0000096869-24-000014 | 10-Q | XBRL Viewer

LINE OF CREDIT AND LONG-TERM DEBT

9 Months Ended

Sep. 30, 2024

Debt consisted of the following:


($ in thousands)	September 30, 2024		December 31, 2023
Revolving line-of-credit1	$	59,942	$	47,942






1Deferred loan costs for the revolving line-of-credit as of September 30, 2024 and December 31, 2023 were recorded under the caption Other Assets on the Consolidated Balance Sheets.

On November 17, 2023, the Company entered into a Credit Agreement with AgWest Farm Credit, PCA and certain other lenders (the Revolving Credit Facility). The Revolving Credit Facility provides TRC a RCL in the amount of $160,000,000. The RCL requires interest only payments and has a maturity date of January 1, 2029. As of September 30, 2024, the outstanding balance under the RCL was $59,942,000, and the interest rate was one-month term SOFR plus a margin of 2.25% for an effective rate of 7.45%.

Funds from the RCL in November 2023 were used to pay off and close out the existing Bank of America, N.A. Term Note (the Bank of America Term Loan) and Revolving Line of Credit Note. The amount of this pay off was $47,078,564 plus accrued interest and fees on the Bank of America Term Note. The Company evaluated the debt exchange under ASC Topic 470 and determined that the exchange should be treated as a debt extinguishment.

- 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.

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+ Details

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ (1,836)	$ (341)	$ (1,793)	$ 1,700

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

STOCK COMPENSATION - RESTRICTED STOCK AND PERFORMANCE SHARE GRANTS - Schedule of Performance Share Grants with Performance Conditions (Details) - Performance share grants	9 Months Ended
	Sep. 30, 2024 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Target performance (in shares)	429,418
Maximum performance (in shares)	543,023

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

RETIREMENT PLANS - Additional Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Assumptions used in determining periodic pension cost:
Discount rate	4.85%	4.85%
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 \| Treasury/Corporate Notes
Current investment policy targets:
Current investment mix	99.00%		99.00%
Pension Plan \| Money Market Funds
Current investment policy targets:
Current investment mix	1.00%		1.00%

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

3 Months Ended

9 Months Ended

12 Months Ended

Sep. 30, 2024

Sep. 30, 2023

Sep. 30, 2024

Sep. 30, 2023

Dec. 31, 2023

Operating Activities

Net (loss) income

$ (1,836)

$ (347)

$ (1,794)

$ 1,697

Adjustments to reconcile net (loss) income to net cash provided by operating activities:

Depreciation and amortization

3,137

3,003

Amortization of discount of marketable securities

(425)

(442)

Equity in earnings of unconsolidated joint ventures, net

(3,329)

(1,161)

(7,611)

(4,616)

Non-cash retirement plan expense

267

200

Profit from water sales

^[1]

(490)

(Gain) loss on sale of property plant and equipment

(8)

Deferred income taxes

Stock compensation expense

4,086

2,369

Excess tax benefit from stock-based compensation

(1)

(105)

Distribution of earnings from unconsolidated joint ventures

1,092

13,176

Changes in operating assets and liabilities:

Receivables, inventories, prepaids and other assets, net

1,292

(5,231)

Current liabilities

1,007

5,130

Net cash provided by operating activities

1,045

14,750

Investing Activities

Maturities and sales of marketable securities

85,769

91,831

Funds invested in marketable securities

(66,640)

(87,272)

Real estate and equipment expenditures

(40,995)

(13,513)

Reimbursement proceeds from Community Facilities District

3,309

Proceeds from sale of property plant and equipment

Investment in unconsolidated joint ventures

(3,750)

Distribution of equity from unconsolidated joint ventures

5,783

10,645

Proceeds from water sales

^[1]

1,324

Investments in water assets

(4,616)

(6,070)

Net cash used in investing activities

(17,377)

(6,805)

Financing Activities

Borrowings on line of credit

12,000

Repayments of long-term debt

(1,321)

Taxes on vested stock grants

(206)

(2,594)

Net cash provided by (used in) financing activities

11,794

(3,915)

(Decrease) increase in cash, cash equivalents, and restricted cash

(4,538)

4,030

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

32,407

39,619

$ 39,619

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

27,869

43,649

27,869

43,649

32,407

Reconciliation to amounts on consolidated balance sheets:

Cash and cash equivalents

27,369

43,149

27,369

43,149

31,907

Restricted cash (Shown in prepaid expenses and other current assets)

500

Total cash, cash equivalents, and restricted cash

$ 27,869

$ 43,649

27,869

43,649

$ 32,407

Non-cash investing activities

Accrued capital expenditures included in current liabilities

4,255

742

Accrued long-term water assets included in current liabilities

$ 300

$ 1,248

[1]

In determining the classification of cash inflows and outflows related to water asset activity, the Company’s practices are supported by ASC Topic 230-10-45-22, which provides that certain cash receipts and payments have aspects of more than one class of cash flows, whereby appropriate classification depends on the activity that is likely to be the predominant source of cash flows for the transaction. Also, at the 2006 American Institute of Certified Public Accountants Conference on Current SEC and PCAOB Developments, the 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.

REPORTING SEGMENTS AND RELATED INFORMATION

9 Months Ended

Sep. 30, 2024

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 Development

Commercial/Industrial real estate development segment revenues consist of 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 14 (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 September 30,				Nine Months Ended September 30,
($ in thousands)	2024		2023		2024		2023







Commercial/industrial revenues	$	3,002	$	3,397	$	8,497	$	8,706
Equity in earnings of unconsolidated joint ventures	3,329		1,161		7,611		4,616
Commercial/industrial revenues and equity in earnings of unconsolidated joint ventures	6,331		4,558		16,108		13,322
Commercial/industrial expenses	2,088		2,137		6,005		5,517
Operating results from commercial/industrial and unconsolidated joint ventures	$	4,243	$	2,421	$	10,103	$	7,805

Real Estate - Resort/Residential Development

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 $328,000 and $367,000 for the three months ended September 30, 2024 and 2023, respectively. The segment generated losses of $2,316,000 and $1,079,000 for the nine months ended September 30, 2024 and 2023, 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 September 30,				Nine Months Ended September 30,
($ in thousands)	2024		2023		2024		2023






Mineral resources revenues	$	3,166	$	3,118	$	7,687	$	11,630
Mineral resources expenses	1,812		2,000		5,043		6,991
Operating results from mineral resources	$	1,354	$	1,118	$	2,644	$	4,639

Farming

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


	Three Months Ended September 30,				Nine Months Ended September 30,
($ in thousands)	2024		2023		2024		2023





Farming revenues	$	3,242	$	2,642	$	4,249	$	4,852
Farming expenses	6,252		2,157		9,406		5,644
Operating results from farming	$	(3,010)	$	485	$	(5,157)	$	(792)

Ranch Operations

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


	Three Months Ended September 30,				Nine Months Ended September 30,
($ in thousands)	2024		2023		2024		2023


Ranch operations revenues	$	1,446	$	1,052	$	3,518	$	3,384
Ranch operations expenses	1,223		1,196		3,711		3,864
Operating results from ranch operations	$	223	$	(144)	$	(193)	$	(480)

- 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

STOCK COMPENSATION - RESTRICTED STOCK AND PERFORMANCE SHARE GRANTS - Schedule of Stock Grant Activity (Details) - Performance share grants	9 Months Ended
	Sep. 30, 2024 shares
Summary of stock grant activity:
Stock grants outstanding beginning of the year at target achievement (in shares)	248,768
New stock grants/additional shares due to achievement in excess of target (in shares)	386,956
Vested grants (in shares)	(22,025)
Expired/forfeited grants (in shares)	(10,905)
Stock grants outstanding end of period at target achievement (in shares)	602,794

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

9 Months Ended

Sep. 30, 2024

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 September 30, 2024:


Performance Condition Grants


Target performance						429,418
Maximum performance						543,023

Schedule of Stock Grant Activity

The following is a summary of the Company’s stock grant activity, both time and performance unit grants, assuming target achievement for outstanding performance grants for the nine months ended September 30, 2024:


			September 30, 2024
Stock grants outstanding beginning of period at target achievement			248,768
New stock grants/additional shares due to achievement in excess of target			386,956
Vested grants			(22,025)
Expired/forfeited grants			(10,905)
Stock grants outstanding end of period at target achievement			602,794

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 September 30, 2024:


($ in thousands except for share prices)
Grant date	12/16/2021	03/17/2022	12/14/2022	06/16/2023
Vesting end	12/16/2024	03/17/2025	12/14/2025	12/31/2025
Target share price to achieve award	$21.58	$20.43	$21.99	$20.72

Expected volatility	31.29%	31.54%	32.14%	26.58%
Risk-free interest rate	0.92%	2.13%	3.84%	4.38%

Simulated Monte Carlo share price	$21.48	$21.75	$26.00	$20.24
Shares granted	3,536	13,338	4,613	9,515
Total fair value of award	$76	$290	$120	$193


($ in thousands except for share prices)
Grant date	08/21/2023	12/16/2023	03/13/2024	03/13/2024
Vesting end	12/31/2025	12/31/2026	12/31/2024	03/22/2027
Share price at target achievement	$19.20	$19.65	$17.58	$18.93

Expected volatility	25.55%	25.91%	29.62%	25.56%
Risk-free interest rate	4.74%	4.02%	4.62%	4.31%

Simulated Monte Carlo share price	$17.88	$19.74	$15.58	$18.36
Shares granted	1,650	4,828	18,626	15,225
Total fair value of award	$30	$95	$290	$280

Schedule of Stock Compensation Costs for Employee and NDSI Plans

The following table summarizes stock compensation costs for the Company's 2023 Stock Incentive Plan, 1998 Stock Incentive Plan, and the prior Non-Employee Director Stock Incentive Plan for the following periods:


($ in thousands)	Nine Months Ended September 30,
Employee:	2024		2023
Expensed	$	3,665	$	1,967
Capitalized	620		379
	4,285		2,346
Director:	421		402
Total Stock Compensation Costs	$	4,706	$	2,748

