable Securities by Year

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


	September 30, 2022
($ in thousands)	2022		2023		Total
Certificates of deposit	$	649	$	—	$	649
U.S. Treasury and agency notes	2,905		10,875		13,780
Corporate notes	3,636		13,470		17,106

	$	7,190	$	24,345	$	31,535


	December 31, 2021
($ in thousands)	2022		2023		Total
Certificates of deposit	$	400	$	—	$	400
U.S. Treasury and agency notes	855		500		1,355
Corporate notes	8,925		250		9,175

	$	10,180	$	750	$	10,930

REAL ESTATE (Tables)

9 Months Ended

Sep. 30, 2022

Real Estate [Abstract]

Schedule of Real Estate

Our accumulated real estate development costs by project consisted of the following:


($ in thousands)	September 30, 2022		December 31, 2021
Real estate development
Mountain Village	$	153,267	$	150,668
Centennial	114,284		112,063
Grapevine	38,778		37,922
Tejon Ranch Commerce Center	19,602		18,377
Real estate development	$	325,931	$	319,030

Real estate and improvements - held for lease
Tejon Ranch Commerce Center	$	20,590	$	20,595
Less accumulated depreciation	(3,562)		(3,294)
Real estate and improvements - held for lease, net	$	17,028	$	17,301

LONG-TERM WATER ASSETS (Tables)

9 Months Ended

Sep. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Water Revenues and Cost of Sales

Water revenues and cost of sales were as follows for the nine months ended ($ in thousands):


	September 30, 2022		September 30, 2021
Acre-Feet Sold	9,600		13,199

Revenues	$	13,635	$	14,986
Cost of sales	8,944		10,297
Profit	$	4,691	$	4,689

Schedule of Tangible Water Assets

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


	September 30, 2022		December 31, 2021
Banked water and water for future delivery	$	23,855	$	25,020
Water available for banking, sales, or internal use	2,093		2,879
Total water held for future use at cost	$	25,948	$	27,899

Schedule of Finite-Lived Intangible Assets

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


	September 30, 2022				December 31, 2021
	Costs		Accumulated Depreciation		Costs		Accumulated Depreciation
Dudley-Ridge water rights	$	11,581	$	(5,669)	$	11,581	$	(5,307)
Nickel water rights	18,740		(5,729)		18,740		(5,247)
Tulare Lake Basin water rights	6,479		(3,326)		6,479		(3,148)
	$	36,800	$	(14,724)	$	36,800	$	(13,702)
Net cost of purchased water contracts	22,076				23,098
Total cost water held for future use	25,948				27,899
Net investments in water assets	$	48,024			$	50,997

Schedule of Components of Water Assets

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


(in acre-feet, unaudited)	September 30, 2022	December 31, 2021

Water held for future use
TCWD - Banked water owned by the Company	53,448	56,189
Company water bank	50,349	50,349
Water available for banking, sales, or internal use	2,874	4,203
Total water held for future use	106,671	110,741
Purchased water contracts
Water Contracts (Dudley-Ridge, Nickel and Tulare)	10,137	10,137
WRMWSD - Contracts with the Company	15,547	15,547
TCWD - Contracts with the Company	5,749	5,749
Total purchased water contracts	31,433	31,433
Total water held for future use and purchased water contracts	138,104	142,174

ACCRUED LIABILITIES AND OTHER (Tables)

9 Months Ended

Sep. 30, 2022

Payables and Accruals [Abstract]

Schedule of Accrued Liabilities and Other

Accrued liabilities and other consisted of the following:


($ in thousands)	September 30, 2022		December 31, 2021
Accrued vacation	$	749	$	782
Accrued paid personal leave	356		356
Accrued bonus	1,845		2,062

Property tax payable	1,359		—
Other	106		251
	$	4,415	$	3,451

LINE OF CREDIT AND LONG-TERM DEBT (Tables)

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Schedule of Components of Long-term Debt

Debt consisted of the following:


($ in thousands)	September 30, 2022		December 31, 2021
Notes payable	$	50,590	$	52,784


Less: line-of-credit and current maturities of long-term debt	(1,758)		(4,475)
Less: deferred loan costs	(220)		(154)
Long-term debt, less current portion	$	48,612	$	48,155

OTHER LIABILITIES (Tables)

9 Months Ended

Sep. 30, 2022

Other Liabilities Disclosure [Abstract]

Schedule of Other Liabilities

Other liabilities consisted of the following:


($ in thousands)	September 30, 2022		December 31, 2021
Pension liability	$	26	$	185

Interest rate swap liability (Note 10)1	—		3,088
Supplemental executive retirement plan liability	7,691		7,847
Excess joint venture distributions and other	4,226		3,348
Total	$	11,943	$	14,468

1The Company's interest rate swap had an asset balance of $1.6 million as of September 30, 2022 and is recorded under the caption Other Assets on the Consolidated Balance Sheets.

STOCK COMPENSATION - RESTRICTED STOCK AND PERFORMANCE SHARE GRANTS (Tables)

9 Months Ended

Sep. 30, 2022

Share-Based Payment Arrangement [Abstract]

Summary of Performance Share Grants with Performance Conditions

The following is a summary of the Company’s Performance Condition Grants as of the nine months ended September 30, 2022:


Performance Condition Grants


Target performance						453,747
Maximum performance						342,411

Summary of Stock Grant Activity


			September 30, 2022
Stock Grants Outstanding Beginning of Period at Target Achievement			683,645
New Stock Grants/Additional Shares due to Achievement in Excess of Target			60,078
Vested Grants			(128,893)
Expired/Forfeited Grants			(240,710)
Stock Grants Outstanding End of Period at Target Achievement			374,120

Summary of Assumptions Used to Determine The Price of Market-Based Performance Condition Grants

The following is a summary of the assumptions used to determine the price for the Company’s market-based Performance Condition Grants for the nine months ended September 30, 2022:


