0000096869-23-000012 | 10-Q | XBRL Viewer

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Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2023	Apr. 30, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Entity File Number	1-07183
Entity Registrant Name	TEJON RANCH CO.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	77-0196136
Entity Address, Address Line One	P.O. Box 1000
Entity Address, City or Town	Tejon Ranch
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	93243
City Area Code	661
Local Phone Number	248-3000
Title of 12(b) Security	Common Stock, $0.50 par value
Trading Symbol	TRC
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock Shares Outstanding		26,710,432
Entity Central Index Key	0000096869
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31

UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Costs and Expenses:
Total expenses	$ 11,779	$ 15,808
Operating income	486	5,212
Other Income:
Investment income	456	17
Other income, net	334	918
Total other income	790	935
Income from operations before equity in earnings of unconsolidated joint ventures	1,276	6,147
Equity in earnings of unconsolidated joint ventures, net	1,517	1,213
Income before income tax expense	2,793	7,360
Income tax expense	1,013	3,046
Net income	1,780	4,314
Net income attributable to non-controlling interest	6	7
Net income attributable to common stockholders	$ 1,774	$ 4,307
Net income per share attributable to common stockholders, basic (in dollars per share)	$ 0.07	$ 0.16
Net income per share attributable to common stockholders, diluted (in dollars per share)	$ 0.07	$ 0.16
Operating Segments
Revenues:
Total revenues	$ 12,265	$ 21,020
Operating Segments \| Real estate - commercial/industrial
Revenues:
Total revenues	2,676	7,349
Costs and Expenses:
Total expenses	1,695	2,736
Other Income:
Equity in earnings of unconsolidated joint ventures, net	1,517	1,213
Operating Segments \| Real estate - resort/residential
Costs and Expenses:
Total expenses	388	423
Operating Segments \| Mineral resources
Revenues:
Total revenues	6,912	11,968
Costs and Expenses:
Total expenses	4,066	7,157
Operating income	2,846	4,811
Operating Segments \| Farming
Revenues:
Total revenues	1,185	655
Costs and Expenses:
Total expenses	2,013	1,762
Operating income	(828)	(1,107)
Operating Segments \| Ranch operations
Revenues:
Total revenues	1,492	1,048
Costs and Expenses:
Total expenses	1,330	1,315
Operating income	162	(267)
Corporate expenses
Costs and Expenses:
Total expenses	$ 2,287	$ 2,415

UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 1,780	$ 4,314
Other comprehensive (loss) income:
Unrealized gain (loss) on available-for-sale securities	104	(68)
Unrealized (loss) gain on interest rate swap	(800)	2,553
Other comprehensive (loss) gain before taxes	(696)	2,485
Expense for income (benefit) taxes related to other comprehensive income items	195	(695)
Other comprehensive (loss) income	(501)	1,790
Comprehensive income	1,279	6,104
Comprehensive income attributable to non-controlling interests	6	7
Comprehensive income attributable to common stockholders	$ 1,273	$ 6,097

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Current Assets:
Cash and cash equivalents	$ 40,379	$ 39,119
Marketable securities - available-for-sale	35,321	33,444
Accounts receivable	1,966	4,453
Inventories	5,744	3,369
Prepaid expenses and other current assets	3,854	2,660
Total current assets	87,264	83,045
Real estate and improvements - held for lease, net	17,142	16,940
Real estate development (includes $116,071 at March 31, 2023 and $115,221 at December 31, 2022, attributable to Centennial Founders, LLC, Note 15)	324,318	321,293
Property and equipment, net	53,791	52,980
Investments in unconsolidated joint ventures	36,291	41,891
Net investment in water assets	51,187	47,045
Other assets	2,136	3,597
TOTAL ASSETS	572,129	566,791
Current Liabilities:
Trade accounts payable	5,170	5,117
Accrued liabilities and other	3,338	3,602
Deferred income	2,310	1,531
Income taxes payable	482	0
Current maturities of long-term debt	1,800	1,779
Total current liabilities	13,100	12,029
Long-term debt, less current portion	47,710	48,161
Long-term deferred gains	11,447	11,447
Deferred tax liability	6,880	7,180
Other liabilities	15,940	10,380
Total liabilities	95,077	89,197
Commitments and contingencies
Tejon Ranch Co. Stockholders’ Equity
Issued and outstanding shares - 26,710,432 at March 31, 2023 and 26,541,553 at December 31, 2022	13,356	13,271
Additional paid-in capital	343,438	345,344
Accumulated other comprehensive loss	(2,529)	(2,028)
Retained earnings	107,417	105,643
Total Tejon Ranch Co. Stockholders’ Equity	461,682	462,230
Non-controlling interest	15,370	15,364
Total equity	477,052	477,594
TOTAL LIABILITIES AND EQUITY	$ 572,129	$ 566,791

CONSOLIDATED BALANCE SHEETS (PARENTHETICAL) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Real estate development	$ 324,318	$ 321,293
Common stock, par value per share (in dollars per share)	$ 0.50	$ 0.50
Common stock, authorized shares (in shares)	50,000,000	50,000,000
Common stock, issued shares (in shares)	26,710,432	26,541,553
Common stock, outstanding shares (in shares)	26,710,432	26,541,553
Centennial
Real estate development	$ 116,071	$ 115,221

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

3 Months Ended

12 Months Ended

Mar. 31, 2023

Mar. 31, 2022

Dec. 31, 2022

Operating Activities

Net income

$ 1,780

$ 4,314

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

Depreciation and amortization

988

967

Amortization of (discount) premium of marketable securities

(74)

Equity in earnings of unconsolidated joint ventures, net

(1,517)

(1,213)

Non-cash retirement plan expense

Profit from water sales

^[1]

(490)

(734)

Profit from land sales

^[2]

(3,589)

Loss (gain) on sale of property plant and equipment

(925)

Stock compensation expense

621

1,219

Excess tax (benefit) loss from stock-based compensation

(105)

Distribution of earnings from unconsolidated joint ventures

2,051

4,931

Changes in operating assets and liabilities:

Receivables, inventories, prepaids and other assets, net

(777)

553

Current liabilities

810

2,392

Net cash provided by operating activities

3,413

7,984

Investing Activities

Maturities and sales of marketable securities

27,193

7,967

Funds invested in marketable securities

(28,892)

(16,629)

Real estate and equipment expenditures

(5,037)

(4,432)

Distribution of equity from unconsolidated joint ventures

10,644

2,631

Proceeds from water sales

^[1]

1,324

1,723

Investments in water assets

(4,355)

(941)

Net proceeds from land sales

^[2]

4,438

Net cash provided by (used in) investing activities

877

(5,243)

Financing Activities

Repayments of long-term debt

(436)

(1,109)

Taxes on vested stock grants

(2,594)

(1,122)

Net cash used in financing activities

(3,030)

(2,231)

Increase in cash and cash equivalents

1,260

510

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

39,619

37,398

$ 37,398

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

40,879

37,908

39,619

Reconciliation to amounts on consolidated balance sheets:

Cash and cash equivalents

40,379

36,705

39,119

Restricted cash (Shown in Other Assets)

500

1,203

Total cash, cash equivalents, and restricted cash

40,879

37,908

$ 39,619

Non-cash investing activities

Accrued capital expenditures included in current liabilities

753

(850)

Accrued long-term water assets included in current liabilities

$ 962

$ (374)

[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 $1.3 million in 2023, this cash inflow is appropriately classified in the Company’s investing activities. The profit of $0.5 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 $4.7 million in gross proceeds in 2022, this cash inflow is appropriately classified in the Company’s investing activities. The profit of $3.6 million related to land development costs incurred in prior periods is appropriately being deducted from operating activities for the first quarter of 2022. The Company has and will continue to apply this methodology to land sale transactions that meet this fact pattern.

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

3 Months Ended

12 Months Ended

Mar. 31, 2023

Mar. 31, 2022

Dec. 31, 2022

Proceeds from sale of other investments

^[1]

$ 1,324

$ 1,723

Profit from water sales

^[1]

490

734

Net proceeds from land sales

^[2]

4,438

^[2]

3,589

Water

Proceeds from sale of other investments

1,300

Profit from water sales

$ 500

Land

Net proceeds from land sales

$ 4,700

$ 3,600

[1]

[2]

UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY AND NONCONTROLLING INTERESTS - USD ($) $ in Thousands	Total	Total Stockholders' Equity	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive (Loss) Income	Retained Earnings	Noncontrolling Interest
Beginning balance (in shares) at Dec. 31, 2021			26,400,921
Beginning balance, value at Dec. 31, 2021	$ 456,511	$ 441,149	$ 13,200	$ 344,936	$ (6,822)	$ 89,835	$ 15,362
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	4,314	4,307				4,307	7
Other comprehensive (loss) income	1,790	1,790			1,790
Restricted stock issuance (in shares)			136,288
Restricted stock issuance	0		$ 68	(68)
Stock compensation	1,389	1,389		1,389
Shares withheld for taxes and tax benefit of vested shares (in shares)			(63,860)
Shares withheld for taxes and tax benefit of vested shares	(1,122)	(1,122)	$ (31)	(1,091)
Ending balance (in shares) at Mar. 31, 2022			26,473,349
Ending balance, value at Mar. 31, 2022	$ 462,882	447,513	$ 13,237	345,166	(5,032)	94,142	15,369
Beginning balance (in shares) at Dec. 31, 2022	26,541,553		26,541,553
Beginning balance, value at Dec. 31, 2022	$ 477,594	462,230	$ 13,271	345,344	(2,028)	105,643	15,364
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	1,780	1,774				1,774	6
Other comprehensive (loss) income	(501)	(501)			(501)
Restricted stock issuance (in shares)			347,724
Restricted stock issuance	(1)	(1)	$ 174	(175)
Stock compensation	774	774		774
Shares withheld for taxes and tax benefit of vested shares (in shares)			(178,845)
Shares withheld for taxes and tax benefit of vested shares	$ (2,594)	(2,594)	$ (89)	(2,505)
Ending balance (in shares) at Mar. 31, 2023	26,710,432		26,710,432
Ending balance, value at Mar. 31, 2023	$ 477,052	$ 461,682	$ 13,356	$ 343,438	$ (2,529)	$ 107,417	$ 15,370