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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Statement of Operations
Equity in Earnings (Loss)	$ 3,329	$ 1,161	$ 7,611	$ 4,616
Non-cash tenant allowance amortization	300	300
Balance Sheet Information
Assets	598,037		598,037			$ 577,523
Equity (Deficit)	483,683	480,990	483,683	480,990	$ 484,583	483,096	$ 479,077	$ 477,594
Equity	34,429		34,429			33,648
Petro Travel Plaza Holdings, LLC
Statement of Operations
Equity in Earnings (Loss)	2,785	1,041	6,004	4,128
Balance Sheet Information
Equity	25,374		25,374			19,370
TRCC/Rock Outlet Center, LLC
Statement of Operations
Equity in Earnings (Loss)	(497)	(376)	(1,130)	(1,256)
Non-cash tenant allowance amortization			1,000	900
Balance Sheet Information
Equity	8,813		8,813			9,943
TRC-MRC 1, LLC
Statement of Operations
Equity in Earnings (Loss)	224	187	375	413
Balance Sheet Information
Equity	0		0			0
TRC-MRC 2, LLC
Statement of Operations
Equity in Earnings (Loss)	555	341	1,443	1,042
Balance Sheet Information
Equity	0		0			0
TRC-MRC 3, LLC
Statement of Operations
Equity in Earnings (Loss)	107	33	321	235
Balance Sheet Information
Equity	242		242			141
TRC-MRC 4, LLC
Statement of Operations
Equity in Earnings (Loss)	93	(59)	414	75
Balance Sheet Information
Equity	0		0			0
TRC-MRC 5, LLC
Statement of Operations
Equity in Earnings (Loss)	62	(6)	184	(21)
Balance Sheet Information
Equity	0		0			4,194
Petro Travel Plaza Holdings, LLC
Statement of Operations
Revenues	40,446	44,976	116,344	120,002
Earnings (Loss)	4,641	1,736	10,006	6,880
Balance Sheet Information
Assets	84,778		84,778			72,633
Debt	(11,984)		(11,984)			(12,556)
Equity (Deficit)	62,956		62,956			52,950
TRCC/Rock Outlet Center, LLC
Statement of Operations
Revenues	1,644	1,740	5,148	4,734
Earnings (Loss)	(994)	(753)	(2,259)	(2,512)
Balance Sheet Information
Assets	55,181		55,181			58,040
Debt	(20,626)		(20,626)			(20,850)
Equity (Deficit)	33,275		33,275			35,535
TRC-MRC 1, LLC
Statement of Operations
Revenues	1,278	1,110	3,135	3,229
Earnings (Loss)	446	373	749	826
Balance Sheet Information
Assets	24,868		24,868			25,224
Debt	(21,642)		(21,642)			(22,144)
Equity (Deficit)	2,113		2,113			1,684
TRC-MRC 2, LLC
Statement of Operations
Revenues	1,785	1,647	4,980	4,468
Earnings (Loss)	1,111	683	2,887	2,084
Balance Sheet Information
Assets	20,862		20,862			18,882
Debt	(21,414)		(21,414)			(21,939)
Equity (Deficit)	(673)		(673)			(2,597)
TRC-MRC 3, LLC
Statement of Operations
Revenues	1,082	1,138	3,268	3,270
Earnings (Loss)	216	68	643	471
Balance Sheet Information
Assets	35,101		35,101			35,467
Debt	(32,952)		(32,952)			(33,627)
Equity (Deficit)	613		613			2,087
TRC-MRC 4, LLC
Statement of Operations
Revenues	1,875	1,746	5,837	5,281
Earnings (Loss)	183	(120)	826	149
Balance Sheet Information
Assets	49,720		49,720			49,964
Debt	(61,144)		(61,144)			(61,776)
Equity (Deficit)	(13,601)		(13,601)			(12,192)
TRC-MRC 5, LLC
Statement of Operations
Revenues	1,710	0	4,680	0
Earnings (Loss)	126	(12)	369	(42)
Balance Sheet Information
Assets	51,636		51,636			49,687
Debt	(52,984)		(52,984)			(35,138)
Equity (Deficit)	(3,016)		(3,016)			8,390
Total
Statement of Operations
Revenues	49,820	52,357	143,392	140,984
Earnings (Loss)	5,729	1,975	13,221	7,856
Balance Sheet Information
Assets	322,146		322,146			309,897
Debt	(222,746)		(222,746)			(208,030)
Equity (Deficit)	81,667		81,667			85,857
Centennial
Statement of Operations
Revenues	0	15	66	190
Earnings (Loss)	(9)	$ (84)	(22)	$ (46)
Balance Sheet Information
Assets	106,902		106,902			104,979
Debt	0		0			0
Equity (Deficit)	$ 106,531		$ 106,531			$ 104,753

REPORTING SEGMENTS AND RELATED INFORMATION - Schedule of Revenue Components of Mineral Resources Segment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue from External Customer [Line Items]
Total expenses	$ 14,648	$ 10,172	$ 35,275	$ 29,919
Operating results from mineral resources	(3,792)	37	(11,324)	(1,347)
Mineral resources \| Operating Segments
Revenue from External Customer [Line Items]
Revenues	3,166	3,118	7,687	11,630
Total expenses	1,812	2,000	5,043	6,991
Operating results from mineral resources	$ 1,354	$ 1,118	$ 2,644	$ 4,639

- 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).

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+ Details

INCOME TAXES	9 Months Ended
INCOME TAXES	Sep. 30, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company’s provision for income taxes as of September 30, 2024 has been calculated by applying an estimate of the annual effective tax rate for the full year to “ordinary” income or loss (pre-tax income or loss excluding unusual or infrequently occurring discrete items). For the nine months ended September 30, 2024, the Company’s income tax benefit was $286,000 compared to income tax expense of $3,619,000 for the nine months ended September 30, 2023. Effective tax rates were 14% and 68% for the nine months ended September 30, 2024 and 2023, respectively. As of September 30, 2024, the Company had income taxes receivable of $1,814,000. The Company classifies interest and penalties incurred on tax payments as income tax expense. For the nine months ended September 30, 2024, the Company’s effective tax rate was above statutory tax rates as a result of permanent differences related to Internal Revenue Code Section 162(m) limitations. Internal Revenue Code 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 tax.

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MARKETABLE SECURITIES - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Fair market value of investment securities below their cost basis	$ 20		$ 20
Gross unrealized holding gains	21		21
Gross unrealized holding losses	1		1
Other comprehensive income before taxes	46	$ 1,786	40	$ 2,148
Income tax provision related to other comprehensive income items	(13)	$ (500)	(11)	$ (601)
Accrued interest receivable balance	$ 114		$ 114

- Definition

Amount before tax, after reclassification adjustments of other comprehensive income (loss).

+ References + Details

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Amount of tax expense (benefit) allocated to other comprehensive income (loss).

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REPORTING SEGMENTS AND RELATED INFORMATION - Schedule of Revenue Components of Farming Segments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue from External Customer [Line Items]
Total expenses	$ 14,648	$ 10,172	$ 35,275	$ 29,919
Operating results from farming	(3,792)	37	(11,324)	(1,347)
Farming \| Operating Segments
Revenue from External Customer [Line Items]
Revenues	3,242	2,642	4,249	4,852
Total expenses	6,252	2,157	9,406	5,644
Operating results from farming	$ (3,010)	$ 485	$ (5,157)	$ (792)

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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
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-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section S99
-Paragraph 1A
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Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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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
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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+ Details

ACCRUED LIABILITIES AND OTHER

9 Months Ended

Sep. 30, 2024

Payables and Accruals [Abstract]

ACCRUED LIABILITIES AND OTHER

Accrued liabilities and other consisted of the following:



($ in thousands)	September 30, 2024		December 31, 2023
Accrued vacation	$	692	$	657
Accrued paid personal leave	292		309
Accrued bonus	2,026		1,962

Property tax payable1	1,121		—
Accrued stock compensation expense	2,148		—
Other	286		286
	$	6,565	$	3,214

1 California property taxes are accrued throughout the year and are paid every April and December.

STOCK COMPENSATION - RESTRICTED STOCK AND PERFORMANCE SHARE GRANTS - Additional Information (Details) $ / shares in Units, $ in Thousands		9 Months Ended
	Mar. 13, 2024 $ / shares shares	Sep. 30, 2024 USD ($) award
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of types of stock grant awards \| award		3
Total compensation cost not yet recognized		$ 4,196
Total compensation cost not yet recognized, period for recognition		14 months
Time-Based Cash-Settled Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares) \| shares	75,117
Unrecognized compensation cost		$ 400
Market-Based, Cash-Settled Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares) \| shares	14,867
Unrecognized compensation cost		100
Share price (in dollars per share) \| $ / shares	$ 17.58
Market-Based, Cash-Settled Awards \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of target amount depending upon performance achieved over performance period	0.00%
Market-Based, Cash-Settled Awards \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of target amount depending upon performance achieved over performance period	200.00%
Performance-Based Cash-Settled Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares) \| shares	120,188
Unrecognized compensation cost		$ 600
Performance-Based Cash-Settled Awards \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of target amount depending upon performance achieved over performance period	0.00%
Performance-Based Cash-Settled Awards \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of target amount depending upon performance achieved over performance period	100.00%

LONG-TERM WATER ASSETS (Tables)

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Water Revenues and Cost of Sales

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


	September 30, 2024		September 30, 2023
Acre-Feet Sold	2,625		4,020

Revenues	$	3,260	$	6,615
Cost of sales	2,663		4,015
Profit	$	597	$	2,600

Schedule of Tangible Water Assets

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


	September 30, 2024		December 31, 2023
Banked water and water for future delivery	$	34,726	$	31,002
Transferable water	1,948		756
Total water held for future use at cost	$	36,674	$	31,758

Schedule of Finite-Lived Intangible Assets

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


	September 30, 2024				December 31, 2023
	Costs		Accumulated Depreciation		Costs		Accumulated Depreciation
Dudley-Ridge water rights	$	11,581	$	(6,634)	$	11,581	$	(6,272)
Nickel water rights	18,740		(7,014)		18,740		(6,532)
Tulare Lake Basin water rights	6,479		(3,802)		6,479		(3,624)
	$	36,800	$	(17,450)	$	36,800	$	(16,428)
Net cost of purchased water contracts	19,350				20,372
Total cost of water held for future use	36,674				31,758
Net investments in water assets	$	56,024			$	52,130

Schedule of Components of Water Assets

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


(in acre-feet, unaudited)	September 30, 2024	December 31, 2023
Water held for future use
TCWD - Banked water owned by the Company	69,137	65,005
Company water bank	54,728	54,728
Transferable water	3,223	1,000
Recharged project water	6,590	6,590
Total water held for future use	133,678	127,323
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	165,111	158,756

EQUITY (Tables)

9 Months Ended

Sep. 30, 2024

Stockholders' Equity Note [Abstract]

Schedule of Weighted Average Number of Shares Outstanding


	Three Months Ended September 30,			Nine Months Ended September 30,
	2024		2023	2024		2023
Weighted-average number of shares outstanding:
Common stock	26,814,051		26,725,628	26,801,044		26,695,714
Common stock equivalents	—	1	72,435	—	1	76,668
Diluted shares outstanding	26,814,051		26,798,063	26,801,044		26,772,382
1. For the three and nine months ended September 30, 2024, 83,668 and 101,754 shares of restricted stock were excluded from the calculation of diluted net loss per share as the shares were antidilutive.

BASIS OF PRESENTATION	9 Months Ended
BASIS OF PRESENTATION	Sep. 30, 2024
Accounting Policies [Abstract]
BASIS OF PRESENTATION	BASIS OF PRESENTATION The summarized information of Tejon Ranch Co. and its subsidiaries (the Company, TRC or Tejon), provided pursuant to Part I, Item 1 of Form 10-Q, is unaudited and reflects all adjustments which are, in the opinion of the Company’s management, necessary for a fair statement of the results for the interim period. All such adjustments are of a normal, recurring nature. The Company has evaluated subsequent events through the date of issuance of its consolidated financial statements. The periods ended September 30, 2024 and 2023 include the consolidation of CFL’s statements of operations within the resort/residential real estate development segment, statements of changes in equity, and statements of cash flows. The Company’s September 30, 2024 and December 31, 2023 balance sheets are presented on a consolidated basis, including the consolidation of CFL. 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 is 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, 2023. Financial Instruments Certain financial instruments are carried on the consolidated balance sheets 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 revolving line of credit also approximates its carrying value, as the interest rate is variable and approximates 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 relates to funds held in escrow. The Company had $500,000 of restricted cash as of September 30, 2024 and December 31, 2023. New Accounting Pronouncements and Climate Change Related Update by SEC Effective in Future Periods Business Combinations - Joint Venture Formations In August 2023, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update, or ASU, No. 2023-05, "Business Combinations - Joint Venture Formations." This ASU addresses the accounting for contributions made to a joint venture, upon formation, in a joint venture's separate financial statements. The pronouncement requires a joint venture to initially measure contributions at fair value upon formation, which is more relevant than the carrying amounts of the contributed net assets and would reduce equity method basis differences. The ASU is effective prospectively for all joint venture formations with a formation date on or after January 1, 2025. This pronouncement is not expected to have a material effect on our consolidated financial statements. Segment Reporting In November 2023, the FASB issued ASU No. 2023-07, "Segment Reporting - Improvements to Reportable Segment Disclosures". This ASU requires quarterly disclosure of segment expenses if they are (i) significant to the segment, (ii) regularly provided to the chief operating decision maker (“CODM”), and (iii) included in each reported measure of a segment’s profit or loss. In addition, this ASU requires an annual disclosure of the CODM’s title and a description of how the CODM uses the segment’s profit/loss measure to assess segment performance and to allocate resources. This ASU will be effective for the Company's annual report on Form 10-K beginning with the year ending December 31, 2024, and for subsequent quarterly and annual reports. The Company does not expect this ASU to have a material effect on our consolidated financial statements. Income Taxes In December 2023, the FASB issued ASU No. 2023-09, "Income Taxes (Topic740) - Improvements to Income Tax Disclosures". This ASU requires public business entities to disclose a tabular rate reconciliation of both percentages and reporting currency amounts on an annual basis. The ASU also requires disclosure of information on the amount of income taxes paid disaggregated by federal, state and foreign taxes. This ASU is effective for annual periods beginning after December 15, 2024. The pronouncement is not expected to have a material effect on our consolidated financial statements. Adoption of Rules to Enhance and Standardize Climate-related Disclosures for Investors On March 6, 2024, the SEC adopted final rules to require registrants to disclose certain climate-related information in registration statements and annual reports. On April 4, 2024, the SEC issued an order staying the final rules pending completion of judicial review of the petitions challenging the final rules. The order does not amend the compliance dates contemplated by the final rules, which are applicable to the Company for fiscal years beginning with the Company’s annual report on Form 10-K for the fiscal year ended December 31, 2027. We are currently evaluating the impact of our pending adoption of these requirements on our financial statement disclosures.

