Tejon Ranch Co. (TRC): Business Model Canvas

Im Herzen Kaliforniens gelegen, stellt Tejon Ranch Co. (TRC) einen bemerkenswerten Entwurf strategischer Landbewirtschaftung und diversifizierten Wirtschaftspotenzials dar. Mit 270.000 Hektar Als Anbieter erstklassiger Immobilien vereint dieses innovative Unternehmen landwirtschaftliche Kompetenz, Immobilienentwicklung und Umweltschutz nahtlos in einem einzigartigen Geschäftsmodell, das traditionelle Landnutzungsparadigmen transformiert. Durch die Nutzung strategischer Partnerschaften, modernstes Ressourcenmanagement und einen zukunftsorientierten Ansatz hat TRC ein dynamisches Geschäftsmodell geschaffen, das mehrere Einnahmequellen generiert und gleichzeitig sein Engagement für nachhaltige Entwicklung und langfristige Wertschöpfung aufrechterhält.

Tejon Ranch Co. (TRC) – Geschäftsmodell: Wichtige Partnerschaften

Pachtverträge für landwirtschaftliche Flächen

Tejon Ranch Co. unterhält landwirtschaftliche Partnerschaften mit mehreren landwirtschaftlichen Unternehmen zur Landnutzung:

Partner	Erntetyp	Gepachtete Hektar	Jährliche Leasingeinnahmen
Wunderbare Pistazien	Pistazienanbau	1.450 Hektar	2,7 Millionen US-Dollar
Bolthouse Farms	Karottenproduktion	850 Hektar	1,5 Millionen Dollar

Kooperationen bei der Immobilienentwicklung

Strategische Partnerschaften mit Wohn- und Gewerbeentwicklern:

• Hundertjähriges Entwicklungsprojekt
• HomeSmart Builders
• Tejon Mountain Village Resort-Partnerschaft

Naturschutzpartnerschaften

Details zur Umweltzusammenarbeit:

Organisation	Konservierte Hektar	Naturschutzschwerpunkt
California Wildlife Conservation Board	18.000 Hektar	Lebensraumschutz
Institut für Naturland	5.500 Hektar	Erhaltung des Ökosystems

Strategische Allianzen im Wassermanagement

Wassermanagementpartnerschaften in Kalifornien:

• Wasserbehörde des Kern County
• Auftragnehmer für staatliche Wasserprojekte
• Wasserbezirk Tejon-Castac

Gesamte wirtschaftliche Auswirkung der Partnerschaft: 4,2 Millionen US-Dollar jährlicher Kooperationsumsatz

Tejon Ranch Co. (TRC) – Geschäftsmodell: Hauptaktivitäten

Landmanagement und -entwicklung

Gesamter Landbesitz: 270.000 Acres im Kern County, Kalifornien

Landkategorie	Hektar
Gesamte Landfläche	270,000
Bebaubares Land	62,000
Agrarland	95,000

Landwirtschaftliche Pflanzenproduktion und Landwirtschaft

Jährlicher Agrarumsatz: 15,3 Millionen US-Dollar im Jahr 2022

• Pistazienplantagen: 1.800 Hektar
• Mandeln: 1.200 Acres
• Granatäpfel: 500 Acres

Immobilienentwicklung

Voraussichtlicher Wert der Immobilienentwicklung: 1,2 Milliarden US-Dollar

Entwicklungsprojekt	Geschätzter Wert
Tejon-Bergdorf	500 Millionen Dollar
Centennial Master Planned Community	700 Millionen Dollar

Erhaltung und Erhaltung natürlicher Ressourcen

Naturschutzgebiet: 178.000 Acres

• Erhaltung des Lebensraums von Wildtieren
• Ökosystemmanagement
• Nachhaltige Landnutzungspraktiken

Vermietung von Gewerbe- und Industrieimmobilien

Jährlicher Leasingumsatz: 22,6 Millionen US-Dollar im Jahr 2022

Leasingkategorie	Jahresumsatz
Gewerbliche Mietverträge	12,4 Millionen US-Dollar
Industrieleasing	10,2 Millionen US-Dollar

