Court Issues Opinion on Centennial at Tejon Ranch

Rhea-AI Summary

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.

Positive

• None.

Negative

• Court of Appeals upheld previous ruling against certain aspects of the development
• Project faces legal and regulatory challenges that may delay implementation
• Additional work required with Los Angeles County to advance the project

Ruling provides clarity on the future of master planned Los Angeles County community

TEJON RANCH, Calif., June 26, 2025 (GLOBE NEWSWIRE) -- Tejon Ranch Co. (NYSE:TRC), (“Tejon” or the “Company”), a diversified real estate development and agribusiness company, today released the following statement in response to the California Court of Appeals’ decision to uphold the Los Angeles County Superior Court’s previous decision regarding the Company’s Centennial development.

We disagree with the Court of Appeals’ ruling and importantly note that the decision affirms that the Company prevailed on 20 of the 23 items resolved at the trial court. Furthermore, the ruling does not address any additional issues. In the coming days, we intend to work with Los Angeles County to evaluate how best to advance Centennial in a way that benefits the region and delivers value for our shareholders.

Centennial remains one of the most extensively studied, climate-forward and resilient master planned communities ever proposed in the state. It will bring much needed housing, jobs and open space preservation to a County that urgently needs all three.

Tejon Ranch has a decades-long track record of navigating California’s complex land use process. We are confident in our ability to move Centennial forward, generate value for our shareholders, and deliver housing, jobs, open space and above all, opportunity for the region.

About Tejon Ranch Co. (NYSE: TRC)
Tejon Ranch Co. is a diversified real estate development and agribusiness Company whose principal asset is its 270,000-acre land holding located approximately 60 miles north of Los Angeles and 30 miles south of Bakersfield. For more information on the Company, please go to www.tejonranch.com.

About Centennial at Tejon Ranch
Centennial at Tejon Ranch is a future master-planned, mixed-use community located on approximately 12,000 acres of Tejon Ranch in northern Los Angeles County. Designed to be one of the most sustainably planned communities in California’s history, Centennial will deliver up to 19,333 homes, including more than 3,000 affordable units. Centennial builds on Tejon Ranch Company’s legacy of environmental stewardship, pairing large-scale conservation with forward-thinking, climate-resilient design

Forward Looking Statements

This communication contains forward-looking statements about future events and circumstances. Generally speaking, any statement not based upon historical fact is a forward-looking statement. In particular, statements regarding Tejon’s plans, strategies, prospects and expectations regarding its business and industry are forward-looking statements. They reflect Tejon’s expectations, are not guarantees of performance and speak only as of the date hereof. Except as required by law, Tejon does not undertake to update such forward-looking statements. You should not rely unduly on forward-looking statements. Tejon’s business results are subject to a variety of risks, including business conditions and the general economy, future commodity prices and yields, market forces, the ability to obtain various governmental entitlements and permits, interest rates and other risks inherent in real estate and agriculture businesses. For further information on factors that could affect Tejon’s business results, refer to Tejon’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024 and subsequent filings with the U.S. Securities and Exchange Commission.

Contacts:
Nicholas Ortiz
Tejon Ranch Co., Senior Vice President, Corporate Communications & Public Affairs
(661) 331-0313
nortiz@tejonranch.com

FAQ

What was the Court of Appeals ruling for Tejon Ranch's Centennial project?

The California Court of Appeals upheld the Los Angeles County Superior Court's previous decision, with Tejon Ranch prevailing on 20 out of 23 items, though the company disagrees with the overall ruling.

How will the court ruling impact Tejon Ranch's (TRC) Centennial development plans?

The ruling requires Tejon Ranch to work with Los Angeles County to advance the Centennial project in a modified way that benefits the region while delivering shareholder value.

What are the main features of Tejon Ranch's Centennial development project?

Centennial is described as a climate-forward and resilient master planned community designed to provide housing, jobs, and open space preservation in Los Angeles County.

How is Tejon Ranch (TRC) planning to move forward after the court decision?

Tejon Ranch plans to collaborate with Los Angeles County to evaluate ways to advance the Centennial project, leveraging their experience in California's land use processes.

What benefits will the Centennial project bring to Los Angeles County?

The project aims to deliver three key benefits: much-needed housing, job opportunities, and open space preservation for Los Angeles County.