0000096869-23-000006 | 10-K | XBRL Viewer

Distribution of equity from unconsolidated joint ventures

(800)

(2,900)

(2,160)

8,166

5,734

5,309

Investments in long-term water assets

(988)

(2,415)

(3,568)

Proceeds from water sales

^[1]

6,180

9,534

Net cash (used in) / provided by investing activities

(1,891)

(14,652)

19,778

Financing Activities

Borrowings on line of credit

49,080

Repayments of long-term debt

(51,708)

(4,295)

(4,819)

Deferred financing costs

(181)

Interest rate swap settlement

^[3]

1,123

Taxes on vested stock grants

(2,733)

(1,791)

(2,226)

Net cash used in financing activities

(4,419)

(6,086)

(7,045)

Increase (decrease) in cash and cash equivalents

2,221

(17,922)

28,214

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

37,398

55,320

27,106

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

39,619

37,398

55,320

Reconciliation to amounts on consolidated balance sheets:

Cash and cash equivalents

39,119

36,195

Restricted cash (recorded in other assets)

500

1,203

Total cash, cash equivalents, and restricted cash

39,619

37,398

55,320

Non-cash investing activities

Accrued capital and water expenditures included in current liabilities

1,847

1,342

910

Long term deferred profit on land contribution

^[2]

8,501

8,464

^[2]

$ 3,012

$ 2,785

$ 0

[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 $6.2 million in 2022, this cash inflow is appropriately classified in the Company’s investing activities. The profit of $2.2 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 gross proceeds 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 December 2022, the Company contributed land with a fair value of $8.5 million to TRC-MRC 5, LLC, an unconsolidated joint venture formed to pursue the development, construction, lease-up, and management of an approximately 446,400 square foot industrial building located within TRCC-East. The total cost of the land was $2.4 million. The Company recognized profit of $3.0 million and deferred profit of $3.0 million 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. 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 (Note 10) for further discussion.

Consolidated Statements of Cash Flows (Parenthetical)

1 Months Ended

12 Months Ended

Mar. 29, 2022

USD ($)

ft²

Mar. 25, 2021

USD ($)

ft²

Dec. 31, 2022

USD ($)

ft²

Jun. 30, 2021

USD ($)

ft²

Dec. 31, 2022

USD ($)

Dec. 31, 2021

USD ($)

Dec. 31, 2020

USD ($)

Jun. 27, 2022

USD ($)

Proceeds from water sales

^[1]

$ 6,180,000

$ 9,534,000

$ 0

Profit from water sales

^[1]

2,229,000

3,442,000

^[2]

18,372,000

3,139,000

Real estate development (includes $115,221 at December 31, 2022 and $112,063 at December 31, 2021, attributable to Centennial Founders, LLC, Note 17)

^[2]

8,501,000

8,464,000

$ 0

$ 321,293,000

321,293,000

$ 319,030,000

Termination fees

$ 1,123,200

Water

Proceeds from water sales

6,200,000

Profit from water sales

(2,200,000)

Land

18,400,000

Net proceeds from land sales

26,700,000

$ 8,501,000

Real estate development (includes $115,221 at December 31, 2022 and $112,063 at December 31, 2021, attributable to Centennial Founders, LLC, Note 17)

446,400

$ 2,477,000

2,477,000

$ 3,012,000

3,000,000

$ 8,464,000

Real estate development (includes $115,221 at December 31, 2022 and $112,063 at December 31, 2021, attributable to Centennial Founders, LLC, Note 17)

629,274

630,000

$ 2,895,000

TRC-MRC 5, LLC | TRC-MRC 5, LLC

$ 2,785,000

2,785,000

Real estate development (includes $115,221 at December 31, 2022 and $112,063 at December 31, 2021, attributable to Centennial Founders, LLC, Note 17)

2,400,000

$ 2,400,000

TRC-MRC 5, LLC | TRC-MRC 5, LLC | Land

TRC-MRC 4, LLC | TRC-MRC 4, LLC | Land

$ 8,500,000

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

$ 8,500,000

[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 $6.2 million in 2022, this cash inflow is appropriately classified in the Company’s investing activities. The profit of $2.2 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 gross proceeds 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 December 2022, the Company contributed land with a fair value of $8.5 million to TRC-MRC 5, LLC, an unconsolidated joint venture formed to pursue the development, construction, lease-up, and management of an approximately 446,400 square foot industrial building located within TRCC-East. The total cost of the land was $2.4 million. The Company recognized profit of $3.0 million and deferred profit of $3.0 million 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.

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.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

The Company

Tejon Ranch Co. (the Company and Tejon) is a diversified real estate development and agribusiness company committed to responsibly using its land and resources to meet the housing, employment, and lifestyle needs of Californians. Current operations consist of land planning and entitlement, land development, commercial land sales and leasing, leasing of land for mineral royalties, water asset management and sales, grazing leases, and farming.

These activities are performed through five reporting segments:

•Real Estate - Commercial/Industrial

•Real Estate - Resort/Residential

•Mineral Resources

•Farming

•Ranch Operations

Tejon's prime asset is approximately 270,000 acres of contiguous, largely undeveloped land that, at its most southerly border, is 60 miles north of downtown Los Angeles and, at its most northerly border, is 15 miles east of Bakersfield. The Company creates value by securing entitlements for its land, facilitating infrastructure development, strategic land planning, monetization of land through development and sales, and conservation, in order to maximize the highest and best use for its land.

The Company is involved in eight joint ventures that own, develop, and operate real estate properties. The Company enters into joint ventures as a means to facilitate the development of portions of its land. The Company is also actively engaged in land planning, land entitlement, and conservation projects.

Any references to the number of acres, number of buildings, square footage, number of leases, occupancy, and any amounts derived from these values in the notes to the consolidated financial statements are unaudited.

Principles of Consolidation

The consolidated financial statements include the accounts of the Company, and the accounts of all subsidiaries and investments in which a controlling interest is held by the Company. All intercompany transactions have been eliminated in consolidation. The Company has evaluated subsequent events through the date of issuance of the consolidated financial statements.

Cash Equivalents

The Company considers all highly liquid investments with maturities of three months or less when purchased to be cash equivalents. The carrying amount for cash equivalents approximates fair value.

Marketable Securities

The Company considers those investments not qualifying as cash equivalents, but which are readily marketable, to be marketable securities. The Company's investment portfolio is comprised of fixed income debt securities, which are classified as current assets on the consolidated balance sheets. The Company classifies all marketable securities as available-for-sale. These are stated at fair value with the unrealized gains (losses), net of tax, reported as a component of accumulated other comprehensive income (loss) in the consolidated statements of equity.

Investments in Unconsolidated Joint Ventures

For joint ventures that the Company does not control, but over which it exercises significant influence, the Company uses the equity method of accounting. The Company's judgment with regard to its level of influence or control of an entity involves consideration of various factors, including the form of its ownership interest; its representation in the entity's governance; its ability to participate in policy-making decisions; and the rights of other investors to participate in the decision-making process, to replace the Company as manager, and/or to liquidate the venture. These ventures are recorded at cost and adjusted for equity in earnings (losses), contributions and distributions. Any difference between the carrying amount of these investments on the Company’s balance sheet and the underlying equity in net assets on the joint venture’s balance sheet is adjusted as the related underlying assets are depreciated, amortized, or sold. When the Company contributes land to a joint venture, it records the investment in the venture at fair value, regardless of whether the other investors in the venture contribute cash or property.

The Company generally allocates income and loss from an unconsolidated joint venture based on the venture's distribution priorities, which may be different from its stated ownership percentage.

The Company evaluates the recoverability of its investments in unconsolidated joint ventures in accordance with accounting standards for equity investments by first reviewing each investment for any indicators of impairment. If indicators are present, the Company estimates the fair value of the investment. If the carrying value of the investment is greater than the estimated fair value, management makes an assessment of whether the impairment is “temporary” or “other-than-temporary.” In making this assessment, management considers the following: (1) the length of time and the extent to which fair value has been less than cost, (2) the financial condition and near-term prospects of the entity, and (3) the Company’s intent and ability to retain its interest long enough for a recovery in market value. If management concludes that the impairment is "other than temporary," the Company reduces the investment to its estimated fair value.

Fair Values of Financial Instruments

The Company follows the Financial Accounting Standards Board's authoritative guidance for fair value measurements of certain financial instruments. The guidance defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Fair value is defined as the exchange (exit) price that would be received for an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. This guidance establishes a three-level hierarchy for fair value measurements based upon the inputs to the valuation of an asset or liability. Observable inputs are those which can be easily seen by market participants, while unobservable inputs are generally developed internally, utilizing management’s estimates and assumptions:

•Level 1 – Valuation is based on quoted prices in active markets for identical assets and liabilities.

•Level 2 – Valuation is determined from quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar instruments in markets that are not active, or by model-based techniques in which all significant inputs are observable in the market.

•Level 3 – Valuation is derived from model-based techniques in which at least one significant input is unobservable and based on the Company's own estimates about the assumptions that market participants would use to value the asset or liability.

When available, the Company uses quoted market prices in active markets to determine fair value. The Company considers the principal market and nonperformance risk associated with counterparties when determining the fair value measurement. Fair value measurements are used on a recurring basis for marketable securities, investments within the pension plan and hedging instruments, if any.

Interest Rate Swap Agreements

In October 2014, the Company entered into an interest rate swap agreement with Wells Fargo. In June 2019, the Company amended the interest rate swap agreement to continue to hedge the Company's exposure to interest rate risk from the Term Note, and the subsequent Amended Term Note. On June 27, 2022, the Company terminated the related amended interest rate swap agreement with Wells Fargo. On June 30, 2022, the Company entered into a variable rate term note, or New Term Note, with Bank of America, N.A. and 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. See Note 8 (Line of Credit and Long-Term Debt) and Note 10 (Interest Rate Swap) of the Notes to Consolidated Financial Statements for further detail regarding this interest rate swap related to the Company's Credit Facility. The Company believes it is prudent at times to limit

the variability of floating-rate interest payments and in the past have entered into interest rate swaps to manage those fluctuations.

The Company recognizes interest rate swap agreements as either an asset or liability on the balance sheet at fair value. The accounting for changes in fair value (i.e., gains or losses) of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship and, further, on the type of hedging relationship. For those derivative instruments that are designated and qualify as hedging instruments, a company must designate the hedging instrument, based on the hedged exposure, as a fair value hedge, a cash flow hedge, or a hedge of a net investment in a foreign operation. The interest rate swap agreement is considered a cash flow hedge because it was designed to match the terms of the Term Loan, and the subsequent New Term Loan, as a hedge of the exposure to variability in expected future cash flows. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the earnings effect of the hedged transactions in a cash flow hedge. This interest rate swap agreement will be evaluated based on whether it is deemed highly effective in reducing exposure to variable interest rates. The Company formally documents all relationships between interest rate swap agreements and hedged items, including the method for evaluating effectiveness and the risk strategy. The Company makes an assessment at the inception of each interest rate swap agreement and on a quarterly basis to determine whether these instruments are highly effective in offsetting changes in cash flows associated with the hedged items. If swaps qualify as highly effective, the changes in the fair values of the derivatives used as hedges would be reflected in accumulated other comprehensive income, or AOCI. Amounts classified in AOCI will be reclassified into earnings in the period during which the hedged transactions affect earnings. If swaps do not qualify as highly effective, the changes in fair values of derivatives used as hedges would be reflected in earnings.

The fair value of each interest rate swap agreement is determined using widely accepted valuation techniques including discounted cash flow analyses on the expected cash flows of each derivative. These analyses reflect the contractual terms of the derivatives, including the period to maturity, and use observable market-based inputs, including interest rate curves and implied volatilities (also referred to as “significant other observable inputs”). The fair value of interest rate swap agreements are determined using the market standard methodology of netting the discounted future fixed cash payments and the discounted expected variable cash receipts. The variable cash receipts are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. The fair value calculation also includes an amount for risk of non-performance using “significant unobservable inputs” such as estimates of current credit spreads to evaluate the likelihood of default, which the Company has determined to be insignificant to the overall fair value of its interest rate swap agreement.

Variable Interest Entity

The Company evaluates all of its interests in VIEs for consolidation. When the Company's interests are determined to be variable interests, the Company assesses whether the Company is deemed to be the primary beneficiary of the VIE. The primary beneficiary of a VIE is required to consolidate the VIE. A primary beneficiary is defined as the party that has both (i) the power to direct the activities of the VIE that most significantly impact its economic performance, and (ii) the obligation to absorb losses and the right to receive benefits from the VIE which could potentially be significant. The Company considers its variable interests as well as any variable interests of related parties in making this determination. Where both of these factors are present, the Company is deemed to be the primary beneficiary and consolidates the VIE. Where either one of these factors is not present, the Company is not the primary beneficiary and does not consolidate the VIE.

To assess whether the Company has the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance, the Company considers all facts and circumstances, including its role in establishing the VIE and its ongoing rights and responsibilities. This assessment includes first, identifying the activities that most significantly impact the VIE’s economic performance; and second, identifying which party, if any, has power over those activities. In general, the parties that make the most significant decisions affecting the VIE or have the right to unilaterally remove those decision makers are deemed to have the power to direct the activities of a VIE.

To assess whether the Company has the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE, the Company considers all economic interests, including debt and equity investments, servicing fees, and other arrangements deemed to be variable interests in the VIE. This assessment requires that the Company apply judgment in determining whether these interests, in the aggregate, are considered potentially significant to the VIE. Factors considered in assessing significance include: the design of the VIE, including its capitalization structure; subordination of interests; payment priority; relative share of interests held across various classes within the VIE’s capital structure; and the reasons why the interests are held by the Company.

As of December 31, 2022 and 2021, the Company had two VIEs. One was consolidated in the financial statements while the other was not. See Note 17 (Investment in Unconsolidated and Consolidated Joint Ventures) to the Notes to Consolidated Financial Statements for further discussion.

Credit Risk

The Company grants credit in the course of operations to co-ops, wineries, nut marketing companies, and lessees of the Company’s facilities. The Company performs periodic credit evaluations of its customers’ financial condition and generally does not require collateral.

Commercial revenues are derived primarily from lease rental payments and operating expense reimbursements. If client tenants fail to make rental payments under their lease, the Company's financial condition, and cash flows could be adversely affected. The Company assesses the risk of loss on accounts receivable and adjust the allowance for doubtful accounts based on this risk assessment. We do so by applying historical loss rates to our accounts receivable aging schedule to estimate expected credit losses. We further adjusted expected credit losses for specifically identified and forecasted credit losses. Accounts are written off when they are deemed to be no longer collectible.

During the years ended December 31, 2022, 2021, and 2020, the Pastoria Energy Facility, L.L.C., or PEF power plant lease generated approximately 6%, 8%, and 8% of total revenues, respectively. The Company had no other customers account for 5% or more of total revenues from operations.

The Company maintains its cash and cash equivalents in federally insured financial institutions. The account balances at these institutions periodically exceed FDIC insurance coverage and, as a result, there is a concentration of credit risk related to amounts on deposit in excess of FDIC insurance coverage. The Company believes that the risk is not significant.

Farm Inventories

Costs of bringing crops to harvest are inventoried when incurred. Such costs are expensed when the crops are sold. Expenses are computed and recognized on an average cost per pound or per ton basis, as appropriate. Costs incurred during the current year related to the next year’s crop are inventoried and carried in inventory until the matching crop is harvested and sold. Farm inventories held for sale are valued at the lower of cost (first-in, first-out method) or market.

Property and Equipment

Property and equipment are stated on the basis of cost, except for land acquired upon organization in 1936, which is stated on the basis carried by the Company’s predecessor. Depreciation is computed using the straight-line method over the estimated useful lives of the various assets. The Company's property and equipment and their respective estimated useful lives are as follow:


($ in thousands)	Useful Life	December 31, 2022		December 31, 2021
Vineyards and orchards	20	$	66,016	$	62,877
Machinery, furniture fixtures and other equipment	3 - 10	20,895		20,299
Buildings and improvements	10 - 27.5	8,946		8,858
Land and land improvements	15	7,835		7,835
Development in process		4,942		4,882
		$	108,634	$	104,751
Less: accumulated depreciation		(55,654)		(54,052)
		$	52,980	$	50,699

Long-Term Water Assets

Long-term purchased water contracts are in place with the Tulare Lake Basin Water Storage District and the Dudley-Ridge Water Storage District. These contracts provide the Company with the right to receive water over the term of the contracts that expire in 2035. The Company also purchased a contract that allows and requires it to purchase 6,693 acre-feet of water each year from the Nickel Family LLC. The initial term of this contract runs through 2044. The purchase price of these contracts is being amortized under the straight-line basis over their contractual lives. Water contracts with the Wheeler Ridge Maricopa Water Storage District and the Tejon-Castac Water District are also in place, but were entered into with each district at inception and not purchased later from third parties, and therefore do not have a related financial value on the books of the Company. As a result, there is no amortization expense related to these contracts.

Vineyards and Orchards

Costs of planting and developing vineyards and orchards are capitalized until the crops become commercially productive. Interest costs and depreciation of irrigation systems and trellis installations during the development stage are also capitalized. Revenues from crops earned during the development stage are netted against development costs. Depreciation commences when the crops become commercially productive.

At the time farm crops are harvested, contracted, and delivered to buyers and revenues can be estimated, revenues are recognized and any related inventoried costs are expensed, which traditionally occurs during the third and fourth quarters of each year. It is not unusual for portions of the Company's almond or pistachio crop to be sold in the year following the harvest. Orchard (almond and pistachio) revenues are based upon the contract settlement price or estimated selling price, whereas vineyard revenues are typically recognized at the contracted selling price. Estimated prices for orchard crops are based upon the quoted estimate of what the final market price will be by marketers and handlers of the orchard crops. These market price estimates are updated through the crop payment cycle as new information is received as to the final settlement price for the crop sold. These estimates are adjusted to actual upon receipt of final payment for the crop. This method of recognizing revenues on the sale of orchard crops is a standard practice within the agribusiness community. Adjustments for differences between estimates and actual revenues received are recorded during the period in which such amounts become known. The net effect of these adjustments increased pistachio revenues by $873,000 in 2022, $365,000 in 2021, and $890,000 in 2020. There were no pricing adjustments associated with the Company's almonds.

The Almond Board of California has the authority to require producers of almonds to withhold a portion of their annual production from the marketplace through a marketing order approved by the Secretary of Agriculture. At December 31, 2022, 2021, and 2020, no such withholding was mandated.