LONG-TERM WATER ASSETS - Additional Information (Details)	9 Months Ended
	Sep. 30, 2024 $ / 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	957
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

RETIREMENT PLANS - Net Periodic Pension Cost (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Pension Plan
(Cost)/earnings components:
Interest cost	$ (312)	$ (312)
Expected return on plan assets	336	315
Net amortization and deferral	(42)	(51)
Total net periodic pension cost	(18)	(48)
SERP
(Cost)/earnings components:
Interest cost	(207)	(219)
Net amortization and deferral	(39)	(30)
Total net periodic pension cost	$ (246)	$ (249)

RETIREMENT PLANS (Tables)

9 Months Ended

Sep. 30, 2024

Retirement Benefits [Abstract]

Schedule of Components of Net Periodic Pension Cost

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


	Nine Months Ended September 30,
($ in thousands)	2024		2023
(Cost)/earnings components:

Interest cost	$	(312)	$	(312)
Expected return on plan assets	336		315
Net amortization and deferral	(42)		(51)
Total net periodic pension cost	$	(18)	$	(48)

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


	Nine Months Ended September 30,
($ in thousands)	2024		2023
Cost components:
Interest cost	$	(207)	$	(219)
Net amortization and other	(39)		(30)
Total net periodic pension cost	$	(246)	$	(249)

MARKETABLE SECURITIES - Schedule of Available-for-sale Securities by Maturities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Summary of maturities, at par, of marketable securities
2024	$ 6,286	$ 32,652
2025	7,650
Total	13,936	32,652
Certificates of deposit
Summary of maturities, at par, of marketable securities
2024		560
Total		560
U.S. Treasury and agency notes
Summary of maturities, at par, of marketable securities
2024	4,786	16,212
2025	7,650
Total	12,436	16,212
Corporate notes
Summary of maturities, at par, of marketable securities
2024	1,500	15,880
2025	0
Total	$ 1,500	$ 15,880

MARKETABLE SECURITIES (Tables)

9 Months Ended

Sep. 30, 2024

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)		September 30, 2024				December 31, 2023
Marketable Securities:	Fair Value Hierarchy	Cost		Fair Value		Cost		Fair Value
Certificates of deposit
with unrealized losses for less than 12 months		$	—	$	—	$	174	$	174

with unrealized gains		—		—		385		385
Total Certificates of deposit	Level 1	—		—		559		559
U.S. Treasury and agency notes
with unrealized losses for less than 12 months		2,145		2,145		13,797		13,787

with unrealized gains		10,231		10,252		2,374		2,374
Total U.S. Treasury and agency notes	Level 2	12,376		12,397		16,171		16,161
Corporate notes
with unrealized losses for less than 12 months		996		996		15,598		15,587
with unrealized losses for more than 12 months		500		499		—		—
with unrealized gains		—		—		249		249
Total Corporate notes	Level 2	1,496		1,495		15,847		15,836






		$	13,872	$	13,892	$	32,577	$	32,556

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

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


	September 30, 2024
($ in thousands)	2024		2025		Total

U.S. Treasury and agency notes	$	4,786	$	7,650	$	12,436
Corporate notes	1,500		—		1,500

	$	6,286	$	7,650	$	13,936


	December 31, 2023
($ in thousands)	2024		Total
Certificates of deposit	$	560	$	560
U.S. Treasury and agency notes	16,212		$	16,212
Corporate notes	15,880		15,880

	$	32,652	$	32,652

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

+ Details

REAL ESTATE

9 Months Ended

Sep. 30, 2024

Real Estate [Abstract]

REAL ESTATE

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


($ in thousands)	September 30, 2024		December 31, 2023
Real estate development
Mountain Village	$	157,480	$	155,168
Centennial	123,302		119,788
Grapevine	42,057		40,716
Tejon Ranch Commerce Center	51,502		21,585
Real estate development	$	374,341	$	337,257

Real estate and improvements - held for lease
Tejon Ranch Commerce Center	$	20,596	$	20,606
Less accumulated depreciation	(4,256)		(3,997)
Real estate and improvements - held for lease, net	$	16,340	$	16,609

ACCRUED LIABILITIES AND OTHER (Tables)

9 Months Ended

Sep. 30, 2024

Payables and Accruals [Abstract]

Schedule of Accrued Liabilities and Other

Accrued liabilities and other consisted of the following:



($ in thousands)	September 30, 2024		December 31, 2023
Accrued vacation	$	692	$	657
Accrued paid personal leave	292		309
Accrued bonus	2,026		1,962

Property tax payable1	1,121		—
Accrued stock compensation expense	2,148		—
Other	286		286
	$	6,565	$	3,214

1 California property taxes are accrued throughout the year and are paid every April and December.

LONG-TERM WATER ASSETS - Schedule of Components of Water Assets (Details) - acre ft	Sep. 30, 2024	Dec. 31, 2023
Water held for future use
Total water held for future use	133,678,000	127,323,000
Purchased water contracts	10,137,000	10,137,000
Total purchased water contracts	31,433,000	31,433,000
Total water held for future use and purchased water contracts	165,111,000	158,756,000
Tejon-Castac Water District
Water held for future use
Total water held for future use	69,137,000	65,005,000
Purchased water contracts	5,749,000	5,749,000
AVEK
Water held for future use
Company water bank	54,728,000	54,728,000
Transferable water	3,223,000	1,000,000
Recharged project water	6,590,000	6,590,000
WRMWSD - Contracts with the Company
Water held for future use
Purchased water contracts	15,547,000	15,547,000

COMMITMENTS AND CONTINGENCIES (Details)	3 Months Ended	9 Months Ended	12 Months Ended
COMMITMENTS AND CONTINGENCIES (Details)	Jun. 30, 2014	Sep. 30, 2024 USD ($) a facility	Dec. 31, 2024 USD ($)	Oct. 16, 2024 USD ($)	Jul. 25, 2024 USD ($)	Dec. 31, 2023 USD ($)
Loss Contingencies [Line Items]
Amount paid for water contracts		$ 12,495,000
Contractual obligation for future water payments		$ 288,905,000
Measurement period from entitlement achievement date	5 years
Number of community facility districts \| facility		2
Revolving line-of-credit		$ 59,942,000				$ 47,942,000
TRPFFA \| TRCC-East
Loss Contingencies [Line Items]
Additional costs for future years					$ 25,000,000
Forecast
Loss Contingencies [Line Items]
Special taxes paid			$ 3,282,000
West CFD
Loss Contingencies [Line Items]
Acres of land related to land liens \| a		420
Revolving line-of-credit		$ 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
Revolving line-of-credit		$ 95,660,000
Additional bond debt authorized to be sold in future		18,605,000
Additional costs for future years		$ 32,284,000
East CFD \| Subsequent Event
Loss Contingencies [Line Items]
Proceeds from funds				$ 7,284,000
Remaining funds				$ 25,000,000
DMB
Loss Contingencies [Line Items]
Contract renewal optional term		35 years

INVESTMENT IN UNCONSOLIDATED AND CONSOLIDATED JOINT VENTURES

9 Months Ended

Sep. 30, 2024

Equity Method Investments and Joint Ventures [Abstract]

INVESTMENT IN UNCONSOLIDATED AND CONSOLIDATED JOINT VENTURES

The Company maintains investments in joint ventures. The Company accounts for its investments in unconsolidated joint ventures using the equity method of accounting, unless the venture is a variable interest entity, or VIE, and meets the requirements for consolidation. The Company’s investment in its unconsolidated joint ventures as of September 30, 2024 was $34,429,000. The equity in the income of unconsolidated joint ventures was $7,611,000 for the nine months ended September 30, 2024. The unconsolidated joint ventures have not been consolidated as of September 30, 2024, because the Company does not control the investments. The Company’s current joint ventures are as follows:

•Petro Travel Plaza Holdings LLC – TA/Petro is an unconsolidated joint venture with TravelCenters of America Inc. for the development and management of travel plazas and convenience stores. The Company has 50% voting rights and shares 60% of profit and losses in this joint venture. It houses multiple commercial eating establishments, as well as diesel and gasoline operations in TRCC. The Company does not control the investment due to it having only 50% voting rights, and because the partner in the joint venture is the managing partner and performs all of the day-to-day operations and has significant decision-making authority regarding key business components, such as fuel inventory and pricing at the facility. The Company's investment in this joint venture was $25,374,000 as of September 30, 2024.

•Majestic Realty Co. – Majestic Realty Co., or Majestic, is a privately-held developer and owner of industrial and commercial properties throughout the United States. The Company partnered with Majestic to form five active 50/50 joint ventures to acquire, develop, manage, and operate industrial real estate at TRCC. The partners have equal voting rights and equally share in the profit and loss of each joint venture. All outstanding debt attributed to our joint ventures with Majestic have met their respective debt covenants, and hence were not subject to an effective guarantee at September 30, 2024. For those investments in a deficit position, 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.

•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 of the building was completed in the fourth quarter of 2023, and the joint venture has leased 100% of the rentable space. The joint venture refinanced the construction loan in February 2024 with a promissory note. The note matures on February 3, 2035, and had an outstanding balance of $52,984,000 as of September 30, 2024. Since its inception, the Company has received excess distributions resulting in a deficit balance in its investment of $1,441,000.

•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 of the building was completed in the fourth quarter of 2022, and the joint venture 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 $61,144,000 as of September 30, 2024. Since its inception, the Company has received excess distributions resulting in a deficit balance in its investment of $6,106,000.

•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 on the Company's property at TRCC-East. TRC-MRC 3, LLC qualified as a VIE from inception, but the Company is not the primary beneficiary therefore it does not consolidate TRC-MRC 3, LLC in its financial statements. The construction of the building was completed in 2019, and the joint venture has leased 100% of the rentable space to two tenants. In March 2019, the joint venture entered into a promissory note with a financial institution to finance the construction of the building. The note matures on May 1, 2030 and had an outstanding principal balance of $32,952,000 as of September 30, 2024. The Company's investment in this joint venture was $242,000 as of September 30, 2024.