($ in thousands except for share prices)
Grant date	12/12/2019	03/11/2020	12/11/2020	03/18/2021	12/16/2021	03/17/2022
Vesting end	12/31/2022	12/31/2022	12/31/2023	03/18/2024	12/16/2024	03/17/2025
Share price at target achievement	$18.80	$16.36	$17.07	$20.02	$21.58	$20.43

Expected volatility	17.28%	18.21%	29.25%	30.30%	31.29%	31.54%
Risk-free interest rate	1.69%	0.58%	0.19%	0.33%	0.92%	2.13%

Simulated Monte Carlo share price	$11.95	$5.87	$15.59	$18.82	$21.48	$21.75
Shares granted	6,327	81,716	3,628	10,905	3,536	13,338
Total fair value of award	$76	$480	$57	$205	$76	$290

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)	Nine Months Ended September 30,
Employee Plan:	2022		2021
Expensed	$	1,646	$	2,774
Capitalized	239		330
	1,885		3,104
NDSI Plan - Expensed	442		388
Total Stock Compensation Costs	$	2,327	$	3,492

INTEREST RATE SWAP (Tables)

9 Months Ended

Sep. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Interest Rate Derivatives

The Company had the following outstanding interest rate swap agreement designated as an interest rate cash flow hedge as of September 30, 2022 and December 31, 2021 ($ in thousands):

September 30, 2022

Effective Date

Maturity Date

Fair Value Hierarchy

Weighted Average Interest Pay Rate

Fair Value

Notional Amount

June 30, 2022

June 28, 2032

Level 2

4.62%

$1,608

$48,833

December 31, 2021

Effective Date

Maturity Date

Fair Value Hierarchy

Weighted Average Interest Pay Rate

Fair Value

Notional Amount

July 5, 2019

June 5, 2029

Level 2

4.16%

$(3,088)

$50,837

RETIREMENT PLANS (Tables)

9 Months Ended

Sep. 30, 2022

Retirement Benefits [Abstract]

Schedule of Components of Net Periodic Pension Cost

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


	Nine Months Ended September 30,
($ in thousands)	2022		2021
Earnings (cost) components:

Interest cost	$	(234)	$	(219)
Expected return on plan assets	414		564
Net amortization and deferral	(36)		(54)
Total net periodic pension earnings	$	144	$	291

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


	Nine Months Ended September 30,
($ in thousands)	2022		2021
Cost components:
Interest cost	$	(138)	$	(123)
Net amortization and other	(87)		(93)
Total net periodic pension expense	$	(225)	$	(216)

REPORTING SEGMENTS AND RELATED INFORMATION (Tables)

9 Months Ended

Sep. 30, 2022

Segment Reporting [Abstract]

Schedule of Components of Segment Revenues

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


	Three Months Ended September 30,				Nine Months Ended September 30,
($ in thousands)	2022		2021		2022		2021







Commercial/industrial revenues	$	22,352	$	2,466	$	32,163	$	12,820
Equity in earnings of unconsolidated joint ventures	1,991		1,510		4,867		2,816
Commercial/industrial revenues and equity in earnings of unconsolidated joint ventures	24,343		3,976		37,030		15,636
Commercial/industrial expenses	6,845		2,331		11,403		8,595
Operating results from commercial/industrial and unconsolidated joint ventures	$	17,498	$	1,645	$	25,627	$	7,041

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


	Three Months Ended September 30,				Nine Months Ended September 30,
($ in thousands)	2022		2021		2022		2021






Mineral resources revenues	$	3,139	$	4,774	$	19,238	$	19,354
Mineral resources expenses	1,745		3,025		11,347		12,325
Operating results from mineral resources	$	1,394	$	1,749	$	7,891	$	7,029

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


	Three Months Ended September 30,				Nine Months Ended September 30,
($ in thousands)	2022		2021		2022		2021





Farming revenues	$	4,776	$	6,726	$	7,352	$	7,612
Farming expenses	8,752		7,296		13,976		9,977
Operating results from farming	$	(3,976)	$	(570)	$	(6,624)	$	(2,365)

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


	Three Months Ended September 30,				Nine Months Ended September 30,
($ in thousands)	2022		2021		2022		2021


Ranch operations revenues	$	1,208	$	996	$	3,011	$	2,868
Ranch operations expenses	1,143		1,182		3,708		3,511
Operating results from ranch operations	$	65	$	(186)	$	(697)	$	(643)

INVESTMENT IN UNCONSOLIDATED AND CONSOLIDATED JOINT VENTURES (Tables)

9 Months Ended

Sep. 30, 2022

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Condensed Statements of Operations and Balance Sheet Information of Consolidated and Unconsolidated Joint Ventures


	Three Months Ended September 30,
	2022		2021		2022		2021		2022		2021
	Joint Venture								TRC
($ in thousands)	Revenues				Earnings (Loss)				Equity in Earnings (Loss)
Petro Travel Plaza Holdings, LLC	$	49,108	$	39,266	$	3,653	$	2,976	$	2,192	$	1,785

18-19 West, LLC	—		2		(16)		(31)		(7)		(15)
TRCC/Rock Outlet Center, LLC1	1,415		1,464		(944)		(764)		(472)		(383)
TRC-MRC 1, LLC	805		796		60		36		29		19
TRC-MRC 2, LLC	1,008		1,005		342		305		171		152
TRC-MRC 3, LLC	1,065		771		156		(96)		78		(47)
TRC-MRC 4, LLC	—		—		—		(1)		—		(1)
Total	$	53,401	$	43,304	$	3,251	$	2,425	$	1,991	$	1,510

Centennial Founders, LLC	$	55	$	126	$	(157)	$	(80)	Consolidated

(1) Revenues for TRCC/Rock Outlet Center are presented net of non-cash tenant allowance amortization of $0.3 million and $0.3 million for the three months ended September 30, 2022 and September 30, 2021, respectively.