Common Stock Options and Grants

The Company accounts for stock incentive plans using the fair value method of accounting. The estimated fair value of the restricted stock grants and restricted stock units are expensed over the expected vesting period. For performance-based grants the Company makes estimates of the probable number of shares that will actually be granted based upon estimated ranges of success in meeting defined performance measures. An estimate for share forfeitures, based on historical forfeitures, are recorded on all grants. Periodically, the Company updates its estimates and reflects any changes to the estimate in the consolidated statements of operations.

Long-Lived Assets

On a quarterly basis, the Company reviews current activities and changes in the business conditions of all of its operating properties prior to and subsequent to the end of each quarter to determine the existence of any triggering events requiring an impairment analysis. If triggering events are identified, the Company reviews an estimate of the future undiscounted cash flows for the properties, including, if necessary, a probability-weighted approach if multiple outcomes are under consideration.

Long-lived assets to be held and used, including rental properties, construction in progress, or CIP, real estate held for development and intangibles, are individually evaluated for impairment when conditions exist that may indicate that the carrying amount of a long-lived asset may not be recoverable. The carrying amount of a long-lived asset to be held and used is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset. Impairment indicators or triggering events for long-lived assets to be held and used, including rental properties, CIP, real estate held for development, and intangibles, are assessed by project and include significant fluctuations in estimated net operating income, occupancy changes, significant near-term lease expirations, current and historical operating and/or cash flow losses, rental rates, and other market factors. The Company assesses the expected undiscounted cash flows based upon numerous factors, including, but not limited to, available market information, current and historical operating results, known trends, current market/economic conditions that may affect the property, and assumptions about the use of the asset, including, if necessary, a probability-weighted approach if multiple outcomes are under consideration. Upon determination that an impairment has occurred, a write-down is recognized to reduce the carrying amount to its estimated fair value.

In addition, the Company accounts for long-lived assets to be disposed of at the lower of their carrying amounts or fair value less selling and disposal costs.

As of December 31, 2022, management of the Company believes that none of its long-lived assets were impaired.

Revenue Recognition

The Company’s revenue is primarily derived from lease revenue from its rental portfolio, royalty revenue from mineral leases, sales of farm crops, sales of water, and land sales. The Company recognizes revenue by following the five-step model under ASC 606 to achieve the core principle that an entity recognizes revenue to depict the transfer of goods or services to customers at an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The five-step model requires that the Company (i) identifies the contract with the customer, (ii) identifies the performance obligations in the contract, (iii) determines the transaction price, including variable consideration to the extent that it is probable that a significant future reversal will not occur, (iv) allocates the transaction price to the respective performance obligations in the contract, and (v) recognize revenue when (or as) the Company satisfies the performance obligation.

Sales of Real Estate

The Company allocates the transaction price, on land sales with multiple performance obligations, to the performance obligations in proportion to their standalone selling prices (i.e., on a relative standalone selling price basis) and not total costs.

Sales of Easements

From time to time the Company sells easements over its land, and the easements are either in the form of rights of access granted for such things as utility corridors or are in the form of conservation easements that generally require the Company to divest its rights to commercially develop a portion of its land, but do not result in a change in ownership of the land or restrict the Company from continuing other revenue generating activities on the land. The Company recognizes easement sales revenue by following the five-step model under ASC 606.

Allocation of Costs Related to Land Sales and Leases

When the Company sells land within one of its real estate developments and has not completed all infrastructure development related to the total project, the Company estimates, at the time of sale, future costs of the development to determine the appropriate costs of sales for the sold land and the timing of recognition of the sale. In the calculation of cost of sales or allocations to leased land, the Company uses estimates and forecasts to determine total costs at completion of the development project. These estimates of final development costs can change as conditions in the market change and costs of construction change.

Royalty Income

Royalty revenues are contractually defined as to the percentage of royalty and are tied to production and market prices. The Company’s royalty arrangements generally require payment on a monthly basis with the payment based on the previous month’s activity. The Company accrues monthly royalty revenues based upon estimates and adjusts to actual as the Company receives payments.

Rental Income

Rental income from leases is recognized on a straight-line basis over the respective lease terms. The Company classifies amounts currently recognized as income, and amounts expected to be received in later years, as deferred rent in prepaid

expenses and other current assets in the accompanying consolidated balance sheets. Amounts received currently, but recognized as income in future years, are classified in accrued liabilities and other, and deferred income in the accompanying consolidated balance sheets. The Company commences recognition of rental income at the date the property is ready for its intended use, and the client tenant takes possession of or controls the physical use of the property.

During the term of each lease, the Company monitors the credit quality of its tenants by (i) reviewing the credit rating of tenants that are rated by a nationally recognized credit rating agency, (ii) reviewing financial statements of the tenants that are publicly available or that are required to be delivered to the Company pursuant to the applicable lease, (iii) monitoring news reports regarding its tenants and their respective businesses, and (iv) monitoring the timeliness of lease payments. For operating leases in which collectability of rental income is not considered probable, rental income is recognized on a cash basis and allowances are taken for those balances that we have reason to believe may be uncollectible in the period it is determined not to be probable of collection.

Environmental Expenditures

Environmental expenditures that relate to current operations are expensed or capitalized as appropriate. Expenditures that relate to an existing condition caused by past operations and which do not contribute to current or future revenue generation are expensed. Liabilities are recorded when environmental assessments and/or remedial efforts are probable, and the costs can be reasonably estimated. Generally, the timing of these accruals coincides with the completion of a feasibility study or the Company’s commitment to a formal plan of action. No liabilities for environmental costs have been recorded at December 31, 2022 and 2021.

Use of Estimates

The preparation of the Company’s consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the financial statement dates and the reported amounts of revenue and expenses during the reporting period. Due to uncertainties inherent in the estimation process, it is reasonably possible that actual results could differ from these estimates.

New Accounting Pronouncements Adopted in 2022

No new Accounting Standards Update, or ASU, is applicable to our consolidated financial statements as of December 31, 2022.

EQUITY

12 Months Ended

Dec. 31, 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 260, “Earnings Per Share.”


	Twelve Months Ended December 31,
		2022	2021	2020
Weighted average number of shares outstanding:
Common stock		26,478,171	26,343,352	26,205,923
Common stock equivalents: stock options, grants		174,748	70,662	140,527
Diluted shares outstanding		26,652,919	26,414,014	26,346,450

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.

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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Investments, Debt and Equity Securities [Abstract]

MARKETABLE SECURITIES

12 Months Ended

Dec. 31, 2022

MARKETABLE SECURITIES

ASC 320 “Investments – Debt and Equity Securities” requires that an enterprise classify all debt securities as either held-to-maturity, trading or available-for-sale. The Company has elected to classify its securities as available-for-sale and therefore is required to adjust securities to fair value at each reporting date. All costs and both realized and unrealized gains and losses on securities are determined on a specific identification basis. The following is a summary of available-for-sale securities at December 31:


($ in thousands)		2022				2021
Marketable Securities:	Fair Value Hierarchy	Cost		Estimated Fair Value		Cost		Estimated Fair Value
Certificates of deposit
with unrecognized losses for less than 12 months		$	—	$	—	$	401	$	400

with unrecognized gains		—		—		—		—
Total Certificates of deposit	Level 1	—		—		401		400
U.S. Treasury and agency notes
with unrecognized losses for less than 12 months		13,916		13,832		1,360		1,358
with unrecognized losses for more than 12 months		500		499		—		—
with unrecognized gains		1,250		1,251		—		—
Total U.S. Treasury and agency notes	Level 2	15,666		15,582		1,360		1,358
Corporate notes
with unrecognized losses for less than 12 months		17,236		17,112		9,231		9,225
with unrecognized losses for more than 12 months		251		250		—		—
with unrecognized gains		499		500		—		—
Total Corporate notes	Level 2	17,986		17,862		9,231		9,225






		$	33,652	$	33,444	$	10,992	$	10,983

The Company adopted ASU No. 2016-13, "Financial Instruments — Credit Losses (Topic 326)" on January 1, 2020, prospectively. Under ASC Topic 326-30, the Company is now required 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 December 31, 2022 the Company has not recorded any credit losses.

At December 31, 2022, the fair market value of investment securities was $208,000 below the cost basis of securities. The Company’s gross unrealized holding gains equal $2,000 dollars and gross unrealized holding losses equal $210,000. As of December 31, 2022, the adjustment to accumulated other comprehensive loss in consolidated equity for the temporary change in the value of securities reflects a decrease in the market value of available-for-sale securities of $199,000, which includes estimated taxes of $56,000.

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 326-30-50-3A. The accrued interest receivables balance totaled $186,000 as of December 31, 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 December 31, 2022 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 December 31, 2022, 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 December 31, 2022.

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 December 31, 2022, 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 December 31, 2022.

The following tables summarize the maturities, at par, of marketable securities by year ($ in thousands):


December 31, 2022	2023		2024		Total

U.S. Treasury and agency notes	$	15,225	$	500	$	15,725
Corporate notes	17,470		500		17,970

	$	32,695	$	1,000	$	33,695


December 31, 2021	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.

INVENTORIES

12 Months Ended

Dec. 31, 2022

Inventory Disclosure [Abstract]

INVENTORIES

Inventories consisted of the following at December 31:


($ in thousands)	2022		2021
Farming inventories	$	3,078	$	5,377
Other	291		325
	$	3,369	$	5,702

Farming inventories consist of costs incurred during the current year related to next year’s crop along with unsold current year crop and farming chemicals.

REAL ESTATE

12 Months Ended

Dec. 31, 2022

Real Estate [Abstract]

REAL ESTATE

Real estate consisted of the following as of December 31:


($ in thousands)	2022		2021
Real estate development
Mountain Village	$	153,156	$	150,668
Centennial	115,221		112,063
Grapevine	39,273		37,922

Tejon Ranch Commerce Center	13,643		18,377
Real estate development	321,293		319,030

Real estate and improvements - held for lease, net
Tejon Ranch Commerce Center	20,590		20,595
Real estate and improvements - held for lease, net	20,590		20,595
Less accumulated depreciation	(3,650)		(3,294)
Real estate and improvements - held for lease, net	$	16,940	$	17,301

LONG-TERM WATER ASSETS

12 Months Ended

Dec. 31, 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 TCWD in 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 and the Dudley-Ridge Water District, totaling 3,444 acre-feet of SWP entitlement annually, subject to SWP allocations. These contracts extend through 2035 and have been transferred to AVEK for 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 the Nickel Family, LLC, or Nickel, a California limited liability company that is located in Kern County.

The initial term of the water purchase agreement with Nickel runs to 2044 and includes a Company option to extend the contract for an additional 35 years. The purchase cost of water in 2022 was $861 per acre-foot. The purchase cost is subject to annual cost increases based on the greater of the consumer price index or 3%.

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

Water revenues and cost of sales were as follows as of December 31:


($ in thousands)	2022		2021		2020

Acre-Feet Sold	10,400		13,651		5,022

Revenues	$	14,658	$	15,523	$	5,909
Cost of sales	9,549		10,669		3,663
Profit	$	5,109	$	4,854	$	2,246

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


	December 31, 2022		December 31, 2021
Banked water and water for future delivery	$	23,855	$	25,020
Transferable water	1,455		2,879
Total water held for future use at cost	$	25,310	$	27,899

Intangible Water Assets

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


	December 31, 2022				December 31, 2021
	Costs		Accumulated Depreciation		Costs		Accumulated Depreciation
Dudley-Ridge water rights	$	11,581	$	(5,790)	$	11,581	$	(5,307)
Nickel water rights	18,740		(5,890)		18,740		(5,247)
Tulare Lake Basin water rights	6,479		(3,385)		6,479		(3,148)
	$	36,800	$	(15,065)	$	36,800	$	(13,702)
Net cost of purchased water contracts	21,735				23,098
Total cost water held for future use	25,310				27,899
Net investments in water assets	$	47,045			$	50,997

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


(in acre feet, unaudited)	December 31, 2022	December 31, 2021
Water held for future use
TCWD - Banked water owned by the Company	52,554	56,189
Company water bank	50,349	50,349
Transferable water	2,548	4,203
Total water held for future use	105,451	110,741
Purchased water contracts
Water Contracts (Dudley-Ridge, Nickel and Tulare)	10,137	10,137
WRMWSD - Contracts with Company	15,547	15,547
TCWD - Contracts with Company	5,749	5,749
Total purchased water contracts	31,433	31,433
Total water held for future use and purchased water contracts	136,884	142,174

Tejon Ranchcorp, or Ranchcorp, a wholly-owned subsidiary of Tejon Ranch Co., entered into a Water Supply Agreement with PEF in 2015. PEF is the current lessee under the power plant lease. Pursuant to the Water Supply Agreement, PEF may purchase from Ranchcorp up to 3,500 acre-feet of water per year from January 1, 2017 through July 31, 2030, with an option to extend the term. PEF is under no obligation to purchase water from Ranchcorp in any year, but is required to pay Ranchcorp an annual option payment equal to 30% of the maximum annual payment. The price of the water under the Water Supply Agreement for 2022 was $1,224 per acre-foot of annual water, subject to 3% annual increases over the life of the contract. The Water Supply Agreement contains other customary terms and conditions, including representations and warranties, which are typical for agreements of this type. The Company's commitments to sell water can be met through current water assets.

ACCRUED LIABILITIES AND OTHER

12 Months Ended

Dec. 31, 2022

Payables and Accruals [Abstract]

ACCRUED LIABILITIES AND OTHER

Accrued liabilities and other consisted of the following as of December 31:


($ in thousands)	2022		2021
Accrued vacation	$	735	$	782
Accrued paid personal leave	348		356
Accrued bonus	2,280		2,062
Other	239		251
	$	3,602	$	3,451

LINE OF CREDIT AND LONG-TERM DEBT

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

LINE OF CREDIT AND LONG-TERM DEBT

Debt consisted of the following as of December 31:


($ in thousands)	2022		2021

Notes payable	$	50,154	$	52,784


Less: line-of-credit and current maturities of long-term debt	(1,779)		(4,475)
Less: deferred loan costs	(214)		(154)
Long-term debt, less current portion	$	48,161	$	48,155

In 2014, the Company as borrower, entered into an Amended and Restated Credit Agreement, a Term Note and a Revolving Line of Credit Note, with Wells Fargo, or collectively the Credit Facility. The Credit Facility added a $70,000,000 term loan, or Term Loan, to the then existing $30,000,000 revolving line of credit, or RLC. In 2019, the Company amended the Term Note (Amended Term Note) and extended its maturity to June 2029 and amended the RLC to expand the capacity from $30,000,000 to $35,000,000 and extend the maturity to October 2024.

The interest rate per annum applicable to the Amended Term Note was LIBOR (as defined in the Term Note) plus a margin of 170 basis points. The interest rate for the Amended Term Note was fixed at 4.16% through the use of an interest rate swap agreement. The Amended Term Note required monthly amortization payments, with the outstanding principal amount due June 5, 2029. The Amended Term Note was 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. For the RLC, at the Company’s option, the interest rate on this line of credit could float at 1.50% above the Daily One Month LIBOR rate or fixed at 1.50% above LIBOR for a fixed rate term. During the term of the RLC, the Company could have borrowed at any time and partially or wholly repaid any outstanding borrowings and then re-borrowed, as necessary.

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 30, 2032, which was used to pay off the existing Wells Fargo

Amended Term Note. The Company evaluated the debt exchange under ASC 470 and determined that the exchange should be treated as a debt extinguishment. The amount available of the New RLC under the New Credit Facility is $40,607,000.

The New Term Note had a $48,462,000 balance as of December 31, 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 December 31, 2022. At the Company’s option, the interest rate on this line of credit can float at a rate equal to Daily SOFR plus 1.37% or can be fixed at a rate equal to Term SOFR plus 1.37% above Term SOFR for interest periods elected by the Company. During the term of this RLC (which matures on June 30, 2027), the Company can borrow at any time and partially or wholly repay any outstanding borrowings and then re-borrow, as necessary.

The following table summarizes debt maturities, outstanding indebtedness, and respective principal maturities as of December 31,


($ in thousands)	Stated Rate	Effective Rate	Maturity	2023		2024		2025		2026		2027		Thereafter		Total
New Term Loan1	S+1.55%	4.62%	6/28/2032	$	1,513	$	1,589	$	1,669	$	1,753	$	1,840	$	40,098	$	48,462
$40 million New RLOC	See below2	See below2	6/30/2027	—		—		—		—		—		—		—
Promissory note	4.25%	4.25%	9/1/2028	265		277		289		302		315		244		1,692
Total long-term debt				$	1,778	$	1,866	$	1,958	$	2,055	$	2,155	$	40,342	$	50,154

1The interest on the New Term Loan is fixed by an interest rate swap agreement. Please see Footnote 10 for further discussion.

2At the Company’s option, the interest rate on this line of credit can float at 1.37% over a selected SOFR rate or can be fixed at 1.37% above SOFR for a fixed rate term.

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.

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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
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Other Liabilities Disclosure [Abstract]

OTHER LIABILITIES

12 Months Ended

Dec. 31, 2022

OTHER LIABILITIES

Other liabilities consist of the following as of December 31:


($ in thousands)	2022		2021
Pension liability (See Note 15)	$	38	$	185
Interest rate swap liability (See Note 10)1	—		3,088
Supplemental executive retirement plan liability (See Note 15)	6,186		7,847
Excess joint venture distributions and other	4,156		3,348
	$	10,380	$	14,468
1The Company's interest rate swap had an asset balance of $1.4 million as of December 31, 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 Consolidated Financial Statements for further detail.

INTEREST RATE SWAP

12 Months Ended

Dec. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

INTEREST RATE SWAP

In October 2014, the Company entered into an interest rate swap agreement to hedge cash flows tied to changes in the underlying floating interest rate tied to LIBOR a term loan with Wells Fargo. 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 the New Term Note with Bank of America, N.A. for the New Term Loan as discussed in Note 8 (Line of Credit and Long-Term Debt) of the Notes to Consolidated Financial Statements. 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 December 31, 2022, the fair value of the interest rate swap agreement was greater than its cost basis and as such 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 ($ in thousands):

December 31, 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%

$1,430

$48,462

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

STOCK COMPENSATION - RESTRICTED STOCK AND PERFORMANCE SHARE GRANTS

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

STOCK COMPENSATION - RESTRICTED STOCK AND PERFORMANCE SHARE GRANTS

STOCK COMPENSATION - RESTRICTED STOCK AND PERFORMANCE SHARE GRANTSThe Company’s stock incentive plans provide for the making of awards to employees based upon a service condition or through the achievement of performance-related objectives. The Company has issued three types of stock grant awards under these plans: restricted stock with service condition vesting; performance share grants that only vest upon the achievement of specified performance conditions, such as corporate cash flow goals or share price, or 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 the grant date fair value 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 does not result in a reversal of previously recognized share-based compensation expense.