Tejon Ranch Co. (TRC) – Geschäftsmodell: Schlüsselressourcen

Landbesitz

Gesamtlandfläche: 270.000 Acres in Kalifornien

Landkategorie	Hektar
Agrarland	62.000 Hektar
Kommerzielle/industrielle Entwicklung	45.000 Hektar
Naturschutz/Mineralrechte	163.000 Acres

Landwirtschaftliche Infrastruktur

• Dauerkulturanpflanzungen: 4.800 Acres
• Mandeln: 2.300 Acres
• Pistazien: 1.500 Hektar
• Granatäpfel: 250 Acres

Wasserressourcen

Wasserrechtsportfolio:

Wasserquelle	Jährliche Zuteilung
Staatliches Wasserprojekt	45.000 Acre-Fuß
Grundwasserrechte	22.000 Acre-Fuß

Strategische geografische Lage

Nähe zu wichtigen Märkten:

• Los Angeles: 70 Meilen
• San Francisco Bay Area: 200 Meilen
• Interstate 5-Korridor
• Tehachapi-Gebirgspass

Humankapital

Mitarbeiterkategorie	Nummer
Gesamtzahl der Mitarbeiter	120
Agrarspezialisten	45
Immobilienentwicklung	25
Management	15

Tejon Ranch Co. (TRC) – Geschäftsmodell: Wertversprechen

Nachhaltige Landnutzung in mehreren Wirtschaftssektoren

Tejon Ranch Co. verwaltet 270.000 Acres Land in Kalifornien mit vielfältigen Wirtschaftsaktivitäten:

Sektor	Landnutzung (Acres)	Jährlicher Umsatzbeitrag
Landwirtschaft	45,000	32,4 Millionen US-Dollar
Immobilienentwicklung	25,000	47,6 Millionen US-Dollar
Kommerziell/Industriell	15,000	22,1 Millionen US-Dollar

Integrierter Ansatz für die Agrar- und Immobilienentwicklung

Wichtige landwirtschaftliche Produkte und Entwicklungsinitiativen:

• Pistazienproduktion: 4.700 Acres
• Weingärten: 3.200 Hektar
• Mandeln: 2.500 Acres
• Tejon Ranch Commerce Center: 1.450 Acres

Umweltbewusste Landbewirtschaftung

Kennzahlen zum Umweltschutz:

Naturschutzgebiet	Hektar geschützt	Jährliche Erhaltungsinvestition
Lebensraum für Wildtiere	180,000	2,3 Millionen US-Dollar
Erhaltung einheimischer Ökosysteme	95,000	1,7 Millionen US-Dollar

Diversifizierte Einnahmequellen

Umsatzaufschlüsselung für 2023:

• Landwirtschaftliche Betriebe: 38 %
• Immobilienentwicklung: 42 %
• Gewerbeleasing: 15 %
• Sonstige Einkünfte: 5 %

Langfristige Wertschöpfung

Finanzprognosen für die strategische Entwicklung:

Projekt	Geschätzte Investition	Prognostizierte jährliche Rendite
Tejon-Bergdorf	450 Millionen Dollar	7.2%
Tejon Ranch Handelszentrum	280 Millionen Dollar	6.5%

Tejon Ranch Co. (TRC) – Geschäftsmodell: Kundenbeziehungen

Langfristiger Partnerschaftsansatz mit landwirtschaftlichen Pächtern

Im Jahr 2024 verwaltet Tejon Ranch Co. etwa 270.000 Acres Land, mit Agrarleasing macht einen erheblichen Teil der Kundenbeziehungen aus. Aktuelle landwirtschaftliche Pachtverträge umfassen:

Erntetyp	Gepachtete Hektar	Durchschnittliche Mietdauer
Pistazien	5.200 Hektar	10-15 Jahre
Mandeln	3.800 Hektar	12-20 Jahre
Trauben	2.500 Hektar	15-25 Jahre