	Nine Months Ended September 30,
	2022		2021		2022		2021		2022		2021
	Joint Venture								TRC
($ in thousands)	Revenues				Earnings (Loss)				Equity in Earnings (Loss)
Petro Travel Plaza Holdings, LLC	$	136,905	$	97,583	$	8,843	$	5,756	$	5,306	$	3,453

18-19 West, LLC	—		256		(63)		150		(31)		75
TRCC/Rock Outlet Center, LLC1	4,355		4,140		(2,322)		(2,183)		(1,161)		(1,092)
TRC-MRC 1, LLC	2,445		2,438		54		133		26		67
TRC-MRC 2, LLC	3,064		3,024		1,024		950		512		475
TRC-MRC 3, LLC	3,098		2,715		440		(323)		220		(161)
TRC-MRC 4, LLC	—		—		(11)		(1)		(5)		(1)
Total	$	149,867	$	110,156	$	7,965	$	4,482	$	4,867	$	2,816

Centennial Founders, LLC	$	379	$	377	$	18	$	9	Consolidated

(1) Revenues for TRCC/Rock Outlet Center are presented net of non-cash tenant allowance amortization of $0.9 million and $0.9 million for the nine months ended September 30, 2022 and September 30, 2021, respectively.


	September 30, 2022								December 31, 2021
	Joint Venture						TRC		Joint Venture						TRC
($ in thousands)	Assets		Debt		Equity (Deficit)		Equity		Assets		Debt		Equity (Deficit)		Equity
Petro Travel Plaza Holdings, LLC	$	85,006	$	(13,509)	$	64,703	$	26,421	$	78,064	$	(14,848)	$	58,859	$	22,915

18-19 West, LLC	—		—		—		—		14,965		—		14,895		6,877
TRCC/Rock Outlet Center, LLC	58,848		(27,982)		30,001		6,937		61,927		(28,783)		32,323		8,098
TRC-MRC 1, LLC	24,469		(22,943)		1,052		—		24,964		(23,400)		1,209		—
TRC-MRC 2, LLC	18,557		(22,776)		(3,971)		—		20,497		(23,255)		(5,657)		—
TRC-MRC 3, LLC	36,856		(34,705)		(2,885)		409		37,579		(35,324)		(914)		859
TRC-MRC 4, LLC	45,219		(35,752)		9,330		4,663		25,671		(16,307)		9,319		4,669
TRC-MRC Multi I, LLC	350		—		350		175		—		—		—		—
Total	$	269,305	$	(157,667)	$	98,580	$	38,605	$	263,667	$	(141,917)	$	110,034	$	43,418

Centennial Founders, LLC	$	102,385	$	—	$	101,979	***		$	101,178	$	—	$	100,261	***

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

BASIS OF PRESENTATION (Details) $ in Thousands	9 Months Ended
BASIS OF PRESENTATION (Details) $ in Thousands	Sep. 30, 2022 USD ($) segment	Sep. 30, 2021 USD ($)
Accounting Policies [Abstract]
Number of reportable segments \| segment	5
Restricted cash (Shown in Other Assets) \| $	$ 1,203	$ 803

EQUITY (Details) - shares	3 Months Ended		9 Months Ended
EQUITY (Details) - shares	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Weighted average number of shares outstanding:
Common stock (in shares)	26,491,251	26,351,254	26,468,099	26,336,247
Common stock equivalents (in shares)	47,507	163,689	164,364	135,264
Diluted shares outstanding (in shares)	26,538,758	26,514,943	26,632,463	26,471,511

MARKETABLE SECURITIES - Summary of Available-for-sale Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Marketable Securities, with unrealized gains	$ 1
Cost
Debt Securities, Available-for-sale [Line Items]
Cost	31,529	$ 10,992
Fair Value
Debt Securities, Available-for-sale [Line Items]
Fair Value	31,242	10,983
Certificates of deposit \| Level 1 \| Cost
Debt Securities, Available-for-sale [Line Items]
Marketable Securities, with unrealized losses for less than 12 months	0	401
Marketable Securities, with unrealized gains	648	0
Total Corporate notes	648	401
Certificates of deposit \| Level 1 \| Fair Value
Debt Securities, Available-for-sale [Line Items]
Marketable Securities, with unrealized losses for less than 12 months	0	400
Marketable Securities, with unrealized gains	649	0
Total Corporate notes	649	400
U.S. Treasury and agency notes \| Level 2 \| Cost
Debt Securities, Available-for-sale [Line Items]
Marketable Securities, with unrealized losses for less than 12 months	13,236	1,360
Marketable Securities, with unrealized gains	500	0
Cost	13,736	1,360
U.S. Treasury and agency notes \| Level 2 \| Fair Value
Debt Securities, Available-for-sale [Line Items]
Marketable Securities, with unrealized losses for less than 12 months	13,138	1,358
Marketable Securities, with unrealized gains	500	0
Fair Value	13,638	1,358
Corporate notes \| Level 2 \| Cost
Debt Securities, Available-for-sale [Line Items]
Marketable Securities, with unrealized losses for less than 12 months	16,057	9,231
Marketable Securities with unrealized losses for more than 12 months	1,088	0
Cost	17,145	9,231
Corporate notes \| Level 2 \| Fair Value
Debt Securities, Available-for-sale [Line Items]
Marketable Securities, with unrealized losses for less than 12 months	15,871	9,225
Marketable Securities with unrealized losses for more than 12 months	1,084	0
Fair Value	$ 16,955	$ 9,225

MARKETABLE SECURITIES - Additional Information (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($)
Investments, Debt and Equity Securities [Abstract]
Fair market value of investment securities below their cost basis	$ 287
Gross unrealized holding gains	1
Gross unrealized holding losses	288
Decline in market value	278
Estimated tax of change in value of available-for-sale securities	78
Accrued interest receivable balance	$ 151

MARKETABLE SECURITIES - Available-for-sale Securities by Maturities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Summary of maturities, at par, of marketable securities
2022	$ 7,190	$ 10,180
2023	24,345	750
Total	31,535	10,930
Certificates of deposit
Summary of maturities, at par, of marketable securities
2022	649	400
2023	0	0
Total	649	400
U.S. Treasury and agency notes
Summary of maturities, at par, of marketable securities
2022	2,905	855
2023	10,875	500
Total	13,780	1,355
Corporate notes
Summary of maturities, at par, of marketable securities
2022	3,636	8,925
2023	13,470	250
Total	$ 17,106	$ 9,175