The following is a summary of the Company's performance share grants with performance conditions as of the year ended December 31, 2022:


Performance Share Grants with Performance Conditions


Target performance						173,377
Maximum performance						319,122

The following is a summary of the Company’s stock grant activity, both time and performance unit grants, assuming target achievement for outstanding performance grants for the following twelve-month periods ended:


	December 31, 2022	December 31, 2021	December 31, 2020
Stock Grants Outstanding Beginning of the Year at Target Achievement	683,645	840,307	409,373
New Stock Grants/Additional shares due to achievement in excess of target	180,034	63,622	797,364
Vested Grants	(384,112)	(196,328)	(307,250)
Expired/Forfeited Grants	(244,668)	(23,956)	(59,180)
Stock Grants Outstanding at Target Achievement	234,899	683,645	840,307

The following is a summary of the assumptions used to determine the fair value of the Company's market-based Performance Condition Grants outstanding for the year ended December 31, 2022:


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

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

Simulated Monte Carlo share price	$5.87	$15.59	$18.82	$21.48	$21.75
Shares granted	81,716	3,628	10,905	3,536	13,338
Total fair value of award	$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 December 31, 2022 was $1,074,000 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. 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 and is expensed over the performance period if 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 maximum the Company determines, 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 number of awards probable of vesting and expenses the grant date fair value of such awards 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 adjusts compensation cost according to the actual outcome of the performance condition. Under the Non-Employee Director Stock Incentive Plan, or NDSI Plan, each non-employee director, during the years presented, received his or her annual compensation in stock.

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


Employee 1998 Plan ($ in thousands):	December 31, 2022		December 31, 2021		December 31, 2020
Expensed	$	2,281	$	3,742	$	4,060
Capitalized	335		460		1,135
	2,616		4,202		5,195
NDSI Plan	596		529		434
	$	3,212	$	4,731	$	5,629

INCOME TAXES

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

INCOME TAXES

The Company accounts for income taxes using ASC 740, “Income Taxes” which is an asset and liability approach that requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized differently in the financial statements and the tax returns. The provision for income taxes consists of the following at December 31:


($ in thousands)	2022		2021		2020
Total provision (benefit):	$	7,393	$	3,821	$	829
Federal:
Current	3,330		1,960		(852)
Deferred	1,718		620		1,464
	5,048		2,580		612
State:
Current	2,044		937		(21)
Deferred	301		304		238
	2,345		1,241		217
	$	7,393	$	3,821	$	829

In 2022, the Company’s effective tax rate varies from the statutory federal rate primarily due to permanent differences related to Section 162(m) limitations and state taxes. The Section 162(m) compensation deduction limitations occurred as a result of changes in tax law arising from the 2017 Tax Cuts Jobs Act, which first impacted the Company in 2020. A reconciliation of the provision for income taxes, with the amount computed by applying the statutory Federal income tax rate of 21% in 2022, 2021 and 2020 is as follows for the years ended December 31:


($ in thousands)	2022			2021			2020
Income tax at statutory rate	$	4,869		$	1,924		$	17
State income taxes, net of Federal benefit	1,851			802			217
Excess stock compensation expense	(147)			34			365
Non-deductible compensation	1,008			539			357
Oil and mineral depletion	(147)			(108)			(101)
Refunds	—			—			(78)
Permanent differences	10			26			16
Stock compensation true-up	—			641			—
Other	(51)			(37)			36
Provision for income taxes	$	7,393		$	3,821		$	829
Effective tax rate	31.9		%	41.7		%	1,011.0		%

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s deferred tax assets and liabilities were as follows at December 31:


($ in thousands)	2022		2021
Deferred income tax assets:
Accrued expenses	$	333	$	429
Deferred revenues	447		544
Capitalization of costs	1,280		1,390
Pension adjustment	1,940		2,342
Stock grant expense	1,364		2,046
State deferred taxes	555		194
Book deferred gains	2,127		2,297
Joint venture allocations	566		593
Provision for additional capitalized costs	699		699
Interest rate swap	335		921
Other	136		77
Total deferred income tax assets	$	9,782	$	11,532
Deferred income tax liabilities:
Deferred gains	$	1,753	$	1,321
Depreciation	4,492		3,722
Cost of sales allocations	872		872
Joint venture allocations	6,900		6,367
Capitalized stock compensation	1,058		958
Straight line rent	348		412
Prepaid expenses	318		399
State deferred taxes	96		190
Interest rate swap	762		—
Other	363		189
Total deferred income tax liabilities	$	16,962	$	14,430
Net deferred income tax (liability)	$	(7,180)	$	(2,898)
Allowance for deferred tax assets	—		—
Net deferred taxes	$	(7,180)	$	(2,898)

Due to the nature of the Company's deferred tax assets, the Company believes they will be used through operations in future years and a valuation allowance is not necessary.

The Company made $8,237,000 in estimated tax payments in 2022 and $730,000 in 2021. The Company received tax refunds of $1,410,000 and $483,000 in 2022 and 2021, respectively.

The Company evaluates its tax positions for all income tax items based on their technical merits to determine whether each position satisfies the “more likely than not to be sustained upon examination” test. The tax benefits are then measured as the largest amount of benefit, determined on a cumulative basis, that is “more likely than not” to be realized upon ultimate settlement. As a result of this evaluation, the Company determined there were no uncertain tax positions that required recognition and measurement for the years ended December 31, 2022 and 2021 within the scope of ASC 740, "Income Taxes." Tax years from 2019 to 2021 and 2018 to 2021 remain available for examination by the Federal and California State taxing authorities, respectively.

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (SX 210.4-08(h)(2))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

LEASES

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

LEASES

The Company is a lessor of certain property pursuant to various lease agreements having terms ranging up to 30 years. The Company generates rental income from right to use assets. The following is a summary of income from commercial rents included in commercial/industrial real estate revenues as of December 31:


($ in thousands)	2022		2021		2020
Base rent	$	6,893	$	6,672	$	6,471
Percentage rent	$	918	$	705	$	949

Future minimum rental income on commercial, communication and right-of-way on non-cancelable leases as of December 31, 2022 ($ in thousands):


2023		2024		2025		2026		2027		Thereafter
$	6,715	$	6,112	$	5,926	$	5,324	$	5,053	$	9,336

COMMITMENTS AND CONTINGENCIES	12 Months Ended
COMMITMENTS AND CONTINGENCIES	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES The Company's land is subject to water contracts of which $12,730,000 is expected to be paid in 2023. These estimated water contract payments consist of SWP, contracts with Wheeler Ridge Maricopa Water Storage District, TCWD, Tulare Lake Basin Water Storage District, Dudley-Ridge Water Storage District and the Nickel water contract. The SWP contracts run through 2035 and the Nickel water contract runs through 2044, with an option to extend an additional 35 years. As discussed in Note 6 (Long-Term Water Assets), the Company purchased the assignment of a contract to purchase water in late 2013. The assigned water contract is with Nickel and obligates the Company to purchase 6,693 acre-feet of water annually through the term of the contract. The Company's contractual obligation for future water payments was $277,653,000 as of December 31, 2022. As of December 31, 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. The Company exited a consulting contract during the second quarter of 2014 related to the Grapevine Development and is obligated to pay an earned incentive fee at the time of successful receipt of litigated project entitlements and at a value measurement date five years after litigated entitlements have been achieved for Grapevine. The final amount of the incentive fees will not be finalized until the future payment dates. The Company believes that net savings from exiting the contract over this future time period will more than offset the incentive payment costs. The Tejon Ranch Public Facilities Financing Authority, or TRPFFA, is a joint powers authority formed by Kern County and TCWD to finance public infrastructure within the Company’s Kern County developments. For the development of 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 $19,540,000 of outstanding 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 $72,055,000 of outstanding 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 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' worth of interest on the outstanding bonds. This letter of credit will not be drawn upon unless the Company, as the largest landowner in the CFD, fails to make its property tax payments. The Company believes that the letter of credit will never be drawn upon. The letter of credit is for two years and will be renewed in two-year intervals as necessary. The annual cost related to the letter of credit is approximately $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. At December 31, 2022 there were no additional improvement funds remaining from West CFD bonds. There are $9,763,557 of additional improvement funds remaining within the East CFD bonds for reimbursement of public infrastructure costs during future years. During 2022, the Company paid 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 assessment of each individual property sold or leased is not determinable at this time because it is based on the current tax rate and the assessed value of the property at the time of sale or on its assessed value at the time it is leased to a third-party. Accordingly, the Company is not required to recognize an obligation at December 31, 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 for Reconsideration and (b) rule on the entry of final judgment and setting of remedies at a February 17, 2023 hearing date. At the December 14, 2022 hearing, the Court denied the Company’s Motion for Reconsideration (finding that the Company’s motion failed to support the statutory elements necessary to prevail on such motion). At the February 17, 2023 hearing, the Court took into submission the Parties’ legal briefs and oral arguments and notified the Parties that a decision on entry of the final judgment would be soon forthcoming. 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

12 Months Ended

Dec. 31, 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. The accounting for the defined benefit plan requires the use of assumptions and estimates in order to calculate periodic benefit cost and the value of the plan's assets and benefit obligation. These assumptions include discount rates, investment returns, and projected salary increases, amongst others. The discount rates used in valuing the plan's benefits obligations were determined with reference to high quality corporate and government bonds that are appropriately matched to the duration of the plan's obligation.

Contributions are intended to provide for benefits attributable to service both to date and expected to be provided in the future. The Company funds the plan in accordance with the Employee Retirement Income Security Act of 1974, or ERISA. The Company in April 2017 froze the Benefit Plan as it relates to future benefit accruals for participants.

The following table sets forth changes in the plan's net benefit obligation and accumulated benefit information as of December 31:


($ in thousands)	2022		2021
Change in benefit obligation - Pension
Benefit obligation at beginning of year	$	11,310	$	12,037

Interest cost	312		291
Actuarial (gain)/loss assumption changes	(2,780)		(722)
Benefits paid	(355)		(296)

Benefit obligation and accumulated benefit obligation at end of year	$	8,487	$	11,310

Change in Plan Assets
Fair value of plan assets at beginning of year	$	11,125	$	10,435
Actual return on plan assets	(2,486)		821
Employer contribution	165		165
Benefits/expenses paid	(355)		(296)

Fair value of plan assets at end of year	$	8,449	$	11,125
Funded status - liability	$	(38)	$	(185)

Amounts recorded in equity
Net actuarial loss	$	2,588	$	2,376

Total amount recorded	$	2,588	$	2,376
Amount recorded, net taxes	$	1,864	$	1,711

Other changes in plan assets and benefit obligations recognized in other comprehensive income include the following as of December 31:


($ in thousands)	2022		2021
Net (gain) loss	$	259	$	(792)
Recognition of net actuarial loss	(47)		(74)

Total changes	212		(866)
Changes, net of taxes	$	154	$	(624)

The Company expects to recognize the following amounts as a component of net periodic pension costs during the next fiscal year:


Expected return on plan assets	$	418
Interest cost	(416)
Amortization of net gain/(loss)	(67)
Net periodic pension benefit/(cost)	$	(65)

At December 31, 2022 and 2021, the Company had a long-term pension liability. For 2023, the Company is estimating that contributions to the pension plan will be approximately $165,000.

Based on actuarial estimates, it is expected that annual benefit payments from the pension trust will be as follows:


2023		2024		2025		2026		2027		Thereafter
$	341	$	373	$	466	$	498	$	495	$	2,732

Plan assets consist of equity, debt and short-term money market investment funds. The Benefit Plan’s current investment policy changed during the third quarter of 2018. The new policy is an investment strategy in which the primary focus is to minimize the volatility of the funding ratio. This objective will result in a prescribed asset mix between "return seeking" assets (e.g. stocks) and a bond portfolio (e.g., long duration bonds) according to a pre-determined customized investment strategy based on the Plan's Funded Status as the primary input. This path will be used as a reference point as to the mix of assets, which by design will de-emphasize the return seeking portion as funded status improves. At December 31, 2022, the investment mix was approximately 21% equity, 78% 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 consist of a combination of individual equity securities plus value funds, growth funds, large cap funds and international stock funds. Debt investments consist of U.S. Treasury securities and investment grade corporate debt. The weighted-average discount rate used in determining the periodic pension cost is 5.00% in 2022 and 2.80% in 2021. The expected long-term rate of return on plan assets is 5.0% in 2022 and 7.3% in 2021. The long-term rate of return on plan assets is based on the historical returns within the plan and expectations for future returns. See the following table for fair value hierarchy by investment type at December 31:


($ in thousands)	Fair Value Hierarchy	2022		2021
Pension Plan Assets:
Cash and Cash Equivalents	Level 1	$	113	$	102
Collective Funds	Level 2	8,336		11,023


Fair value of plan assets		$	8,449	$	11,125

Total pension and retirement expense was as follows for each of the years ended December 31:


($ in thousands)	2022		2021		2020
Cost components:
Interest cost	$	(312)	$	(291)	$	(338)
Expected return on plan assets	553		752		643
Net amortization and deferral	(47)		(74)		(68)

Total net periodic pension earnings/(cost)	$	194	$	387	$	237

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

The following SERP benefit information is as of December 31:


($ in thousands)	2022		2021
Change in benefit obligation - SERP
Benefit obligation at beginning of year	$	7,847	$	8,419

Interest cost	182		163
Actuarial gain/assumption changes	(1,315)		(206)
Benefits paid	(528)		(529)


Benefit obligation and accumulated benefit obligation at end of year	6,186		7,847
Funded status - liability	$	(6,186)	$	(7,847)


($ in thousands)	2022		2021
Amounts recorded in stockholders’ equity
Net actuarial loss	$	1,263	$	2,693

Total amount recorded	$	1,263	$	2,693
Amount recorded, net taxes	$	910	$	1,939

Other changes in benefit obligations recognized in other comprehensive income for 2022 and 2021 included the following components:


($ in thousands)	2022		2021
Net (gain) loss	$	(1,315)	$	(206)
Recognition of net actuarial gain or (loss)	(115)		(125)

Total changes	$	(1,430)	$	(331)
Changes, net of taxes	$	(1,029)	$	(239)

The Company expects to recognize the following amounts as a component of net periodic pension costs during the next fiscal year ($ in thousands):


Interest cost	$	(291)
Amortization of net (gain)/loss	(40)
Net periodic pension earnings/(cost)	$	(331)

Based on actuarial estimates, it is expected that annual SERP benefit payments will be as follows ($ in thousands):


2023		2024		2025		2026		2027		Thereafter
$	515	$	492	$	567	$	559	$	549	$	2,549

The weighted-average discount rate used in determining the actuarial present value of projected benefits obligation was 4.90% for 2022 and 2.40% for 2021. Total pension and retirement expense was as follows for each of the years ended December 31:


($ in thousands)	2022		2021		2020
Cost components:

Interest cost	$	(182)	$	(163)	$	(229)
Net amortization and other	(114)		(125)		(86)
Total net periodic pension earnings/(cost)	$	(296)	$	(288)	$	(315)

The entire disclosure for retirement benefits.

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REPORTING SEGMENTS AND RELATED INFORMATION

REPORTING SEGMENTS AND RELATED INFORMATION

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

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

Information pertaining to operating results of the Company's reporting segments are as follows for each of the years ended December 31:


($ in thousands)	2022		2021		2020
Revenues
Real estate—commercial/industrial	$	40,515	$	19,476	$	9,536
Mineral resources	21,595		20,987		10,736
Farming	13,001		11,039		13,866
Ranch operations	4,106		4,111		3,692
Segment revenues	79,217		55,613		37,830
Equity in unconsolidated joint ventures, net	7,752		9,202		4,504
Gain on sale of real estate	—		—		1,331
Investment income	634		57		884
Total revenues and other income	87,603		64,872		44,549
Segment Profits (Losses)
Real estate—commercial/industrial	24,159		7,523		2,414
Real estate—resort/residential	(1,629)		(1,723)		(1,612)
Mineral resources	8,626		7,428		4,322
Farming	(6,810)		(3,077)		(1,237)
Ranch operations	(918)		(568)		(1,204)
Segment profits (1)	23,428		9,583		2,683
Equity in unconsolidated joint ventures, net	7,752		9,202		4,504
Gain on sale of real estate	—		—		1,331
Investment income	634		57		884
Other income	1,088		164		110
Corporate expenses	(9,699)		(9,843)		(9,430)
Income from operations before income taxes	$	23,203	$	9,163	$	82


(1) Segment profits are revenues less operating expenses, excluding investment income and expense, corporate expenses, equity in earnings of unconsolidated joint ventures, and income taxes.

Real Estate - Commercial/Industrial

Commercial revenue consists of land and building leases 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.

In 2022, this operating segment had the following land sales:

•The first sale comprised of a 27.88 acre land parcel contributed with a fair value of $8,501,000 to TRC-MRC 5, LLC. The Company recognized revenues of $5,489,000 and deferred profit of $3,012,000 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.

•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.

•12.3 acres of industrial land located at TRCC West to a third party for $4,680,000.

In 2021, the Company sold 17.1 acres of land to a third party for $4,655,000. The Company recognized land sales revenue of $4,355,000 and deferred $300,000 attributable to a performance obligation within the contract after applying the five-step revenue recognition model in accordance with Accounting Standards Codification (ASC) Topic 606 - Revenue From Contracts With Customers.

In 2020, the Company sold building and land, previously belonging to this segment, that was previously operated by a fast food tenant to its joint venture, Petro Travel Plaza LLC. The Company received a cash distribution of $2,000,000 from the joint venture, and realized a Gain on Sale of Real Estate of $1,331,000.

The following table summarizes revenues, expenses and operating income from this segment for each of the years ended December 31:


($ in thousands)	2022		2021		2020







Commercial revenues	$	40,515	$	19,476	$	9,536
Equity in earnings of unconsolidated joint ventures	7,752		9,202		4,504
Commercial revenues and equity in earnings of unconsolidated joint ventures	$	48,267	$	28,678	$	14,040
Commercial expenses	16,356		11,953		7,122
Operating results from commercial and unconsolidated joint ventures	$	31,911	$	16,725	$	6,918

Real Estate - Resort/Residential

The resort/residential real estate development segment is actively involved in the land entitlement and development process internally and through joint venture entities. The segment produced losses of $1,629,000, $1,723,000, and $1,612,000 during the years ended December 31, 2022, 2021, and 2020, respectively.