•In August 2016, the Company partnered with Majestic to form TRC-MRC 2, LLC to acquire, lease, and maintain a fully occupied warehouse at TRCC-West. The partnership acquired the 651,909 square foot building for $24,773,000, and was largely financed through a promissory note. The promissory note was refinanced on June 1, 2018 with a $25,240,000 promissory note. The note matures on July 3, 2028 and had an outstanding principal balance of $21,414,000 as of September 30, 2024. The building was 100% leased as of September 30, 2024. Since its inception, the Company has received excess distributions resulting in a deficit balance in its investment of $455,000.

•In September 2016, TRC-MRC 1, LLC was formed to develop and operate an approximately 480,480 square foot industrial building at TRCC-East. The joint venture completed construction in 2017. 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 $21,642,000 was outstanding as of September 30, 2024. Since inception of the joint venture, the Company has received excess distributions resulting in a deficit balance in its investment of $1,117,000.

•TRCC/Rock Outlet Center LLC – This joint venture was formed in 2013 with Rockefeller Group Development Corporation, or Rockefeller to develop, own, and manage a net leasable 326,000 square foot outlet center on land at TRCC-East. At September 30, 2024, the Company’s equity investment balance in this joint venture was $8,813,000. The Company controls 50% of the voting interests of TRCC/Rock Outlet Center LLC; thus, it does not control the joint venture by voting interest alone. The Company is the named managing member. The managing member’s responsibilities relate to the routine day-to-day activities of TRCC/Rock Outlet Center LLC. However, all operating decisions during the development period and ongoing operations, including the setting and monitoring of the budget, leasing, marketing, financing, and selection of the contractor for any construction, are jointly made by both members of the joint venture. Therefore, the Company concluded that both members have significant participating rights that are sufficient to overcome the presumption of the Company controlling the joint venture through it being named the managing member. Therefore, the investment in TRCC/Rock Outlet Center LLC is being accounted for under the equity method. On August 16, 2023, the TRCC/Rock Outlet Center LLC joint venture successfully extended the maturity date of its term note with a financial institution from May 31, 2024 to June 30, 2025. In connection with the loan extension, the joint venture also reduced the outstanding amount by $6,000,000. As of September 30, 2024, the outstanding balance of the term note was $20,626,000. The Company and Rockefeller guarantee the performance of the debt.

•Centennial Founders, LLC – CFL is a joint venture with TRI Pointe Homes to pursue the entitlement and development of land that the Company owns in Los Angeles County. As of September 30, 2024, the Company owned 93.62% of CFL.

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

Unaudited condensed statements of operations for the three and nine months ended September 30, 2024 and 2023 and condensed balance sheet information of the Company’s unconsolidated joint ventures as of September 30, 2024 and December 31, 2023 are as follows:


	Three Months Ended September 30,
	2024		2023		2024		2023		2024		2023
	Joint Venture								TRC
($ in thousands)	Revenues				Earnings (Loss)				Equity in Earnings (Loss)
Petro Travel Plaza Holdings, LLC	$	40,446	$	44,976	$	4,641	$	1,736	$	2,785	$	1,041
TRCC/Rock Outlet Center, LLC1	1,644		1,740		(994)		(753)		(497)		(376)
TRC-MRC 1, LLC	1,278		1,110		446		373		224		187
TRC-MRC 2, LLC	1,785		1,647		1,111		683		555		341
TRC-MRC 3, LLC	1,082		1,138		216		68		107		33
TRC-MRC 4, LLC	1,875		1,746		183		(120)		93		(59)
TRC-MRC 5, LLC	1,710		—		126		(12)		62		(6)
Total	$	49,820	$	52,357	$	5,729	$	1,975	$	3,329	$	1,161

Centennial Founders, LLC	$	—	$	15	$	(9)	$	(84)	Consolidated

1 Revenues for TRCC/Rock Outlet Center are presented net of non-cash tenant allowance amortization of $0.3 million for the three months ended September 30, 2024 and September 30, 2023.


	Nine Months Ended September 30,
	2024		2023		2024		2023		2024		2023
	Joint Venture								TRC
($ in thousands)	Revenues				Earnings (Loss)				Equity in Earnings (Loss)
Petro Travel Plaza Holdings, LLC	$	116,344	$	120,002	$	10,006	$	6,880	$	6,004	$	4,128
TRCC/Rock Outlet Center, LLC1	5,148		4,734		(2,259)		(2,512)		(1,130)		(1,256)
TRC-MRC 1, LLC	3,135		3,229		749		826		375		413
TRC-MRC 2, LLC	4,980		4,468		2,887		2,084		1,443		1,042
TRC-MRC 3, LLC	3,268		3,270		643		471		321		235
TRC-MRC 4, LLC	5,837		5,281		826		149		414		75
TRC-MRC 5, LLC	4,680		—		369		(42)		184		(21)
Total	$	143,392	$	140,984	$	13,221	$	7,856	$	7,611	$	4,616

Centennial Founders, LLC	$	66	$	190	$	(22)	$	(46)	Consolidated

1 Revenues for TRCC/Rock Outlet Center are presented net of non-cash tenant allowance amortization of $1.0 million and $0.9 million for the nine months ended September 30, 2024 and September 30, 2023, respectively.


	September 30, 2024								December 31, 2023
	Joint Venture						TRC		Joint Venture						TRC
($ in thousands)	Assets		Debt		Equity (Deficit)		Equity		Assets		Debt		Equity (Deficit)		Equity
Petro Travel Plaza Holdings, LLC	$	84,778	$	(11,984)	$	62,956	$	25,374	$	72,633	$	(12,556)	$	52,950	$	19,370
TRCC/Rock Outlet Center, LLC	55,181		(20,626)		33,275		8,813		58,040		(20,850)		35,535		9,943
TRC-MRC 1, LLC	24,868		(21,642)		2,113		—		25,224		(22,144)		1,684		—
TRC-MRC 2, LLC	20,862		(21,414)		(673)		—		18,882		(21,939)		(2,597)		—
TRC-MRC 3, LLC	35,101		(32,952)		613		242		35,467		(33,627)		2,087		141
TRC-MRC 4, LLC	49,720		(61,144)		(13,601)		—		49,964		(61,776)		(12,192)		—
TRC-MRC 5, LLC	51,636		(52,984)		(3,016)		—		49,687		(35,138)		8,390		4,194
Total	$	322,146	$	(222,746)	$	81,667	$	34,429	$	309,897	$	(208,030)	$	85,857	$	33,648

Centennial Founders, LLC	$	106,902	$	—	$	106,531	***		$	104,979	$	—	$	104,753	***

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

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Real estate development	$ 374,341	$ 337,257
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)	26,814,680	26,770,545
Common stock, outstanding shares (in shares)	26,814,680	26,770,545
Centennial
Real estate development	$ 123,302	$ 119,788

LINE OF CREDIT AND LONG-TERM DEBT - Additional Information (Details) - USD ($)	Nov. 17, 2023	Sep. 30, 2024	Dec. 31, 2023
Line of Credit Facility [Line Items]
Revolving line-of-credit		$ 59,942,000	$ 47,942,000
Revolving Credit Facility
Line of Credit Facility [Line Items]
Stated interest rate		2.25%
Effective interest rate		7.45%
Revolving Credit Facility \| Revolving Line of Credit
Line of Credit Facility [Line Items]
Line of credit facility	$ 160,000,000
Debt pay off	$ 47,078,564

- Definition

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Costs and Expenses:
Total expenses	$ 14,648	$ 10,172	$ 35,275	$ 29,919
Operating (loss) income	(3,792)	37	(11,324)	(1,347)
Other Income:
Investment income	528	700	1,843	1,775
Other (loss) income, net	(69)	(30)	(210)	272
Total other income, net	459	670	1,633	2,047
(Loss) income from operations before equity in earnings of unconsolidated joint ventures and income tax	(3,333)	707	(9,691)	700
Equity in earnings of unconsolidated joint ventures, net	3,329	1,161	7,611	4,616
(Loss) income before income tax	(4)	1,868	(2,080)	5,316
Income tax expense (benefit)	1,832	2,215	(286)	3,619
Net (loss) income	(1,836)	(347)	(1,794)	1,697
Net loss attributable to non-controlling interest	0	(6)	(1)	(3)
Net (loss) income attributable to common stockholders	$ (1,836)	$ (341)	$ (1,793)	$ 1,700
Net (loss) income per share attributable to common stockholders, basic (in dollars per share)	$ (0.07)	$ (0.01)	$ (0.07)	$ 0.06
Net (loss) income per share attributable to common stockholders, diluted (in dollars per share)	$ (0.07)	$ (0.01)	$ (0.07)	$ 0.06
Operating Segments
Revenues:
Total revenues	$ 10,856	$ 10,209	$ 23,951	$ 28,572
Operating Segments \| Real estate - commercial/industrial
Revenues:
Total revenues	3,002	3,397	8,497	8,706
Costs and Expenses:
Total expenses	2,088	2,137	6,005	5,517
Other Income:
Equity in earnings of unconsolidated joint ventures, net	3,329	1,161	7,611	4,616
Operating Segments \| Real estate - resort/residential
Costs and Expenses:
Total expenses	328	367	2,316	1,079
Operating Segments \| Mineral resources
Revenues:
Total revenues	3,166	3,118	7,687	11,630
Costs and Expenses:
Total expenses	1,812	2,000	5,043	6,991
Operating (loss) income	1,354	1,118	2,644	4,639
Operating Segments \| Farming
Revenues:
Total revenues	3,242	2,642	4,249	4,852
Costs and Expenses:
Total expenses	6,252	2,157	9,406	5,644
Operating (loss) income	(3,010)	485	(5,157)	(792)
Operating Segments \| Ranch operations
Revenues:
Total revenues	1,446	1,052	3,518	3,384
Costs and Expenses:
Total expenses	1,223	1,196	3,711	3,864
Operating (loss) income	223	(144)	(193)	(480)
Corporate expenses
Costs and Expenses:
Total expenses	$ 2,945	$ 2,315	$ 8,794	$ 6,824

LONG-TERM WATER ASSETS - Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Costs	$ 36,800	$ 36,800
Accumulated Depreciation	(17,450)	(16,428)
Net cost of purchased water contracts	19,350	20,372
Total cost of water held for future use	36,674	31,758
Net investments in water assets	56,024	52,130
Contract-based Intangible Assets \| Dudley-Ridge water rights
Finite-Lived Intangible Assets [Line Items]
Costs	11,581	11,581
Accumulated Depreciation	(6,634)	(6,272)
Contract-based Intangible Assets \| Nickel water rights
Finite-Lived Intangible Assets [Line Items]
Costs	18,740	18,740
Accumulated Depreciation	(7,014)	(6,532)
Contract-based Intangible Assets \| Tulare Lake Basin water rights
Finite-Lived Intangible Assets [Line Items]
Costs	6,479	6,479
Accumulated Depreciation	$ (3,802)	$ (3,624)

LINE OF CREDIT AND LONG-TERM DEBT (Tables)

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Schedule of Components of Long-term Debt

Debt consisted of the following:


($ in thousands)	September 30, 2024		December 31, 2023
Revolving line-of-credit1	$	59,942	$	47,942






1Deferred loan costs for the revolving line-of-credit as of September 30, 2024 and December 31, 2023 were recorded under the caption Other Assets on the Consolidated Balance Sheets.