REAL ESTATE (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Real estate development	$ 325,931	$ 319,030
Less accumulated depreciation	(3,562)	(3,294)
Real estate and improvements - held for lease, net	17,028	17,301
Mountain Village
Property, Plant and Equipment [Line Items]
Real estate development	153,267	150,668
Centennial
Property, Plant and Equipment [Line Items]
Real estate development	114,284	112,063
Grapevine
Property, Plant and Equipment [Line Items]
Real estate development	38,778	37,922
Tejon Ranch Commerce Center
Property, Plant and Equipment [Line Items]
Real estate development	19,602	18,377
Tejon Ranch Commerce Center	$ 20,590	$ 20,595

LONG-TERM WATER ASSETS - Additional Information (Details)	9 Months Ended
	Sep. 30, 2022 $ / acre ft acre ft	Dec. 31, 2013 acre ft
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
Cost of purchased water (per acre-foot) \| $ / acre ft	861
DMB \| Maximum
Long Lived Assets Held-for-sale [Line Items]
Annual fee increase	3.00%
DMB \| Water available for banking, sales, or internal use
Long Lived Assets Held-for-sale [Line Items]
Long-term water assets (in acre-feet)		6,693
PEF \| Water available for banking, sales, or internal use \| Ranchcorp
Long Lived Assets Held-for-sale [Line Items]
Cost of purchased water (per acre-foot) \| $ / acre ft	1,224
Annual fee increase	3.00%
Water assets, volume available for purchase from 2017-2030 (up to) (in acre-feet)	3,500
Annual option payment	30.00%

LONG-TERM WATER ASSETS - Revenues and Cost of Sales (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($) acre ft	Sep. 30, 2021 USD ($) acre ft
Goodwill and Intangible Assets Disclosure [Abstract]
Acre-Feet Sold \| acre ft	9,600	13,199
Revenues	$ 13,635	$ 14,986
Cost of sales	8,944	10,297
Profit	$ 4,691	$ 4,689

LONG-TERM WATER ASSETS - Tangible Water Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Long Lived Assets Held-for-sale [Line Items]
Total water held for future use at cost	$ 25,948	$ 27,899
Banked water and water for future delivery
Long Lived Assets Held-for-sale [Line Items]
Total water held for future use at cost	23,855	25,020
Water available for banking, sales, or internal use
Long Lived Assets Held-for-sale [Line Items]
Total water held for future use at cost	$ 2,093	$ 2,879

LONG-TERM WATER ASSETS - Intangible Water Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Costs	$ 36,800	$ 36,800
Accumulated Depreciation	(14,724)	(13,702)
Net cost of purchased water contracts	22,076	23,098
Total cost water held for future use	25,948	27,899
Net investments in water assets	48,024	50,997
Contract-based Intangible Assets \| Dudley-Ridge water rights
Finite-Lived Intangible Assets [Line Items]
Costs	11,581	11,581
Accumulated Depreciation	(5,669)	(5,307)
Contract-based Intangible Assets \| Nickel water rights
Finite-Lived Intangible Assets [Line Items]
Costs	18,740	18,740
Accumulated Depreciation	(5,729)	(5,247)
Contract-based Intangible Assets \| Tulare Lake Basin water rights
Finite-Lived Intangible Assets [Line Items]
Costs	6,479	6,479
Accumulated Depreciation	$ (3,326)	$ (3,148)

LONG-TERM WATER ASSETS - Volume of Water Assets (Details) - acre ft acre ft in Thousands	Sep. 30, 2022	Dec. 31, 2021
Water held for future use
Total water held for future use	106,671	110,741
Purchased water contracts	10,137	10,137
Total purchased water contracts	31,433	31,433
Total water held for future use and purchased water contracts	138,104	142,174
Tejon-Castac Water District
Water held for future use
Total water held for future use	53,448	56,189
Purchased water contracts	5,749	5,749
Water held for future use
Water held for future use
Company water bank	50,349	50,349
Water available for banking, sales, or internal use	2,874	4,203
WRMWSD - Contracts with the Company
Water held for future use
Purchased water contracts	15,547	15,547

ACCRUED LIABILITIES AND OTHER (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Payables and Accruals [Abstract]
Accrued vacation	$ 749	$ 782
Accrued paid personal leave	356	356
Accrued bonus	1,845	2,062
Property tax payable	1,359	0
Other	106	251
Accrued liabilities and other	$ 4,415	$ 3,451

LINE OF CREDIT AND LONG-TERM DEBT (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Long-term Debt, Current and Noncurrent [Abstract]
Notes payable	$ 50,590	$ 52,784
Less: line-of-credit and current maturities of long-term debt	(1,758)	(4,475)
Less: deferred loan costs	(220)	(154)
Long-term debt, less current portion	$ 48,612	$ 48,155

LINE OF CREDIT AND LONG-TERM DEBT - Additional Information (Details) - USD ($)	9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022
Line of Credit Facility [Line Items]
Interest rate swap	4.62%
Term Notes
Line of Credit Facility [Line Items]
Long-term debt	$ 48,833,000
Term Notes \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Line of Credit Facility [Line Items]
Interest rate on line of credit, variable rate	1.55%
Term Notes \| New Term Note \| Bank of America, N.A.
Line of Credit Facility [Line Items]
Debt instrument face amount		$ 49,080,000
Revolving Credit Facility
Line of Credit Facility [Line Items]
Line of credit facility	$ 40,607,000
RLC outstanding balance	$ 0
Revolving Credit Facility \| Selected Sofr Rate
Line of Credit Facility [Line Items]
Interest rate on line of credit, variable rate	1.37%
Revolving Credit Facility \| Fixed Term Sofr
Line of Credit Facility [Line Items]
Interest rate on line of credit, variable rate	1.37%