Mineral Resources

The mineral resources segment receives oil and mineral royalties from the exploration and development companies that extract or mine the natural resources from the Company's land along with revenue from water sales. The following table summarizes revenues, expenses and operating results from this segment for each of the years ended December 31:


($ in thousands)	2022		2021		2020






Mineral resources revenues	$	21,595	$	20,987	$	10,736
Mineral resources expenses	12,969		13,559		6,414
Operating results from mineral resources	$	8,626	$	7,428	$	4,322

Farming

The farming segment produces revenues from the sale of wine grapes, almonds, pistachios and hay. The following table summarizes revenues, expenses and operating results from this segment for each of the years ended December 31:


($ in thousands)	2022		2021		2020






Farming revenues	$	13,001	$	11,039	$	13,866
Farming expenses	19,811		14,116		15,103
Operating results from farming	$	(6,810)	$	(3,077)	$	(1,237)

Ranch Operations

Ranch operations consists of game management revenues and ancillary land uses such as grazing leases and filming. The following table summarizes revenues, expenses and operating results from this segment for each of the years ended December 31:


($ in thousands)	2022		2021		2020




Ranch operations revenues	$	4,106	$	4,111	$	3,692
Ranch operations expenses	5,024		4,679		4,896
Operating results from ranch operations	$	(918)	$	(568)	$	(1,204)

Information pertaining to assets of the Company’s reporting segments is as follows for each of the years ended December 31:


($ in thousands)	Identifiable Assets		Depreciation and Amortization		Capital Expenditures
2022
Real estate - commercial/industrial	$	74,292	$	455	$	8,933
Real estate - resort/residential	312,956		30		7,253
Mineral resources	48,780		1,366		—
Farming	45,814		1,937		5,915
Ranch operations	1,945		439		305
Corporate	83,004		401		196
Total	$	566,791	$	4,628	$	22,602
2021
Real estate - commercial/industrial	$	82,397	$	463	$	4,906
Real estate - resort/residential	305,818		31		8,064
Mineral resources	52,440		1,368		—
Farming	47,160		1,789		7,416
Ranch operations	2,079		455		306
Corporate	56,142		488		187
Total	$	546,036	$	4,594	$	20,879
2020
Real estate - commercial/industrial	$	73,317	$	486	$	7,128
Real estate - resort/residential	297,052		39		9,764
Mineral resources	57,797		1,384		25
Farming	38,090		1,989		5,145
Ranch operations	2,442		482		91
Corporate	67,651		558		106
Total	$	536,349	$	4,938	$	22,259

Identifiable assets by segment include both assets directly identified with those operations and an allocable share of jointly used assets. Corporate assets consist primarily of cash and cash equivalents, marketable securities, deferred income taxes, and land and buildings. Land is valued at cost for acquisitions since 1936. Land acquired in 1936, upon organization of the Company, is stated on the basis carried by the Company’s predecessor.

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.

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Equity Method Investments and Joint Ventures [Abstract]

INVESTMENT IN UNCONSOLIDATED AND CONSOLIDATED JOINT VENTURES

12 Months Ended

Dec. 31, 2022

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 at December 31, 2022 was $41,891,000. The equity in the income of the unconsolidated joint ventures was $7,752,000 for the twelve months ended December 31, 2022. The unconsolidated joint ventures have not been consolidated as of December 31, 2022, because the Company does not control the investments. The Company’s current joint ventures are as follows:

•Petro Travel Plaza Holdings LLC – TA/Petro is an unconsolidated joint venture with TravelCenters of America Inc. for the development and management of travel plazas and convenience stores. The Company has 50% voting rights and shares 60% of profit and losses in this joint venture. It houses multiple commercial eating establishments as well as diesel and gasoline operations in TRCC. The Company does not control the investment due to it having only 50% voting rights, and because the partner in the joint venture is the managing partner and performs all of the day-to-day operations and has significant decision-making authority regarding key business components such as fuel inventory and pricing at the facility. At December 31, 2022, the Company had an equity investment balance of $25,441,000 in this joint venture.

◦On April 17, 2020, the Company sold the land and a building formerly leased to a tenant operating a fast food restaurant, to Petro. The Company received cash proceeds of $2,000,000 from Petro, and realized a gain of $1,331,000 under ASC 610-20, "Other Income – Gains and Losses from the Derecognition of Nonfinancial Assets."

•Majestic Realty Co. – Majestic Realty Co., or Majestic, is a privately-held developer and owner of master planned business parks in the United States. The Company partnered with Majestic to form five 50/50 joint ventures 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 venture. The Company and Majestic guarantee the performance of all outstanding debt. At December 31, 2022, the Company's investment in these joint ventures was $9,171,000, which includes an outside basis.

◦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. The construction will be financed by a $49,226,000 construction loan, as of December 31, 2022 no loan draws were made against this loan. The construction loan is individually and collectively guaranteed by the Company and Majestic. In December 2022, the Company contributed land with fair value of $8,501,000 to TRC-MRC5, LLC. The total cost of the land was $2,477,000. The Company recognized profit of $3,012,000 and deferred profit of $3,012,000 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.

◦In February 2022, we formed TRC-MRC Multi I, LLC, to pursue the development, construction, lease-up, and management of 495 multi-family rental units located within TRCC-East. As of December 31, 2022, the Company controlled the joint venture and has consolidated its assets within the Consolidated Balance Sheet. On January 26, 2023, the Company and Majestic entered into a Membership Interest Purchase Agreement, formalizing the purchase of Majestic's interest in this joint venture for $175,000. The project is currently in its final planning and design phases.

◦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. The construction was completed in the fourth quarter of 2022, and the Company has leased 100% of the rentable space. Construction was financed by a $47,500,000 construction loan that had an outstanding balance of $40,130,000 as of December 31, 2022. The construction loan is individually and collectively guaranteed by the Company and Majestic. In June 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.

◦In November 2018, TRC-MRC 3, LLC was formed to pursue the development, construction, leasing, and management of a 579,040 square foot industrial building on the Company's property at TRCC-East. TRC-MRC 3, LLC qualified as a VIE from inception, but the Company is not the primary beneficiary therefore does not consolidate TRC-MRC 3, LLC in its financial statements. The construction of the building was completed in the fourth quarter of 2019, and the Company has leased 100% of the rentable space to two tenants. 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 $34,494,000 as of December 31, 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 $386,000 as of December 31, 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 and was largely financed through a promissory note guaranteed by both partners. The promissory note was refinanced on June 1, 2018 with a $25,240,000 promissory note. The note matures on July 1, 2028, and currently has an outstanding principal balance of $22,612,000. Since inception, the Company has received excess distributions resulting in a deficit balance of $2,396,000. In accordance with the applicable accounting guidance, these excess distributions are reclassified to the liabilities section of the consolidated balance sheet. The Company will continue to record its equity in the net income as a debit to the investment account, and if it becomes positive, it will again be shown as an asset on the consolidated balance sheet. If it becomes obvious that any excess distribution may not be returned (upon joint venture liquidation or otherwise), the Company will recognize any balance classified as a 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 joint venture completed construction of the building during the third quarter of 2017. Since inception of the joint venture, the Company has received excess distributions resulting in a deficit balance of $1,752,000. In accordance with the applicable accounting guidance, these excess distributions are reclassified to the liabilities section of the consolidated balance sheet. The Company will continue to record its equity in the net income as a debit to the investment account, and if it becomes positive, it will again be shown as an asset on the consolidated balance sheet. If it becomes obvious that any excess distribution may not be returned (upon joint venture liquidation or otherwise), the Company will recognize any balance classified as a liability as income. The joint venture refinanced its construction loan in December 2018 with a mortgage loan. The original principal balance of the mortgage loan was $25,030,000, of which $22,787,000 was outstanding at December 31, 2022.

•Rockefeller Joint Ventures – The Company has one joint venture with Rockefeller Group Development Corporation or Rockefeller as of December 31, 2022. At December 31, 2022, the Company’s combined equity investment balance in this joint venture was $7,279,000.

◦The Company was formerly a member of the 18-19 West LLC joint venture. In November 2021, 18-19 West LLC sold its land to a third-party for $15,213,000. The cash proceeds from the sale were distributed to its partners in the first quarter of 2022. This joint venture was dissolved as of December 31, 2022.

◦The only remaining joint venture the Company currently has with Rockefeller is the TRCC/Rock Outlet Center LLC, which 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 by voting interest alone. The Company is the named managing member. The managing member's responsibilities relate to the routine day-to-day activities of TRCC/Rock Outlet Center LLC. However, all operating decisions during the development period and ongoing operations, including the setting and monitoring of the budget, leasing, marketing, financing and selection of the contractor for any construction, are jointly made by both members of the joint venture. Therefore, the Company concluded that both members have significant participating rights that are sufficient to overcome the presumption of the Company controlling the joint venture through it being named the managing member. Therefore, the investment in TRCC/Rock Outlet Center LLC is being accounted for under the equity method. 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 December 31, 2022, the outstanding balance of the term note was $27,707,000. 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. At December 31, 2022, the Company owned 93.27% of CFL.

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

Condensed balance sheet information and statement of operations of the Company’s unconsolidated joint ventures are as follows:

Balance Sheet Information as of December 31:


	Joint Venture												TRC
	Assets				Borrowings				Equity (Deficit)				Investment In
	2022		2021		2022		2021		2022		2021		2022		2021
Petro Travel Plaza Holdings LLC	$	84,225	$	78,064	$	(13,318)	$	(14,848)	$	63,069	$	58,859	$	25,441	$	22,915
18-19 West, LLC1	—		14,965		—		—		—		14,895		—		6,877
TRCC/Rock Outlet Center, LLC	59,196		61,927		(27,707)		(28,783)		30,684		32,323		7,279		8,098
TRC-MRC 1, LLC	24,085		24,964		(22,787)		(23,400)		1,042		1,209		—		—
TRC-MRC 2, LLC	18,398		20,497		(22,612)		(23,255)		(3,939)		(5,657)		—		—
TRC-MRC 3, LLC	36,608		37,579		(34,494)		(35,324)		2,690		(914)		386		859
TRC-MRC 4, LLC	50,497		25,671		(40,130)		(16,307)		8,974		9,319		4,485		4,669
TRC-MRC 5, LLC	8,602		—		—		—		—		—		4,300		—

Total	$	281,611	$	263,667	$	(161,048)	$	(141,917)	$	102,520	$	110,034	$	41,891	$	43,418

Centennial Founders, LLC	$	102,984	$	101,178	$	—	$	—	$	102,689	$	100,261	Consolidated
1Comprised of cash received from sale of land.

Condensed Statement of Operations Information as of December 31:


	Joint Venture												TRC
	Revenues						Earnings (Loss)						Equity in Earnings (Loss)
	2022		2021		2020		2022		2021		2020		2022		2021		2020
Petro Travel Plaza Holdings LLC	$	182,335	$	137,090	$	86,331	$	14,210	$	8,262	$	9,536	$	8,526	$	4,957	$	5,722
Five West Parcel, LLC	—		—		—		—		—		(6)		—		—		(2)
18-19 West, LLC	—		15,472		6		(63)		10,411		(136)		(31)		5,206		(68)
TRCC/Rock Outlet Center, LLC1	6,065		5,642		5,495		(3,139)		(2,885)		(4,180)		(1,569)		(1,443)		(2,090)
TRC-MRC 1, LLC	3,269		3,237		3,123		43		(15)		129		21		(7)		64
TRC-MRC 2, LLC	4,085		4,024		4,087		1,384		1,268		1,357		692		634		678
TRC-MRC 3, LLC	4,125		3,729		4,032		594		(288)		399		297		(144)		200
TRC-MRC 4, LLC	595		—		—		(367)		(1)		—		(184)		(1)		—
	$	200,474	$	169,194	$	103,074	$	12,662	$	16,752	$	7,099	$	7,752	$	9,202	$	4,504

Centennial Founders, LLC	$	594	$	409	$	419	$	28	$	(80)	$	(103)	Consolidated

(1) Revenues for TRCC/Rock Outlet Center are presented net of non-cash tenant allowance amortization of $1.2 million, $1.2 million and $1.3 million for the years ended December 31, 2022, 2021 and 2020, respectively.