BASIS OF PRESENTATION	3 Months Ended
BASIS OF PRESENTATION	Mar. 31, 2023
Accounting Policies [Abstract]
BASIS OF PRESENTATION	BASIS OF PRESENTATION The summarized information of Tejon Ranch Co. and its subsidiaries (the Company or Tejon), provided pursuant to Part I, Item 1 of Form 10-Q is unaudited and reflects all adjustments which are, in the opinion of the Company’s management, necessary for a fair statement of the results for the interim period. All such adjustments are of a normal recurring nature. The Company has evaluated subsequent events through the date of issuance of its consolidated financial statements. The periods ended March 31, 2023 and 2022 include the consolidation of Centennial Founders, LLC’s statement of operations within the resort/residential real estate development segment, statements of changes in equity and noncontrolling interests, and statements of cash flows. The Company’s March 31, 2023 and December 31, 2022 balance sheets are presented on a consolidated basis, including the consolidation of Centennial Founders, LLC. The Company has identified five reportable segments: commercial/industrial real estate development, resort/residential real estate development, mineral resources, farming, and ranch operations. Information for the Company’s reportable segments are presented in its Consolidated Statements of Operations. The Company’s reportable segments follow the same accounting policies used for the Company’s consolidated financial statements. The Company uses segment profit or loss and equity in earnings of unconsolidated joint ventures as the primary measures of profitability to evaluate operating performance and to allocate capital resources. The results of the period reported herein are not indicative of the results to be expected for the full year due to the seasonal nature of the Company’s agricultural activities, water activities, timing of real estate sales and leasing activities. Historically, the Company’s largest percentages of farming revenues are recognized during the third and fourth quarters of the fiscal year. For further information and a summary of significant accounting policies, refer to the Consolidated Financial Statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. Financial Instruments Certain financial instruments are carried on the consolidated balance sheet at cost or amortized cost basis, which approximates fair value due to their short-term and highly liquid nature. These instruments include cash and cash equivalents, restricted cash, time deposits, accounts receivable, security deposits held for customers, accounts payable, and other accrued liabilities. The fair value of the notes payable also approximates their carrying value as the interest rates are primarily variable and approximate prevailing market interest rates for similar debt arrangements. Restricted Cash Restricted cash is included in Prepaid expenses and other current assets within the Consolidated Balance Sheets and primarily relate to funds held in escrow. The Company had $500,000 of restricted cash as of March 31, 2023. Recent Accounting Pronouncements No new Accounting Standards Update, or ASU, is applicable to our consolidated financial statements as of March 31, 2023.

EQUITY

3 Months Ended

Mar. 31, 2023

Stockholders' Equity Note [Abstract]

EQUITY

Earnings Per Share (EPS)

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


	Three Months Ended March 31,
	2023	2022
Weighted-average number of shares outstanding:
Common stock	26,647,565	26,431,989
Common stock equivalents	1,783	47,507
Diluted shares outstanding	26,649,348	26,479,496

- Definition

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

+ References

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+ Details

MARKETABLE SECURITIES

3 Months Ended

Mar. 31, 2023

Investments, Debt and Equity Securities [Abstract]

MARKETABLE SECURITIES

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


($ in thousands)		March 31, 2023				December 31, 2022
Marketable Securities:	Fair Value Hierarchy	Cost		Fair Value		Cost		Fair Value





U.S. Treasury and agency notes
with unrealized losses for less than 12 months		$	17,533	$	17,472	$	13,916	$	13,832
with unrealized losses for more than 12 months		—		—		500		499
with unrealized gains		4,608		4,626		1,250		1,251
Total U.S. Treasury and agency notes	Level 2	22,141		22,098		15,666		15,582
Corporate notes
with unrealized losses for less than 12 months		9,984		9,935		17,236		17,112
with unrealized losses for more than 12 months		2,801		2,788		251		250
with unrealized gains		499		500		499		500
Total Corporate notes	Level 2	13,284		13,223		17,986		17,862






		$	35,425	$	35,321	$	33,652	$	33,444

ASC Topic 326, "Financial Instruments - Credit Losses," requires the Company to use an allowance approach when recognizing credit loss for available-for-sale debt securities, measured as the difference between the security's amortized cost basis and the amount expected to be collected over the security's lifetime. Under this approach, at each reporting date, the Company records impairment related to credit losses through earnings offset with an allowance for credit losses, or ACL. At March 31, 2023, the Company has not recorded any credit losses.

As of March 31, 2023, the fair market value of marketable securities was $104,000 below their cost basis. The Company’s gross unrealized holding gains equaled $19,000 and gross unrealized holding losses equaled $123,000. As of March 31, 2023, the adjustment to accumulated other comprehensive loss reflected a decline in market value of $104,000, including estimated taxes of $29,000.

The Company elected to exclude applicable accrued interest from both the fair value and the amortized cost basis of the available-for-sale debt securities, and separately present the accrued interest receivable balance per ASC Topic 326. The accrued interest receivables balance totaled $223,000 as of March 31, 2023 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 March 31, 2023 and 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 March 31, 2023 and 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 March 31, 2023 and 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 March 31, 2023 and 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 March 31, 2023 and December 31, 2022.

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


	March 31, 2023
($ in thousands)	2023		2024		Total

U.S. Treasury and agency notes	$	15,870	$	6,406	$	22,276
Corporate notes	11,788		1,500		13,288

	$	27,658	$	7,906	$	35,564


	December 31, 2022
($ in thousands)	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

The Company’s investments in corporate notes are with companies that have an investment grade rating from Standard & Poor’s as of March 31, 2023.

REAL ESTATE

3 Months Ended

Mar. 31, 2023

Real Estate [Abstract]

REAL ESTATE

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


($ in thousands)	March 31, 2023		December 31, 2022
Real estate development
Mountain Village	$	153,686	$	153,156
Centennial	116,071		115,221
Grapevine	39,652		39,273
Tejon Ranch Commerce Center	14,909		13,643
Real estate development	$	324,318	$	321,293

Real estate and improvements - held for lease
Tejon Ranch Commerce Center	$	20,879	$	20,590
Less accumulated depreciation	(3,737)		(3,650)
Real estate and improvements - held for lease, net	$	17,142	$	16,940

LONG-TERM WATER ASSETS

3 Months Ended

Mar. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

LONG-TERM WATER ASSETS

Long-term water assets consist of water and water contracts held for future use or sale. The water is held at cost, which includes the price paid for the water and the cost to pump and deliver the water from the California aqueduct into the water bank. Water is currently held in a water bank on Company land in southern Kern County and by the Tejon-Castac Water District (TCWD) in the Kern Water Banks.

The Company has secured State Water Project, or SWP, entitlements under long-term SWP water contracts within the Tulare Lake Basin Water Storage District, or Tulare Lake Basin, and the Dudley-Ridge Water District, or Dudley-Ridge, totaling 3,444 acre-feet of SWP entitlement annually, subject to SWP allocations. These contracts extend through 2035 and have been transferred to the Antelope Valley East Kern Water Agency, or AVEK, for the Company's use in the Antelope Valley. In 2013, the Company acquired a contract to purchase water that obligates the Company to purchase 6,693 acre-feet of water each year from 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 2023 is $928 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 described.

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


	March 31, 2023		March 31, 2022
Acre-Feet Sold	3,050		6,970

Revenues	$	5,099	$	10,157
Cost of sales	2,976		6,345
Profit	$	2,123	$	3,812

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


	March 31, 2023		December 31, 2022
Banked water and water for future delivery	$	22,085	$	23,855
Transferable water	7,708		1,455
Total water held for future use at cost	$	29,793	$	25,310

Intangible Water Assets

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


	March 31, 2023				December 31, 2022
	Costs		Accumulated Depreciation		Costs		Accumulated Depreciation
Dudley-Ridge water rights	$	11,581	$	(5,911)	$	11,581	$	(5,790)
Nickel water rights	18,740		(6,050)		18,740		(5,890)
Tulare Lake Basin water rights	6,479		(3,445)		6,479		(3,385)
	$	36,800	$	(15,406)	$	36,800	$	(15,065)
Net cost of purchased water contracts	21,394				21,735
Total cost water held for future use	29,793				25,310
Net investments in water assets	$	51,187			$	47,045

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


(in acre-feet, unaudited)	March 31, 2023	December 31, 2022

Water held for future use
TCWD - Banked water owned by the Company	53,726	52,554
Company water bank	50,349	50,349
Transferable water	9,143	2,548
Total water held for future use	113,218	105,451
Purchased water contracts
Water Contracts (Dudley-Ridge, Nickel and Tulare)	10,137	10,137
WRMWSD - Contracts with the Company	15,547	15,547
TCWD - Contracts with the Company	5,749	5,749
Total purchased water contracts	31,433	31,433
Total water held for future use and purchased water contracts	144,651	136,884

Tejon Ranchcorp, or Ranchcorp, a wholly-owned subsidiary of Tejon Ranch Co., entered into a Water Supply Agreement with Pastoria Energy Facility, L.L.C., or PEF, in 2015. PEF is a current lessee of the Company in a land lease for the operation of a power plant. Pursuant to the Water Supply Agreement, PEF may purchase from the Company up to 3,500 acre-feet of water per year from January 1, 2017 through July 31, 2030, with an option to extend the term. PEF is under no obligation to purchase water from the Company in any year but is required to pay the Company an annual option payment equal to 30% of the maximum annual payment. The price of the water under the Water Supply Agreement for 2023 is $1,261 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

3 Months Ended

Mar. 31, 2023

Payables and Accruals [Abstract]

ACCRUED LIABILITIES AND OTHER

Accrued liabilities and other consisted of the following:


($ in thousands)	March 31, 2023		December 31, 2022
Accrued vacation	$	716	$	735
Accrued paid personal leave	338		348
Accrued bonus	562		2,280

Property tax payable	1,403		—
Other	319		239
	$	3,338	$	3,602

LINE OF CREDIT AND LONG-TERM DEBT

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

LINE OF CREDIT AND LONG-TERM DEBT

Debt consisted of the following:


($ in thousands)	March 31, 2023		December 31, 2022
Notes payable	$	49,719	$	50,154


Less: line-of-credit and current maturities of long-term debt	(1,800)		(1,779)
Less: deferred loan costs	(209)		(214)
Long-term debt, less current portion	$	47,710	$	48,161

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 Note 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 from the New RLC under the New Credit Facility is $40,607,000.

The New Term Note had a $48,092,000 balance as of March 31, 2023. 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 30, 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 March 31, 2023. 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 Company also has a $4,750,000 promissory note agreement whose principal and interest due monthly began October 1, 2013. The promissory note is secured by four commercial properties at TRCC-West that are leased by fast casual restaurant operators. The interest rate on this promissory note is 4.25% per annum, with principal and interest payments ending on September 1, 2028. The balance as of March 31, 2023 was $1,627,000.