OTHER LIABILITIES (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Other Liabilities
Interest rate swap liability	$ 0	$ 3,088
Excess joint venture distributions and other	4,226	3,348
Total	11,943	14,468
Asset balance	1,600
Pension Plan
Other Liabilities
Pension and supplemental executive retirement plan liability	26	185
SERP
Other Liabilities
Pension and supplemental executive retirement plan liability	$ 7,691	$ 7,847

STOCK COMPENSATION - RESTRICTED STOCK AND PERFORMANCE SHARE GRANTS - Additional Information (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($) award
Share-Based Payment Arrangement [Abstract]
Number of types of stock grant awards \| award	3
Total compensation cost not yet recognized \| $	$ 1,406
Total compensation cost not yet recognized, period for recognition	16 months

STOCK COMPENSATION - RESTRICTED STOCK AND PERFORMANCE SHARE GRANTS - Performance Share Grants (Details) - Performance share grants	9 Months Ended
	Sep. 30, 2022 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Target performance (in shares)	453,747
Maximum performance (in shares)	342,411

STOCK COMPENSATION - RESTRICTED STOCK AND PERFORMANCE SHARE GRANTS - Summary of Stock Grant Activity (Details) - Performance share grants	9 Months Ended
	Sep. 30, 2022 shares
Summary of stock grant activity:
Stock Grants Outstanding Beginning of Period at Target Achievement (in shares)	683,645
New Stock Grants/Additional Shares due to Achievement in Excess of Target (in shares)	60,078
Vested Grants(in shares)	(128,893)
Expired/Forfeited Grants (in shares)	(240,710)
Stock Grants Outstanding End of Period at Target Achievement (in shares)	374,120

STOCK COMPENSATION - RESTRICTED STOCK AND PERFORMANCE SHARE GRANTS - Assumptions (Details) - Performance share grants $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($) $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares) \| shares	60,078
December 12, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share price at target achievement (in dollars per share)	$ 18.80
Expected volatility	17.28%
Risk-free interest rate	1.69%
Simulated Monte Carlo share price (in dollars per share)	$ 11.95
Shares granted (in shares) \| shares	6,327
Total fair value of award \| $	$ 76
March 11, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share price at target achievement (in dollars per share)	$ 16.36
Expected volatility	18.21%
Risk-free interest rate	0.58%
Simulated Monte Carlo share price (in dollars per share)	$ 5.87
Shares granted (in shares) \| shares	81,716
Total fair value of award \| $	$ 480
December 11, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share price at target achievement (in dollars per share)	$ 17.07
Expected volatility	29.25%
Risk-free interest rate	0.19%
Simulated Monte Carlo share price (in dollars per share)	$ 15.59
Shares granted (in shares) \| shares	3,628
Total fair value of award \| $	$ 57
March 18, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share price at target achievement (in dollars per share)	$ 20.02
Expected volatility	30.30%
Risk-free interest rate	0.33%
Simulated Monte Carlo share price (in dollars per share)	$ 18.82
Shares granted (in shares) \| shares	10,905
Total fair value of award \| $	$ 205
December 16, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share price at target achievement (in dollars per share)	$ 21.58
Expected volatility	31.29%
Risk-free interest rate	0.92%
Simulated Monte Carlo share price (in dollars per share)	$ 21.48
Shares granted (in shares) \| shares	3,536
Total fair value of award \| $	$ 76
March 17, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share price at target achievement (in dollars per share)	$ 20.43
Expected volatility	31.54%
Risk-free interest rate	2.13%
Simulated Monte Carlo share price (in dollars per share)	$ 21.75
Shares granted (in shares) \| shares	13,338
Total fair value of award \| $	$ 290

STOCK COMPENSATION - RESTRICTED STOCK AND PERFORMANCE SHARE GRANTS - Compensation Costs (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total Stock Compensation Costs	$ 2,327	$ 3,492
1998 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation costs, expensed	1,646	2,774
Capitalized	239	330
Total Stock Compensation Costs	1,885	3,104
NDSI Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation costs, expensed	$ 442	$ 388

INTEREST RATE SWAP (Details) - USD ($)	Sep. 30, 2022	Jun. 27, 2022	Dec. 31, 2021
Derivatives, Fair Value [Line Items]
Termination fees		$ 1,123,200
Weighted Average Interest Pay Rate	4.62%
Level 2 \| Interest Rate Swap \| Other Liabilities
Derivatives, Fair Value [Line Items]
Weighted Average Interest Pay Rate	4.62%		4.16%
Fair Value	$ 1,608,000		$ (3,088,000)
Notional Amount	$ 48,833,000		$ 50,837,000

INCOME TAXES (Details) - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2022

Sep. 30, 2021

Sep. 30, 2022

Sep. 30, 2021

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Income tax expense

$ 3,221

$ 98

$ 6,262

$ 1,237

Effective income tax rate

31.00%

38.00%

Income Taxes Payable

$ 843

$ 1,217

Interest rate swap settlement

^[1]

$ 1,123

$ 0

[1]

The Company had an interest rate swap agreement with Wells Fargo Bank, N.A. to reduce its exposure to fluctuations in the floating interest rate tied to the London Inter-Bank Offered Rate, or LIBOR, under a term note with Wells Fargo. The hedging relationship qualified as an effective cash flow hedge at the initial assessment, based upon a regression analysis, and is recorded at fair value. On June 27, 2022, the Company terminated the interest rate swap agreement with Wells Fargo and received a $1,123,200 cash termination fee from Wells Fargo. See Interest rate swap liability (Note 10) for further discussion.