RELATED PARTY TRANSACTIONS	12 Months Ended
RELATED PARTY TRANSACTIONS	Dec. 31, 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 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 5,749 acre-feet of water subject to SWP allocations. In December 2019, the Company's Executive Vice President and Chief Operating Officer became one of nine directors at WRMWSD. As of December 31, 2022 and December 31, 2021, the Company paid $5,992,000 and $6,223,000 for these water contracts and related costs, respectively.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Dec. 31, 2022
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include the accounts of the Company, and the accounts of all subsidiaries and investments in which a controlling interest is held by the Company. All intercompany transactions have been eliminated in consolidation. The Company has evaluated subsequent events through the date of issuance of the consolidated financial statements.
Cash Equivalents	Cash Equivalents The Company considers all highly liquid investments with maturities of three months or less when purchased to be cash equivalents. The carrying amount for cash equivalents approximates fair value.
Marketable Securities	Marketable Securities The Company considers those investments not qualifying as cash equivalents, but which are readily marketable, to be marketable securities. The Company's investment portfolio is comprised of fixed income debt securities, which are classified as current assets on the consolidated balance sheets. The Company classifies all marketable securities as available-for-sale. These are stated at fair value with the unrealized gains (losses), net of tax, reported as a component of accumulated other comprehensive income (loss) in the consolidated statements of equity.
Investments in Unconsolidated Joint Ventures	Investments in Unconsolidated Joint Ventures For joint ventures that the Company does not control, but over which it exercises significant influence, the Company uses the equity method of accounting. The Company's judgment with regard to its level of influence or control of an entity involves consideration of various factors, including the form of its ownership interest; its representation in the entity's governance; its ability to participate in policy-making decisions; and the rights of other investors to participate in the decision-making process, to replace the Company as manager, and/or to liquidate the venture. These ventures are recorded at cost and adjusted for equity in earnings (losses), contributions and distributions. Any difference between the carrying amount of these investments on the Company’s balance sheet and the underlying equity in net assets on the joint venture’s balance sheet is adjusted as the related underlying assets are depreciated, amortized, or sold. When the Company contributes land to a joint venture, it records the investment in the venture at fair value, regardless of whether the other investors in the venture contribute cash or property. The Company generally allocates income and loss from an unconsolidated joint venture based on the venture's distribution priorities, which may be different from its stated ownership percentage. The Company evaluates the recoverability of its investments in unconsolidated joint ventures in accordance with accounting standards for equity investments by first reviewing each investment for any indicators of impairment. If indicators are present, the Company estimates the fair value of the investment. If the carrying value of the investment is greater than the estimated fair value, management makes an assessment of whether the impairment is “temporary” or “other-than-temporary.” In making this assessment, management considers the following: (1) the length of time and the extent to which fair value has been less than cost, (2) the financial condition and near-term prospects of the entity, and (3) the Company’s intent and ability to retain its interest long enough for a recovery in market value. If management concludes that the impairment is "other than temporary," the Company reduces the investment to its estimated fair value.
Fair Values of Financial Instruments	Fair Values of Financial Instruments The Company follows the Financial Accounting Standards Board's authoritative guidance for fair value measurements of certain financial instruments. The guidance defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Fair value is defined as the exchange (exit) price that would be received for an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. This guidance establishes a three-level hierarchy for fair value measurements based upon the inputs to the valuation of an asset or liability. Observable inputs are those which can be easily seen by market participants, while unobservable inputs are generally developed internally, utilizing management’s estimates and assumptions: •Level 1 – Valuation is based on quoted prices in active markets for identical assets and liabilities. •Level 2 – Valuation is determined from quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar instruments in markets that are not active, or by model-based techniques in which all significant inputs are observable in the market. •Level 3 – Valuation is derived from model-based techniques in which at least one significant input is unobservable and based on the Company's own estimates about the assumptions that market participants would use to value the asset or liability. When available, the Company uses quoted market prices in active markets to determine fair value. The Company considers the principal market and nonperformance risk associated with counterparties when determining the fair value measurement. Fair value measurements are used on a recurring basis for marketable securities, investments within the pension plan and hedging instruments, if any.
Interest Rate Swap Agreements	Interest Rate Swap Agreements In October 2014, the Company entered into an interest rate swap agreement with Wells Fargo. In June 2019, the Company amended the interest rate swap agreement to continue to hedge the Company's exposure to interest rate risk from the Term Note, and the subsequent Amended Term Note. On June 27, 2022, the Company terminated the related amended interest rate swap agreement with Wells Fargo. On June 30, 2022, the Company entered into a variable rate term note, or New Term Note, with Bank of America, N.A. and 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. See Note 8 (Line of Credit and Long-Term Debt) and Note 10 (Interest Rate Swap) of the Notes to Consolidated Financial Statements for further detail regarding this interest rate swap related to the Company's Credit Facility. The Company believes it is prudent at times to limit the variability of floating-rate interest payments and in the past have entered into interest rate swaps to manage those fluctuations. The Company recognizes interest rate swap agreements as either an asset or liability on the balance sheet at fair value. The accounting for changes in fair value (i.e., gains or losses) of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship and, further, on the type of hedging relationship. For those derivative instruments that are designated and qualify as hedging instruments, a company must designate the hedging instrument, based on the hedged exposure, as a fair value hedge, a cash flow hedge, or a hedge of a net investment in a foreign operation. The interest rate swap agreement is considered a cash flow hedge because it was designed to match the terms of the Term Loan, and the subsequent New Term Loan, as a hedge of the exposure to variability in expected future cash flows. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the earnings effect of the hedged transactions in a cash flow hedge. This interest rate swap agreement will be evaluated based on whether it is deemed highly effective in reducing exposure to variable interest rates. The Company formally documents all relationships between interest rate swap agreements and hedged items, including the method for evaluating effectiveness and the risk strategy. The Company makes an assessment at the inception of each interest rate swap agreement and on a quarterly basis to determine whether these instruments are highly effective in offsetting changes in cash flows associated with the hedged items. If swaps qualify as highly effective, the changes in the fair values of the derivatives used as hedges would be reflected in accumulated other comprehensive income, or AOCI. Amounts classified in AOCI will be reclassified into earnings in the period during which the hedged transactions affect earnings. If swaps do not qualify as highly effective, the changes in fair values of derivatives used as hedges would be reflected in earnings. The fair value of each interest rate swap agreement is determined using widely accepted valuation techniques including discounted cash flow analyses on the expected cash flows of each derivative. These analyses reflect the contractual terms of the derivatives, including the period to maturity, and use observable market-based inputs, including interest rate curves and implied volatilities (also referred to as “significant other observable inputs”). The fair value of interest rate swap agreements are determined using the market standard methodology of netting the discounted future fixed cash payments and the discounted expected variable cash receipts. The variable cash receipts are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. The fair value calculation also includes an amount for risk of non-performance using “significant unobservable inputs” such as estimates of current credit spreads to evaluate the likelihood of default, which the Company has determined to be insignificant to the overall fair value of its interest rate swap agreement.
Variable Interest Entity	Variable Interest Entity The Company evaluates all of its interests in VIEs for consolidation. When the Company's interests are determined to be variable interests, the Company assesses whether the Company is deemed to be the primary beneficiary of the VIE. The primary beneficiary of a VIE is required to consolidate the VIE. A primary beneficiary is defined as the party that has both (i) the power to direct the activities of the VIE that most significantly impact its economic performance, and (ii) the obligation to absorb losses and the right to receive benefits from the VIE which could potentially be significant. The Company considers its variable interests as well as any variable interests of related parties in making this determination. Where both of these factors are present, the Company is deemed to be the primary beneficiary and consolidates the VIE. Where either one of these factors is not present, the Company is not the primary beneficiary and does not consolidate the VIE. To assess whether the Company has the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance, the Company considers all facts and circumstances, including its role in establishing the VIE and its ongoing rights and responsibilities. This assessment includes first, identifying the activities that most significantly impact the VIE’s economic performance; and second, identifying which party, if any, has power over those activities. In general, the parties that make the most significant decisions affecting the VIE or have the right to unilaterally remove those decision makers are deemed to have the power to direct the activities of a VIE. To assess whether the Company has the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE, the Company considers all economic interests, including debt and equity investments, servicing fees, and other arrangements deemed to be variable interests in the VIE. This assessment requires that the Company apply judgment in determining whether these interests, in the aggregate, are considered potentially significant to the VIE. Factors considered in assessing significance include: the design of the VIE, including its capitalization structure; subordination of interests; payment priority; relative share of interests held across various classes within the VIE’s capital structure; and the reasons why the interests are held by the Company.
Credit Risk	Credit Risk The Company grants credit in the course of operations to co-ops, wineries, nut marketing companies, and lessees of the Company’s facilities. The Company performs periodic credit evaluations of its customers’ financial condition and generally does not require collateral. Commercial revenues are derived primarily from lease rental payments and operating expense reimbursements. If client tenants fail to make rental payments under their lease, the Company's financial condition, and cash flows could be adversely affected. The Company assesses the risk of loss on accounts receivable and adjust the allowance for doubtful accounts based on this risk assessment. We do so by applying historical loss rates to our accounts receivable aging schedule to estimate expected credit losses. We further adjusted expected credit losses for specifically identified and forecasted credit losses. Accounts are written off when they are deemed to be no longer collectible. During the years ended December 31, 2022, 2021, and 2020, the Pastoria Energy Facility, L.L.C., or PEF power plant lease generated approximately 6%, 8%, and 8% of total revenues, respectively. The Company had no other customers account for 5% or more of total revenues from operations. The Company maintains its cash and cash equivalents in federally insured financial institutions. The account balances at these institutions periodically exceed FDIC insurance coverage and, as a result, there is a concentration of credit risk related to amounts on deposit in excess of FDIC insurance coverage. The Company believes that the risk is not significant.
Farm Inventories	Farm Inventories Costs of bringing crops to harvest are inventoried when incurred. Such costs are expensed when the crops are sold. Expenses are computed and recognized on an average cost per pound or per ton basis, as appropriate. Costs incurred during the current year related to the next year’s crop are inventoried and carried in inventory until the matching crop is harvested and sold. Farm inventories held for sale are valued at the lower of cost (first-in, first-out method) or market.
Property and Equipment	Property and EquipmentProperty and equipment are stated on the basis of cost, except for land acquired upon organization in 1936, which is stated on the basis carried by the Company’s predecessor. Depreciation is computed using the straight-line method over the estimated useful lives of the various assets.
Long-Term Water Assets	Long-Term Water Assets Long-term purchased water contracts are in place with the Tulare Lake Basin Water Storage District and the Dudley-Ridge Water Storage District. These contracts provide the Company with the right to receive water over the term of the contracts that expire in 2035. The Company also purchased a contract that allows and requires it to purchase 6,693 acre-feet of water each year from the Nickel Family LLC. The initial term of this contract runs through 2044. The purchase price of these contracts is being amortized under the straight-line basis over their contractual lives. Water contracts with the Wheeler Ridge Maricopa Water Storage District and the Tejon-Castac Water District are also in place, but were entered into with each district at inception and not purchased later from third parties, and therefore do not have a related financial value on the books of the Company. As a result, there is no amortization expense related to these contracts.
Vineyards and Orchards	Vineyards and Orchards Costs of planting and developing vineyards and orchards are capitalized until the crops become commercially productive. Interest costs and depreciation of irrigation systems and trellis installations during the development stage are also capitalized. Revenues from crops earned during the development stage are netted against development costs. Depreciation commences when the crops become commercially productive. At the time farm crops are harvested, contracted, and delivered to buyers and revenues can be estimated, revenues are recognized and any related inventoried costs are expensed, which traditionally occurs during the third and fourth quarters of each year. It is not unusual for portions of the Company's almond or pistachio crop to be sold in the year following the harvest. Orchard (almond and pistachio) revenues are based upon the contract settlement price or estimated selling price, whereas vineyard revenues are typically recognized at the contracted selling price. Estimated prices for orchard crops are based upon the quoted estimate of what the final market price will be by marketers and handlers of the orchard crops. These market price estimates are updated through the crop payment cycle as new information is received as to the final settlement price for the crop sold. These estimates are adjusted to actual upon receipt of final payment for the crop. This method of recognizing revenues on the sale of orchard crops is a standard practice within the agribusiness community. Adjustments for differences between estimates and actual revenues received are recorded during the period in which such amounts become known.
Common Stock Options and Grants	Common Stock Options and Grants The Company accounts for stock incentive plans using the fair value method of accounting. The estimated fair value of the restricted stock grants and restricted stock units are expensed over the expected vesting period. For performance-based grants the Company makes estimates of the probable number of shares that will actually be granted based upon estimated ranges of success in meeting defined performance measures. An estimate for share forfeitures, based on historical forfeitures, are recorded on all grants. Periodically, the Company updates its estimates and reflects any changes to the estimate in the consolidated statements of operations.
Long-Lived Assets	Long-Lived Assets On a quarterly basis, the Company reviews current activities and changes in the business conditions of all of its operating properties prior to and subsequent to the end of each quarter to determine the existence of any triggering events requiring an impairment analysis. If triggering events are identified, the Company reviews an estimate of the future undiscounted cash flows for the properties, including, if necessary, a probability-weighted approach if multiple outcomes are under consideration. Long-lived assets to be held and used, including rental properties, construction in progress, or CIP, real estate held for development and intangibles, are individually evaluated for impairment when conditions exist that may indicate that the carrying amount of a long-lived asset may not be recoverable. The carrying amount of a long-lived asset to be held and used is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset. Impairment indicators or triggering events for long-lived assets to be held and used, including rental properties, CIP, real estate held for development, and intangibles, are assessed by project and include significant fluctuations in estimated net operating income, occupancy changes, significant near-term lease expirations, current and historical operating and/or cash flow losses, rental rates, and other market factors. The Company assesses the expected undiscounted cash flows based upon numerous factors, including, but not limited to, available market information, current and historical operating results, known trends, current market/economic conditions that may affect the property, and assumptions about the use of the asset, including, if necessary, a probability-weighted approach if multiple outcomes are under consideration. Upon determination that an impairment has occurred, a write-down is recognized to reduce the carrying amount to its estimated fair value. In addition, the Company accounts for long-lived assets to be disposed of at the lower of their carrying amounts or fair value less selling and disposal costs.
Revenue Recognition	Revenue Recognition The Company’s revenue is primarily derived from lease revenue from its rental portfolio, royalty revenue from mineral leases, sales of farm crops, sales of water, and land sales. The Company recognizes revenue by following the five-step model under ASC 606 to achieve the core principle that an entity recognizes revenue to depict the transfer of goods or services to customers at an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The five-step model requires that the Company (i) identifies the contract with the customer, (ii) identifies the performance obligations in the contract, (iii) determines the transaction price, including variable consideration to the extent that it is probable that a significant future reversal will not occur, (iv) allocates the transaction price to the respective performance obligations in the contract, and (v) recognize revenue when (or as) the Company satisfies the performance obligation. Sales of Real Estate The Company allocates the transaction price, on land sales with multiple performance obligations, to the performance obligations in proportion to their standalone selling prices (i.e., on a relative standalone selling price basis) and not total costs. Sales of Easements From time to time the Company sells easements over its land, and the easements are either in the form of rights of access granted for such things as utility corridors or are in the form of conservation easements that generally require the Company to divest its rights to commercially develop a portion of its land, but do not result in a change in ownership of the land or restrict the Company from continuing other revenue generating activities on the land. The Company recognizes easement sales revenue by following the five-step model under ASC 606. Allocation of Costs Related to Land Sales and Leases When the Company sells land within one of its real estate developments and has not completed all infrastructure development related to the total project, the Company estimates, at the time of sale, future costs of the development to determine the appropriate costs of sales for the sold land and the timing of recognition of the sale. In the calculation of cost of sales or allocations to leased land, the Company uses estimates and forecasts to determine total costs at completion of the development project. These estimates of final development costs can change as conditions in the market change and costs of construction change. Royalty Income Royalty revenues are contractually defined as to the percentage of royalty and are tied to production and market prices. The Company’s royalty arrangements generally require payment on a monthly basis with the payment based on the previous month’s activity. The Company accrues monthly royalty revenues based upon estimates and adjusts to actual as the Company receives payments. Rental Income Rental income from leases is recognized on a straight-line basis over the respective lease terms. The Company classifies amounts currently recognized as income, and amounts expected to be received in later years, as deferred rent in prepaid expenses and other current assets in the accompanying consolidated balance sheets. Amounts received currently, but recognized as income in future years, are classified in accrued liabilities and other, and deferred income in the accompanying consolidated balance sheets. The Company commences recognition of rental income at the date the property is ready for its intended use, and the client tenant takes possession of or controls the physical use of the property. During the term of each lease, the Company monitors the credit quality of its tenants by (i) reviewing the credit rating of tenants that are rated by a nationally recognized credit rating agency, (ii) reviewing financial statements of the tenants that are publicly available or that are required to be delivered to the Company pursuant to the applicable lease, (iii) monitoring news reports regarding its tenants and their respective businesses, and (iv) monitoring the timeliness of lease payments. For operating leases in which collectability of rental income is not considered probable, rental income is recognized on a cash basis and allowances are taken for those balances that we have reason to believe may be uncollectible in the period it is determined not to be probable of collection.
Environmental Expenditures	Environmental ExpendituresEnvironmental expenditures that relate to current operations are expensed or capitalized as appropriate. Expenditures that relate to an existing condition caused by past operations and which do not contribute to current or future revenue generation are expensed. Liabilities are recorded when environmental assessments and/or remedial efforts are probable, and the costs can be reasonably estimated. Generally, the timing of these accruals coincides with the completion of a feasibility study or the Company’s commitment to a formal plan of action.
Use of Estimates	Use of Estimates The preparation of the Company’s consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the financial statement dates and the reported amounts of revenue and expenses during the reporting period. Due to uncertainties inherent in the estimation process, it is reasonably possible that actual results could differ from these estimates.
New Accounting Pronouncements Adopted in 2022	New Accounting Pronouncements Adopted in 2022No new Accounting Standards Update, or ASU, is applicable to our consolidated financial statements as of December 31, 2022.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Property and Equipment and their Respective Useful Lives

The Company's property and equipment and their respective estimated useful lives are as follow:


($ in thousands)	Useful Life	December 31, 2022		December 31, 2021
Vineyards and orchards	20	$	66,016	$	62,877
Machinery, furniture fixtures and other equipment	3 - 10	20,895		20,299
Buildings and improvements	10 - 27.5	8,946		8,858
Land and land improvements	15	7,835		7,835
Development in process		4,942		4,882
		$	108,634	$	104,751
Less: accumulated depreciation		(55,654)		(54,052)
		$	52,980	$	50,699

EQUITY (Tables)

12 Months Ended

Dec. 31, 2022

Stockholders' Equity Note [Abstract]

Schedule of Weighted Average Number of Shares Outstanding


	Twelve Months Ended December 31,
		2022	2021	2020
Weighted average number of shares outstanding:
Common stock		26,478,171	26,343,352	26,205,923
Common stock equivalents: stock options, grants		174,748	70,662	140,527
Diluted shares outstanding		26,652,919	26,414,014	26,346,450

MARKETABLE SECURITIES (Tables)

12 Months Ended

Dec. 31, 2022

Investments, Debt and Equity Securities [Abstract]

Summary of Available-for-sale Securities

The following is a summary of available-for-sale securities at December 31:


($ in thousands)		2022				2021
Marketable Securities:	Fair Value Hierarchy	Cost		Estimated Fair Value		Cost		Estimated Fair Value
Certificates of deposit
with unrecognized losses for less than 12 months		$	—	$	—	$	401	$	400

with unrecognized gains		—		—		—		—
Total Certificates of deposit	Level 1	—		—		401		400
U.S. Treasury and agency notes
with unrecognized losses for less than 12 months		13,916		13,832		1,360		1,358
with unrecognized losses for more than 12 months		500		499		—		—
with unrecognized gains		1,250		1,251		—		—
Total U.S. Treasury and agency notes	Level 2	15,666		15,582		1,360		1,358
Corporate notes
with unrecognized losses for less than 12 months		17,236		17,112		9,231		9,225
with unrecognized losses for more than 12 months		251		250		—		—
with unrecognized gains		499		500		—		—
Total Corporate notes	Level 2	17,986		17,862		9,231		9,225






		$	33,652	$	33,444	$	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 by year ($ in thousands):


December 31, 2022	2023		2024		Total

U.S. Treasury and agency notes	$	15,225	$	500	$	15,725
Corporate notes	17,470		500		17,970

	$	32,695	$	1,000	$	33,695


December 31, 2021	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

INVENTORIES (Tables)

12 Months Ended

Dec. 31, 2022

Inventory Disclosure [Abstract]

Components of Inventories

Inventories consisted of the following at December 31:


($ in thousands)	2022		2021
Farming inventories	$	3,078	$	5,377
Other	291		325
	$	3,369	$	5,702

REAL ESTATE (Tables)

12 Months Ended

Dec. 31, 2022

Real Estate [Abstract]

Schedule of Real Estate

Real estate consisted of the following as of December 31:


($ in thousands)	2022		2021
Real estate development
Mountain Village	$	153,156	$	150,668
Centennial	115,221		112,063
Grapevine	39,273		37,922

Tejon Ranch Commerce Center	13,643		18,377
Real estate development	321,293		319,030

Real estate and improvements - held for lease, net
Tejon Ranch Commerce Center	20,590		20,595
Real estate and improvements - held for lease, net	20,590		20,595
Less accumulated depreciation	(3,650)		(3,294)
Real estate and improvements - held for lease, net	$	16,940	$	17,301

LONG-TERM WATER ASSETS (Tables)

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Water Revenues and Cost of Sales

Water revenues and cost of sales were as follows as of December 31:


($ in thousands)	2022		2021		2020

Acre-Feet Sold	10,400		13,651		5,022

Revenues	$	14,658	$	15,523	$	5,909
Cost of sales	9,549		10,669		3,663
Profit	$	5,109	$	4,854	$	2,246

Schedule of Tangible Water Assets

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


	December 31, 2022		December 31, 2021
Banked water and water for future delivery	$	23,855	$	25,020
Transferable water	1,455		2,879
Total water held for future use at cost	$	25,310	$	27,899

Schedule of Finite-Lived Intangible Assets

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


	December 31, 2022				December 31, 2021
	Costs		Accumulated Depreciation		Costs		Accumulated Depreciation
Dudley-Ridge water rights	$	11,581	$	(5,790)	$	11,581	$	(5,307)
Nickel water rights	18,740		(5,890)		18,740		(5,247)
Tulare Lake Basin water rights	6,479		(3,385)		6,479		(3,148)
	$	36,800	$	(15,065)	$	36,800	$	(13,702)
Net cost of purchased water contracts	21,735				23,098
Total cost water held for future use	25,310				27,899
Net investments in water assets	$	47,045			$	50,997

Schedule of Components of Water Assets

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


(in acre feet, unaudited)	December 31, 2022	December 31, 2021
Water held for future use
TCWD - Banked water owned by the Company	52,554	56,189
Company water bank	50,349	50,349
Transferable water	2,548	4,203
Total water held for future use	105,451	110,741
Purchased water contracts
Water Contracts (Dudley-Ridge, Nickel and Tulare)	10,137	10,137
WRMWSD - Contracts with Company	15,547	15,547
TCWD - Contracts with Company	5,749	5,749
Total purchased water contracts	31,433	31,433
Total water held for future use and purchased water contracts	136,884	142,174

ACCRUED LIABILITIES AND OTHER (Tables)

12 Months Ended

Dec. 31, 2022

Payables and Accruals [Abstract]

Schedule of Accrued Liabilities and Other

Accrued liabilities and other consisted of the following as of December 31:


($ in thousands)	2022		2021
Accrued vacation	$	735	$	782
Accrued paid personal leave	348		356
Accrued bonus	2,280		2,062
Other	239		251
	$	3,602	$	3,451

LINE OF CREDIT AND LONG-TERM DEBT (Tables)

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Schedule of Components of Long-term Debt

Debt consisted of the following as of December 31:


($ in thousands)	2022		2021

Notes payable	$	50,154	$	52,784


Less: line-of-credit and current maturities of long-term debt	(1,779)		(4,475)
Less: deferred loan costs	(214)		(154)
Long-term debt, less current portion	$	48,161	$	48,155

Schedule of Outstanding Indebtedness and Respective Principal Maturities

The following table summarizes debt maturities, outstanding indebtedness, and respective principal maturities as of December 31,


($ in thousands)	Stated Rate	Effective Rate	Maturity	2023		2024		2025		2026		2027		Thereafter		Total
New Term Loan1	S+1.55%	4.62%	6/28/2032	$	1,513	$	1,589	$	1,669	$	1,753	$	1,840	$	40,098	$	48,462
$40 million New RLOC	See below2	See below2	6/30/2027	—		—		—		—		—		—		—
Promissory note	4.25%	4.25%	9/1/2028	265		277		289		302		315		244		1,692
Total long-term debt				$	1,778	$	1,866	$	1,958	$	2,055	$	2,155	$	40,342	$	50,154

1The interest on the New Term Loan is fixed by an interest rate swap agreement. Please see Footnote 10 for further discussion.

2At the Company’s option, the interest rate on this line of credit can float at 1.37% over a selected SOFR rate or can be fixed at 1.37% above SOFR for a fixed rate term.

