Tejon Ranch Stock Price, News & Analysis

Tejon Ranch Co. (NYSE: TRC) has appointed Marc W. Hardy as Senior Vice President and General Counsel, effective May 10, 2021. Hardy, previously with A.G. Spanos Companies, brings extensive experience in corporate law, real estate, and land use. He has a strong background in legal affairs for diversified companies, including residential development and the Los Angeles Chargers NFL team. Tejon Ranch, with 270,000 acres positioned for growth in real estate development and agribusiness, aims to leverage Hardy's expertise as it advances its projects.

Los Angeles Superior Court Judge Mitchell Beckloff has upheld the majority of the Environmental Impact Report (EIR) for the Centennial project at Tejon Ranch, dismissing 20 of 23 claims from environmental lawsuits. The judge found most claims regarding greenhouse gases and fire safety were addressed adequately, although some aspects require further analysis. The Centennial development, consisting of 19,333 residential units and over 10 million square feet of commercial space, is projected to create 23,000 permanent jobs and 25,000 construction jobs, aiming to alleviate California's housing crisis.

Tejon Ranch Co. (NYSE:TRC) reported a net loss for Q4 2020 of $0.1 million, significantly down from a $9.7 million profit in Q4 2019. Total revenues fell by 68% year-over-year to $10.2 million, driven by lower earnings from joint ventures and farming operations. For the full year, the company posted a $0.7 million loss compared to a $10.6 million profit in 2019, with total revenues decreasing 34% to $44.5 million. The outlook for 2021 remains cautious amidst ongoing economic challenges due to COVID-19, although development initiatives are set to continue.

Tejon Ranch Co. filed a Motion to Dismiss against environmental groups attempting to amend a defective lawsuit. The groups, including Audubon California and Sierra Club, aim to add the Tejon Ranch Conservancy as a named plaintiff. Tejon claims these efforts are improper and a breach of the Tejon Ranch Conservation and Land Use Agreement (RWA), having contributed over $11 million to the Conservancy. Tejon asserts that all its obligations under the RWA are fulfilled, while criticizing the Conservancy for mismanagement and failure to maintain long-term funding.

The Kern County Superior Court has dismissed a lawsuit by the Center for Biological Diversity, challenging the re-approval of the Grapevine residential development by Kern County. The court upheld previous rulings on the environmental impact report while affirming the County's supplemental analysis on traffic-related concerns as sufficient. This lawsuit marks the twelfth legal action by the CBD against Tejon Ranch since 2003. Tejon Ranch Co. expressed satisfaction with the court's decision, emphasizing the need for development to address California's housing shortage.

Tejon Ranch Co. (NYSE: TRC) has received approval from the Kern County Board of Supervisors for two Conditional Use Permits (CUPs) to develop up to 495 multi-family residences within the Tejon Ranch Commerce Center. The development will include thirteen apartment buildings, approximately 6,500 square feet of community amenity space, and 8,000 square feet of retail space. This project is set on a 27-acre site north of the Outlets at Tejon, marking a significant step in the company's expansion strategy within its 270,000-acre landholding.

Tejon Ranch Co. (NYSE: TRC) has appointed Frawn Morgan to its Board of Directors, effective January 1, 2021. Morgan, a seasoned professional in real estate development, has overseen over $10 billion in assets and managed a multi-billion-dollar investment portfolio during the Great Recession. CEO Gregory S. Bielli expressed confidence in her contributions, highlighting her expertise in master planned communities. Morgan aims to enhance the value of the company's significant California land holdings while preserving its historical legacy.

The United States District Court, Central District of California, has granted summary judgment in favor of the US Fish & Wildlife Service and Tejon Ranch Co. regarding the 2013 approval of a Multi-Species Habitat Conservation Plan. This plan protects the California condor and other species on Tejon Ranch. The court dismissed all arguments from the Center for Biological Diversity and other plaintiffs, labeling them as unsupported. The lawsuit, filed in April 2019, seeks to obstruct development projects at Tejon Ranch, which aims to address California's housing crisis.

Tejon Ranch Co. (NYSE:TRC) reported its financial results for the three- and nine-months ended September 30, 2020. For Q3 2020, net income attributable to common stockholders was $0.4 million, or $0.02 per share, up from $47,000 in Q3 2019. Revenues grew to $15.1 million, with significant increases in farming segment revenues. However, year-to-date results show a net loss of $0.6 million, attributed to a 41% drop in commercial/industrial real estate revenues. The Company remains focused on ongoing development projects and maintaining cash flow amid the pandemic.