REPORTING SEGMENTS AND RELATED INFORMATION - Schedule of Revenue Components of Real Estate Segments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue from External Customer [Line Items]
Equity in earnings of unconsolidated joint ventures	$ 3,329	$ 1,161	$ 7,611	$ 4,616
Commercial/industrial expenses	14,648	10,172	35,275	29,919
Operating Segments
Revenue from External Customer [Line Items]
Commercial/industrial revenues	10,856	10,209	23,951	28,572
Real estate - commercial/industrial \| Operating Segments
Revenue from External Customer [Line Items]
Commercial/industrial revenues	3,002	3,397	8,497	8,706
Equity in earnings of unconsolidated joint ventures	3,329	1,161	7,611	4,616
Commercial/industrial revenues and equity in earnings of unconsolidated joint ventures	6,331	4,558	16,108	13,322
Commercial/industrial expenses	2,088	2,137	6,005	5,517
Operating results from commercial/industrial and unconsolidated joint ventures	$ 4,243	$ 2,421	$ 10,103	$ 7,805

- Definition

Amount of income (loss) for proportionate share of equity method investee's income (loss).

+ References + Details

- 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
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
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+ Details

INVESTMENT IN UNCONSOLIDATED AND CONSOLIDATED JOINT VENTURES (Tables)

9 Months Ended

Sep. 30, 2024

Equity Method Investments and Joint Ventures [Abstract]

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


	Three Months Ended September 30,
	2024		2023		2024		2023		2024		2023
	Joint Venture								TRC
($ in thousands)	Revenues				Earnings (Loss)				Equity in Earnings (Loss)
Petro Travel Plaza Holdings, LLC	$	40,446	$	44,976	$	4,641	$	1,736	$	2,785	$	1,041
TRCC/Rock Outlet Center, LLC1	1,644		1,740		(994)		(753)		(497)		(376)
TRC-MRC 1, LLC	1,278		1,110		446		373		224		187
TRC-MRC 2, LLC	1,785		1,647		1,111		683		555		341
TRC-MRC 3, LLC	1,082		1,138		216		68		107		33
TRC-MRC 4, LLC	1,875		1,746		183		(120)		93		(59)
TRC-MRC 5, LLC	1,710		—		126		(12)		62		(6)
Total	$	49,820	$	52,357	$	5,729	$	1,975	$	3,329	$	1,161

Centennial Founders, LLC	$	—	$	15	$	(9)	$	(84)	Consolidated

1 Revenues for TRCC/Rock Outlet Center are presented net of non-cash tenant allowance amortization of $0.3 million for the three months ended September 30, 2024 and September 30, 2023.


	Nine Months Ended September 30,
	2024		2023		2024		2023		2024		2023
	Joint Venture								TRC
($ in thousands)	Revenues				Earnings (Loss)				Equity in Earnings (Loss)
Petro Travel Plaza Holdings, LLC	$	116,344	$	120,002	$	10,006	$	6,880	$	6,004	$	4,128
TRCC/Rock Outlet Center, LLC1	5,148		4,734		(2,259)		(2,512)		(1,130)		(1,256)
TRC-MRC 1, LLC	3,135		3,229		749		826		375		413
TRC-MRC 2, LLC	4,980		4,468		2,887		2,084		1,443		1,042
TRC-MRC 3, LLC	3,268		3,270		643		471		321		235
TRC-MRC 4, LLC	5,837		5,281		826		149		414		75
TRC-MRC 5, LLC	4,680		—		369		(42)		184		(21)
Total	$	143,392	$	140,984	$	13,221	$	7,856	$	7,611	$	4,616

Centennial Founders, LLC	$	66	$	190	$	(22)	$	(46)	Consolidated

1 Revenues for TRCC/Rock Outlet Center are presented net of non-cash tenant allowance amortization of $1.0 million and $0.9 million for the nine months ended September 30, 2024 and September 30, 2023, respectively.


	September 30, 2024								December 31, 2023
	Joint Venture						TRC		Joint Venture						TRC
($ in thousands)	Assets		Debt		Equity (Deficit)		Equity		Assets		Debt		Equity (Deficit)		Equity
Petro Travel Plaza Holdings, LLC	$	84,778	$	(11,984)	$	62,956	$	25,374	$	72,633	$	(12,556)	$	52,950	$	19,370
TRCC/Rock Outlet Center, LLC	55,181		(20,626)		33,275		8,813		58,040		(20,850)		35,535		9,943
TRC-MRC 1, LLC	24,868		(21,642)		2,113		—		25,224		(22,144)		1,684		—
TRC-MRC 2, LLC	20,862		(21,414)		(673)		—		18,882		(21,939)		(2,597)		—
TRC-MRC 3, LLC	35,101		(32,952)		613		242		35,467		(33,627)		2,087		141
TRC-MRC 4, LLC	49,720		(61,144)		(13,601)		—		49,964		(61,776)		(12,192)		—
TRC-MRC 5, LLC	51,636		(52,984)		(3,016)		—		49,687		(35,138)		8,390		4,194
Total	$	322,146	$	(222,746)	$	81,667	$	34,429	$	309,897	$	(208,030)	$	85,857	$	33,648

Centennial Founders, LLC	$	106,902	$	—	$	106,531	***		$	104,979	$	—	$	104,753	***

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

LINE OF CREDIT AND LONG-TERM DEBT - Schedule of Components of Long-term Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Long-term Debt, Current and Noncurrent [Abstract]
Revolving line-of-credit	$ 59,942	$ 47,942

- Definition

+ References + Details

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2024	Oct. 31, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
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	4436 Lebec Road
Entity Address, Address Line Two	P.O. Box 1000
Entity Address, City or Town	Lebec
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		26,822,768
Entity Central Index Key	0000096869
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31

RETIREMENT PLANS

9 Months Ended

Sep. 30, 2024

Retirement Benefits [Abstract]

RETIREMENT PLANS

The Company sponsors a defined benefit retirement plan, or Benefit Plan, that covers eligible employees hired prior to February 1, 2007. The benefits are based on years of service and the employee’s five-year final average salary. Contributions are intended to provide for benefits attributable to service both to date and expected to be provided in the future. The Company funds the plan in accordance with the Employee Retirement Income Security Act of 1974 (ERISA). In April 2017, the Company froze the Benefit Plan as it relates to future benefit accruals for participants. The Company expects to contribute $165,000 to the Benefit Plan in 2024.

Benefit Plan assets consist of equity, debt and short-term money market investment funds. The Benefit Plan’s current investment policy changed during the third quarter of 2018. The policy's strategy seeks to minimize the volatility of the funding ratio. This objective will result in a prescribed asset mix between "return seeking" assets (e.g., stocks) and a bond portfolio (e.g., long duration bonds) according to a pre-determined customized investment strategy based on the Benefit Plan's funded status as the primary input. This path will be used as a reference point as to the mix of assets, which by design will de-emphasize the return seeking portion as the funded status improves. At September 30, 2024, the investment mixes were approximately at 99% debt and 1% money market funds. At December 31, 2023, the investment mixes were approximately 99% debt, and 1% money market funds. The weighted-average discount rate used in determining the periodic pension cost is 4.85% in both 2024 and 2023. The expected long-term rate of return on plan assets is 5.00% for both fiscal 2024 and 2023. The long-term rate of return on Benefit Plan assets is based on the historical returns within the plan and expectations for future returns.

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


	Nine Months Ended September 30,
($ in thousands)	2024		2023
(Cost)/earnings components:

Interest cost	$	(312)	$	(312)
Expected return on plan assets	336		315
Net amortization and deferral	(42)		(51)
Total net periodic pension cost	$	(18)	$	(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. In April 2017, the Company froze the SERP plan as it relates to the accrual of additional benefits.

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


	Nine Months Ended September 30,
($ in thousands)	2024		2023
Cost components:
Interest cost	$	(207)	$	(219)
Net amortization and other	(39)		(30)
Total net periodic pension cost	$	(246)	$	(249)

- Definition

The entire disclosure for retirement benefits.

+ References

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+ Details

OTHER LIABILITIES

9 Months Ended

Sep. 30, 2024

Other Liabilities Disclosure [Abstract]

OTHER LIABILITIES

Other liabilities consisted of the following:


($ in thousands)	September 30, 2024		December 31, 2023



Supplemental executive retirement plan liability (See Note 12)	$	5,996	$	6,124
Excess joint venture distributions and other (See Note 14)	9,118		9,083
Total	$	15,114	$	15,207

RELATED PARTY TRANSACTIONS	9 Months Ended
RELATED PARTY TRANSACTIONS	Sep. 30, 2024
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS TCWD is a not-for-profit governmental entity, organized on December 28, 1965, pursuant to Division 13 of the Water Code, State of California. TCWD is a landowner voting district, which requires an elector, or voter, to be an owner of land located within the district. TCWD was organized to provide the water needs for future municipal and industrial development. The Company is the largest landowner and taxpayer within TCWD. The Company has a water service contract with TCWD that entitles 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 is one of nine directors at WRMWSD. As of September 30, 2024, the Company paid $5,434,000 for these water contracts and related costs.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

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+ Details

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	9 Months Ended
	Sep. 30, 2024 USD ($) $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares) \| shares	386,956
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
June 16, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Target share price to achieve award (in dollars per share)	$ 20.72
Expected volatility	26.58%
Risk-free interest rate	4.38%
Fair value per share at grant date (in dollars per share)	$ 20.24
Shares granted (in shares) \| shares	9,515
Total fair value of award \| $	$ 193
August 21, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Target share price to achieve award (in dollars per share)	$ 19.20
Expected volatility	25.55%
Risk-free interest rate	4.74%
Fair value per share at grant date (in dollars per share)	$ 17.88
Shares granted (in shares) \| shares	1,650
Total fair value of award \| $	$ 30
December 16, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Target share price to achieve award (in dollars per share)	$ 19.65
Expected volatility	25.91%
Risk-free interest rate	4.02%
Fair value per share at grant date (in dollars per share)	$ 19.74
Shares granted (in shares) \| shares	4,828
Total fair value of award \| $	$ 95
March 13, 2024 \| Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Target share price to achieve award (in dollars per share)	$ 17.58
Expected volatility	29.62%
Risk-free interest rate	4.62%
Fair value per share at grant date (in dollars per share)	$ 15.58
Shares granted (in shares) \| shares	18,626
Total fair value of award \| $	$ 290
March 13, 2024 \| Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Target share price to achieve award (in dollars per share)	$ 18.93
Expected volatility	25.56%
Risk-free interest rate	4.31%
Fair value per share at grant date (in dollars per share)	$ 18.36
Shares granted (in shares) \| shares	15,225
Total fair value of award \| $	$ 280

REPORTING SEGMENTS AND RELATED INFORMATION - Schedule of Revenue Components of Ranch Operations (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue from External Customer [Line Items]
Total expenses	$ 14,648	$ 10,172	$ 35,275	$ 29,919
Operating results from ranch operations	(3,792)	37	(11,324)	(1,347)
Ranch operations \| Operating Segments
Revenue from External Customer [Line Items]
Revenues	1,446	1,052	3,518	3,384
Total expenses	1,223	1,196	3,711	3,864
Operating results from ranch operations	$ 223	$ (144)	$ (193)	$ (480)

- Definition

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-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Section 50
-Paragraph 22
-Subparagraph (a)
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
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-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

+ Details

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Water
Proceeds from sale of other investments	$ 1,300
Profit from water sales	$ 500

ACCRUED LIABILITIES AND OTHER (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Accrued vacation	$ 692	$ 657
Accrued paid personal leave	292	309
Accrued bonus	2,026	1,962
Property tax payable	1,121	0
Accrued stock compensation expense	2,148	0
Other	286	286
Accrued liabilities and other	$ 6,565	$ 3,214