- Definition

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

+ References

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

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

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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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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-Paragraph 1I
-Subparagraph (d)
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.4-08(c))
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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-Paragraph 1B
-Subparagraph (i)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

OTHER LIABILITIES

3 Months Ended

Mar. 31, 2023

Other Liabilities Disclosure [Abstract]

OTHER LIABILITIES

Other liabilities consisted of the following:


($ in thousands)	March 31, 2023		December 31, 2022
Pension liability (See Note 13)	$	22	$	38


Supplemental executive retirement plan liability (See Note 13)	6,136		6,186
Excess joint venture distributions and other	9,782		4,156
Total	$	15,940	$	10,380

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

STOCK COMPENSATION - RESTRICTED STOCK AND PERFORMANCE SHARE GRANTS

3 Months Ended

Mar. 31, 2023

Share-Based Payment Arrangement [Abstract]

STOCK COMPENSATION - RESTRICTED STOCK AND PERFORMANCE SHARE GRANTS

The Company’s stock incentive plans provide for the making of awards to employees based upon a service condition or through the achievement of performance-related objectives. The Company has issued three types of stock grant awards under these plans: restricted stock with service condition vesting; performance share grants that only vest upon the achievement of specified performance conditions, such as share price, or as Performance Condition Grants; and performance share grants that include threshold, target, and maximum achievement levels based on the achievement of specific performance measures, or Performance Milestone Grants. Performance Condition Grants with market-based conditions are based on the achievement of a target share price. The share price used to calculate 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 Condition Grants outstanding as of the three months ended March 31, 2023:


Performance Condition Grants


Target performance						36,020
Maximum performance						112,831

The following is a summary of the Company’s stock grant activity, both time and performance share grants, assuming target achievement for outstanding performance grants for the three months ended March 31, 2023:


			March 31, 2023
Stock Grants Outstanding Beginning of Period at Target Achievement			234,899
New Stock Grants/Additional Shares due to Achievement in Excess of Target			30,318
Vested Grants			(169,621)

Stock Grants Outstanding End of Period at Target Achievement			95,596

Thus far in 2023 no new stock grants have been awarded.

The following is a summary of the assumptions used to determine the fair value for the Company’s outstanding market-based Performance Condition Grants as of March 31, 2023:


($ in thousands except for share prices)
Grant date	12/11/2020	03/18/2021	12/16/2021	03/17/2022	12/14/2022
Vesting end	12/31/2023	03/18/2024	12/16/2024	03/17/2025	12/14/2025
Target share price to achieve award	$17.07	$20.02	$21.58	$20.43	$21.99

Expected volatility	29.25%	30.30%	31.29%	31.54%	32.14%
Risk-free interest rate	0.19%	0.33%	0.92%	2.13%	3.84%

Fair value per share at grant date	$15.59	$18.82	$21.48	$21.75	$26.00
Shares granted	3,628	10,905	3,536	13,338	4,613
Total fair value of award	$57	$205	$76	$290	$120

The unamortized cost associated with unvested stock grants and the weighted average period over which it is expected to be recognized as of March 31, 2023 were $1,067,000 and 18 months, respectively. The fair value of restricted stock with time-based vesting features is based upon the Company’s share price on the date of grant and is expensed over the service period. The fair value of Performance Milestone 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 multiplied by the number of shares probable to vest based on the estimated achievement of specific performance measures. Because the ultimate vesting of all performance grants is tied to the achievement of a performance condition, the Company estimates whether the performance condition will be met and over what period of time. Ultimately, the Company will adjust stock compensation costs according to the actual outcome of the performance condition.

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

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


($ in thousands)	Three Months Ended March 31,
Employee Plan:	2023		2022
Expensed	$	468	$	1,067
Capitalized	153		170
	621		1,237
NDSI Plan - Expensed	153		152
Total Stock Compensation Costs	$	774	$	1,389

INTEREST RATE SWAP

3 Months Ended

Mar. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

INTEREST RATE SWAP

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

As of March 31, 2023, the fair value of the interest rate swap agreement was greater than its cost basis and as such the mark-to-market adjustment is recorded within Other Assets on the Consolidated Balance Sheets. The Company had the following outstanding interest rate swap agreement designated as an interest rate cash flow hedge as of March 31, 2023 and December 31, 2022 ($ in thousands):

March 31, 2023

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%

$629

$48,092

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

INCOME TAXES	3 Months Ended
INCOME TAXES	Mar. 31, 2023
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company’s provision for income taxes as of March 31, 2023 has been calculated by applying an estimate of the annual effective tax rate for the full year to “ordinary” income or loss (pre-tax income or loss excluding unusual or infrequently occurring discrete items). For the three months ended March 31, 2023, the Company’s income tax expense was $1,013,000 compared to $3,046,000 for the three months ended March 31, 2022. Effective tax rates were 36% and 41% for the three months ended March 31, 2023 and 2022, respectively. As of March 31, 2023, the Company had income tax payables of $482,000. The Company classifies interest and penalties incurred on tax payments as income tax expense. For the three months ended March 31, 2023, the Company’s effective tax rate was above statutory tax rates as a result of permanent differences related to Section 162(m) limitations. The Section 162(m) compensation deduction limitations occurred as a result of changes in tax law arising from the 2017 Tax Cuts and Jobs Act.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

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

+ Details

COMMITMENTS AND CONTINGENCIES	3 Months Ended
COMMITMENTS AND CONTINGENCIES	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Water Contracts The Company has secured water contracts that are encumbered by the Company's land. These water contracts require minimum annual payments, for which $13,480,000 is expected to be paid in 2023. These estimated water contract payments consist of SWP contracts with WRMWSD, TCWD, Tulare Lake Basin, Dudley-Ridge, and the Nickel water contract. The SWP contracts run through 2035 and the Nickel water contract runs through 2044, with an option to extend an additional 35 years. Contractual obligations for future water payments were $269,079,000 as of March 31, 2023. Contracts The Company exited a consulting contract during the second quarter of 2014 related to the Grapevine Development, or Grapevine project, and is obligated to pay an earned incentive fee at the time of its successful receipt of litigated project entitlements and at a value measurement date five-years after litigated entitlements have been achieved for Grapevine. The final amount of the incentive fee will not be finalized until the future payment dates. The Company believes as of March 31, 2023, the net savings resulting from exiting the contract during this future time period will more than offset the incentive payment costs. Community Facilities Districts The Tejon Ranch Public Facilities Financing Authority, or TRPFFA, is a joint powers authority formed by Kern County and TCWD to finance public infrastructure within the Company’s Kern County developments. For the development of the Tejon Ranch Commerce Center, or TRCC, TRPFFA has created two Community Facilities Districts, or CFDs: the West CFD and the East CFD. The West CFD has placed liens on 420 acres of the Company’s land to secure payment of special taxes related to $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 the bonds, there is a standby letter of credit for $4,393,000 related to the issuance of East CFD bonds. The standby letter of credit is in place to provide additional credit enhancement and cover approximately two years of interest on the outstanding bonds. This letter of credit will not be drawn upon unless the Company, as the largest landowner in the CFD, fails to make its property tax payments. The Company believes that the letter of credit will never be drawn upon. The letter of credit is for two years and will be renewed in two-year intervals as necessary. The annual cost related to the letter of credit is approximately $60,000. The Company is obligated, as a landowner in each CFD, to pay its share of the special taxes assessed each year. The secured lands include both the TRCC-West and TRCC-East developments. Proceeds from the sale of West CFD bonds went to reimburse the Company for public infrastructure costs related to the TRCC-West development. As of March 31, 2023, there were no additional improvement funds remaining from the 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 fiscal 2023, the Company expects to pay approximately $2,816,000 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 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 was not required to recognize an obligation on March 31, 2023. 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, 2022, 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, or the 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 was extended 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. On March 22, 2023, the Court decided in favor of CBD/CNPS when the Judge signed CBD/CNPS’s proposed form of judgment, which included a full rescission of the Centennial project approvals previously issued by Los Angeles County. The Company is considering options to reinstate the project approvals, such as working with Los Angeles County to complete the additional environmental analysis required by the Court’s ruling. As the Company’s options to reinstate the project approvals remain pending, the monetary value of any adverse decision, if any, 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

3 Months Ended

Mar. 31, 2023

Retirement Benefits [Abstract]

RETIREMENT PLANS

RETIREMENT PLANSThe Company sponsors a defined benefit retirement plan, or Benefit Plan, that covers eligible employees hired prior to February 1, 2007. The benefits are based on years of service and the employee’s five-year final average salary. Contributions are intended to provide for benefits attributable to service both to date and expected to be provided in the future. The Company funds the plan in accordance with the Employee Retirement Income Security Act of 1974 (ERISA). In April 2017, the Company froze the Benefit Plan as it relates to future benefit accruals for participants. The Company expects to contribute $165,000 to the Benefit Plan in 2023.

Benefit Plan assets consist of equity, debt and short-term money market investment funds. The Benefit Plan’s current investment policy changed during the third quarter of 2018. The policy's strategy seeks to minimize the volatility of the funding ratio. This objective will result in a prescribed asset mix between "return seeking" assets (e.g., stocks) and a bond portfolio (e.g., long duration bonds) according to a pre-determined customized investment strategy based on the Benefit Plan's funded status as the primary input. This path will be used as a reference point as to the mix of assets, which by design will de-emphasize the return seeking portion as the funded status improves. At March 31, 2023 and December 31, 2022, the investment mix was approximately 21% equity, 78% 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. The weighted-average discount rate used in determining the periodic pension cost is 5.00% in 2023 and in 2022. The expected long-term rate of return on plan assets is 5.00% for both fiscal 2023 and 2022. The long-term rate of return on Benefit Plan assets is based on the historical returns within the plan and expectations for future returns.

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


	Three Months Ended March 31,
($ in thousands)	2023		2022
(Cost)/earnings components:

Interest cost	$	(104)	$	(78)
Expected return on plan assets	105		138
Net amortization and deferral	(17)		(12)
Total net periodic pension (cost)/earnings	$	(16)	$	48

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

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


	Three Months Ended March 31,
($ in thousands)	2023		2022
Cost components:
Interest cost	$	(73)	$	(46)
Net amortization and other	(10)		(29)
Total net periodic pension cost	$	(83)	$	(75)

- Definition

The entire disclosure for retirement benefits.

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+ Details

REPORTING SEGMENTS AND RELATED INFORMATION

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

REPORTING SEGMENTS AND RELATED INFORMATION

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 2, "Management's Discussion and Analysis of Financial Condition and Results of Operations."