OTHER LIABILITIES (Tables)

12 Months Ended

Dec. 31, 2022

Other Liabilities Disclosure [Abstract]

Other Liabilities

Other liabilities consist of the following as of December 31:


($ in thousands)	2022		2021
Pension liability (See Note 15)	$	38	$	185
Interest rate swap liability (See Note 10)1	—		3,088
Supplemental executive retirement plan liability (See Note 15)	6,186		7,847
Excess joint venture distributions and other	4,156		3,348
	$	10,380	$	14,468
1The Company's interest rate swap had an asset balance of $1.4 million as of December 31, 2022 and is recorded under the caption Other Assets on the Consolidated Balance Sheets.

INTEREST RATE SWAP (Tables)

12 Months Ended

Dec. 31, 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 ($ in thousands):

December 31, 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%

$1,430

$48,462

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

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

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Summary of Performance Share Grants with Performance Conditions

The following is a summary of the Company's performance share grants with performance conditions as of the year ended December 31, 2022:


Performance Share Grants with Performance Conditions


Target performance						173,377
Maximum performance						319,122

Summary of Stock Grant Activity


	December 31, 2022	December 31, 2021	December 31, 2020
Stock Grants Outstanding Beginning of the Year at Target Achievement	683,645	840,307	409,373
New Stock Grants/Additional shares due to achievement in excess of target	180,034	63,622	797,364
Vested Grants	(384,112)	(196,328)	(307,250)
Expired/Forfeited Grants	(244,668)	(23,956)	(59,180)
Stock Grants Outstanding at Target Achievement	234,899	683,645	840,307

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 fair value of the Company's market-based Performance Condition Grants outstanding for the year ended December 31, 2022:


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

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

Simulated Monte Carlo share price	$5.87	$15.59	$18.82	$21.48	$21.75
Shares granted	81,716	3,628	10,905	3,536	13,338
Total fair value of award	$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 1998 Plan, and NDSI Plan for the following periods:


Employee 1998 Plan ($ in thousands):	December 31, 2022		December 31, 2021		December 31, 2020
Expensed	$	2,281	$	3,742	$	4,060
Capitalized	335		460		1,135
	2,616		4,202		5,195
NDSI Plan	596		529		434
	$	3,212	$	4,731	$	5,629

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Components of Provision (Benefit) for Income Taxes

The provision for income taxes consists of the following at December 31:


($ in thousands)	2022		2021		2020
Total provision (benefit):	$	7,393	$	3,821	$	829
Federal:
Current	3,330		1,960		(852)
Deferred	1,718		620		1,464
	5,048		2,580		612
State:
Current	2,044		937		(21)
Deferred	301		304		238
	2,345		1,241		217
	$	7,393	$	3,821	$	829

Reconciliation of Income Tax Expense from Statutory Federal Income Tax Rate

A reconciliation of the provision for income taxes, with the amount computed by applying the statutory Federal income tax rate of 21% in 2022, 2021 and 2020 is as follows for the years ended December 31:


($ in thousands)	2022			2021			2020
Income tax at statutory rate	$	4,869		$	1,924		$	17
State income taxes, net of Federal benefit	1,851			802			217
Excess stock compensation expense	(147)			34			365
Non-deductible compensation	1,008			539			357
Oil and mineral depletion	(147)			(108)			(101)
Refunds	—			—			(78)
Permanent differences	10			26			16
Stock compensation true-up	—			641			—
Other	(51)			(37)			36
Provision for income taxes	$	7,393		$	3,821		$	829
Effective tax rate	31.9		%	41.7		%	1,011.0		%

Components of Net Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets and liabilities were as follows at December 31:


($ in thousands)	2022		2021
Deferred income tax assets:
Accrued expenses	$	333	$	429
Deferred revenues	447		544
Capitalization of costs	1,280		1,390
Pension adjustment	1,940		2,342
Stock grant expense	1,364		2,046
State deferred taxes	555		194
Book deferred gains	2,127		2,297
Joint venture allocations	566		593
Provision for additional capitalized costs	699		699
Interest rate swap	335		921
Other	136		77
Total deferred income tax assets	$	9,782	$	11,532
Deferred income tax liabilities:
Deferred gains	$	1,753	$	1,321
Depreciation	4,492		3,722
Cost of sales allocations	872		872
Joint venture allocations	6,900		6,367
Capitalized stock compensation	1,058		958
Straight line rent	348		412
Prepaid expenses	318		399
State deferred taxes	96		190
Interest rate swap	762		—
Other	363		189
Total deferred income tax liabilities	$	16,962	$	14,430
Net deferred income tax (liability)	$	(7,180)	$	(2,898)
Allowance for deferred tax assets	—		—
Net deferred taxes	$	(7,180)	$	(2,898)

LEASES (Tables)

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Summary of Income from Commercial Rents Included in Real Estate Revenue

The following is a summary of income from commercial rents included in commercial/industrial real estate revenues as of December 31:


($ in thousands)	2022		2021		2020
Base rent	$	6,893	$	6,672	$	6,471
Percentage rent	$	918	$	705	$	949

Summary of Future Minimum Rental Income

Future minimum rental income on commercial, communication and right-of-way on non-cancelable leases as of December 31, 2022 ($ in thousands):


2023		2024		2025		2026		2027		Thereafter
$	6,715	$	6,112	$	5,926	$	5,324	$	5,053	$	9,336

RETIREMENT PLANS (Tables)

12 Months Ended

Dec. 31, 2022

Retirement Benefits [Abstract]

Schedule of Changes in Benefit Obligations and Plan Assets

The following table sets forth changes in the plan's net benefit obligation and accumulated benefit information as of December 31:


($ in thousands)	2022		2021
Change in benefit obligation - Pension
Benefit obligation at beginning of year	$	11,310	$	12,037

Interest cost	312		291
Actuarial (gain)/loss assumption changes	(2,780)		(722)
Benefits paid	(355)		(296)

Benefit obligation and accumulated benefit obligation at end of year	$	8,487	$	11,310

Change in Plan Assets
Fair value of plan assets at beginning of year	$	11,125	$	10,435
Actual return on plan assets	(2,486)		821
Employer contribution	165		165
Benefits/expenses paid	(355)		(296)

Fair value of plan assets at end of year	$	8,449	$	11,125
Funded status - liability	$	(38)	$	(185)

Amounts recorded in equity
Net actuarial loss	$	2,588	$	2,376

Total amount recorded	$	2,588	$	2,376
Amount recorded, net taxes	$	1,864	$	1,711

The following SERP benefit information is as of December 31:


($ in thousands)	2022		2021
Change in benefit obligation - SERP
Benefit obligation at beginning of year	$	7,847	$	8,419

Interest cost	182		163
Actuarial gain/assumption changes	(1,315)		(206)
Benefits paid	(528)		(529)


Benefit obligation and accumulated benefit obligation at end of year	6,186		7,847
Funded status - liability	$	(6,186)	$	(7,847)


($ in thousands)	2022		2021
Amounts recorded in stockholders’ equity
Net actuarial loss	$	1,263	$	2,693

Total amount recorded	$	1,263	$	2,693
Amount recorded, net taxes	$	910	$	1,939

Schedule of Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income

Other changes in plan assets and benefit obligations recognized in other comprehensive income include the following as of December 31:


($ in thousands)	2022		2021
Net (gain) loss	$	259	$	(792)
Recognition of net actuarial loss	(47)		(74)

Total changes	212		(866)
Changes, net of taxes	$	154	$	(624)

The Company expects to recognize the following amounts as a component of net periodic pension costs during the next fiscal year:


Expected return on plan assets	$	418
Interest cost	(416)
Amortization of net gain/(loss)	(67)
Net periodic pension benefit/(cost)	$	(65)

Other changes in benefit obligations recognized in other comprehensive income for 2022 and 2021 included the following components:


($ in thousands)	2022		2021
Net (gain) loss	$	(1,315)	$	(206)
Recognition of net actuarial gain or (loss)	(115)		(125)

Total changes	$	(1,430)	$	(331)
Changes, net of taxes	$	(1,029)	$	(239)

The Company expects to recognize the following amounts as a component of net periodic pension costs during the next fiscal year ($ in thousands):


Interest cost	$	(291)
Amortization of net (gain)/loss	(40)
Net periodic pension earnings/(cost)	$	(331)

Schedule of Expected Annual Benefit Payments

Based on actuarial estimates, it is expected that annual benefit payments from the pension trust will be as follows:


2023		2024		2025		2026		2027		Thereafter
$	341	$	373	$	466	$	498	$	495	$	2,732

Based on actuarial estimates, it is expected that annual SERP benefit payments will be as follows ($ in thousands):


2023		2024		2025		2026		2027		Thereafter
$	515	$	492	$	567	$	559	$	549	$	2,549

Schedule of Fair Value of Plan Assets by Investment Type

See the following table for fair value hierarchy by investment type at December 31:


($ in thousands)	Fair Value Hierarchy	2022		2021
Pension Plan Assets:
Cash and Cash Equivalents	Level 1	$	113	$	102
Collective Funds	Level 2	8,336		11,023


Fair value of plan assets		$	8,449	$	11,125

Schedule of Components of Net Periodic Pension Cost

Total pension and retirement expense was as follows for each of the years ended December 31:


($ in thousands)	2022		2021		2020
Cost components:
Interest cost	$	(312)	$	(291)	$	(338)
Expected return on plan assets	553		752		643
Net amortization and deferral	(47)		(74)		(68)

Total net periodic pension earnings/(cost)	$	194	$	387	$	237

Total pension and retirement expense was as follows for each of the years ended December 31:


($ in thousands)	2022		2021		2020
Cost components:

Interest cost	$	(182)	$	(163)	$	(229)
Net amortization and other	(114)		(125)		(86)
Total net periodic pension earnings/(cost)	$	(296)	$	(288)	$	(315)

REPORTING SEGMENTS AND RELATED INFORMATION (Tables)

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

Reconciliation of Revenues, Segment Profits (Losses) and Net Income (Loss)

Information pertaining to operating results of the Company's reporting segments are as follows for each of the years ended December 31:


($ in thousands)	2022		2021		2020
Revenues
Real estate—commercial/industrial	$	40,515	$	19,476	$	9,536
Mineral resources	21,595		20,987		10,736
Farming	13,001		11,039		13,866
Ranch operations	4,106		4,111		3,692
Segment revenues	79,217		55,613		37,830
Equity in unconsolidated joint ventures, net	7,752		9,202		4,504
Gain on sale of real estate	—		—		1,331
Investment income	634		57		884
Total revenues and other income	87,603		64,872		44,549
Segment Profits (Losses)
Real estate—commercial/industrial	24,159		7,523		2,414
Real estate—resort/residential	(1,629)		(1,723)		(1,612)
Mineral resources	8,626		7,428		4,322
Farming	(6,810)		(3,077)		(1,237)
Ranch operations	(918)		(568)		(1,204)
Segment profits (1)	23,428		9,583		2,683
Equity in unconsolidated joint ventures, net	7,752		9,202		4,504
Gain on sale of real estate	—		—		1,331
Investment income	634		57		884
Other income	1,088		164		110
Corporate expenses	(9,699)		(9,843)		(9,430)
Income from operations before income taxes	$	23,203	$	9,163	$	82


(1) Segment profits are revenues less operating expenses, excluding investment income and expense, corporate expenses, equity in earnings of unconsolidated joint ventures, and income taxes.

Schedule of Components of Segment Revenues

The following table summarizes revenues, expenses and operating income from this segment for each of the years ended December 31:


($ in thousands)	2022		2021		2020







Commercial revenues	$	40,515	$	19,476	$	9,536
Equity in earnings of unconsolidated joint ventures	7,752		9,202		4,504
Commercial revenues and equity in earnings of unconsolidated joint ventures	$	48,267	$	28,678	$	14,040
Commercial expenses	16,356		11,953		7,122
Operating results from commercial and unconsolidated joint ventures	$	31,911	$	16,725	$	6,918

The following table summarizes revenues, expenses and operating results from this segment for each of the years ended December 31:


($ in thousands)	2022		2021		2020






Mineral resources revenues	$	21,595	$	20,987	$	10,736
Mineral resources expenses	12,969		13,559		6,414
Operating results from mineral resources	$	8,626	$	7,428	$	4,322


($ in thousands)	2022		2021		2020






Farming revenues	$	13,001	$	11,039	$	13,866
Farming expenses	19,811		14,116		15,103
Operating results from farming	$	(6,810)	$	(3,077)	$	(1,237)

The following table summarizes revenues, expenses and operating results from this segment for each of the years ended December 31:


($ in thousands)	2022		2021		2020




Ranch operations revenues	$	4,106	$	4,111	$	3,692
Ranch operations expenses	5,024		4,679		4,896
Operating results from ranch operations	$	(918)	$	(568)	$	(1,204)

Schedule of Information Pertaining to Assets of Segments

Information pertaining to assets of the Company’s reporting segments is as follows for each of the years ended December 31:


($ in thousands)	Identifiable Assets		Depreciation and Amortization		Capital Expenditures
2022
Real estate - commercial/industrial	$	74,292	$	455	$	8,933
Real estate - resort/residential	312,956		30		7,253
Mineral resources	48,780		1,366		—
Farming	45,814		1,937		5,915
Ranch operations	1,945		439		305
Corporate	83,004		401		196
Total	$	566,791	$	4,628	$	22,602
2021
Real estate - commercial/industrial	$	82,397	$	463	$	4,906
Real estate - resort/residential	305,818		31		8,064
Mineral resources	52,440		1,368		—
Farming	47,160		1,789		7,416
Ranch operations	2,079		455		306
Corporate	56,142		488		187
Total	$	546,036	$	4,594	$	20,879
2020
Real estate - commercial/industrial	$	73,317	$	486	$	7,128
Real estate - resort/residential	297,052		39		9,764
Mineral resources	57,797		1,384		25
Farming	38,090		1,989		5,145
Ranch operations	2,442		482		91
Corporate	67,651		558		106
Total	$	536,349	$	4,938	$	22,259

INVESTMENT IN UNCONSOLIDATED AND CONSOLIDATED JOINT VENTURES (Tables)

12 Months Ended

Dec. 31, 2022

Equity Method Investments and Joint Ventures [Abstract]

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

Condensed balance sheet information and statement of operations of the Company’s unconsolidated joint ventures are as follows:

Balance Sheet Information as of December 31:


	Joint Venture												TRC
	Assets				Borrowings				Equity (Deficit)				Investment In
	2022		2021		2022		2021		2022		2021		2022		2021
Petro Travel Plaza Holdings LLC	$	84,225	$	78,064	$	(13,318)	$	(14,848)	$	63,069	$	58,859	$	25,441	$	22,915
18-19 West, LLC1	—		14,965		—		—		—		14,895		—		6,877
TRCC/Rock Outlet Center, LLC	59,196		61,927		(27,707)		(28,783)		30,684		32,323		7,279		8,098
TRC-MRC 1, LLC	24,085		24,964		(22,787)		(23,400)		1,042		1,209		—		—
TRC-MRC 2, LLC	18,398		20,497		(22,612)		(23,255)		(3,939)		(5,657)		—		—
TRC-MRC 3, LLC	36,608		37,579		(34,494)		(35,324)		2,690		(914)		386		859
TRC-MRC 4, LLC	50,497		25,671		(40,130)		(16,307)		8,974		9,319		4,485		4,669
TRC-MRC 5, LLC	8,602		—		—		—		—		—		4,300		—

Total	$	281,611	$	263,667	$	(161,048)	$	(141,917)	$	102,520	$	110,034	$	41,891	$	43,418

Centennial Founders, LLC	$	102,984	$	101,178	$	—	$	—	$	102,689	$	100,261	Consolidated
1Comprised of cash received from sale of land.

Condensed Statement of Operations Information as of December 31:


	Joint Venture												TRC
	Revenues						Earnings (Loss)						Equity in Earnings (Loss)
	2022		2021		2020		2022		2021		2020		2022		2021		2020
Petro Travel Plaza Holdings LLC	$	182,335	$	137,090	$	86,331	$	14,210	$	8,262	$	9,536	$	8,526	$	4,957	$	5,722
Five West Parcel, LLC	—		—		—		—		—		(6)		—		—		(2)
18-19 West, LLC	—		15,472		6		(63)		10,411		(136)		(31)		5,206		(68)
TRCC/Rock Outlet Center, LLC1	6,065		5,642		5,495		(3,139)		(2,885)		(4,180)		(1,569)		(1,443)		(2,090)
TRC-MRC 1, LLC	3,269		3,237		3,123		43		(15)		129		21		(7)		64
TRC-MRC 2, LLC	4,085		4,024		4,087		1,384		1,268		1,357		692		634		678
TRC-MRC 3, LLC	4,125		3,729		4,032		594		(288)		399		297		(144)		200
TRC-MRC 4, LLC	595		—		—		(367)		(1)		—		(184)		(1)		—
	$	200,474	$	169,194	$	103,074	$	12,662	$	16,752	$	7,099	$	7,752	$	9,202	$	4,504

Centennial Founders, LLC	$	594	$	409	$	419	$	28	$	(80)	$	(103)	Consolidated

(1) Revenues for TRCC/Rock Outlet Center are presented net of non-cash tenant allowance amortization of $1.2 million, $1.2 million and $1.3 million for the years ended December 31, 2022, 2021 and 2020, respectively.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - The Company (Details) a in Thousands	12 Months Ended
	Dec. 31, 2022 a segment mi	Dec. 31, 2022 venture	Dec. 31, 2022 entity	Dec. 31, 2021 entity
Revenues from External Customers and Long-Lived Assets [Line Items]
Business segments \| segment	5
Area of land \| a	270
Number of joint ventures		8	2	2
Los Angeles, California
Revenues from External Customers and Long-Lived Assets [Line Items]
Distance from city	60
Bakersfield, California
Revenues from External Customers and Long-Lived Assets [Line Items]
Distance from city	15

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Credit Risk (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Customer Concentration Risk \| Revenue \| Pastoria Energy Facility, LLC
Concentration Risk [Line Items]
Percentage of revenue	6.00%	8.00%	8.00%