STOCK COMPENSATION - RESTRICTED STOCK AND PERFORMANCE SHARE GRANTS - Schedule of Stock Compensation Costs for Employee and NDSI Plans (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total Stock Compensation Costs	$ 4,706	$ 2,748
Employee 1998 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee and Director - expensed	3,665	1,967
Capitalized	620	379
Total Stock Compensation Costs	4,285	2,346
Director:
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee and Director - expensed	$ 421	$ 402

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

LONG-TERM WATER ASSETS - Schedule of Water Revenues and Cost of Sales (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($) acre ft	Sep. 30, 2023 USD ($) acre ft
Goodwill and Intangible Assets Disclosure [Abstract]
Acre-Feet Sold \| acre ft	2,625	4,020
Revenues	$ 3,260	$ 6,615
Cost of sales	2,663	4,015
Profit	$ 597	$ 2,600

REPORTING SEGMENTS AND RELATED INFORMATION (Tables)

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Schedule of Components of Segment Revenues

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


	Three Months Ended September 30,				Nine Months Ended September 30,
($ in thousands)	2024		2023		2024		2023







Commercial/industrial revenues	$	3,002	$	3,397	$	8,497	$	8,706
Equity in earnings of unconsolidated joint ventures	3,329		1,161		7,611		4,616
Commercial/industrial revenues and equity in earnings of unconsolidated joint ventures	6,331		4,558		16,108		13,322
Commercial/industrial expenses	2,088		2,137		6,005		5,517
Operating results from commercial/industrial and unconsolidated joint ventures	$	4,243	$	2,421	$	10,103	$	7,805

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


	Three Months Ended September 30,				Nine Months Ended September 30,
($ in thousands)	2024		2023		2024		2023






Mineral resources revenues	$	3,166	$	3,118	$	7,687	$	11,630
Mineral resources expenses	1,812		2,000		5,043		6,991
Operating results from mineral resources	$	1,354	$	1,118	$	2,644	$	4,639

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


	Three Months Ended September 30,				Nine Months Ended September 30,
($ in thousands)	2024		2023		2024		2023





Farming revenues	$	3,242	$	2,642	$	4,249	$	4,852
Farming expenses	6,252		2,157		9,406		5,644
Operating results from farming	$	(3,010)	$	485	$	(5,157)	$	(792)

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


	Three Months Ended September 30,				Nine Months Ended September 30,
($ in thousands)	2024		2023		2024		2023


Ranch operations revenues	$	1,446	$	1,052	$	3,518	$	3,384
Ranch operations expenses	1,223		1,196		3,711		3,864
Operating results from ranch operations	$	223	$	(144)	$	(193)	$	(480)

OTHER LIABILITIES (Tables)

9 Months Ended

Sep. 30, 2024

Other Liabilities Disclosure [Abstract]

Schedule of Other Liabilities

Other liabilities consisted of the following:


($ in thousands)	September 30, 2024		December 31, 2023



Supplemental executive retirement plan liability (See Note 12)	$	5,996	$	6,124
Excess joint venture distributions and other (See Note 14)	9,118		9,083
Total	$	15,114	$	15,207

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

REAL ESTATE - Schedule of Real Estate (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Real estate development	$ 374,341	$ 337,257
Less accumulated depreciation	(4,256)	(3,997)
Real estate and improvements - held for lease, net	16,340	16,609
Mountain Village
Property, Plant and Equipment [Line Items]
Real estate development	157,480	155,168
Centennial
Property, Plant and Equipment [Line Items]
Real estate development	123,302	119,788
Grapevine
Property, Plant and Equipment [Line Items]
Real estate development	42,057	40,716
Tejon Ranch Commerce Center
Property, Plant and Equipment [Line Items]
Real estate development	51,502	21,585
Tejon Ranch Commerce Center	$ 20,596	$ 20,606

BASIS OF PRESENTATION (Details) $ in Thousands	9 Months Ended
BASIS OF PRESENTATION (Details) $ in Thousands	Sep. 30, 2024 USD ($) segment	Dec. 31, 2023 USD ($)	Sep. 30, 2023 USD ($)
Accounting Policies [Abstract]
Number of reportable segments \| segment	5
Restricted cash \| $	$ 500	$ 500	$ 500

INVESTMENT IN UNCONSOLIDATED AND CONSOLIDATED JOINT VENTURES - Additional Information (Details) $ in Thousands			1 Months Ended			3 Months Ended			4 Months Ended	9 Months Ended		12 Months Ended
	Mar. 29, 2022 USD ($) ft²	Mar. 25, 2021 USD ($) ft²	Nov. 30, 2018 ft²	Sep. 30, 2016 ft²	Aug. 31, 2016 USD ($) ft²	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2022	Sep. 30, 2024 USD ($) venture	Sep. 30, 2023 USD ($)	Dec. 31, 2019 tenant	Dec. 31, 2013 ft²	Jun. 01, 2018 USD ($)
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated joint ventures						$ 34,429	$ 33,648			$ 34,429
Equity in earnings of unconsolidated joint ventures, net						3,329		$ 1,161		7,611	$ 4,616
Investment in unconsolidated joint ventures						$ 34,429	33,648			$ 34,429
Centennial
Schedule of Equity Method Investments [Line Items]
Consolidated joint venture, ownership interest						93.62%				93.62%
TRC-MRC 4, LLC
Schedule of Equity Method Investments [Line Items]
Debt						$ 61,144	61,776			$ 61,144
TRC-MRC 3, LLC
Schedule of Equity Method Investments [Line Items]
Debt						32,952	33,627			32,952
TRC-MRC 2, LLC
Schedule of Equity Method Investments [Line Items]
Debt						21,414	21,939			21,414
TRC-MRC 1, LLC
Schedule of Equity Method Investments [Line Items]
Debt						21,642	22,144			21,642
Total
Schedule of Equity Method Investments [Line Items]
Debt						222,746	208,030			222,746
Total \| TRCC/Rock Outlet Center, LLC
Schedule of Equity Method Investments [Line Items]
Decrease in outstanding amount										6,000
TRCC/Rock Outlet Center, LLC
Schedule of Equity Method Investments [Line Items]
Debt						$ 20,626	20,850			$ 20,626
Petro Travel Plaza Holdings, LLC
Schedule of Equity Method Investments [Line Items]
Unconsolidated joint ventures, ownership interest						50.00%				50.00%
Right and share of profit and loss						60.00%				60.00%
Investment in unconsolidated joint ventures						$ 25,374	19,370			$ 25,374
Majestic Realty Co.
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated joint ventures					$ 24,773
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						0	$ 4,194			$ 0
Number of acres for development \| ft²	446,400
Percentage of rentable space							100.00%
Deficit balance	$ 1,441
TRC-MRC 4, LLC
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated joint ventures						0	$ 0			0
Number of acres for development \| ft²		629,274
Percentage of rentable space									100.00%
Deficit balance		$ 6,106
TRC-MRC 3, LLC
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated joint ventures						242	141			242
Number of acres for development \| ft²			579,040
Percentage of rentable space												100.00%
Number of tenants \| tenant												2
TRC-MRC 2, LLC
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated joint ventures						0	0			0
Deficit balance						$ 455				$ 455
Debt instrument face amount														$ 25,240
Percentage of building leased						100.00%				100.00%
TRCC-East
Schedule of Equity Method Investments [Line Items]
Number of acres for development \| ft²													326,000
Deficit balance						$ 1,117				$ 1,117
Area of building owned and leased \| ft²				480,480
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				25,030
Rockefeller Joint Ventures
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated joint ventures						$ 8,813				$ 8,813
Five West Parcel Llc
Schedule of Equity Method Investments [Line Items]
Unconsolidated joint ventures, ownership interest						50.00%				50.00%
TRCC/Rock Outlet Center, LLC
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated joint ventures						$ 8,813	$ 9,943			$ 8,813

LONG-TERM WATER ASSETS - Schedule of Tangible Water Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Long Lived Assets Held-for-sale [Line Items]
Total water held for future use at cost	$ 36,674	$ 31,758
Banked water and water for future delivery
Long Lived Assets Held-for-sale [Line Items]
Total water held for future use at cost	34,726	31,002
Transferable water
Long Lived Assets Held-for-sale [Line Items]
Total water held for future use at cost	$ 1,948	$ 756

LONG-TERM WATER ASSETS

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

LONG-TERM WATER ASSETS

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

The Company has secured SWP entitlements under long-term SWP water contracts within the Tulare Lake Basin Water Storage District and the Dudley-Ridge Water District, totaling 3,444 acre-feet of SWP entitlement annually, subject to SWP allocations. These contracts extend through 2035 and have been transferred to AVEK for the Company's use in the Antelope Valley. In 2013, the Company acquired a contract to purchase water that obligates the Company to purchase 6,693 acre-feet of water each year from the Nickel Family, LLC, or Nickel, a California limited liability company that is located in Kern County.

The initial term of the water purchase agreement with Nickel runs to 2044 and includes a Company option to extend the contract for an additional 35 years. The purchase cost of water in 2024 is $957 per acre-foot. The purchase cost is subject to annual cost increases based on the greater of the Consumer Price Index or 3%.

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

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


	September 30, 2024		September 30, 2023
Acre-Feet Sold	2,625		4,020

Revenues	$	3,260	$	6,615
Cost of sales	2,663		4,015
Profit	$	597	$	2,600

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


	September 30, 2024		December 31, 2023
Banked water and water for future delivery	$	34,726	$	31,002
Transferable water	1,948		756
Total water held for future use at cost	$	36,674	$	31,758

Intangible Water Assets

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


	September 30, 2024				December 31, 2023
	Costs		Accumulated Depreciation		Costs		Accumulated Depreciation
Dudley-Ridge water rights	$	11,581	$	(6,634)	$	11,581	$	(6,272)
Nickel water rights	18,740		(7,014)		18,740		(6,532)
Tulare Lake Basin water rights	6,479		(3,802)		6,479		(3,624)
	$	36,800	$	(17,450)	$	36,800	$	(16,428)
Net cost of purchased water contracts	19,350				20,372
Total cost of water held for future use	36,674				31,758
Net investments in water assets	$	56,024			$	52,130

Water contracts with 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)	September 30, 2024	December 31, 2023
Water held for future use
TCWD - Banked water owned by the Company	69,137	65,005
Company water bank	54,728	54,728
Transferable water	3,223	1,000
Recharged project water	6,590	6,590
Total water held for future use	133,678	127,323
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	165,111	158,756

OTHER LIABILITIES - Schedule of Other Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Other Liabilities
Excess joint venture distributions and other (See Note 14)	$ 9,118	$ 9,083
Total	15,114	15,207
SERP
Other Liabilities
Supplemental executive retirement plan liability (See Note 12)	$ 5,996	$ 6,124

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
INCOME TAXES (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ 1,832	$ 2,215	$ (286)	$ 3,619
Effective income tax rate			14.00%	68.00%
Income taxes receivable	$ 1,814		$ 1,814

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(9))
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section S99
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-SubTopic 10
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