Real estate - Commercial/Industrial

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

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


	Three Months Ended March 31,
($ in thousands)	2023		2022







Commercial/industrial revenues	$	2,676	$	7,349
Equity in earnings of unconsolidated joint ventures	1,517		1,213
Commercial/industrial revenues and equity in earnings of unconsolidated joint ventures	4,193		8,562
Commercial/industrial expenses	1,695		2,736
Operating results from commercial/industrial and unconsolidated joint ventures	$	2,498	$	5,826

Real Estate - Resort/Residential

The Resort/Residential real estate development segment is actively involved in pursuing land entitlement and development processes both internally and through joint ventures. The segment incurs costs and expenses related to land management activities on land held for future development, but currently generates no revenue. The segment generated losses of $388,000 and $423,000 for the three months ended March 31, 2023 and 2022, respectively.

Mineral Resources

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


	Three Months Ended March 31,
($ in thousands)	2023		2022






Mineral resources revenues	$	6,912	$	11,968
Mineral resources expenses	4,066		7,157
Operating results from mineral resources	$	2,846	$	4,811

Farming

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


	Three Months Ended March 31,
($ in thousands)	2023		2022





Farming revenues	$	1,185	$	655
Farming expenses	2,013		1,762
Operating results from farming	$	(828)	$	(1,107)

Ranch Operations

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


	Three Months Ended March 31,
($ in thousands)	2023		2022


Ranch operations revenues	$	1,492	$	1,048
Ranch operations expenses	1,330		1,315
Operating results from ranch operations	$	162	$	(267)

- Definition

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

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+ Details

INVESTMENT IN UNCONSOLIDATED AND CONSOLIDATED JOINT VENTURES

3 Months Ended

Mar. 31, 2023

Equity Method Investments and Joint Ventures [Abstract]

INVESTMENT IN UNCONSOLIDATED AND CONSOLIDATED JOINT VENTURES

The Company maintains investments in joint ventures. The Company accounts for its investments in unconsolidated joint ventures using the equity method of accounting unless the venture is a variable interest entity, or VIE, and meets the requirements for consolidation. The Company’s investment in its unconsolidated joint ventures as of March 31, 2023 was $36,291,000. Equity in earnings from unconsolidated joint ventures was $1,517,000 for the three months ended March 31, 2023. The unconsolidated joint ventures have not been consolidated as of March 31, 2023, because the Company does not control the investments. The Company’s current joint ventures are as follows:

•Petro Travel Plaza Holdings LLC – Petro Travel Plaza Holdings LLC, or Petro, is an unconsolidated joint venture with TravelCenters of America that develops and manages travel plazas, gas stations, convenience stores, and fast-food restaurants throughout TRCC. The Company has 50% of the voting rights but participates in 60% of all profits and losses. The Company does not control the investment due to having only 50% of the voting rights. The Company's partner is the managing partner and performs all of the day-to-day operations and has significant decision-making authority over key business components such as fuel inventory and pricing at the facilities. The Company's investment in this joint venture was $25,004,000 as of March 31, 2023.

•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 has five active 50/50 joint ventures with Majestic to acquire, develop, manage, and operate industrial real estate at TRCC. The partners have equal voting rights and equally share in the profit and loss of the joint ventures. The Company and Majestic guarantee the performance of all outstanding debt.

•On March 29, 2022, TRC-MRC 5 LLC was formed to pursue the development, construction, lease-up, and management of an approximately 446,400 square foot industrial building located within TRCC-East. The construction is financed by a $49,226,000 construction loan that had an outstanding balance of $1,419,000 as of March 31, 2023. 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. The project is currently under construction and is expected to be completed by the winter of 2023/2024. The joint venture has leased 100% of the rentable space.

•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. The joint venture refinanced its construction loan in March 2023 with a promissory note. The note matures on March 1, 2033, and had an outstanding balance of $62,400,000 as of March 31, 2023. In 2021, the Company contributed land with a fair value of $8,464,000 to TRC-MRC 4, LLC. The total cost of the land was $2,895,000. The Company recognized profit of $2,785,000 and deferred profit of $2,785,000. Since its inception, the Company has received excess distributions resulting in a deficit balance in its investment of $5,760,000.

•In November 2018, TRC-MRC 3, LLC was formed to pursue the development, construction, leasing, and management of a 579,040 square foot industrial building located within TRCC-East. TRC-MRC 3, LLC qualified as a VIE from inception, but the Company is not the primary beneficiary; therefore, it does not consolidate TRC-MRC 3, LLC in its financial statements. The building is 100% leased as of March 31, 2023. 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 $34,281,000 as of March 31, 2023. 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 $209,000 as of March 31, 2023.

•In August 2016, the Company partnered with Majestic to form TRC-MRC 2, LLC to acquire, lease, and maintain a fully occupied warehouse at TRCC-West. The partnership acquired the 651,909 square foot building for $24,773,000, which was largely financed through a promissory note guaranteed by both partners. The promissory note was refinanced on June 1, 2018 with a $25,240,000 promissory note. The note matures on July 1, 2028 and has an outstanding principal balance of $22,447,000 as of March 31, 2023. The building is 100% leased as of March 31, 2023. Since its inception, the Company has received excess distributions resulting in a deficit balance in its investment of $2,062,000. In accordance with the applicable accounting guidance, the Company reclassified excess distributions to Other Liabilities within the Consolidated Balance Sheets. The Company expects to continue to record equity in earnings as a debit to the investment account and if it were to become positive, the Company would reclassify the liability to an asset. If it becomes obvious that any excess distribution may not be returned (upon joint venture liquidation or otherwise), the Company will immediately recognize the liability as income.

•In September 2016, TRC-MRC 1, LLC was formed to develop and operate an approximately 480,480 square foot industrial building at TRCC-East. The building is 100% leased as of March 31, 2023. Since its inception, the Company has received excess distributions resulting in a deficit balance in its investment of $1,954,000. In accordance with the applicable accounting guidance, the Company reclassified excess distributions to Other Liabilities within the Consolidated Balance Sheets. The Company expects to continue to record equity in earnings as a debit to the investment account and if it were to become positive, the Company will reclassify the liability to an asset. If it becomes obvious that any excess distribution may not be returned (upon joint venture liquidation or otherwise), the Company will immediately recognize the liability as income. The joint venture refinanced its construction loan in December 2018 with a mortgage loan. The original balance of the mortgage loan was $25,030,000, of which $22,629,000 was outstanding as of March 31, 2023.

•In February 2022, we formed TRC-MRC Multi I, LLC, to pursue the development, construction, lease-up, and management of approximately 495 multi-family rental units located within TRCC-East. As of March 31, 2023, 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 entity was dissolved shortly thereafter. The project is currently undergoing final design and engineering of Phase I of the project.

•Rockefeller Joint Ventures – The Company has one joint venture with Rockefeller Group Development Corporation, or Rockefeller. At March 31, 2023, the Company’s equity investment balance in these one joint ventures was $6,835,000.

•TRCC/Rock Outlet Center LLC was formed in 2013 to develop, own, and manage a net leasable 326,000 square foot outlet center on land at TRCC-East. The Company controls 50% of the voting interests of TRCC/Rock Outlet Center LLC; thus, it does not control the joint venture by voting interest alone. The Company is the named managing member. The managing member’s responsibilities relate to the routine day-to-day activities of TRCC/Rock Outlet Center LLC. However, all operating decisions, including the setting and monitoring of the budget, leasing, marketing, financing, and selection of the contractor for any construction, are jointly made by both members of the joint venture. Therefore, the Company concluded that both members have significant participating rights that are sufficient to overcome the presumption of the Company controlling the joint venture through it being named the managing member. As a result, the investment in TRCC/Rock Outlet Center LLC is being accounted for under the equity method. On September 7, 2021, the TRCC/Rock Outlet Center LLC joint venture successfully extended the maturity date of its term note with a financial institution from September 5, 2021 to May 31, 2024. In connection with the loan extension, the joint venture also reduced the outstanding amount by $4,600,000. As of March 31, 2023, the outstanding balance of the term note was $27,432,000. The Company and Rockefeller guarantee the performance of the debt.

•Centennial Founders, LLC – Centennial Founders, LLC, or CFL, is a joint venture with TRI Pointe Homes to pursue the entitlement and development of land that the Company owns in Los Angeles County. As of March 31, 2023, the Company owned 93.32% of CFL.

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

Unaudited condensed statement of operations for the three months ended March 31, 2023 and condensed balance sheet information of the Company’s unconsolidated joint ventures as of March 31, 2023 and December 31, 2022 are as follows:


	Three Months Ended March 31,
	2023		2022		2023		2022		2023		2022
	Joint Venture								TRC
($ in thousands)	Revenues				Earnings (Loss)				Equity in Earnings (Loss)
Petro Travel Plaza Holdings, LLC	$	34,812	$	38,328	$	2,270	$	1,934	$	1,362	$	1,161
TRCC/Rock Outlet Center, LLC1	1,431		1,564		(887)		(414)		(443)		(207)
TRC-MRC 1, LLC	961		839		96		19		48		9
TRC-MRC 2, LLC	1,390		1,025		667		344		334		172
TRC-MRC 3, LLC	1,051		1,018		196		158		98		79
TRC-MRC 4, LLC	1,776		—		251		(1)		125		(1)
TRC-MRC 5, LLC	—		—		(14,000)		—		(7,000)		—
Total	$	41,421	$	42,774	$	2,579	$	2,040	$	1,517	$	1,213

Centennial Founders, LLC	$	175	$	121	$	109	$	97	Consolidated

(1) Revenues for TRCC/Rock Outlet Center are presented net of non-cash tenant allowance amortization of $0.3 million and $0.3 million for the three months ended March 31, 2023 and March 31, 2022, respectively.