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Property and Equipment (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) acre ft	Dec. 31, 2021 USD ($)	Dec. 31, 2013 acre ft
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 108,634	$ 104,751
Less: accumulated depreciation	(55,654)	(54,052)
Property and equipment, net	$ 52,980	50,699
DMB Pacific LLC \| Transferable water
Property, Plant and Equipment [Line Items]
Long-term water assets (Volume) \| acre ft	6,693		6,693
Vineyards and orchards
Property, Plant and Equipment [Line Items]
Property and equipment useful life	20 years
Property and equipment, gross	$ 66,016	62,877
Machinery, furniture fixtures and other equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 20,895	20,299
Machinery, furniture fixtures and other equipment \| Minimum
Property, Plant and Equipment [Line Items]
Property and equipment useful life	3 years
Machinery, furniture fixtures and other equipment \| Maximum
Property, Plant and Equipment [Line Items]
Property and equipment useful life	10 years
Buildings and improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 8,946	8,858
Buildings and improvements \| Minimum
Property, Plant and Equipment [Line Items]
Property and equipment useful life	10 years
Buildings and improvements \| Maximum
Property, Plant and Equipment [Line Items]
Property and equipment useful life	27 years 6 months
Land and land improvements
Property, Plant and Equipment [Line Items]
Property and equipment useful life	15 years
Property and equipment, gross	$ 7,835	7,835
Development in process
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 4,942	$ 4,882

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Vineyards and Orchards (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Farming revenue adjustments for differences between original estimates and actual revenues received	$ 873	$ 365	$ 890

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Environmental Expenditures (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Liabilities for environmental costs	$ 0	$ 0

EQUITY (Details) - shares	12 Months Ended
EQUITY (Details) - shares	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Weighted Average Number of Shares Outstanding, Diluted [Abstract]
Common stock (in shares)	26,478,171	26,343,352	26,205,923
Common stock equivalents-stock options, grants (in shares)	174,748	70,662	140,527
Diluted shares outstanding (in shares)	26,652,919	26,414,014	26,346,450

MARKETABLE SECURITIES - Summary of Available-for-sale Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Marketable securities with unrecognized gains	$ 2
Cost
Debt Securities, Available-for-sale [Line Items]
Cost	33,652	$ 10,992
Cost \| Certificates of deposit \| Level 1
Debt Securities, Available-for-sale [Line Items]
Marketable securities with unrecognized losses for less than 12 months	0	401
Marketable securities with unrecognized gains	0	0
Cost	0	401
Cost \| U.S. Treasury and agency notes \| Level 2
Debt Securities, Available-for-sale [Line Items]
Marketable securities with unrecognized losses for less than 12 months	13,916	1,360
Marketable securities with unrecognized losses for more than 12 months	500	0
Marketable securities with unrecognized gains	1,250	0
Cost	15,666	1,360
Cost \| Corporate notes \| Level 2
Debt Securities, Available-for-sale [Line Items]
Marketable securities with unrecognized losses for less than 12 months	17,236	9,231
Marketable securities with unrecognized losses for more than 12 months	251	0
Marketable securities with unrecognized gains	499	0
Cost	17,986	9,231
Estimated Fair Value
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	33,444	10,983
Estimated Fair Value \| Certificates of deposit \| Level 1
Debt Securities, Available-for-sale [Line Items]
Marketable securities with unrecognized losses for less than 12 months	0	400
Marketable securities with unrecognized gains	0	0
Estimated Fair Value	0	400
Estimated Fair Value \| U.S. Treasury and agency notes \| Level 2
Debt Securities, Available-for-sale [Line Items]
Marketable securities with unrecognized losses for less than 12 months	13,832	1,358
Marketable securities with unrecognized losses for more than 12 months	499	0
Marketable securities with unrecognized gains	1,251	0
Estimated Fair Value	15,582	1,358
Estimated Fair Value \| Corporate notes \| Level 2
Debt Securities, Available-for-sale [Line Items]
Marketable securities with unrecognized losses for less than 12 months	17,112	9,225
Marketable securities with unrecognized losses for more than 12 months	250	0
Marketable securities with unrecognized gains	500	0
Estimated Fair Value	$ 17,862	$ 9,225

MARKETABLE SECURITIES - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
Investments, Debt and Equity Securities [Abstract]
Fair market value of investment securities exceeds cost basis	$ (208)
Gross unrealized holding gains	2
Gross unrealized holding losses	210
Securities, available-for-sale	199
Estimated tax of change in value of available-for-sale securities	56
Accrued investment receivable	$ 186

MARKETABLE SECURITIES - Available-for-sale Securities by Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Summary of maturities, at par, of marketable securities
Year one	$ 32,695	$ 10,180
Year two	1,000	750
Total	33,695	10,930
U.S. Treasury and agency notes
Summary of maturities, at par, of marketable securities
Year one	15,225	855
Year two	500	500
Total	15,725	1,355
Corporate notes
Summary of maturities, at par, of marketable securities
Year one	17,470	8,925
Year two	500	250
Total	$ 17,970	9,175
Certificates of deposit
Summary of maturities, at par, of marketable securities
Year one		400
Year two		0
Total		$ 400

INVENTORIES (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Inventories consist of:
Farming inventories	$ 3,078	$ 5,377
Other	291	325
Inventories	$ 3,369	$ 5,702

REAL ESTATE (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Real estate development	$ 321,293	$ 319,030
Tejon Ranch Commerce Center	20,590	20,595
Less accumulated depreciation	(3,650)	(3,294)
Real estate and improvements - held for lease, net	16,940	17,301
Mountain Village
Property, Plant and Equipment [Line Items]
Real estate development	153,156	150,668
Centennial
Property, Plant and Equipment [Line Items]
Real estate development	115,221	112,063
Grapevine
Property, Plant and Equipment [Line Items]
Real estate development	39,273	37,922
Tejon Ranch Commerce Center
Property, Plant and Equipment [Line Items]
Real estate development	13,643	18,377
Tejon Ranch Commerce Center	$ 20,590	$ 20,595

LONG-TERM WATER ASSETS - Additional Information (Details)	12 Months Ended
	Dec. 31, 2022 $ / acre ft acre ft	Dec. 31, 2013 acre ft
Long Lived Assets Held For Sale [Line Items]
Contract renewal optional term	35 years
SWP Contracts
Long Lived Assets Held For Sale [Line Items]
AVEK water for future delivery (in acre-feet)	3,444
DMB Pacific LLC
Long Lived Assets Held For Sale [Line Items]
Contract renewal optional term	35 years
Consumer price per acre (per acre-foot) \| $ / acre ft	861
DMB Pacific LLC \| Maximum
Long Lived Assets Held For Sale [Line Items]
Annual fee increase, percent	3.00%
DMB Pacific LLC \| Transferable water
Long Lived Assets Held For Sale [Line Items]
Long-term water assets (Volume) (in acre-feet)	6,693	6,693
PEF \| Transferable water \| Ranchcorp
Long Lived Assets Held For Sale [Line Items]
Consumer price per acre (per acre-foot) \| $ / acre ft	1,224
Annual fee increase, percent	3.00%
Annual option payment, percent	30.00%
PEF \| Transferable water \| Maximum \| Ranchcorp
Long Lived Assets Held For Sale [Line Items]
Water assets, volume available for purchase from 2017-2030 (up to) (in acre-feet)	3,500

LONG-TERM WATER ASSETS - Revenues and Cost of Sales (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) acre ft	Dec. 31, 2021 USD ($) acre ft	Dec. 31, 2020 USD ($) acre ft
Goodwill and Intangible Assets Disclosure [Abstract]
Acre-Feet Sold \| acre ft	10,400	13,651	5,022
Revenues	$ 14,658	$ 15,523	$ 5,909
Cost of sales	9,549	10,669	3,663
Profit	$ 5,109	$ 4,854	$ 2,246

LONG-TERM WATER ASSETS - Tangible Water Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Long Lived Assets Held For Sale [Line Items]
Total water held for future use at cost	$ 25,310	$ 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
Transferable water
Long Lived Assets Held For Sale [Line Items]
Total water held for future use at cost	$ 1,455	$ 2,879

LONG-TERM WATER ASSETS - Intangible Water Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Costs	$ 36,800	$ 36,800
Accumulated Depreciation	(15,065)	(13,702)
Net cost of purchased water contracts	21,735	23,098
Total cost water held for future use	25,310	27,899
Net investments in water assets	47,045	50,997
Contract-based Intangible Assets \| Dudley-Ridge water rights
Finite-Lived Intangible Assets [Line Items]
Costs	11,581	11,581
Accumulated Depreciation	(5,790)	(5,307)
Contract-based Intangible Assets \| Nickel water rights
Finite-Lived Intangible Assets [Line Items]
Costs	18,740	18,740
Accumulated Depreciation	(5,890)	(5,247)
Contract-based Intangible Assets \| Tulare Lake Basin water rights
Finite-Lived Intangible Assets [Line Items]
Costs	6,479	6,479
Accumulated Depreciation	$ (3,385)	$ (3,148)

LONG-TERM WATER ASSETS - Volume of Water Assets (Details) - acre ft	Dec. 31, 2022	Dec. 31, 2021
Water held for future use
Total water held for future use	105,451	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	136,884	142,174
Tejon-Castac Water District
Water held for future use
Total water held for future use	52,554	56,189
Purchased water contracts	5,749	5,749
AVEK
Water held for future use
Company water bank	50,349	50,349
Transferable water	2,548	4,203
Wheeler Ridge Maricopa Water Storage District
Water held for future use
Purchased water contracts	15,547	15,547

ACCRUED LIABILITIES AND OTHER (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Payables and Accruals [Abstract]
Accrued vacation	$ 735	$ 782
Accrued paid personal leave	348	356
Accrued bonus	2,280	2,062
Other	239	251
Total	$ 3,602	$ 3,451

LINE OF CREDIT AND LONG-TERM DEBT - Components of Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Debt consists of:
Notes payable	$ 50,154	$ 52,784
Less: line-of-credit and current maturities of long-term debt	(1,779)	(4,475)
Less: deferred loan costs	(214)	(154)
Long-term debt, less current portion	$ 48,161	$ 48,155

LINE OF CREDIT AND LONG-TERM DEBT - Additional Information (Details)	12 Months Ended
	Dec. 31, 2022 USD ($)	Dec. 31, 2019 USD ($)	Jun. 30, 2022 USD ($)	Dec. 31, 2014 USD ($)
Line of Credit Facility [Line Items]
Long-term debt	$ 50,154,000
Interest pay rate		4.16%
Term Notes
Line of Credit Facility [Line Items]
Long-term debt	$ 48,462,000			$ 70,000,000
Stated Rate	1.55%
LIBOR \| Term Notes
Line of Credit Facility [Line Items]
Basis points		0.0170
Term Notes
Line of Credit Facility [Line Items]
Long-term debt	$ 48,462,000
Stated Rate	4.62%
Term Notes \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Line of Credit Facility [Line Items]
Stated Rate	155.00%
Term Notes \| New Term Note \| Bank of America, N.A.
Line of Credit Facility [Line Items]
Face amount			$ 49,080,000
Revolving Credit Facility
Line of Credit Facility [Line Items]
Line of credit facility	$ 40,607,000			$ 30,000,000
Line of credit amount		$ 35,000,000
RLC outstanding balance	$ 0
Revolving Credit Facility \| LIBOR for a fixed rate term
Line of Credit Facility [Line Items]
Basis spread on variable rate		1.50%
Revolving Credit Facility \| Selected LIBOR Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate		1.50%
Revolving Credit Facility \| Selected Sofr Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.37%
Revolving Credit Facility \| Fixed Term Sofr
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.37%

LINE OF CREDIT AND LONG-TERM DEBT - Outstanding Indebtedness and Respective Principal Maturities (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2014
Maturities of Long-term Debt [Abstract]
2023	$ 1,778,000
2024	1,866,000
2025	1,958,000
2026	2,055,000
2027	2,155,000
Thereafter	40,342,000
Total	$ 50,154,000
Term Notes
Debt Instrument [Line Items]
Stated Rate	4.62%
Maturities of Long-term Debt [Abstract]
Total	$ 48,462,000
Term Notes
Debt Instrument [Line Items]
Stated Rate	1.55%
Effective Rate	4.62%
Maturities of Long-term Debt [Abstract]
2023	$ 1,513,000
2024	1,589,000
2025	1,669,000
2026	1,753,000
2027	1,840,000
Thereafter	40,098,000
Total	48,462,000	$ 70,000,000
New RLOC
Debt Instrument [Line Items]
Face amount	40,000,000
Maturities of Long-term Debt [Abstract]
2023	0
2024	0
2025	0
2026	0
2027	0
Thereafter	0
Total	$ 0
Promissory note
Debt Instrument [Line Items]
Stated Rate	4.25%
Effective Rate	4.25%
Maturities of Long-term Debt [Abstract]
2023	$ 265,000
2024	277,000
2025	289,000
2026	302,000
2027	315,000
Thereafter	244,000
Total	$ 1,692,000

OTHER LIABILITIES (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Other Liabilities [Abstract]
Interest rate swap liability	$ 0	$ 3,088
Excess joint venture distributions and other	4,156	3,348
Other liabilities	10,380	14,468
Interest Rate Swap
Other Liabilities [Abstract]
Fair Value	1,400
Pension Liability
Other Liabilities [Abstract]
Pension and supplemental executive retirement plan liability	38	185
SERP liability adjustments
Other Liabilities [Abstract]
Pension and supplemental executive retirement plan liability	$ 6,186	$ 7,847

INTEREST RATE SWAP (Details) - USD ($)	Dec. 31, 2022	Jun. 27, 2022	Dec. 31, 2021
Derivatives, Fair Value [Line Items]
Termination fees		$ 1,123,200
Interest Rate Swap \| Level 2 \| Other Liabilities
Derivatives, Fair Value [Line Items]
Weighted Average Interest Pay Rate	4.62%		4.16%
Fair Value	$ 1,430,000		$ (3,088,000)
Notional Amount	$ 48,462,000		$ 50,837,000

STOCK COMPENSATION - RESTRICTED STOCK AND PERFORMANCE SHARE GRANTS - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) award
Share-Based Payment Arrangement [Abstract]
Number of types of stock grant awards \| award	3
Compensation cost not yet recognized \| $	$ 1,074,000
Weighted-average recognition period of compensation cost	16 months

STOCK COMPENSATION - RESTRICTED STOCK AND PERFORMANCE SHARE GRANTS - Performance Share Grants (Details) - Performance Share Grants	12 Months Ended
	Dec. 31, 2022 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Target performance (in shares)	173,377,000
Maximum performance (in shares)	319,122,000

STOCK COMPENSATION - RESTRICTED STOCK AND PERFORMANCE SHARE GRANTS - Stock Grant Activity (Details) - Performance Share Grants - shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Summary of stock grant activity:
Stock grants outstanding beginning of the year at target achievement (in shares)	683,645	840,307	409,373
New stock grants/additional shares due to achievement in excess of target (in shares)	180,034	63,622	797,364
Vested grants (in shares)	(384,112)	(196,328)	(307,250)
Expired/forfeited grants (in shares)	(244,668)	(23,956)	(59,180)
Stock grants outstanding at target achievement (in shares)	234,899	683,645	840,307

STOCK COMPENSATION - RESTRICTED STOCK AND PERFORMANCE SHARE GRANTS - Assumptions (Details) - Performance Share Grants - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)	180,034	63,622	797,364
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)	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)	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)	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)	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)	13,338
Total fair value of award	$ 290

STOCK COMPENSATION - RESTRICTED STOCK AND PERFORMANCE SHARE GRANTS - Compensation Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation costs	$ 3,212	$ 4,731	$ 5,629
1998 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expensed	2,281	3,742	4,060
Capitalized	335	460	1,135
Stock compensation costs	2,616	4,202	5,195
NDSI Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expensed	$ 596	$ 529	$ 434

INCOME TAXES - Components of Provision (Benefit) for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Federal:
Current	$ 3,330	$ 1,960	$ (852)
Deferred	1,718	620	1,464
Federal	5,048	2,580	612
State:
Current	2,044	937	(21)
Deferred	301	304	238
State	2,345	1,241	217
Provision for income taxes	$ 7,393	$ 3,821	$ 829

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

+ References + Details

INCOME TAXES - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Income tax payments	$ 8,237	$ 730
Federal tax refunds received	$ 1,410	$ 483

INCOME TAXES - Reconciliation of Income Tax Expense from Statutory Federal Income Tax Rate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Difference between total income tax expense and the amount computed by applying the statutory Federal income tax rate to income before taxes:
Income tax at statutory rate	$ 4,869	$ 1,924	$ 17
State income taxes, net of Federal benefit	1,851	802	217
Excess stock compensation expense	(147)	34	365
Non-deductible compensation	1,008	539	357
Oil and mineral depletion	(147)	(108)	(101)
Refunds	0	0	(78)
Permanent differences	10	26	16
Stock compensation true-up	0	641	0
Other	(51)	(37)	36
Provision for income taxes	$ 7,393	$ 3,821	$ 829
Effective tax rate	31.90%	41.70%	1011.00%

INCOME TAXES - Components of Net Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Deferred income tax assets:
Accrued expenses	$ 333	$ 429
Deferred revenues	447	544
Capitalization of costs	1,280	1,390
Pension adjustment	1,940	2,342
Stock grant expense	1,364	2,046
State deferred taxes	555	194
Book deferred gains	2,127	2,297
Joint venture allocations	566	593
Provision for additional capitalized costs	699	699
Interest rate swap	335	921
Other	136	77
Total deferred income tax assets	9,782	11,532
Deferred income tax liabilities:
Deferred gains	1,753	1,321
Depreciation	4,492	3,722
Cost of sales allocations	872	872
Joint venture allocations	6,900	6,367
Capitalized stock compensation	1,058	958
Straight line rent	348	412
Prepaid expenses	318	399
State deferred taxes	96	190
Interest rate swap	762	0
Other	363	189
Total deferred income tax liabilities	16,962	14,430
Net deferred income tax (liability)	(7,180)	(2,898)
Allowance for deferred tax assets	0	0
Net deferred taxes	$ (7,180)	$ (2,898)

LEASES (Details) - USD ($) $ in Thousands	12 Months Ended
LEASES (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Summary of income from commercial rents included in real estate revenue:
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration]	Land sales revenue
Base rent	$ 6,893	$ 6,672	$ 6,471
Percentage rent	918	$ 705	$ 949
Future minimum rental income on commercial, communication and right-of-way leases:
2023	6,715
2024	6,112
2025	5,926
2026	5,324
2027	5,053
Thereafter	$ 9,336
Maximum
Property Subject to or Available for Operating Lease [Line Items]
Commercial lease agreements, contract terms	30 years