BASIS OF PRESENTATION (Policies)	9 Months Ended
BASIS OF PRESENTATION (Policies)	Sep. 30, 2024
Accounting Policies [Abstract]
Financial Instruments	Financial Instruments Certain financial instruments are carried on the consolidated balance sheets 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 revolving line of credit also approximates its carrying value, as the interest rate is variable and approximates prevailing market interest rates for similar debt arrangements.
Restricted Cash	Restricted Cash Restricted cash is included in Prepaid expenses and other current assets within the Consolidated Balance Sheets and primarily relates to funds held in escrow.
New Accounting Pronouncements and Climate Change Related Update by SEC Effective in Future Periods	New Accounting Pronouncements and Climate Change Related Update by SEC Effective in Future Periods Business Combinations - Joint Venture Formations In August 2023, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update, or ASU, No. 2023-05, "Business Combinations - Joint Venture Formations." This ASU addresses the accounting for contributions made to a joint venture, upon formation, in a joint venture's separate financial statements. The pronouncement requires a joint venture to initially measure contributions at fair value upon formation, which is more relevant than the carrying amounts of the contributed net assets and would reduce equity method basis differences. The ASU is effective prospectively for all joint venture formations with a formation date on or after January 1, 2025. This pronouncement is not expected to have a material effect on our consolidated financial statements. Segment Reporting In November 2023, the FASB issued ASU No. 2023-07, "Segment Reporting - Improvements to Reportable Segment Disclosures". This ASU requires quarterly disclosure of segment expenses if they are (i) significant to the segment, (ii) regularly provided to the chief operating decision maker (“CODM”), and (iii) included in each reported measure of a segment’s profit or loss. In addition, this ASU requires an annual disclosure of the CODM’s title and a description of how the CODM uses the segment’s profit/loss measure to assess segment performance and to allocate resources. This ASU will be effective for the Company's annual report on Form 10-K beginning with the year ending December 31, 2024, and for subsequent quarterly and annual reports. The Company does not expect this ASU to have a material effect on our consolidated financial statements. Income Taxes In December 2023, the FASB issued ASU No. 2023-09, "Income Taxes (Topic740) - Improvements to Income Tax Disclosures". This ASU requires public business entities to disclose a tabular rate reconciliation of both percentages and reporting currency amounts on an annual basis. The ASU also requires disclosure of information on the amount of income taxes paid disaggregated by federal, state and foreign taxes. This ASU is effective for annual periods beginning after December 15, 2024. The pronouncement is not expected to have a material effect on our consolidated financial statements. Adoption of Rules to Enhance and Standardize Climate-related Disclosures for Investors On March 6, 2024, the SEC adopted final rules to require registrants to disclose certain climate-related information in registration statements and annual reports. On April 4, 2024, the SEC issued an order staying the final rules pending completion of judicial review of the petitions challenging the final rules. The order does not amend the compliance dates contemplated by the final rules, which are applicable to the Company for fiscal years beginning with the Company’s annual report on Form 10-K for the fiscal year ended December 31, 2027. We are currently evaluating the impact of our pending adoption of these requirements on our financial statement disclosures.

EQUITY - Schedule of Weighted Average Number of Shares Outstanding (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Weighted-average number of shares outstanding:
Common stock (in shares)	26,814,051	26,725,628	26,801,044	26,695,714
Common stock equivalents (in shares)	0	72,435	0	76,668
Diluted shares outstanding (in shares)	26,814,051	26,798,063	26,801,044	26,772,382
Restricted stock excluded from the calculation of dilutive net income per share (in shares)	83,668		101,754

MARKETABLE SECURITIES - Schedule of Available-for-sale Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Marketable Securities, with unrealized gains	$ 21
Cost
Debt Securities, Available-for-sale [Line Items]
Cost	13,872	$ 32,577
Fair Value
Debt Securities, Available-for-sale [Line Items]
Fair Value	13,892	32,556
Certificates of deposit \| Level 1 \| Cost
Debt Securities, Available-for-sale [Line Items]
Marketable Securities, with unrealized losses for less than 12 months	0	174
Marketable Securities, with unrealized gains	0	385
Cost	0	559
Certificates of deposit \| Level 1 \| Fair Value
Debt Securities, Available-for-sale [Line Items]
Marketable Securities, with unrealized losses for less than 12 months	0	174
Marketable Securities, with unrealized gains	0	385
Fair Value	0	559
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	2,145	13,797
Marketable Securities, with unrealized gains	10,231	2,374
Cost	12,376	16,171
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	2,145	13,787
Marketable Securities, with unrealized gains	10,252	2,374
Fair Value	12,397	16,161
Corporate notes \| Level 2 \| Cost
Debt Securities, Available-for-sale [Line Items]
Marketable Securities, with unrealized losses for less than 12 months	996	15,598
Marketable Securities with unrealized losses for more than 12 months	500	0
Marketable Securities, with unrealized gains	0	249
Cost	1,496	15,847
Corporate notes \| Level 2 \| Fair Value
Debt Securities, Available-for-sale [Line Items]
Marketable Securities, with unrealized losses for less than 12 months	996	15,587
Marketable Securities with unrealized losses for more than 12 months	499	0
Marketable Securities, with unrealized gains	0	249
Fair Value	$ 1,495	$ 15,836

UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - USD ($) $ in Thousands	Total	Total Stockholders' Equity	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive (Loss) Income	Retained Earnings	Non-controlling Interest
Beginning balance (in shares) at Dec. 31, 2022			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 (loss) income	1,697	1,700				1,700	(3)
Other comprehensive income	1,547	1,547			1,547
Restricted stock issuance (in shares)			363,756
Restricted stock issuance	(2)	(2)	$ 181	(183)
Stock compensation	2,748	2,748		2,748
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 Sep. 30, 2023			26,726,464
Ending balance, value at Sep. 30, 2023	480,990	465,629	$ 13,363	345,404	(481)	107,343	15,361
Beginning balance (in shares) at Jun. 30, 2023			26,718,773
Beginning balance, value at Jun. 30, 2023	479,077	463,710	$ 13,359	344,434	(1,767)	107,684	15,367
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(347)	(341)				(341)	(6)
Other comprehensive income	1,286	1,286			1,286
Restricted stock issuance (in shares)			7,691
Restricted stock issuance	0		$ 4	(4)
Stock compensation	974	974		974
Ending balance (in shares) at Sep. 30, 2023			26,726,464
Ending balance, value at Sep. 30, 2023	$ 480,990	465,629	$ 13,363	345,404	(481)	107,343	15,361
Beginning balance (in shares) at Dec. 31, 2023	26,770,545		26,770,545
Beginning balance, value at Dec. 31, 2023	$ 483,096	467,732	$ 13,386	345,609	(171)	108,908	15,364
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(1,794)	(1,793)				(1,793)	(1)
Other comprehensive income	29	29			29
Restricted stock issuance (in shares)			62,590
Restricted stock issuance	0		$ 31	(31)
Stock compensation	2,558	2,558		2,558
Shares withheld for taxes and tax benefit of vested shares (in shares)			(18,455)
Shares withheld for taxes and tax benefit of vested shares	$ (206)	(206)	$ (9)	(197)
Ending balance (in shares) at Sep. 30, 2024	26,814,680		26,814,680
Ending balance, value at Sep. 30, 2024	$ 483,683	468,320	$ 13,408	347,939	(142)	107,115	15,363
Beginning balance (in shares) at Jun. 30, 2024			26,806,409
Beginning balance, value at Jun. 30, 2024	484,583	469,220	$ 13,404	347,040	(175)	108,951	15,363
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(1,836)	(1,836)				(1,836)
Other comprehensive income	33	33			33
Restricted stock issuance (in shares)			8,271
Restricted stock issuance	0		$ 4	(4)
Stock compensation	$ 903	903		903
Ending balance (in shares) at Sep. 30, 2024	26,814,680		26,814,680
Ending balance, value at Sep. 30, 2024	$ 483,683	$ 468,320	$ 13,408	$ 347,939	$ (142)	$ 107,115	$ 15,363

REPORTING SEGMENTS AND RELATED INFORMATION - Additional Information (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) segment	Sep. 30, 2023 USD ($)
Revenue from External Customer [Line Items]
Number of reportable segments \| segment			5
Segment losses	$ 14,648,000	$ 10,172,000	$ 35,275,000	$ 29,919,000
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	$ 328,000	$ 367,000	$ 2,316,000	$ 1,079,000

- Definition

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+ Details

RELATED PARTY TRANSACTIONS (Details) $ in Thousands	9 Months Ended
RELATED PARTY TRANSACTIONS (Details) $ in Thousands	Sep. 30, 2024 USD ($) a director acre ft	Dec. 31, 2023 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 \| $	$ 5,434

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

COMMITMENTS AND CONTINGENCIES	9 Months Ended
COMMITMENTS AND CONTINGENCIES	Sep. 30, 2024
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 $12,495,000 was paid as of September 30, 2024. These 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 $288,905,000 as of September 30, 2024. 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 determined until the future payment dates. As of September 30, 2024, the Company believes the net savings resulting from exiting the contract during this future time period will more than offset the incentive payment costs. Community Facilities Districts TRPFFA is a joint powers authority formed by Kern County and TCWD to finance public infrastructure within the Company’s Kern County developments. For the development of TRCC, TRPFFA has created two 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 $95,660,000 of outstanding bond debt sold by TRPFFA for TRCC-East. At TRCC-West, the West CFD has no additional bond debt approved for issuance. As of September 30, 2024, the TRCC-East CFD has approximately $18,605,000 of additional bond debt authorized by TRPFFA that can be sold in the future. As a landowner in each CFD, the Company is obligated to pay its share of the special taxes assessed each year. The secured lands include both the TRCC-West and TRCC-East developments. Proceeds from the sale of West CFD bonds went to reimburse the Company for public infrastructure costs related to the TRCC-West development. As of September 30, 2024, there were no additional improvement funds remaining from the West CFD bonds. As of September 30, 2024, there are $32,284,000 of additional improvement funds remaining within the East CFD bonds for reimbursement of public infrastructure costs during future years. On July 25, 2024, TRPFFA sold bonds which will provide approximately $25,000,000 of improvement funds for the reimbursement of public infrastructure costs at TRCC-East. On October 16, 2024, the Company received $7,284,000 reimbursement proceeds from the East CFD funds, reducing the amount of funds remaining to $25,000,000. During fiscal year 2024, the Company expects to pay approximately $3,282,000 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 September 30, 2024. 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 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 EIR 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 CBD and the 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 CFL 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, while not consolidated under court rules or the rules of civil procedure, the Los Angeles Superior Court judge (or Court) trying both cases determined during early trial management conferences to hold one set of hearings and issue one ruling on the matters as part of the adjudication. 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 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 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 its case based on the Court's conclusions 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 and further rescheduled as noted below. On November 30, 2021, the Company, together with Ranchcorp and CFL, entered into a Settlement Agreement with Climate Resolve. Pursuant to the Settlement Agreement, the Company has agreed as stated and obligated in the Settlement Agreement: (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 Court. On December 3, 2021, the Court granted and entered Climate Resolve’s dismissal with prejudice concluding the Climate Resolve Action. On December 1, 2021, the 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 its case based on the Court’s conclusions 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 Court heard CBD/CNPS' Motion for Reconsideration and issued its decision granting CBD/CNPS prevailing party status based on the Court’s conclusions in the Climate Resolve Action. The Court set a tentative hearing date of February 25, 2022 concerning the entry of final judgment and awarding of appropriate remedies, which was continued several times in 2022 either on the Court's own motion or at the request of the parties and was ultimately set for hearing on 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. On May 26, 2023, the Company filed a Notice of Appeal with the Superior Court, thereby appealing the Superior Court’s decision to the Second District of the California Court of Appeal. On June 27, 2023, CBD/CNPS cross-appealed the Superior Court’s ruling. Briefing at the Court of Appeal is complete and the parties are awaiting a hearing date. During the appeal process the Superior Court’s order of the rescission of project approvals have been placed on hold. 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 believes that the ultimate resolution of these other proceedings will not have a material adverse effect on the Company’s financial position, results of operations or cash flows, either individually or in the aggregate.

