Tejon Ranch Stock Price, News & Analysis

Strathmore Capital, a long-term shareholder of Tejon Ranch (NYSE:TRC), has issued a letter to TRC's Board of Directors calling for significant corporate restructuring and cost reductions. The letter commends CEO Matthew Walker's appointment of an interim CFO but urges more substantial changes to improve shareholder value.

Strathmore highlights concerns about excessive G&A expenses, including the employment of five Vice Presidents of Real Estate, with one EVP receiving nearly $1 million in average annual compensation. The investor also criticizes the $1 million annual consulting contract with the former CEO and the oversized 10-member board structure.

The letter emphasizes that TRC's recurring income primarily comes from passive investments and joint ventures, suggesting the current corporate structure is unnecessarily complex and costly.

Glenbrook Capital Management, a significant shareholder of Tejon Ranch (NYSE: TRC) with over 300,000 shares, has raised concerns about the unexplained departure of CFO Brett A. Brown on July 11, 2025. The company only disclosed the separation through a Form 8-K filing without providing any context or explanation.

Glenbrook's Chairman, Grover Wickersham, highlighted Brown's valuable contributions, including securing a favorable Farm Credit loan and improving financial disclosures. The investment firm is demanding transparency regarding the departure and urging independent directors to implement PFS Trust's shareholder proposal, which received 49.3% support and would allow shareholders with a combined 10% ownership to call special meetings.

Tejon Ranch Co. (NYSE:TRC) responded to a California Court of Appeals decision regarding their Centennial development project. The court upheld a previous Los Angeles County Superior Court ruling, where Tejon prevailed on 20 out of 23 items. Despite disagreeing with the ruling, the Company plans to collaborate with Los Angeles County to advance the Centennial project.

The Centennial development is positioned as a climate-forward and resilient master planned community designed to address Los Angeles County's critical needs for housing, employment, and open space preservation. Tejon Ranch emphasizes their extensive experience in California's land use processes and maintains confidence in moving the project forward.

Glenbrook Capital Management, owning 1.1% of Tejon Ranch Co. (NYSE:TRC), is urging the company's Board to implement PFS Trust's proposal allowing shareholders with 10% combined ownership to call special meetings. The proposal received over 49% shareholder support at the Annual Meeting, despite Tejon spending $3M to oppose it. Glenbrook expressed concerns about Tejon's recent $200 million shelf offering filed three days after the Annual Meeting, questioning its timing and potential impact on shareholder dilution. The activist investor highlighted that Andrew Dakos was elected to the board and criticized the company's management, particularly Daniel Tisch and Greg Bielli, for their "opacity and hostility." Glenbrook is particularly worried about Tejon's history of insider purchases in rights offerings leading to public shareholder dilution.

Tejon Ranch Co. (NYSE:TRC) announced the final voting results from its 2025 Annual Meeting of Shareholders. Shareholders voted to re-elect nine current board members and elect new director Andrew Dakos from Bulldog Investors to the Company's Board of Directors. The election results showed strong shareholder support for the company's current direction and long-term strategy in real estate development and agribusiness. Michael Winer, who served on the board for 24 years, will be departing. Notably, new board member Dakos stated that he believes Tejon Ranch's stock significantly undervalues its assets and expressed commitment to maximizing shareholder value.

Tejon Ranch Co. (NYSE: TRC) is urging shareholders to vote "FOR" their 10 director nominees on the WHITE Proxy Card ahead of the May 13, 2025 Annual Meeting. The company is facing a proxy contest from Bulldog Investors, who is attempting to install three directors. All three major proxy advisory firms - ISS, Glass Lewis, and Egan-Jones - have endorsed Tejon's nominees.

The company argues that Bulldog's candidates lack relevant experience in California real estate development, while Tejon's nominees bring crucial expertise in commercial and residential real estate. Tejon emphasizes that Bulldog's campaign could disrupt their progress in developing master-planned communities and threatens long-term value creation.

Tejon Ranch Co. (NYSE: TRC) has received strong support from Kern County leaders who signed a letter backing the company's Board and management while opposing Bulldog Investors' efforts that could threaten Tejon's Master Planned Communities development. The letter, endorsed by State Senators Shannon Grove and Melissa Hurtado, State Assemblymembers Stan Ellis and Dr. Jasmeet Bains, and Kern County Supervisors, emphasizes the crucial partnership between Tejon and Kern County.

Supervisor Leticia Perez highlighted Tejon Ranch as a \"crown jewel of Kern County\" with nearly two centuries of economic partnership. Supervisor Chris Parlier emphasized the Board's expertise in developing large-scale Master Planned Communities in California's challenging regulatory environment, contrasting their approach with what he characterized as Bulldog's \"serial proxy activist\" perspective.

Glenbrook Capital Management, owning 1.1% of Tejon Ranch Co. (NYSE:TRC), has announced that CalSTRS will vote in favor of two key proposals at Tejon's upcoming Annual Meeting on May 13, 2025. CalSTRS supports: 1) Item #4, which would allow shareholders owning a combined 10% of shares to call special meetings, and 2) Bulldog Capital's slate of nominees for the Board of Directors. Glenbrook, along with Bulldog and Harvey Capital, advocates for these changes to unlock shareholder value. The company urges shareholders to vote using Bulldog's GREEN Proxy Card to enable cumulative voting and maximize the impact of votes for Bulldog's Slate.

Tejon Ranch Co. (NYSE:TRC) reported its Q1 2025 financial results, marking the first quarter under new CEO Matthew H. Walker. The company posted revenues of $9.6 million, slightly up from $9.5 million in Q1 2024. However, TRC recorded a net loss of $1.5 million ($0.05 per share), compared to a $0.9 million loss in Q1 2024, primarily due to proxy contest expenses. The Tejon Ranch Commerce Center (TRCC) achieved full occupancy in its industrial portfolio with 2.8 million square feet of space and 95% occupancy in its commercial/retail portfolio. A significant milestone was reached with the opening of Terra Vista at Tejon, a 228-unit multi-family community. The company maintains strong liquidity of $118.5 million, including $32.9 million in cash and securities and $85.6 million available on its credit line.