COMMITMENTS AND CONTINGENCIES (Details)	3 Months Ended	12 Months Ended
COMMITMENTS AND CONTINGENCIES (Details)	Jun. 30, 2014	Dec. 31, 2022 USD ($) a facility acre ft	Dec. 31, 2021 USD ($)	Dec. 31, 2013 acre ft
Commitment and Contingencies Disclosure [Line Items]
Amount paid for water contracts		$ 12,730,000
Contract renewal optional term		35 years
Contractual obligation for future water payments		$ 277,653,000
Measurement period from entitlement achievement date	5 years
Number of community facility districts \| facility		2
Letter of credit period		2 years
Letter of credit renewal period		2 years
Annual cost related to letter of credit		$ 214,000	$ 154,000
Special taxes paid		$ 2,899,000
West CFD
Commitment and Contingencies Disclosure [Line Items]
Acres of land related to land liens \| a		420
Bond debt sold by TRPFFA		$ 19,540,000
Additional bond debt authorized to be sold in future		0
Additional reimbursement funds		$ 0
East CFD
Commitment and Contingencies Disclosure [Line Items]
Acres of land related to land liens \| a		1,931
Bond debt sold by TRPFFA		$ 72,055,000
Additional bond debt authorized to be sold in future		44,035,000
Additional improvement costs		9,763,557
Standby Letter of Credit
Commitment and Contingencies Disclosure [Line Items]
Letters of credit outstanding amount		4,393,000
Annual cost related to letter of credit		$ 10,000
DMB Pacific LLC
Commitment and Contingencies Disclosure [Line Items]
Contract renewal optional term		35 years
DMB Pacific LLC \| Transferable Water
Commitment and Contingencies Disclosure [Line Items]
Long-term water assets (Volume) \| acre ft		6,693		6,693

RETIREMENT PLANS - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Average service period	5 years
Estimated contribution to the pension plan	$ 165
Assumptions used in determining periodic pension cost:
Rate of increase in periodic pension costs	5.00%	2.80%
Expected long-term rate of return on plan assets	5.00%	7.30%
Pension Plan \| Equities
Current investment policy targets:
Current investment mix	21.00%	35.00%
Pension Plan \| Debt
Current investment policy targets:
Current investment mix	78.00%	64.00%
Pension Plan \| Money Market Funds
Current investment policy targets:
Current investment mix	1.00%	1.00%
SERP liability adjustments
Assumptions used in determining actuarial present value of projected benefits obligation:
Weighted-average discount rate	4.90%	2.40%

RETIREMENT PLANS - Change in Benefit Obligations and Plan Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Pension Plan
Change in benefit obligation - Pension
Benefit obligation at beginning of year	$ 11,310	$ 12,037
Interest cost	312	291	$ 338
Actuarial (gain)/loss assumption changes	(2,780)	(722)
Benefits paid	(355)	(296)
Benefit obligation and accumulated benefit obligation at end of year	8,487	11,310	12,037
Change in Plan Assets
Fair value of plan assets at beginning of year	11,125	10,435
Actual return on plan assets	(2,486)	821
Employer contribution	165	165
Benefits/expenses paid	(355)	(296)
Fair value of plan assets at end of year	8,449	11,125	10,435
Funded status - liability	(38)	(185)
Amounts recorded in stockholders’ equity
Net actuarial loss	2,588	2,376
Total amount recorded	2,588	2,376
Amount recorded, net taxes	1,864	1,711
SERP liability adjustments
Change in benefit obligation - Pension
Benefit obligation at beginning of year	7,847	8,419
Interest cost	182	163	229
Actuarial (gain)/loss assumption changes	(1,315)	(206)
Benefits paid	(528)	(529)
Benefit obligation and accumulated benefit obligation at end of year	6,186	7,847	$ 8,419
Change in Plan Assets
Funded status - liability	(6,186)	(7,847)
Amounts recorded in stockholders’ equity
Net actuarial loss	1,263	2,693
Total amount recorded	1,263	2,693
Amount recorded, net taxes	$ 910	$ 1,939

RETIREMENT PLANS - Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Pension Plan
Other changes in plan assets and benefit obligations recognized in other comprehensive income:
Net (gain) loss	$ 259	$ (792)
Recognition of net actuarial gain or (loss)	(47)	(74)
Total changes	212	(866)
Changes, net of taxes	154	(624)
SERP liability adjustments
Other changes in plan assets and benefit obligations recognized in other comprehensive income:
Net (gain) loss	(1,315)	(206)
Recognition of net actuarial gain or (loss)	(115)	(125)
Total changes	(1,430)	(331)
Changes, net of taxes	$ (1,029)	$ (239)

RETIREMENT PLANS - Amounts Expected to be Recognized as Components of Net Periodic Pension Costs (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Amounts expected to be recognized as component of net periodic pension costs during the next fiscal year:
Net periodic pension benefit/(cost)	$ (331)
Pension Plan
Amounts expected to be recognized as component of net periodic pension costs during the next fiscal year:
Expected return on plan assets	418
Interest cost	(416)
Amortization of net gain/(loss)	(67)
Net periodic pension benefit/(cost)	(65)
SERP liability adjustments
Amounts expected to be recognized as component of net periodic pension costs during the next fiscal year:
Interest cost	(291)
Amortization of net gain/(loss)	$ (40)

RETIREMENT PLANS - Expected Annual Benefit Payments (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Pension Plan
Expected annual benefit payments based on actuarial estimates:
2023	$ 341
2024	373
2025	466
2026	498
2027	495
Thereafter	2,732
SERP liability adjustments
Expected annual benefit payments based on actuarial estimates:
2023	515
2024	492
2025	567
2026	559
2027	549
Thereafter	$ 2,549

RETIREMENT PLANS - Fair Value of Plan Assets by Investment Type (Details) - Pension Plan - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 8,449	$ 11,125	$ 10,435
Cash and Cash Equivalents \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	113	102
Collective Funds \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 8,336	$ 11,023

Amount of asset segregated and restricted to provide benefit under defined benefit plan. Asset includes, but is not limited to, stock, bond, other investment, earning from investment, and contribution by employer and employee.

+ References + Details

RETIREMENT PLANS - Net Periodic Pension Cost - Pension Plan (Details) - Pension Plan - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cost components:
Interest cost	$ (312)	$ (291)	$ (338)
Expected return on plan assets	553	752	643
Net amortization and deferral	(47)	(74)	(68)
Total net periodic pension earnings/(cost)	$ 194	$ 387	$ 237

RETIREMENT PLANS - Net Periodic Pension Cost - SERP (Details) - SERP liability adjustments - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Defined Benefit Plan Disclosure [Line Items]
Interest cost	$ (182)	$ (163)	$ (229)
Net amortization and other	(114)	(125)	(86)
Total net periodic pension earnings/(cost)	$ (296)	$ (288)	$ (315)

REPORTING SEGMENTS AND RELATED INFORMATION - Additional Information (Details)
$ in Thousands

1 Months Ended

12 Months Ended

Mar. 29, 2022

USD ($)

Mar. 25, 2021

USD ($)

Dec. 31, 2022

USD ($)

Jun. 30, 2021

USD ($)

Dec. 31, 2022

USD ($)

segment

Dec. 31, 2021

USD ($)

Dec. 31, 2020

USD ($)

Business segments | segment

^[1]

$ 8,501

$ 8,464

$ 0

Costs and expenses

65,488

$ 55,873

44,577

Major Multinational Corporation

$ 3,012

Major Multinational Corporation | Industrial Land

Land sales revenue

19,627

Deferred revenue

$ 2,373

8,501

$ 3,012

$ 3,000

$ 8,464

TRCC-East | Major Multinational Corporation

$ 2,785

Area of land sold (in acres) | a

58.0

Profit from land sales2

$ 22,000

TRCC West | Third Party

Area of land sold (in acres) | a

12.3

Profit from land sales2

$ 4,680

Real estate - commercial/industrial

Area of land sold (in acres) | a

17.1

Profit from land sales2

$ 4,655

Land sales revenue

4,355

Deferred revenue

$ 300

Cash distribution received

2,000

Gain on sale of real estate

$ 1,331

Real estate - commercial/industrial | TRC-MRC 5, LLC

Real estate - commercial/industrial | TRC-MRC 5, LLC

$ 5,489

Area of real estate property (in acres) | a

27.88

$ 8,501

$ 3,012

[1]

REPORTING SEGMENTS AND RELATED INFORMATION - Reconciliation of Revenues, Segment Profits (Losses) and Net Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenues
Equity in unconsolidated joint ventures, net	$ 7,752	$ 9,202	$ 4,504
Gain on sale of real estate	0	0	1,331
Investment income	634	57	884
Total revenues and other income	87,603	64,872	44,549
Segment Profits (Losses)
Gain on sale of real estate	0	0	1,331
Other income	1,088	164	110
Corporate expenses	(65,488)	(55,873)	(44,577)
Income from operations before income taxes	23,203	9,163	82
Operating Segments
Revenues
Revenues	79,217	55,613	37,830
Segment Profits (Losses)
Segment profits	23,428	9,583	2,683
Operating Segments \| Real estate - commercial/industrial
Revenues
Revenues	40,515	19,476	9,536
Equity in unconsolidated joint ventures, net	7,752	9,202	4,504
Segment Profits (Losses)
Segment profits	24,159	7,523	2,414
Corporate expenses	(16,356)	(11,953)	(7,122)
Operating Segments \| Real estate - resort/residential
Segment Profits (Losses)
Segment profits	(1,629)	(1,723)	(1,612)
Corporate expenses	(1,629)	(1,723)	(1,612)
Operating Segments \| Mineral resources
Revenues
Revenues	21,595	20,987	10,736
Segment Profits (Losses)
Segment profits	8,626	7,428	4,322
Corporate expenses	(12,969)	(13,559)	(6,414)
Operating Segments \| Farming
Revenues
Revenues	13,001	11,039	13,866
Segment Profits (Losses)
Segment profits	(6,810)	(3,077)	(1,237)
Corporate expenses	(19,811)	(14,116)	(15,103)
Operating Segments \| Ranch operations
Revenues
Revenues	4,106	4,111	3,692
Segment Profits (Losses)
Segment profits	(918)	(568)	(1,204)
Corporate expenses	(5,024)	(4,679)	(4,896)
Corporate expenses
Segment Profits (Losses)
Corporate expenses	$ (9,699)	$ (9,843)	$ (9,430)

REPORTING SEGMENTS AND RELATED INFORMATION - Revenue Components of Real Estate Segments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenue from External Customer [Line Items]
Equity in earnings of unconsolidated joint ventures	$ 7,752	$ 9,202	$ 4,504
Commercial expenses	65,488	55,873	44,577
Operating Segments
Revenue from External Customer [Line Items]
Commercial revenues	79,217	55,613	37,830
Real estate - commercial/industrial \| Operating Segments
Revenue from External Customer [Line Items]
Commercial revenues	40,515	19,476	9,536
Equity in earnings of unconsolidated joint ventures	7,752	9,202	4,504
Commercial revenues and equity in earnings of unconsolidated joint ventures	48,267	28,678	14,040
Commercial expenses	16,356	11,953	7,122
Operating results from commercial and unconsolidated joint ventures	$ 31,911	$ 16,725	$ 6,918

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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REPORTING SEGMENTS AND RELATED INFORMATION - Revenue Components of Mineral Resources Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenue from External Customer [Line Items]
Total expenses	$ 65,488	$ 55,873	$ 44,577
Operating Segments
Revenue from External Customer [Line Items]
Total revenues	79,217	55,613	37,830
Segment profits	23,428	9,583	2,683
Mineral resources \| Operating Segments
Revenue from External Customer [Line Items]
Total revenues	21,595	20,987	10,736
Total expenses	12,969	13,559	6,414
Segment profits	$ 8,626	$ 7,428	$ 4,322

Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.

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REPORTING SEGMENTS AND RELATED INFORMATION - Revenue Components of Farming Segments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenue from External Customer [Line Items]
Total expenses	$ 65,488	$ 55,873	$ 44,577
Operating Segments
Revenue from External Customer [Line Items]
Total revenues	79,217	55,613	37,830
Segment profits	23,428	9,583	2,683
Farming \| Operating Segments
Revenue from External Customer [Line Items]
Total revenues	13,001	11,039	13,866
Total expenses	19,811	14,116	15,103
Segment profits	$ (6,810)	$ (3,077)	$ (1,237)

Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.

REPORTING SEGMENTS AND RELATED INFORMATION - Revenue Components of Ranch Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenue from External Customer [Line Items]
Total expenses	$ 65,488	$ 55,873	$ 44,577
Operating Segments
Revenue from External Customer [Line Items]
Total revenues	79,217	55,613	37,830
Segment profits	23,428	9,583	2,683
Ranch operations \| Operating Segments
Revenue from External Customer [Line Items]
Total revenues	4,106	4,111	3,692
Total expenses	5,024	4,679	4,896
Segment profits	$ (918)	$ (568)	$ (1,204)

Schedule of Equity Method Investments [Line Items]

Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.

REPORTING SEGMENTS AND RELATED INFORMATION - Information Pertaining to Assets of Segments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Information pretaining to assets of the business segments
Identifiable Assets	$ 566,791	$ 546,036	$ 536,349
Depreciation and Amortization	4,628	4,594	4,938
Capital Expenditures	22,602	20,879	22,259
Operating Segments \| Real estate - commercial/industrial
Information pretaining to assets of the business segments
Identifiable Assets	74,292	82,397	73,317
Depreciation and Amortization	455	463	486
Capital Expenditures	8,933	4,906	7,128
Operating Segments \| Real estate - resort/residential
Information pretaining to assets of the business segments
Identifiable Assets	312,956	305,818	297,052
Depreciation and Amortization	30	31	39
Capital Expenditures	7,253	8,064	9,764
Operating Segments \| Mineral resources
Information pretaining to assets of the business segments
Identifiable Assets	48,780	52,440	57,797
Depreciation and Amortization	1,366	1,368	1,384
Capital Expenditures	0	0	25
Operating Segments \| Farming
Information pretaining to assets of the business segments
Identifiable Assets	45,814	47,160	38,090
Depreciation and Amortization	1,937	1,789	1,989
Capital Expenditures	5,915	7,416	5,145
Operating Segments \| Ranch operations
Information pretaining to assets of the business segments
Identifiable Assets	1,945	2,079	2,442
Depreciation and Amortization	439	455	482
Capital Expenditures	305	306	91
Corporate expenses
Information pretaining to assets of the business segments
Identifiable Assets	83,004	56,142	67,651
Depreciation and Amortization	401	488	558
Capital Expenditures	$ 196	$ 187	$ 106

INVESTMENT IN UNCONSOLIDATED AND CONSOLIDATED JOINT VENTURES - Additional Information (Details)
$ in Thousands

1 Months Ended

3 Months Ended

12 Months Ended

Jan. 26, 2023

USD ($)

Mar. 29, 2022

USD ($)

ft²

Mar. 25, 2021

USD ($)

ft²

Apr. 17, 2020

USD ($)

Apr. 01, 2019

USD ($)

Dec. 31, 2022

USD ($)

ft²

Feb. 28, 2022

unit

Nov. 30, 2021

USD ($)

Jun. 30, 2021

USD ($)

ft²

Nov. 30, 2018

ft²

Sep. 30, 2016

ft²

Aug. 31, 2016

USD ($)

ft²

Dec. 31, 2022

USD ($)

Dec. 31, 2019

tenant

Dec. 31, 2022

USD ($)

venture

Dec. 31, 2021

USD ($)

Dec. 31, 2020

USD ($)

Dec. 31, 2013

ft²

Jun. 01, 2018

USD ($)

Jun. 30, 2014

Investments in unconsolidated joint ventures

$ 41,891

$ 43,418

Equity in unconsolidated joint ventures, net

7,752

9,202

$ 4,504

Payments to Acquire Interest in Joint Venture

^[1]

8,501

8,464

Real estate development

321,293

319,030

800

2,900

2,160

Proceeds from sale of land

41,891

43,418

^[1]

24,950

4,413

Schedule of Equity Method Investments [Line Items]

$ 3,012

Schedule of Equity Method Investments [Line Items]

(367)

(1)

Schedule of Equity Method Investments [Line Items]

(40,130)

(16,307)

TRC-MRC 2, LLC

1,384

1,268

1,357

Schedule of Equity Method Investments [Line Items]

(22,612)

(23,255)

TRC-MRC 1, LLC

(15)

129

Schedule of Equity Method Investments [Line Items]

(22,787)

(23,400)

Total

12,662

16,752

$ 7,099

Schedule of Equity Method Investments [Line Items]

$ (161,048)

(141,917)

Centennial Founders, LLC

Consolidated joint venture, ownership interest

93.27%

Petro Travel Plaza Holdings LLC

Schedule of Equity Method Investments [Line Items]

Ownership percentage

50.00%

Right and share of profit and loss

60.00%

$ 25,441

Petro Travel Plaza Holdings LLC | Land and Building

25,441

22,915

Schedule of Equity Method Investments [Line Items]

Gain (loss) on sale of properties

$ 2,000

$ 1,331

Majestic Realty Co.

Schedule of Equity Method Investments [Line Items]

Investments in unconsolidated joint ventures

$ 24,773

Number of joint venture contracts | venture

9,171

$ 9,171

Area of building owned and leased | ft²

651,909

Schedule of Equity Method Investments [Line Items]

$ 8,501

446,400

Construction loan

$ 49,226

49,226

$ 49,226

Real estate development

2,477

$ 3,012

3,000

Schedule of Equity Method Investments [Line Items]

4,300

TRCC-East

Number of multi-family rental units | unit

326,000

495

Area of building owned and leased | ft²

480,480

Excess distributions resulting in deficit balance

1,752

$ 1,752

1,752

TRCC-East | Subsequent Event

Schedule of Equity Method Investments [Line Items]

Payments to Acquire Interest in Joint Venture

$ 175

Schedule of Equity Method Investments [Line Items]

$ 8,464

629,274

630,000

Construction loan

$ 47,500

Real estate development

$ 2,895

Percentage of rentable space occupied

$ 2,785

100.00%

Schedule of Equity Method Investments [Line Items]

4,485

$ 4,485

4,485

4,669

TRC-MRC 3, LLC

Percentage of rentable space occupied

579,040

100.00%

Number of tenants | tenant

Schedule of Equity Method Investments [Line Items]

386

859

TRC-MRC 3, LLC | Land

Schedule of Equity Method Investments [Line Items]

$ 5,854

TRC-MRC 2, LLC

Excess distributions resulting in deficit balance

Face amount

$ 25,240

2,396

TRC-MRC 1, LLC

Schedule of Equity Method Investments [Line Items]

Borrowings under joint venture

25,030

Rockefeller Joint Ventures

Schedule of Equity Method Investments [Line Items]

Number of joint venture contracts | venture

7,279

$ 7,279

18-19 West, LLC

Schedule of Equity Method Investments [Line Items]

Proceeds from sale of land

$ 0

6,877

$ 15,213

Five West Parcel, LLC

Schedule of Equity Method Investments [Line Items]

Ownership percentage

50.00%

TRCC/Rock Outlet Center, LLC

Schedule of Equity Method Investments [Line Items]