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

COMMITMENTS AND CONTINGENCIES (Details)	3 Months Ended	9 Months Ended	12 Months Ended
COMMITMENTS AND CONTINGENCIES (Details)	Jun. 30, 2014	Sep. 30, 2022 USD ($) a facility hearing	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Loss Contingencies [Line Items]
Amount expected to be paid		$ 13,249,000
Contractual obligation for future water payments		$ 277,663,000
Incentive fee on contract termination, measurement period from entitlement achievement date	5 years
Number of community facility districts \| facility		2
Annual cost related to the letter of credit		$ 220,000		$ 154,000
Number of hearings \| hearing		3
Forecast
Loss Contingencies [Line Items]
Special taxes paid			$ 2,899,000
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		$ 75,965,000
Additional bond debt authorized to be sold in future		44,035,000
Additional costs for future years		15,647,940
Standby Letter of Credit
Loss Contingencies [Line Items]
Letters of credit outstanding amount		$ 4,393,000
Letter of credit period		2 years
Letter of credit renewal period		2 years
Annual cost related to the letter of credit		$ 10,000
DMB
Loss Contingencies [Line Items]
Contract renewal optional term		35 years

RETIREMENT PLANS - Additional Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Assumptions used in determining periodic pension cost:
Discount rate	2.80%	2.80%
Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Service period	5 years
Contributions to defined benefit plan	$ 165
Assumptions used in determining periodic pension cost:
Expected long-term rate of return on plan assets	7.30%	7.30%
Pension Plan \| Equities
Current investment policy targets:
Current investment mix	19.00%		35.00%
Pension Plan \| Treasury/Corporate Notes
Current investment policy targets:
Current investment mix	80.00%		64.00%
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	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Pension Plan
Earnings (cost) components:
Interest cost	$ (234)	$ (219)
Expected return on plan assets	414	564
Net amortization and deferral	(36)	(54)
Total net periodic pension earnings	144	291
SERP
Earnings (cost) components:
Interest cost	(138)	(123)
Net amortization and deferral	(87)	(93)
Total net periodic pension earnings	$ (225)	$ (216)

REPORTING SEGMENTS AND RELATED INFORMATION - Additional Information (Details)	3 Months Ended			9 Months Ended
	Sep. 30, 2022 USD ($) a	Mar. 31, 2022 USD ($) a	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) a segment	Sep. 30, 2021 USD ($)
Revenue from External Customer [Line Items]
Number of reportable segments \| segment				5
Segment losses	$ 20,487,000		$ 16,177,000	$ 47,882,000	$ 42,398,000
Operating Segments
Revenue from External Customer [Line Items]
Total revenues	31,475,000		14,962,000	61,764,000	42,654,000
Real estate - resort/residential
Revenue from External Customer [Line Items]
Revenues				0
Real estate - resort/residential \| Operating Segments
Revenue from External Customer [Line Items]
Segment losses	372,000		$ 322,000	1,218,000	$ 1,314,000
Third Party \| TRCC West
Revenue from External Customer [Line Items]
Area of land sold \| a		12.3
Proceeds from the sale of land		$ 4,680,000
Major Multinational Corporation
Revenue from External Customer [Line Items]
Total revenues				19,627,000
Major Multinational Corporation \| Industrial Land
Revenue from External Customer [Line Items]
Deferred revenues attributable to a performance obligation	$ 2,373,000			$ 2,373,000
Major Multinational Corporation \| TRCC-East
Revenue from External Customer [Line Items]
Area of land sold \| a	58.0			58.0
Proceeds from the sale of land	$ 22,000,000

REPORTING SEGMENTS AND RELATED INFORMATION - Revenue Components of Real Estate Segments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenue from External Customer [Line Items]
Equity in earnings of unconsolidated joint ventures, net	$ 1,991	$ 1,510	$ 4,867	$ 2,816
Total expenses	20,487	16,177	47,882	42,398
Operating Segments
Revenue from External Customer [Line Items]
Commercial/industrial revenues	31,475	14,962	61,764	42,654
Real estate - commercial/industrial \| Operating Segments
Revenue from External Customer [Line Items]
Commercial/industrial revenues	22,352	2,466	32,163	12,820
Equity in earnings of unconsolidated joint ventures, net	1,991	1,510	4,867	2,816
Commercial/industrial revenues and equity in earnings of unconsolidated joint ventures	24,343	3,976	37,030	15,636
Total expenses	6,845	2,331	11,403	8,595
Operating results from commercial/industrial and unconsolidated joint ventures	$ 17,498	$ 1,645	$ 25,627	$ 7,041

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
-Paragraph 40
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
-Paragraph 41
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 32
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Paragraph 42
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 606
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-Section 50
-Paragraph 5
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI https://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

REPORTING SEGMENTS AND RELATED INFORMATION - Revenue Components of Mineral Resources Segment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenue from External Customer [Line Items]
Total expenses	$ 20,487	$ 16,177	$ 47,882	$ 42,398
Operating results	10,988	(1,215)	13,882	256
Operating Segments
Revenue from External Customer [Line Items]
Total revenues	31,475	14,962	61,764	42,654
Mineral resources \| Operating Segments
Revenue from External Customer [Line Items]
Total revenues	3,139	4,774	19,238	19,354
Total expenses	1,745	3,025	11,347	12,325
Operating results	$ 1,394	$ 1,749	$ 7,891	$ 7,029

- Definition

+ References

+ Details

REPORTING SEGMENTS AND RELATED INFORMATION - Revenue Components of Farming Segments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenue from External Customer [Line Items]
Total expenses	$ 20,487	$ 16,177	$ 47,882	$ 42,398
Operating results	10,988	(1,215)	13,882	256
Operating Segments
Revenue from External Customer [Line Items]
Total revenues	31,475	14,962	61,764	42,654
Farming \| Operating Segments
Revenue from External Customer [Line Items]
Total revenues	4,776	6,726	7,352	7,612
Total expenses	8,752	7,296	13,976	9,977
Operating results	$ (3,976)	$ (570)	$ (6,624)	$ (2,365)