	March 31, 2023								December 31, 2022
	Joint Venture						TRC		Joint Venture						TRC
($ in thousands)	Assets		Debt		Equity (Deficit)		Equity		Assets		Debt		Equity (Deficit)		Equity
Petro Travel Plaza Holdings, LLC	$	82,290	$	(13,128)	$	62,339	$	25,004	$	84,225	$	(13,318)	$	63,069	$	25,441
TRCC/Rock Outlet Center, LLC	58,286		(27,432)		(29,797)		6,835		59,196		(27,707)		30,684		7,279
TRC-MRC 1, LLC	23,631		(22,629)		638		—		24,085		(22,787)		1,042		—
TRC-MRC 2, LLC	19,048		(22,447)		(3,589)		—		18,398		(22,612)		(3,939)		—
TRC-MRC 3, LLC	36,350		(34,281)		1,861		209		36,608		(34,494)		2,690		386
TRC-MRC 4, LLC	52,858		(62,400)		(12,859)		—		50,497		(40,130)		8,974		4,485
TRC-MRC 5, LLC	10,741		(1,419)		8,586		4,243		8,602		—		—		4,300
Total	$	283,204	$	(183,736)	$	27,179	$	36,291	$	281,611	$	(161,048)	$	102,520	$	41,891

Centennial Founders, LLC	$	103,532	$	—	$	103,347	***		$	102,984	$	—	$	102,689	***

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

RELATED PARTY TRANSACTIONS	3 Months Ended
RELATED PARTY TRANSACTIONS	Mar. 31, 2023
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONSTCWD is a not-for-profit governmental entity, organized on December 28, 1965, pursuant to Division 13 of the Water Code, State of California. TCWD is a landowner voting district, which requires an elector, or voter, to be an owner of land located within the district. TCWD was organized to provide the water needs for future municipal, residential, and industrial development. The Company is the largest landowner and taxpayer within TCWD. The Company has a water service contract with TCWD that entitles it to receive all of TCWD’s State Water Project entitlement and all of TCWD’s banked water. TCWD is also entitled to make assessments of all taxpayers within the district, to the extent funds are required to cover expenses and to charge water users within the district for the use of water. From time to time, the Company transacts with TCWD in the ordinary course of business.The Company has water contracts with WRMWSD for SWP water deliveries to its agricultural and municipal/industrial operations in the San Joaquin Valley. The terms of these contracts extend to 2035. Under the contracts, the Company is entitled to annual water for 5,496 acres of land, or 15,547 acre-feet of water, subject to SWP allocations. The Company's Executive Vice President and Chief Operating Officer/Chief Financial Officer is one of nine directors at WRMWSD. As of March 31, 2023, the Company paid $2,363,000 for these water contracts and related costs.

BASIS OF PRESENTATION (Policies)	3 Months Ended
BASIS OF PRESENTATION (Policies)	Mar. 31, 2023
Accounting Policies [Abstract]
Financial Instruments	Financial Instruments Certain financial instruments are carried on the consolidated balance sheet at cost or amortized cost basis, which approximates fair value due to their short-term and highly liquid nature. These instruments include cash and cash equivalents, restricted cash, time deposits, accounts receivable, security deposits held for customers, accounts payable, and other accrued liabilities. The fair value of the notes payable also approximates their carrying value as the interest rates are primarily variable and approximate prevailing market interest rates for similar debt arrangements.
Restricted Cash	Restricted CashRestricted cash is included in Prepaid expenses and other current assets within the Consolidated Balance Sheets and primarily relate to funds held in escrow.
Recent Accounting Pronouncements	Recent Accounting Pronouncements No new Accounting Standards Update, or ASU, is applicable to our consolidated financial statements as of March 31, 2023.

EQUITY (Tables)

3 Months Ended

Mar. 31, 2023

Stockholders' Equity Note [Abstract]

Schedule of Weighted Average Number of Shares Outstanding


	Three Months Ended March 31,
	2023	2022
Weighted-average number of shares outstanding:
Common stock	26,647,565	26,431,989
Common stock equivalents	1,783	47,507
Diluted shares outstanding	26,649,348	26,479,496

MARKETABLE SECURITIES (Tables)

3 Months Ended

Mar. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Schedule of Available-for-Sale Securities

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


($ in thousands)		March 31, 2023				December 31, 2022
Marketable Securities:	Fair Value Hierarchy	Cost		Fair Value		Cost		Fair Value





U.S. Treasury and agency notes
with unrealized losses for less than 12 months		$	17,533	$	17,472	$	13,916	$	13,832
with unrealized losses for more than 12 months		—		—		500		499
with unrealized gains		4,608		4,626		1,250		1,251
Total U.S. Treasury and agency notes	Level 2	22,141		22,098		15,666		15,582
Corporate notes
with unrealized losses for less than 12 months		9,984		9,935		17,236		17,112
with unrealized losses for more than 12 months		2,801		2,788		251		250
with unrealized gains		499		500		499		500
Total Corporate notes	Level 2	13,284		13,223		17,986		17,862






		$	35,425	$	35,321	$	33,652	$	33,444

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

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


	March 31, 2023
($ in thousands)	2023		2024		Total

U.S. Treasury and agency notes	$	15,870	$	6,406	$	22,276
Corporate notes	11,788		1,500		13,288

	$	27,658	$	7,906	$	35,564


	December 31, 2022
($ in thousands)	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

REAL ESTATE (Tables)

3 Months Ended

Mar. 31, 2023

Real Estate [Abstract]

Schedule of Real Estate

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


($ in thousands)	March 31, 2023		December 31, 2022
Real estate development
Mountain Village	$	153,686	$	153,156
Centennial	116,071		115,221
Grapevine	39,652		39,273
Tejon Ranch Commerce Center	14,909		13,643
Real estate development	$	324,318	$	321,293

Real estate and improvements - held for lease
Tejon Ranch Commerce Center	$	20,879	$	20,590
Less accumulated depreciation	(3,737)		(3,650)
Real estate and improvements - held for lease, net	$	17,142	$	16,940

LONG-TERM WATER ASSETS (Tables)

3 Months Ended

Mar. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Water Revenues and Cost of Sales

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


	March 31, 2023		March 31, 2022
Acre-Feet Sold	3,050		6,970

Revenues	$	5,099	$	10,157
Cost of sales	2,976		6,345
Profit	$	2,123	$	3,812

Schedule of Tangible Water Assets

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


	March 31, 2023		December 31, 2022
Banked water and water for future delivery	$	22,085	$	23,855
Transferable water	7,708		1,455
Total water held for future use at cost	$	29,793	$	25,310

Schedule of Finite-Lived Intangible Assets

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


	March 31, 2023				December 31, 2022
	Costs		Accumulated Depreciation		Costs		Accumulated Depreciation
Dudley-Ridge water rights	$	11,581	$	(5,911)	$	11,581	$	(5,790)
Nickel water rights	18,740		(6,050)		18,740		(5,890)
Tulare Lake Basin water rights	6,479		(3,445)		6,479		(3,385)
	$	36,800	$	(15,406)	$	36,800	$	(15,065)
Net cost of purchased water contracts	21,394				21,735
Total cost water held for future use	29,793				25,310
Net investments in water assets	$	51,187			$	47,045

Schedule of Components of Water Assets

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


(in acre-feet, unaudited)	March 31, 2023	December 31, 2022

Water held for future use
TCWD - Banked water owned by the Company	53,726	52,554
Company water bank	50,349	50,349
Transferable water	9,143	2,548
Total water held for future use	113,218	105,451
Purchased water contracts
Water Contracts (Dudley-Ridge, Nickel and Tulare)	10,137	10,137
WRMWSD - Contracts with the Company	15,547	15,547
TCWD - Contracts with the Company	5,749	5,749
Total purchased water contracts	31,433	31,433
Total water held for future use and purchased water contracts	144,651	136,884

ACCRUED LIABILITIES AND OTHER (Tables)

3 Months Ended

Mar. 31, 2023

Payables and Accruals [Abstract]

Schedule of Accrued Liabilities and Other

Accrued liabilities and other consisted of the following:


($ in thousands)	March 31, 2023		December 31, 2022
Accrued vacation	$	716	$	735
Accrued paid personal leave	338		348
Accrued bonus	562		2,280

Property tax payable	1,403		—
Other	319		239
	$	3,338	$	3,602

LINE OF CREDIT AND LONG-TERM DEBT (Tables)

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Schedule of Components of Long-term Debt

Debt consisted of the following:


($ in thousands)	March 31, 2023		December 31, 2022
Notes payable	$	49,719	$	50,154


Less: line-of-credit and current maturities of long-term debt	(1,800)		(1,779)
Less: deferred loan costs	(209)		(214)
Long-term debt, less current portion	$	47,710	$	48,161

OTHER LIABILITIES (Tables)

3 Months Ended

Mar. 31, 2023

Other Liabilities Disclosure [Abstract]

Schedule of Other Liabilities

Other liabilities consisted of the following:


($ in thousands)	March 31, 2023		December 31, 2022
Pension liability (See Note 13)	$	22	$	38


Supplemental executive retirement plan liability (See Note 13)	6,136		6,186
Excess joint venture distributions and other	9,782		4,156
Total	$	15,940	$	10,380

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

3 Months Ended

Mar. 31, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Performance Share Grants with Performance Conditions

The following is a summary of the Company’s Performance Condition Grants outstanding as of the three months ended March 31, 2023:


Performance Condition Grants


Target performance						36,020
Maximum performance						112,831

Schedule of Stock Grant Activity


			March 31, 2023
Stock Grants Outstanding Beginning of Period at Target Achievement			234,899
New Stock Grants/Additional Shares due to Achievement in Excess of Target			30,318
Vested Grants			(169,621)

Stock Grants Outstanding End of Period at Target Achievement			95,596

Schedule 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 for the Company’s outstanding market-based Performance Condition Grants as of March 31, 2023:


($ in thousands except for share prices)
Grant date	12/11/2020	03/18/2021	12/16/2021	03/17/2022	12/14/2022
Vesting end	12/31/2023	03/18/2024	12/16/2024	03/17/2025	12/14/2025
Target share price to achieve award	$17.07	$20.02	$21.58	$20.43	$21.99

Expected volatility	29.25%	30.30%	31.29%	31.54%	32.14%
Risk-free interest rate	0.19%	0.33%	0.92%	2.13%	3.84%

Fair value per share at grant date	$15.59	$18.82	$21.48	$21.75	$26.00
Shares granted	3,628	10,905	3,536	13,338	4,613
Total fair value of award	$57	$205	$76	$290	$120

Schedule of Stock Compensation Costs for Employee and NDSI Plans

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


($ in thousands)	Three Months Ended March 31,
Employee Plan:	2023		2022
Expensed	$	468	$	1,067
Capitalized	153		170
	621		1,237
NDSI Plan - Expensed	153		152
Total Stock Compensation Costs	$	774	$	1,389

INTEREST RATE SWAP (Tables)

3 Months Ended

Mar. 31, 2023

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 March 31, 2023 and December 31, 2022 ($ in thousands):

March 31, 2023

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%

$629

$48,092

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

RETIREMENT PLANS (Tables)

3 Months Ended

Mar. 31, 2023

Retirement Benefits [Abstract]

Schedule of Components of Net Periodic Pension Cost

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


	Three Months Ended March 31,
($ in thousands)	2023		2022
(Cost)/earnings components:

Interest cost	$	(104)	$	(78)
Expected return on plan assets	105		138
Net amortization and deferral	(17)		(12)
Total net periodic pension (cost)/earnings	$	(16)	$	48

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


	Three Months Ended March 31,
($ in thousands)	2023		2022
Cost components:
Interest cost	$	(73)	$	(46)
Net amortization and other	(10)		(29)
Total net periodic pension cost	$	(83)	$	(75)

REPORTING SEGMENTS AND RELATED INFORMATION (Tables)