REAL ESTATE (Tables)

9 Months Ended

Sep. 30, 2024

Real Estate [Abstract]

Schedule of Real Estate

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


($ in thousands)	September 30, 2024		December 31, 2023
Real estate development
Mountain Village	$	157,480	$	155,168
Centennial	123,302		119,788
Grapevine	42,057		40,716
Tejon Ranch Commerce Center	51,502		21,585
Real estate development	$	374,341	$	337,257

Real estate and improvements - held for lease
Tejon Ranch Commerce Center	$	20,596	$	20,606
Less accumulated depreciation	(4,256)		(3,997)
Real estate and improvements - held for lease, net	$	16,340	$	16,609

UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (1,836)	$ (347)	$ (1,794)	$ 1,697
Other comprehensive income:
Unrealized gain on available-for-sale securities	46	52	40	129
Unrealized gain on interest rate swap	0	1,734	0	2,019
Other comprehensive income before taxes	46	1,786	40	2,148
Income tax provision related to other comprehensive income items	(13)	(500)	(11)	(601)
Other comprehensive income	33	1,286	29	1,547
Comprehensive (loss) income	(1,803)	939	(1,765)	3,244
Comprehensive loss attributable to non-controlling interests	0	(6)	(1)	(3)
Comprehensive (loss) income attributable to common stockholders	$ (1,803)	$ 945	$ (1,764)	$ 3,247

EQUITY

9 Months Ended

Sep. 30, 2024

Stockholders' Equity Note [Abstract]

EQUITY

Earnings Per Share (EPS)

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


	Three Months Ended September 30,			Nine Months Ended September 30,
	2024		2023	2024		2023
Weighted-average number of shares outstanding:
Common stock	26,814,051		26,725,628	26,801,044		26,695,714
Common stock equivalents	—	1	72,435	—	1	76,668
Diluted shares outstanding	26,814,051		26,798,063	26,801,044		26,772,382
1. For the three and nine months ended September 30, 2024, 83,668 and 101,754 shares of restricted stock were excluded from the calculation of diluted net loss per share as the shares were antidilutive.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

STOCK COMPENSATION - RESTRICTED STOCK AND PERFORMANCE SHARE GRANTS

9 Months Ended

Sep. 30, 2024

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 corporate cash flow goals or share price, or Performance Condition Grants; and performance share grants that include threshold, target, and maximum achievement levels based on the achievement of specific performance measures, or Performance Milestone Grants. Performance Condition Grants with market-based conditions are based on the achievement of a target share price. The share price used to calculate the grant date fair value for market-based awards is determined using a Monte Carlo simulation. Failure to achieve the target share price will result in the forfeiture of shares. Forfeiture of share awards with service conditions or performance-based restrictions will result in a reversal of previously recognized share-based compensation expense. Forfeiture of share awards with market-based restrictions does not result in a reversal of previously recognized share-based compensation expense.

The following is a summary of the Company’s Performance Condition Grants outstanding as of September 30, 2024:


Performance Condition Grants


Target performance						429,418
Maximum performance						543,023


			September 30, 2024
Stock grants outstanding beginning of period at target achievement			248,768
New stock grants/additional shares due to achievement in excess of target			386,956
Vested grants			(22,025)
Expired/forfeited grants			(10,905)
Stock grants outstanding end of period at target achievement			602,794

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 September 30, 2024:


($ in thousands except for share prices)
Grant date	12/16/2021	03/17/2022	12/14/2022	06/16/2023
Vesting end	12/16/2024	03/17/2025	12/14/2025	12/31/2025
Target share price to achieve award	$21.58	$20.43	$21.99	$20.72

Expected volatility	31.29%	31.54%	32.14%	26.58%
Risk-free interest rate	0.92%	2.13%	3.84%	4.38%

Simulated Monte Carlo share price	$21.48	$21.75	$26.00	$20.24
Shares granted	3,536	13,338	4,613	9,515
Total fair value of award	$76	$290	$120	$193


($ in thousands except for share prices)
Grant date	08/21/2023	12/16/2023	03/13/2024	03/13/2024
Vesting end	12/31/2025	12/31/2026	12/31/2024	03/22/2027
Share price at target achievement	$19.20	$19.65	$17.58	$18.93

Expected volatility	25.55%	25.91%	29.62%	25.56%
Risk-free interest rate	4.74%	4.02%	4.62%	4.31%

Simulated Monte Carlo share price	$17.88	$19.74	$15.58	$18.36
Shares granted	1,650	4,828	18,626	15,225
Total fair value of award	$30	$95	$290	$280

The unamortized cost associated with unvested stock grants and the weighted average period over which it is expected to be recognized as of September 30, 2024 were $4,196,000 and 14 months, respectively. The fair value of restricted stock with time-based vesting features is based upon the Company’s share price on the date of grant and is expensed over the service period. Fair value of performance grants that cliff vest based on the achievement of performance conditions is based on the share price of the Company’s stock on the day of grant and is expensed over the performance period if it is probable that the award will vest. This fair value is expensed over the service period applicable to these grants. For performance grants that contain a range of shares from zero to maximum, the Company determines, based on historic and projected results, the probability of (1) achieving the performance objective, and (2) the level of achievement. Based on this information, the Company determines the number of awards probable of vesting and expenses the grant date fair value of such awards over the service period related to these grants. Because the ultimate vesting of all performance grants is tied to the achievement of a performance condition, the Company estimates whether the performance condition will be met and over what period of time. Ultimately, the Company adjusts compensation cost according to the actual outcome of the performance condition.

Cash-Settled Awards

Time-Based Cash-Settled Awards

On March 13, 2024, the Company granted 75,117 time-based cash-settled awards to the Chief Executive Officer that vest on December 31, 2024. These awards are classified as liabilities, measured at fair value on the date of grant, and remeasured at each reporting date, based on the Company’s share price. Compensation cost is amortized on a straight-line method over the remaining vesting period. As of September 30, 2024, $0.4 million of total unrecognized compensation cost is expected to be recognized on outstanding cash-settled awards over the remaining vesting period based on fair value as of September 30, 2024.

Performance-Based Cash-Settled Awards

On March 13, 2024, the Company granted 14,867 performance condition grants, with market-based conditions, that are cash-settled awards to the Chief Executive Officer. These awards are classified as liabilities, measured at fair value on the date of grant, and remeasured at each reporting date based on a Monte Carlo model. Compensation cost is recognized in proportion to the completed requisite service period through December 31, 2024. The amount of awards earned ranges between 0% and 200% of the target amount depending upon performance achieved over the performance period commencing on the grant date and ending on the last day of the Company’s 2024 fiscal year, and settled in cash. The performance conditions of the award are achieved at a target share price of $17.58. As of September 30, 2024, $0.1 million of total unrecognized compensation cost is expected to be recognized on outstanding performance-based cash-settled awards over the remaining performance period based on the fair value as of September 30, 2024.

On March 13, 2024, the Company granted 120,188 performance milestone cash-settled awards to the Chief Executive Officer. These awards are classified as liabilities, measured at fair value on the date of grant, and remeasured at each reporting date, based on the Company’s share price. Compensation cost is recognized based on an estimate of the probability of achieving the performance objective at the associated level of achievement in proportion to the completed requisite service period through December 31, 2024. The amount of awards earned for each milestone is either 0% or 100% of the target amount depending upon performance achieved over the performance period commencing on the grant date and ending on the last day of the Company’s 2024 fiscal year, and settled in cash. The performance conditions of the award are achieved based on established milestones. If such milestones are not met or become not probable of being met during the performance period, no compensation cost is recognized and any previously recognized compensation cost is reversed. As of September 30, 2024, $0.6 million of total unrecognized compensation cost is expected to be recognized on outstanding performance-based cash-settled awards over the remaining performance period based on the fair value and the estimated probability of achievement as of September 30, 2024.

Under the 2023 Stock Incentive Plan, each non-employee director, during the years presented, received all or a portion of his or her annual compensation in stock.


($ in thousands)	Nine Months Ended September 30,
Employee:	2024		2023
Expensed	$	3,665	$	1,967
Capitalized	620		379
	4,285		2,346
Director:	421		402
Total Stock Compensation Costs	$	4,706	$	2,748

MARKETABLE SECURITIES

9 Months Ended

Sep. 30, 2024

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 has elected to classify its securities as available-for-sale and therefore is required to adjust securities to fair value at each reporting date. All costs and both realized and unrealized gains and losses on securities are determined on a specific identification basis. The following is a summary of available-for-sale securities at:


($ in thousands)		September 30, 2024				December 31, 2023
Marketable Securities:	Fair Value Hierarchy	Cost		Fair Value		Cost		Fair Value
Certificates of deposit
with unrealized losses for less than 12 months		$	—	$	—	$	174	$	174

with unrealized gains		—		—		385		385
Total Certificates of deposit	Level 1	—		—		559		559
U.S. Treasury and agency notes
with unrealized losses for less than 12 months		2,145		2,145		13,797		13,787

with unrealized gains		10,231		10,252		2,374		2,374
Total U.S. Treasury and agency notes	Level 2	12,376		12,397		16,171		16,161
Corporate notes
with unrealized losses for less than 12 months		996		996		15,598		15,587
with unrealized losses for more than 12 months		500		499		—		—
with unrealized gains		—		—		249		249
Total Corporate notes	Level 2	1,496		1,495		15,847		15,836






		$	13,872	$	13,892	$	32,577	$	32,556

The Company uses an allowance approach when recognizing credit loss for available-for-sale debt securities, measured as the difference between the security's amortized cost basis and the amount expected to be collected over the security's lifetime. Under this approach, at each reporting date, the Company records impairment related to credit losses through earnings offset with an allowance for credit losses, or ACL. At September 30, 2024, the Company has not recorded any credit losses.

As of September 30, 2024, the fair market value of investment securities was $20,000 above their cost basis. The Company’s gross unrealized holding gains equaled $21,000 and gross unrealized holding losses equaled $1,000. For the three months ended September 30, 2024, the adjustment to accumulated other comprehensive loss reflected an increase in market value of $46,000, including estimated taxes of $13,000. For the nine months ended September 30, 2024, the adjustment to accumulated other comprehensive loss reflected a decline in market value of $40,000, including estimated taxes of $11,000.

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. The accrued interest receivables balance totaled $114,000 as of September 30, 2024 and was included within the Prepaid expenses and other current assets line item of the Consolidated Balance Sheets. The Company elected not to measure an allowance for credit losses on accrued interest receivable, as an allowance on possible uncollectible accrued interest is not warranted.

U.S. Treasury and agency notes

The unrealized losses on the Company's investments in U.S. Treasury and agency notes at September 30, 2024 and December 31, 2023 were caused by relative changes in interest rates since the time of purchase and not changes in credit quality. The contractual cash flows for these securities are guaranteed by U.S. government agencies. As of September 30, 2024 and December 31, 2023, the Company did not intend to sell these securities and it is not more-likely-than-not that the Company would be required to sell these securities before recovery of their cost basis. Therefore, these investments did not require an ACL as of September 30, 2024 and December 31, 2023.

Corporate notes

The unrealized losses on corporate notes are a function of changes in investment spreads and interest rate movements and not changes in credit quality. The Company expects to recover the entire amortized cost basis of these securities. As of September 30, 2024 and December 31, 2023, the Company did not intend to sell these securities and it is not more-likely-than-not the Company would be required to sell these securities before recovery of their cost basis. Therefore, these investments did not require an ACL as of September 30, 2024 and December 31, 2023.

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


	September 30, 2024
($ in thousands)	2024		2025		Total

U.S. Treasury and agency notes	$	4,786	$	7,650	$	12,436
Corporate notes	1,500		—		1,500

	$	6,286	$	7,650	$	13,936


	December 31, 2023
($ in thousands)	2024		Total
Certificates of deposit	$	560	$	560
U.S. Treasury and agency notes	16,212		$	16,212
Corporate notes	15,880		15,880

	$	32,652	$	32,652

The Company’s investments in corporate notes are with companies that have an investment grade rating from Standard & Poor’s as of September 30, 2024.