- Definition

+ References

+ Details

REPORTING SEGMENTS AND RELATED INFORMATION - Revenue Components of Ranch Operations (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenue from External Customer [Line Items]
Total expenses	$ 20,487	$ 16,177	$ 47,882	$ 42,398
Operating results	10,988	(1,215)	13,882	256
Operating Segments
Revenue from External Customer [Line Items]
Total revenues	31,475	14,962	61,764	42,654
Ranch operations \| Operating Segments
Revenue from External Customer [Line Items]
Total revenues	1,208	996	3,011	2,868
Total expenses	1,143	1,182	3,708	3,511
Operating results	$ 65	$ (186)	$ (697)	$ (643)

- Definition

+ References

+ Details

INVESTMENT IN UNCONSOLIDATED AND CONSOLIDATED JOINT VENTURES - Investment Information (Details)					1 Months Ended						3 Months Ended		9 Months Ended		12 Months Ended
	Aug. 18, 2022 USD ($)	Mar. 29, 2022 ft²	Mar. 25, 2021 USD ($) ft²	Apr. 01, 2019 USD ($)	Feb. 28, 2022 unit	Jun. 30, 2021 USD ($) ft²	Nov. 30, 2018 ft²	Sep. 30, 2016 ft²	Aug. 31, 2016 USD ($) ft²	Aug. 31, 2009 a	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) ft² venture	Sep. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2013 ft²	Jun. 30, 2022	Jun. 01, 2018 USD ($)
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated joint ventures											$ 38,605,000		$ 38,605,000		$ 43,418,000
Equity in Earnings (Loss)											1,991,000	$ 1,510,000	4,867,000	$ 2,816,000
Investment in unconsolidated joint ventures											38,605,000		38,605,000		43,418,000
Value of property contributed													0	8,464,000
Real estate development											$ 325,931,000		$ 325,931,000		319,030,000
Centennial
Schedule of Equity Method Investments [Line Items]
Consolidated joint venture, ownership interest											93.20%		93.20%
TRC-MRC 4, LLC
Schedule of Equity Method Investments [Line Items]
Debt											$ 35,752,000		$ 35,752,000		16,307,000
TRC-MRC 3, LLC
Schedule of Equity Method Investments [Line Items]
Debt											34,705,000		34,705,000		35,324,000
TRC-MRC 2, LLC
Schedule of Equity Method Investments [Line Items]
Debt											22,776,000		22,776,000		23,255,000
TRC-MRC 1, LLC
Schedule of Equity Method Investments [Line Items]
Debt											22,943,000		22,943,000		23,400,000
Total
Schedule of Equity Method Investments [Line Items]
Debt											157,667,000		157,667,000		141,917,000
TRCC/Rock Outlet Center, LLC
Schedule of Equity Method Investments [Line Items]
Debt											27,982,000		27,982,000		28,783,000
Petro Travel Plaza Holdings, LLC
Schedule of Equity Method Investments [Line Items]
Equity in Earnings (Loss)											$ 2,192,000	1,785,000	$ 5,306,000	3,453,000
Unconsolidated joint ventures, ownership interest											50.00%		50.00%
Right and share of profit and loss											60.00%		60.00%
Investment in unconsolidated joint ventures											$ 26,421,000		$ 26,421,000		22,915,000
Majestic Realty Co.
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated joint ventures									$ 24,773,000
Number of joint venture contracts \| venture													6
Area of building owned and leased \| ft²									651,909
TRC-MRC 5 LLC
Schedule of Equity Method Investments [Line Items]
Number of acres for development \| ft²		446,400
TRCC-East
Schedule of Equity Method Investments [Line Items]
Number of acres for development \| ft²																326,000
Number of multi-family rental units \| unit					495
Percentage of building leased											100.00%		100.00%
Area of building owned and leased \| ft²								480,480					240,000
Deficit balance											$ 1,747,000		$ 1,747,000
TRC-MRC 4, LLC
Schedule of Equity Method Investments [Line Items]
Equity in Earnings (Loss)											0	(1,000)	(5,000)	(1,000)
Investment in unconsolidated joint ventures											4,663,000		4,663,000		4,669,000
Number of acres for development \| ft²			629,274			630,000
Construction loan			$ 47,500,000
Value of property contributed															8,464,000
Real estate development						$ 2,900,000									2,895,000
Equity method investment, deferred gain on sale			$ 2,785,000			$ 2,800,000
Percentage of building leased																	100.00%
TRC-MRC 3, LLC
Schedule of Equity Method Investments [Line Items]
Equity in Earnings (Loss)											78,000	(47,000)	220,000	(161,000)
Investment in unconsolidated joint ventures											$ 409,000		$ 409,000		859,000
Number of acres for development \| ft²							579,040
Percentage of building leased											100.00%		100.00%
TRC-MRC 3, LLC \| Land
Schedule of Equity Method Investments [Line Items]
Value of property contributed				$ 5,854,000
TRC-MRC 2, LLC
Schedule of Equity Method Investments [Line Items]
Equity in Earnings (Loss)											$ 171,000	152,000	$ 512,000	475,000
Investment in unconsolidated joint ventures											$ 0		$ 0		0
Percentage of building leased											100.00%		100.00%
Debt instrument face amount																		$ 25,240,000
Deficit balance											$ 2,470,000		$ 2,470,000
TRC-MRC 1, LLC
Schedule of Equity Method Investments [Line Items]
Equity in Earnings (Loss)											29,000	19,000	26,000	67,000
Investment in unconsolidated joint ventures											0		0		0
Construction loan											25,030,000		25,030,000
Rockefeller Joint Ventures
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated joint ventures											6,937,000		$ 6,937,000
Number of joint venture contracts \| venture													1
18-19 West, LLC
Schedule of Equity Method Investments [Line Items]
Equity in Earnings (Loss)											(7,000)	(15,000)	$ (31,000)	75,000
Investment in unconsolidated joint ventures											$ 0		$ 0		6,877,000
Number of acres for development \| a										61.5
Investment in joint venture purchase price increase amount															15,213,000
Final cash distribution by joint venture	$ 386,000
Five West Parcel, LLC
Schedule of Equity Method Investments [Line Items]
Unconsolidated joint ventures, ownership interest											50.00%		50.00%			50.00%
TRCC/Rock Outlet Center, LLC
Schedule of Equity Method Investments [Line Items]
Equity in Earnings (Loss)											$ (472,000)	$ (383,000)	$ (1,161,000)	$ (1,092,000)
Investment in unconsolidated joint ventures											$ 6,937,000		6,937,000		$ 8,098,000
TRCC/Rock Outlet Center, LLC \| Total
Schedule of Equity Method Investments [Line Items]
Decrease in outstanding amount													$ 4,600,000