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

Schedule of Components of Segment Revenues

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


	Three Months Ended March 31,
($ in thousands)	2023		2022







Commercial/industrial revenues	$	2,676	$	7,349
Equity in earnings of unconsolidated joint ventures	1,517		1,213
Commercial/industrial revenues and equity in earnings of unconsolidated joint ventures	4,193		8,562
Commercial/industrial expenses	1,695		2,736
Operating results from commercial/industrial and unconsolidated joint ventures	$	2,498	$	5,826

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


	Three Months Ended March 31,
($ in thousands)	2023		2022






Mineral resources revenues	$	6,912	$	11,968
Mineral resources expenses	4,066		7,157
Operating results from mineral resources	$	2,846	$	4,811

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


	Three Months Ended March 31,
($ in thousands)	2023		2022





Farming revenues	$	1,185	$	655
Farming expenses	2,013		1,762
Operating results from farming	$	(828)	$	(1,107)

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


	Three Months Ended March 31,
($ in thousands)	2023		2022


Ranch operations revenues	$	1,492	$	1,048
Ranch operations expenses	1,330		1,315
Operating results from ranch operations	$	162	$	(267)

INVESTMENT IN UNCONSOLIDATED AND CONSOLIDATED JOINT VENTURES (Tables)

3 Months Ended

Mar. 31, 2023

Equity Method Investments and Joint Ventures [Abstract]

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


	Three Months Ended March 31,
	2023		2022		2023		2022		2023		2022
	Joint Venture								TRC
($ in thousands)	Revenues				Earnings (Loss)				Equity in Earnings (Loss)
Petro Travel Plaza Holdings, LLC	$	34,812	$	38,328	$	2,270	$	1,934	$	1,362	$	1,161
TRCC/Rock Outlet Center, LLC1	1,431		1,564		(887)		(414)		(443)		(207)
TRC-MRC 1, LLC	961		839		96		19		48		9
TRC-MRC 2, LLC	1,390		1,025		667		344		334		172
TRC-MRC 3, LLC	1,051		1,018		196		158		98		79
TRC-MRC 4, LLC	1,776		—		251		(1)		125		(1)
TRC-MRC 5, LLC	—		—		(14,000)		—		(7,000)		—
Total	$	41,421	$	42,774	$	2,579	$	2,040	$	1,517	$	1,213

Centennial Founders, LLC	$	175	$	121	$	109	$	97	Consolidated

(1) Revenues for TRCC/Rock Outlet Center are presented net of non-cash tenant allowance amortization of $0.3 million and $0.3 million for the three months ended March 31, 2023 and March 31, 2022, respectively.


	March 31, 2023								December 31, 2022
	Joint Venture						TRC		Joint Venture						TRC
($ in thousands)	Assets		Debt		Equity (Deficit)		Equity		Assets		Debt		Equity (Deficit)		Equity
Petro Travel Plaza Holdings, LLC	$	82,290	$	(13,128)	$	62,339	$	25,004	$	84,225	$	(13,318)	$	63,069	$	25,441
TRCC/Rock Outlet Center, LLC	58,286		(27,432)		(29,797)		6,835		59,196		(27,707)		30,684		7,279
TRC-MRC 1, LLC	23,631		(22,629)		638		—		24,085		(22,787)		1,042		—
TRC-MRC 2, LLC	19,048		(22,447)		(3,589)		—		18,398		(22,612)		(3,939)		—
TRC-MRC 3, LLC	36,350		(34,281)		1,861		209		36,608		(34,494)		2,690		386
TRC-MRC 4, LLC	52,858		(62,400)		(12,859)		—		50,497		(40,130)		8,974		4,485
TRC-MRC 5, LLC	10,741		(1,419)		8,586		4,243		8,602		—		—		4,300
Total	$	283,204	$	(183,736)	$	27,179	$	36,291	$	281,611	$	(161,048)	$	102,520	$	41,891

Centennial Founders, LLC	$	103,532	$	—	$	103,347	***		$	102,984	$	—	$	102,689	***

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

BASIS OF PRESENTATION (Details) $ in Thousands	3 Months Ended
BASIS OF PRESENTATION (Details) $ in Thousands	Mar. 31, 2023 USD ($) segment	Mar. 31, 2022 USD ($)
Accounting Policies [Abstract]
Number of reportable segments \| segment	5
Restricted cash \| $	$ 500	$ 1,203

EQUITY - Schedule of Weighted Average Number of Shares Outstanding (Details) - shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Weighted-average number of shares outstanding:
Common stock (in shares)	26,647,565	26,431,989
Common stock equivalents (in shares)	1,783	47,507
Diluted shares outstanding (in shares)	26,649,348	26,479,496

MARKETABLE SECURITIES - Schedule of Available-for-sale Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Marketable Securities, with unrealized gains	$ 19
Cost
Debt Securities, Available-for-sale [Line Items]
Cost	35,425	$ 33,652
Fair Value
Debt Securities, Available-for-sale [Line Items]
Fair Value	35,321	33,444
U.S. Treasury and agency notes \| Level 2 \| Cost
Debt Securities, Available-for-sale [Line Items]
Marketable Securities, with unrealized losses for less than 12 months	17,533	13,916
Marketable Securities with unrealized losses for more than 12 months	0	500
Marketable Securities, with unrealized gains	4,608	1,250
Cost	22,141	15,666
U.S. Treasury and agency notes \| Level 2 \| Fair Value
Debt Securities, Available-for-sale [Line Items]
Marketable Securities, with unrealized losses for less than 12 months	17,472	13,832
Marketable Securities with unrealized losses for more than 12 months	0	499
Marketable Securities, with unrealized gains	4,626	1,251
Fair Value	22,098	15,582
Corporate notes \| Level 2 \| Cost
Debt Securities, Available-for-sale [Line Items]
Marketable Securities, with unrealized losses for less than 12 months	9,984	17,236
Marketable Securities with unrealized losses for more than 12 months	2,801	251
Marketable Securities, with unrealized gains	499	499
Cost	13,284	17,986
Corporate notes \| Level 2 \| Fair Value
Debt Securities, Available-for-sale [Line Items]
Marketable Securities, with unrealized losses for less than 12 months	9,935	17,112
Marketable Securities with unrealized losses for more than 12 months	2,788	250
Marketable Securities, with unrealized gains	500	500
Fair Value	$ 13,223	$ 17,862

MARKETABLE SECURITIES - Additional Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Investments, Debt and Equity Securities [Abstract]
Fair market value of investment securities below their cost basis	$ 104
Gross unrealized holding gains	19
Gross unrealized holding losses	123
Decline in market value	104
Estimated tax of change in value of available-for-sale securities	(29)
Accrued interest receivable balance	$ 223

MARKETABLE SECURITIES - Schedule of Available-for-sale Securities by Maturities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Summary of maturities, at par, of marketable securities
2023	$ 27,658	$ 32,695
2024	7,906	1,000
Total	35,564	33,695
U.S. Treasury and agency notes
Summary of maturities, at par, of marketable securities
2023	15,870	15,225
2024	6,406	500
Total	22,276	15,725
Corporate notes
Summary of maturities, at par, of marketable securities
2023	11,788	17,470
2024	1,500	500
Total	$ 13,288	$ 17,970

REAL ESTATE - Schedule of Real Estate (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Real estate development	$ 324,318	$ 321,293
Less accumulated depreciation	(3,737)	(3,650)
Real estate and improvements - held for lease, net	17,142	16,940
Mountain Village
Property, Plant and Equipment [Line Items]
Real estate development	153,686	153,156
Centennial
Property, Plant and Equipment [Line Items]
Real estate development	116,071	115,221
Grapevine
Property, Plant and Equipment [Line Items]
Real estate development	39,652	39,273
Tejon Ranch Commerce Center
Property, Plant and Equipment [Line Items]
Real estate development	14,909	13,643
Tejon Ranch Commerce Center	$ 20,879	$ 20,590

LONG-TERM WATER ASSETS - Additional Information (Details)	3 Months Ended
	Mar. 31, 2023 $ / acre ft acre ft	Dec. 31, 2013 acre ft
SWP Water Contracts
Long Lived Assets Held-for-sale [Line Items]
Avek water for future delivery (in acre-feet)	3,444
DMB
Long Lived Assets Held-for-sale [Line Items]
Contract renewal optional term	35 years
Cost of purchased water (per acre-foot) \| $ / acre ft	928
DMB \| Maximum
Long Lived Assets Held-for-sale [Line Items]
Annual fee increase	3.00%
DMB \| Transferable water
Long Lived Assets Held-for-sale [Line Items]
Long-term water assets (in acre-feet)		6,693
PEF \| Transferable water \| Ranchcorp
Long Lived Assets Held-for-sale [Line Items]
Cost of purchased water (per acre-foot) \| $ / acre ft	1,261
Annual fee increase	3.00%
Annual option payment	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 - Schedule of Water Revenues and Cost of Sales (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) acre ft	Mar. 31, 2022 USD ($) acre ft
Goodwill and Intangible Assets Disclosure [Abstract]
Acre-Feet Sold \| acre ft	3,050	6,970
Revenues	$ 5,099	$ 10,157
Cost of sales	2,976	6,345
Profit	$ 2,123	$ 3,812

LONG-TERM WATER ASSETS - Schedule of Tangible Water Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Long Lived Assets Held-for-sale [Line Items]
Total water held for future use at cost	$ 29,793	$ 25,310
Banked water and water for future delivery
Long Lived Assets Held-for-sale [Line Items]
Total water held for future use at cost	22,085	23,855
Transferable water
Long Lived Assets Held-for-sale [Line Items]
Total water held for future use at cost	$ 7,708	$ 1,455

LONG-TERM WATER ASSETS - Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Costs	$ 36,800	$ 36,800
Accumulated Depreciation	(15,406)	(15,065)
Net cost of purchased water contracts	21,394	21,735
Total cost water held for future use	29,793	25,310
Net investments in water assets	51,187	47,045
Contract-based Intangible Assets \| Dudley-Ridge water rights
Finite-Lived Intangible Assets [Line Items]
Costs	11,581	11,581
Accumulated Depreciation	(5,911)	(5,790)
Contract-based Intangible Assets \| Nickel water rights
Finite-Lived Intangible Assets [Line Items]
Costs	18,740	18,740
Accumulated Depreciation	(6,050)	(5,890)
Contract-based Intangible Assets \| Tulare Lake Basin water rights
Finite-Lived Intangible Assets [Line Items]
Costs	6,479	6,479
Accumulated Depreciation	$ (3,445)	$ (3,385)

