Tejon Ranch - TRC STOCK NEWS

Tejon Ranch Co. (NYSE: TRC) has reached an agreement with Climate Resolve to enhance the Centennial master planned community, committing to include 3,480 affordable housing units and achieving net zero carbon project status exceeding California's climate goals. The community will feature advanced wildfire resilience measures and aims to install nearly 30,000 electric vehicle chargers. The lawsuit challenging the project's approval has been dismissed, allowing Tejon Ranch to progress with the necessary legislative approvals, positively impacting housing supply in Los Angeles County.

Tejon Ranch Co. (NYSE:TRC) announced financial results for Q3 2021, reporting a net income of $0.2 million, down from $0.4 million in Q3 2020. Revenues rose to $16.5 million from $15.1 million year-over-year. Significant growth in mineral resources (up 261% to $4.8 million) fueled results, aided by increased water sales. However, farming revenues declined 21% to $6.7 million, primarily due to lower pistachio insurance proceeds. Year-to-date, net income reached $2 million, up from a loss of $0.6 million in 2020, with total revenues of $45.6 million compared to $34.5 million last year.

Tejon Ranch Company announces the voluntary withdrawal of an appeal by the Center for Biological Diversity and other environmental groups regarding a Multi-Species Habitat Conservation Plan. The U.S. District Court ruled in December 2020 in favor of Tejon Ranch and the U.S. Fish & Wildlife Service, dismissing the plaintiffs' arguments as 'unsupported by the record.' The plaintiffs initially filed the lawsuit in April 2019, six years post-approval of the plan. This dismissal, which cannot be refiled, allows Tejon Ranch to proceed with its development goals in California.

Tejon Ranch Co. (NYSE: TRC) announced the appointment of Susan K. Hori to its Board of Directors, effective December 1, 2021. Hori, a partner at Manatt, Phelps & Phillips, LLP, specializes in land use development entitlements and has significant experience in navigating complex multiagency permits. CEO Gregory S. Bielli expressed confidence in her capabilities, emphasizing her legal expertise as a valuable asset for the company's goals. Hori aims to help unlock the potential of Tejon Ranch, which is crucial for housing and job creation in California.

Tejon Ranch Co. (NYSE:TRC) reported a net income of $2.8 million for Q2 2021, recovering from a loss in the same period last year. Revenue surged to $18.1 million, up 144% year-over-year, driven by strong performance in commercial real estate and mineral resources segments. Significant milestones include the construction of a 630,000 sq ft industrial building and increased water sales due to drought conditions. However, uncertainties regarding long-term pandemic impacts and fluctuating commodity prices may affect future profits.

Tejon Ranch Co. (NYSE: TRC) has started construction on a new 630,000-square-foot speculative industrial facility at the Tejon Ranch Commerce Center in California, in partnership with Majestic Realty Co.. This building, the largest among three developed jointly since 2017, capitalizes on high demand for industrial space and its strategic location near Interstate 5. Scheduled for mid-2022 occupancy, the facility will offer significant logistical advantages and tax incentives, potentially attracting major tenants.

The Outlets at Tejon will host the inaugural event, Art at OAT, showcasing local artists' interactive art walls. Scheduled for June 12, the event aims to celebrate California's beauty, featuring muralist Jen Cordova and artist Cassandra Gear. An exclusive media preview will occur on June 10 at 9:00 AM. This summer event coincides with the grand opening of Bird Dog Arts on July 2, 2021, which will offer gallery tours and lectures. The Outlets at Tejon is a premier shopping destination located conveniently between Los Angeles and Bakersfield.

The Outlets at Tejon is set to launch ‘Art at OAT’ on June 12, showcasing 10 art walls created by local artists, including Jen Cordova and Cassandra Gear. This outdoor event, running until June 26, features interactive art and entertainment, with free activities like face painting and balloon art. Local food vendors will be present, and giveaways include a $300 gift certificate. The event aims to celebrate California's artistic beauty and attract visitors to the shopping center.

Tejon Ranch Co. (NYSE: TRC) announced the appointment of Rachel Freeman as Senior Vice President of Real Estate on May 10, 2021. Freeman brings 15 years of real estate experience, having successfully navigated entitlement strategies in Southern California. Previously, she led development efforts at Capri Retail Services and held senior roles at Sears Canada and Hudson’s Bay Company. Her extensive background is expected to benefit Tejon Ranch's ongoing real estate projects.