INVESTMENT IN UNCONSOLIDATED AND CONSOLIDATED JOINT VENTURES - Condensed Statements of Operations and Balance Sheet Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021	Dec. 31, 2020
Statement of Operations
Equity in Earnings (Loss)	$ 1,991	$ 1,510	$ 4,867	$ 2,816
Non-cash tenant allowance amortization	300	300	900	900
Balance Sheet Information
Assets	561,885		561,885			$ 546,036
Equity (Deficit)	475,529	451,449	475,529	451,449	$ 464,309	456,511	$ 449,758	$ 445,331
TRC equity	38,605		38,605			43,418
Petro Travel Plaza Holdings, LLC
Statement of Operations
Equity in Earnings (Loss)	2,192	1,785	5,306	3,453
Balance Sheet Information
TRC equity	26,421		26,421			22,915
18-19 West, LLC
Statement of Operations
Equity in Earnings (Loss)	(7)	(15)	(31)	75
Balance Sheet Information
TRC equity	0		0			6,877
TRCC/Rock Outlet Center, LLC
Statement of Operations
Equity in Earnings (Loss)	(472)	(383)	(1,161)	(1,092)
Balance Sheet Information
TRC equity	6,937		6,937			8,098
TRC-MRC 1, LLC
Statement of Operations
Equity in Earnings (Loss)	29	19	26	67
Balance Sheet Information
TRC equity	0		0			0
TRC-MRC 2, LLC
Statement of Operations
Equity in Earnings (Loss)	171	152	512	475
Balance Sheet Information
TRC equity	0		0			0
TRC-MRC 3, LLC
Statement of Operations
Equity in Earnings (Loss)	78	(47)	220	(161)
Balance Sheet Information
TRC equity	409		409			859
TRC-MRC 4, LLC
Statement of Operations
Equity in Earnings (Loss)	0	(1)	(5)	(1)
Balance Sheet Information
TRC equity	4,663		4,663			4,669
TRC-MRC Multi I, LLC
Balance Sheet Information
TRC equity	175		175			0
Petro Travel Plaza Holdings, LLC
Statement of Operations
Revenues	49,108	39,266	136,905	97,583
Earnings (Loss)	3,653	2,976	8,843	5,756
Balance Sheet Information
Assets	85,006		85,006			78,064
Debt	(13,509)		(13,509)			(14,848)
Equity (Deficit)	64,703		64,703			58,859
18-19 West, LLC
Statement of Operations
Revenues	0	2	0	256
Earnings (Loss)	(16)	(31)	(63)	150
Balance Sheet Information
Assets	0		0			14,965
Debt	0		0			0
Equity (Deficit)	0		0			14,895
TRCC/Rock Outlet Center, LLC
Statement of Operations
Revenues	1,415	1,464	4,355	4,140
Earnings (Loss)	(944)	(764)	(2,322)	(2,183)
Balance Sheet Information
Assets	58,848		58,848			61,927
Debt	(27,982)		(27,982)			(28,783)
Equity (Deficit)	30,001		30,001			32,323
TRC-MRC 1, LLC
Statement of Operations
Revenues	805	796	2,445	2,438
Earnings (Loss)	60	36	54	133
Balance Sheet Information
Assets	24,469		24,469			24,964
Debt	(22,943)		(22,943)			(23,400)
Equity (Deficit)	1,052		1,052			1,209
TRC-MRC 2, LLC
Statement of Operations
Revenues	1,008	1,005	3,064	3,024
Earnings (Loss)	342	305	1,024	950
Balance Sheet Information
Assets	18,557		18,557			20,497
Debt	(22,776)		(22,776)			(23,255)
Equity (Deficit)	(3,971)		(3,971)			(5,657)
TRC-MRC 3, LLC
Statement of Operations
Revenues	1,065	771	3,098	2,715
Earnings (Loss)	156	(96)	440	(323)
Balance Sheet Information
Assets	36,856		36,856			37,579
Debt	(34,705)		(34,705)			(35,324)
Equity (Deficit)	(2,885)		(2,885)			(914)
TRC-MRC 4, LLC
Statement of Operations
Revenues	0	0	0	0
Earnings (Loss)	0	(1)	(11)	(1)
Balance Sheet Information
Assets	45,219		45,219			25,671
Debt	(35,752)		(35,752)			(16,307)
Equity (Deficit)	9,330		9,330			9,319
Total
Statement of Operations
Revenues	53,401	43,304	149,867	110,156
Earnings (Loss)	3,251	2,425	7,965	4,482
Balance Sheet Information
Assets	269,305		269,305			263,667
Debt	(157,667)		(157,667)			(141,917)
Equity (Deficit)	98,580		98,580			110,034
Centennial
Statement of Operations
Revenues	55	126	379	377
Earnings (Loss)	(157)	$ (80)	18	$ 9
Balance Sheet Information
Assets	102,385		102,385			101,178
Debt	0		0			0
Equity (Deficit)	101,979		101,979			100,261
TRC-MRC Multi I, LLC
Balance Sheet Information
Assets	350		350			0
Debt	0		0			0
Equity (Deficit)	$ 350		$ 350			$ 0

RELATED PARTY TRANSACTIONS (Details) - SWP Water Contracts - Wheeler Ridge Maricopa Water Storage District - Executive Vice President and Chief Operating Officer $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($) a director acre ft
Related Party Transaction [Line Items]
Acres of land \| a	5,496
Purchased water contracts \| acre ft	15,547
Number of directors \| director	9
Water contracts and related costs \| $	$ 6,091