LONG-TERM WATER ASSETS - Schedule of Components of Water Assets (Details) - acre ft acre ft in Thousands	Mar. 31, 2023	Dec. 31, 2022
Water held for future use
Total water held for future use	113,218	105,451
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	144,651	136,884
Tejon-Castac Water District
Water held for future use
Total water held for future use	53,726	52,554
Purchased water contracts	5,749	5,749
AVEK
Water held for future use
Company water bank	50,349	50,349
Transferable water	9,143	2,548
WRMWSD - Contracts with the Company
Water held for future use
Purchased water contracts	15,547	15,547

ACCRUED LIABILITIES AND OTHER (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Accrued vacation	$ 716	$ 735
Accrued paid personal leave	338	348
Accrued bonus	562	2,280
Property tax payable	1,403	0
Other	319	239
Accrued liabilities and other	$ 3,338	$ 3,602

LINE OF CREDIT AND LONG-TERM DEBT - Schedule of Components of Long-term Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Long-term Debt, Current and Noncurrent [Abstract]
Notes payable	$ 49,719	$ 50,154
Less: line-of-credit and current maturities of long-term debt	(1,800)	(1,779)
Less: deferred loan costs	(209)	(214)
Long-term debt, less current portion	$ 47,710	$ 48,161

LINE OF CREDIT AND LONG-TERM DEBT - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Jun. 30, 2022
Promissory Note
Line of Credit Facility [Line Items]
Debt instrument face amount	$ 4,750,000
Long-term debt	$ 1,627,000
Stated interest rate	4.25%
Term Notes
Line of Credit Facility [Line Items]
Long-term debt	$ 48,092,000
Stated interest rate	4.62%
Term Notes \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Line of Credit Facility [Line Items]
Stated interest rate	1.55%
Term Notes \| New Term Note \| Bank of America, N.A.
Line of Credit Facility [Line Items]
Debt instrument face amount		$ 49,080,000
Revolving Credit Facility
Line of Credit Facility [Line Items]
Line of credit facility	$ 40,607,000
RLC outstanding balance	$ 0
Revolving Credit Facility \| Fixed Term Sofr
Line of Credit Facility [Line Items]
Interest rate on line of credit, variable rate	1.37%
Revolving Credit Facility \| Selected Sofr Rate
Line of Credit Facility [Line Items]
Interest rate on line of credit, variable rate	1.37%

OTHER LIABILITIES - Schedule of Other Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Other Liabilities
Excess joint venture distributions and other	$ 9,782	$ 4,156
Total	15,940	10,380
Pension Plan
Other Liabilities
Pension and supplemental executive retirement plan liability	22	38
SERP
Other Liabilities
Pension and supplemental executive retirement plan liability	$ 6,136	$ 6,186

STOCK COMPENSATION - RESTRICTED STOCK AND PERFORMANCE SHARE GRANTS - Additional Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) award
Share-Based Payment Arrangement [Abstract]
Number of types of stock grant awards \| award	3
Total compensation cost not yet recognized \| $	$ 1,067
Total compensation cost not yet recognized, period for recognition	18 months

STOCK COMPENSATION - RESTRICTED STOCK AND PERFORMANCE SHARE GRANTS - Schedule of Performance Share Grants with Performance Conditions (Details) - Performance share grants	3 Months Ended
	Mar. 31, 2023 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Target performance (in shares)	36,020
Maximum performance (in shares)	112,831

STOCK COMPENSATION - RESTRICTED STOCK AND PERFORMANCE SHARE GRANTS - Schedule of Stock Grant Activity (Details) - Performance share grants	3 Months Ended
	Mar. 31, 2023 shares
Summary of stock grant activity:
Stock Grants Outstanding Beginning of Period at Target Achievement (in shares)	234,899
New Stock Grants/Additional Shares due to Achievement in Excess of Target (in shares)	30,318
Vested Grants(in shares)	(169,621)
Stock Grants Outstanding End of Period at Target Achievement (in shares)	95,596

STOCK COMPENSATION - RESTRICTED STOCK AND PERFORMANCE SHARE GRANTS - Schedule of Assumptions Used to Determine The Price of Market-Based Performance Condition Grants (Details) - Performance share grants $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares) \| shares	30,318
December 11, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Target share price to achieve award (in dollars per share)	$ 17.07
Expected volatility	29.25%
Risk-free interest rate	0.19%
Fair value per share at grant date (in dollars per share)	$ 15.59
Shares granted (in shares) \| shares	3,628
Total fair value of award \| $	$ 57
March 18, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Target share price to achieve award (in dollars per share)	$ 20.02
Expected volatility	30.30%
Risk-free interest rate	0.33%
Fair value per share at grant date (in dollars per share)	$ 18.82
Shares granted (in shares) \| shares	10,905
Total fair value of award \| $	$ 205
December 16, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Target share price to achieve award (in dollars per share)	$ 21.58
Expected volatility	31.29%
Risk-free interest rate	0.92%
Fair value per share at grant date (in dollars per share)	$ 21.48
Shares granted (in shares) \| shares	3,536
Total fair value of award \| $	$ 76
March 17, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Target share price to achieve award (in dollars per share)	$ 20.43
Expected volatility	31.54%
Risk-free interest rate	2.13%
Fair value per share at grant date (in dollars per share)	$ 21.75
Shares granted (in shares) \| shares	13,338
Total fair value of award \| $	$ 290
December 14, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Target share price to achieve award (in dollars per share)	$ 21.99
Expected volatility	32.14%
Risk-free interest rate	3.84%
Fair value per share at grant date (in dollars per share)	$ 26.00
Shares granted (in shares) \| shares	4,613
Total fair value of award \| $	$ 120

STOCK COMPENSATION - RESTRICTED STOCK AND PERFORMANCE SHARE GRANTS - Schedule of Stock Compensation Costs for Employee and NDSI Plans (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total Stock Compensation Costs	$ 774	$ 1,389
1998 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee plan and NDSI plan - expensed	468	1,067
Capitalized	153	170
Total Stock Compensation Costs	621	1,237
NDSI Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee plan and NDSI plan - expensed	$ 153	$ 152

INTEREST RATE SWAP - Schedule of Interest Rate Derivatives (Details) - Level 2 - Interest Rate Swap - Other Liabilities - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Derivatives, Fair Value [Line Items]
Weighted Average Interest Pay Rate	4.62%	4.62%
Fair Value	$ 629	$ 1,430
Notional Amount	$ 48,092	$ 48,462

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended
INCOME TAXES (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Income tax expense	$ 1,013	$ 3,046
Effective income tax rate	36.00%	41.00%
Income tax payables	$ 482		$ 0

- Definition

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

+ References + Details

COMMITMENTS AND CONTINGENCIES (Details)	3 Months Ended		12 Months Ended
COMMITMENTS AND CONTINGENCIES (Details)	Mar. 31, 2023 USD ($) a facility	Jun. 30, 2014	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Loss Contingencies [Line Items]
Contractual obligation for future water payments	$ 269,079,000
Measurement period from entitlement achievement date		5 years
Number of community facility districts \| facility	2
Annual cost related to the letter of credit	$ 209,000			$ 214,000
Forecast
Loss Contingencies [Line Items]
Amount paid for water contracts			$ 13,480,000
Special taxes paid			$ 2,816,000
West CFD
Loss Contingencies [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
Loss Contingencies [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 costs for future years	9,763,557
Standby Letter of Credit
Loss Contingencies [Line Items]
Letters of credit outstanding amount	$ 4,393,000
Letter of credit period	2 years
Letter of credit renewal period	2 years
Annual cost related to the letter of credit	$ 60,000
DMB
Loss Contingencies [Line Items]
Contract renewal optional term	35 years

RETIREMENT PLANS - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Assumptions used in determining periodic pension cost:
Discount rate	5.00%	5.00%
Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Service period	5 years
Contributions to defined benefit plan	$ 165
Assumptions used in determining periodic pension cost:
Expected long-term rate of return on plan assets	5.00%	5.00%
Pension Plan \| Equities
Current investment policy targets:
Current investment mix	21.00%		21.00%
Pension Plan \| Treasury/Corporate Notes
Current investment policy targets:
Current investment mix	78.00%		78.00%
Pension Plan \| Money Market Funds
Current investment policy targets:
Current investment mix	1.00%		1.00%

RETIREMENT PLANS - Net Periodic Pension Cost (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Pension Plan
(Cost)/earnings components:
Interest cost	$ (104)	$ (78)
Expected return on plan assets	105	138
Net amortization and deferral	(17)	(12)
Total net periodic pension (cost)/earnings	(16)	48
SERP
(Cost)/earnings components:
Interest cost	(73)	(46)
Net amortization and deferral	(10)	(29)
Total net periodic pension (cost)/earnings	$ (83)	$ (75)

REPORTING SEGMENTS AND RELATED INFORMATION - Additional Information (Details)	3 Months Ended
	Mar. 31, 2023 USD ($) segment	Mar. 31, 2022 USD ($)
Revenue from External Customer [Line Items]
Number of reportable segments \| segment	5
Segment losses	$ 11,779,000	$ 15,808,000
Real estate - resort/residential
Revenue from External Customer [Line Items]
Revenues	0
Real estate - resort/residential \| Operating Segments
Revenue from External Customer [Line Items]
Segment losses	$ 388,000	$ 423,000

- Definition

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).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=123596393&loc=d3e14064-108612

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
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-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(1))
-URI https://asc.fasb.org/extlink&oid=126953954&loc=SL114868664-224227

+ Details

REPORTING SEGMENTS AND RELATED INFORMATION - Schedule of Revenue Components of Real Estate Segments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenue from External Customer [Line Items]
Equity in earnings of unconsolidated joint ventures, net	$ 1,517	$ 1,213
Commercial/industrial expenses	11,779	15,808
Operating Segments
Revenue from External Customer [Line Items]
Commercial/industrial revenues	12,265	21,020
Real estate - commercial/industrial \| Operating Segments
Revenue from External Customer [Line Items]
Commercial/industrial revenues	2,676	7,349
Equity in earnings of unconsolidated joint ventures, net	1,517	1,213
Commercial/industrial revenues and equity in earnings of unconsolidated joint ventures	4,193	8,562
Commercial/industrial expenses	1,695	2,736
Operating results from commercial/industrial and unconsolidated joint ventures	$ 2,498	$ 5,826

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

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

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599

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

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

+ Details

REPORTING SEGMENTS AND RELATED INFORMATION - Schedule of Revenue Components of Mineral Resources Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenue from External Customer [Line Items]
Total expenses	$ 11,779	$ 15,808
Operating results	486	5,212
Mineral resources \| Operating Segments
Revenue from External Customer [Line Items]
Revenues	6,912	11,968
Total expenses	4,066	7,157
Operating results	$ 2,846	$ 4,811

- Definition

+ References

+ Details

REPORTING SEGMENTS AND RELATED INFORMATION - Schedule of Revenue Components of Farming Segments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenue from External Customer [Line Items]
Total expenses	$ 11,779	$ 15,808
Operating results	486	5,212
Farming \| Operating Segments
Revenue from External Customer [Line Items]
Revenues	1,185	655
Total expenses	2,013	1,762
Operating results	$ (828)	$ (1,107)

- Definition

+ References

+ Details

REPORTING SEGMENTS AND RELATED INFORMATION - Schedule of Revenue Components of Ranch Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenue from External Customer [Line Items]
Total expenses	$ 11,779	$ 15,808
Operating results	486	5,212
Ranch operations \| Operating Segments
Revenue from External Customer [Line Items]
Revenues	1,492	1,048
Total expenses	1,330	1,315
Operating results	$ 162	$ (267)

- Definition

+ References

+ Details

INVESTMENT IN UNCONSOLIDATED AND CONSOLIDATED JOINT VENTURES - Additional Information (Details)					1 Months Ended					3 Months Ended			12 Months Ended
	Jan. 26, 2023 USD ($)	Mar. 29, 2022 USD ($) ft²	Mar. 25, 2021 USD ($) ft²	Apr. 01, 2019 USD ($)	Dec. 31, 2022 USD ($)	Feb. 28, 2022 unit	Nov. 30, 2018 ft²	Sep. 30, 2016 ft²	Aug. 31, 2016 USD ($) ft²	Mar. 31, 2023 USD ($) venture	Dec. 31, 2022 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2013 ft²	Jun. 01, 2018 USD ($)
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated joint ventures					$ 41,891,000					$ 36,291,000	$ 41,891,000
Equity in earnings of unconsolidated joint ventures, net										1,517,000		$ 1,213,000
Investment in unconsolidated joint ventures					41,891,000					36,291,000	41,891,000
Real estate development					321,293,000					$ 324,318,000	321,293,000
Centennial
Schedule of Equity Method Investments [Line Items]
Consolidated joint venture, ownership interest										93.32%
TRC-MRC 4, LLC
Schedule of Equity Method Investments [Line Items]
Debt					40,130,000					$ 62,400,000	40,130,000
Profit margin										251,000		(1,000)
TRC-MRC 3, LLC
Schedule of Equity Method Investments [Line Items]
Debt					34,494,000					34,281,000	34,494,000
Profit margin										196,000		158,000
TRC-MRC 2, LLC
Schedule of Equity Method Investments [Line Items]
Debt					22,612,000					22,447,000	22,612,000
Profit margin										667,000		344,000
TRC-MRC 1, LLC
Schedule of Equity Method Investments [Line Items]
Debt					22,787,000					22,629,000	22,787,000
Profit margin										96,000		19,000
Total
Schedule of Equity Method Investments [Line Items]
Debt					161,048,000					183,736,000	161,048,000
Profit margin										2,579,000		2,040,000
TRCC/Rock Outlet Center, LLC
Schedule of Equity Method Investments [Line Items]
Debt					27,707,000					27,432,000	27,707,000
Profit margin										$ (887,000)		$ (414,000)
Petro Travel Plaza Holdings, LLC
Schedule of Equity Method Investments [Line Items]
Unconsolidated joint ventures, ownership interest										50.00%
Right and share of profit and loss										60.00%
Investment in unconsolidated joint ventures					25,441,000					$ 25,004,000	25,441,000
Majestic Realty Co.
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated joint ventures									$ 24,773,000
Number of joint venture contracts \| venture										5
Area of building owned and leased \| ft²									651,909
TRC-MRC 5, LLC
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated joint ventures					4,300,000					$ 4,243,000	4,300,000
Number of acres for development \| ft²		446,400
Construction loan										49,226,000
Value of property contributed					8,501,000
Real estate development										2,477,000
Equity method investment, deferred gain on sale		$ 3,012,000
Percentage of rentable space		100.00%
TRCC-East
Schedule of Equity Method Investments [Line Items]
Number of acres for development \| ft²														326,000
Number of multi-family rental units \| unit						495
Payments to acquire interest in joint venture	$ 175,000
Deficit balance										$ 1,954,000
Percentage of building leased										100.00%
Area of building owned and leased \| ft²								480,480
TRC-MRC 4, LLC
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated joint ventures					4,485,000					$ 0	$ 4,485,000
Number of acres for development \| ft²			629,274
Value of property contributed													$ 8,464,000
Real estate development													$ 2,895,000
Equity method investment, deferred gain on sale			$ 2,785,000
Percentage of rentable space											100.00%
Deficit balance										5,760,000
TRC-MRC 3, LLC
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated joint ventures					386,000					$ 209,000	$ 386,000
Number of acres for development \| ft²							579,040
Percentage of building leased										100.00%
TRC-MRC 3, LLC \| Land
Schedule of Equity Method Investments [Line Items]
Value of property contributed				$ 5,854,000
TRC-MRC 2, LLC
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated joint ventures					0					$ 0	0
Deficit balance										$ 2,062,000
Percentage of building leased										100.00%
Debt instrument face amount															$ 25,240,000
TRC-MRC 1, LLC
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated joint ventures					0					$ 0	0
Borrowings under joint venture										25,030,000
Rockefeller Joint Ventures
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated joint ventures										$ 6,835,000
Number of joint venture contracts \| venture										1
Five West Parcel Llc
Schedule of Equity Method Investments [Line Items]
Unconsolidated joint ventures, ownership interest														50.00%
TRCC/Rock Outlet Center, LLC
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated joint ventures					$ 7,279,000					$ 6,835,000	$ 7,279,000
TRCC/Rock Outlet Center, LLC \| Total
Schedule of Equity Method Investments [Line Items]
Decrease in outstanding amount										$ 4,600,000

INVESTMENT IN UNCONSOLIDATED AND CONSOLIDATED JOINT VENTURES - Schedule of Condensed Statements of Operations and Balance Sheet Information of Consolidated and Unconsolidated Joint Ventures (Details) - USD ($) $ in Thousands		3 Months Ended
	Mar. 29, 2022	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021
Statement of Operations
Equity in Earnings (Loss)		$ 1,517	$ 1,213
Equity Method Investment, Summarized Financial Information, Tenant Allowance Amortization		300	300
Balance Sheet Information
Assets		572,129		$ 566,791
Equity (Deficit)		477,052	462,882	477,594	$ 456,511
Equity		36,291		41,891
Petro Travel Plaza Holdings, LLC
Statement of Operations
Equity in Earnings (Loss)		1,362	1,161
Balance Sheet Information
Equity		25,004		25,441
TRCC/Rock Outlet Center, LLC
Statement of Operations
Equity in Earnings (Loss)		(443)	(207)
Balance Sheet Information
Equity		6,835		7,279
TRC-MRC 1, LLC
Statement of Operations
Equity in Earnings (Loss)		48	9
Balance Sheet Information
Equity		0		0
TRC-MRC 2, LLC
Statement of Operations
Equity in Earnings (Loss)		334	172
Balance Sheet Information
Equity		0		0
TRC-MRC 3, LLC
Statement of Operations
Equity in Earnings (Loss)		98	79
Balance Sheet Information
Equity		209		386
TRC-MRC 4, LLC
Statement of Operations
Equity in Earnings (Loss)		125	(1)
Balance Sheet Information
Equity		0		4,485
TRC-MRC 5, LLC
Statement of Operations
Equity in Earnings (Loss)		(7)	0
Balance Sheet Information
Equity		4,243		4,300
Petro Travel Plaza Holdings, LLC
Statement of Operations
Revenues		34,812	38,328
Earnings (Loss)		2,270	1,934
Balance Sheet Information
Assets		82,290		84,225
Debt		(13,128)		(13,318)
Equity (Deficit)		62,339		63,069
TRCC/Rock Outlet Center, LLC
Statement of Operations
Revenues		1,431	1,564
Earnings (Loss)		(887)	(414)
Balance Sheet Information
Assets		58,286		59,196
Debt		(27,432)		(27,707)
Equity (Deficit)		(29,797)		30,684
TRC-MRC 1, LLC
Statement of Operations
Revenues		961	839
Earnings (Loss)		96	19
Balance Sheet Information
Assets		23,631		24,085
Debt		(22,629)		(22,787)
Equity (Deficit)		638		1,042
TRC-MRC 2, LLC
Statement of Operations
Revenues		1,390	1,025
Earnings (Loss)		667	344
Balance Sheet Information
Assets		19,048		18,398
Debt		(22,447)		(22,612)
Equity (Deficit)		(3,589)		(3,939)
TRC-MRC 3, LLC
Statement of Operations
Revenues		1,051	1,018
Earnings (Loss)		196	158
Balance Sheet Information
Assets		36,350		36,608
Debt		(34,281)		(34,494)
Equity (Deficit)		1,861		2,690
TRC-MRC 4, LLC
Statement of Operations
Revenues		1,776	0
Earnings (Loss)		251	(1)
Balance Sheet Information
Assets		52,858		50,497
Debt		(62,400)		(40,130)
Equity (Deficit)		(12,859)		8,974
TRC-MRC 5, LLC
Statement of Operations
Revenues		0	0
Earnings (Loss)	$ 3,012	(14)	0
Balance Sheet Information
Assets		10,741		8,602
Debt		(1,419)		0
Equity (Deficit)		8,586		0
Total
Statement of Operations
Revenues		41,421	42,774
Earnings (Loss)		2,579	2,040
Balance Sheet Information
Assets		283,204		281,611
Debt		(183,736)		(161,048)
Equity (Deficit)		27,179		102,520
Centennial
Statement of Operations
Revenues		175	121
Earnings (Loss)		109	$ 97
Balance Sheet Information
Assets		103,532		102,984
Debt		0		0
Equity (Deficit)		$ 103,347		$ 102,689

RELATED PARTY TRANSACTIONS (Details) $ in Thousands	3 Months Ended
RELATED PARTY TRANSACTIONS (Details) $ in Thousands	Mar. 31, 2023 USD ($) a director acre ft	Dec. 31, 2022 acre ft
Related Party Transaction [Line Items]
Purchased water contracts	10,137,000	10,137,000
Wheeler Ridge Maricopa Water Storage District
Related Party Transaction [Line Items]
Purchased water contracts	15,547,000	15,547,000
SWP Water Contracts \| Wheeler Ridge Maricopa Water Storage District \| Executive Vice President and Chief Operating Officer
Related Party Transaction [Line Items]
Acres of land \| a	5,496
Purchased water contracts	15,547
Number of directors \| director	9
Water contracts and related costs \| $	$ 2,363