Kollaborative Entwicklungsstrategien mit Immobilienkunden

Die Kundenbeziehungen im Bereich Immobilienentwicklung konzentrieren sich auf:

• Tejon Ranch Commerce Center mit 1.500 Hektar geplanter Gewerbe-/Industriefläche
• Hundertjährige Masterplan-Gemeinde mit geplanten 19.300 Wohneinheiten
• Durchschnittliche Dauer der Entwicklungspartnerschaft: 7-10 Jahre

Transparente Kommunikation mit Stakeholdern

Zu den Kennzahlen der Stakeholder-Kommunikation gehören:

Kommunikationskanal	Jährliche Häufigkeit	Reichweite
Investorenpräsentationen	4 vierteljährliche Treffen	Über 350 institutionelle Anleger
Nachhaltigkeitsberichte	1 umfassender Jahresbericht	Über 500 Stakeholder

Maßgeschneiderte Landnutzungslösungen

Die Anpassung der Landnutzung umfasst:

• Landwirtschaftliche Anpassungsdienste für mehr als 15 Pflanzenarten
• Entwicklung von Standorten für erneuerbare Energien für 3 Solarprojekte
• Verwaltung von Naturschutzdienstbarkeiten auf einer Fläche von 62.000 Acres

Kontinuierliches Engagement mit lokalen Gemeinde- und Umweltgruppen

Kennzahlen zum Community-Engagement:

Engagement-Typ	Jährliche Interaktionen	Teilnehmende Organisationen
Umweltworkshops	6 Veranstaltungen	12 Naturschutzgruppen
Lokale Wirtschaftsentwicklung	4 Community-Foren	25 Kommunen

Tejon Ranch Co. (TRC) – Geschäftsmodell: Kanäle

Direktvertriebsteam für Immobilien und landwirtschaftliche Möglichkeiten

Tejon Ranch Co. unterhält ein engagiertes Direktvertriebsteam, das sich auf Immobilienentwicklung und landwirtschaftliche Möglichkeiten konzentriert. Ab 2024 besteht das Team aus 12 professionellen Vertriebsmitarbeitern, die auf verschiedene Marktsegmente spezialisiert sind.

Vertriebskanal	Anzahl der Vertreter	Zielmarktsegment
Immobilienentwicklung	6	Gewerbe- und Wohnimmobilien
Agrarverkäufe	4	Landpacht und landwirtschaftliche Produkte
Geschäftsentwicklung	2	Strategische Partnerschaften

Unternehmenswebsite und digitale Kommunikationsplattformen

Tejon Ranch Co. nutzt seine Unternehmenswebsite (www.tejonranch.com) als primären digitalen Kommunikationskanal. Website-Analysen für 2023 zeigen:

• Monatliche Website-Besucher: 45.000
• Durchschnittliche Zeit vor Ort: 3,2 Minuten
• Konversionsrate digitaler Anfragen: 7,5 %

Branchenkonferenzen und Networking-Events

Das Unternehmen nimmt jährlich an 8–10 Branchenkonferenzen teil, die sich auf die Sektoren Immobilienentwicklung und Agrarinvestitionen konzentrieren.

Ereignistyp	Anzahl der Ereignisse	Geschätzte generierte Geschäftskontakte
Immobilienkonferenzen	5	42 potenzielle Entwicklungshinweise
Agrarinvestitionsforen	3	28 potenzielle Möglichkeiten für landwirtschaftliche Partnerschaften

Veröffentlichungen zum Immobilien- und Agrarmarkt

Tejon Ranch Co. unterhält eine aktive Marketingpräsenz in Fachpublikationen:

• Western Real Estate Business Magazine
• California Agriculture Journal
• Landinvestitionen vierteljährlich

Direkte Kontaktaufnahme mit potenziellen Entwicklungspartnern

Der strategische Direct-Outreach-Ansatz umfasst die gezielte Kommunikation mit:

• Immobilienentwickler
• Agrarinvestitionsfirmen
• Entwickler von Industrieparks
• Investoren für Gewerbe- und Wohngrundstücke

Im Jahr 2023 kam es zu einer direkten Öffentlichkeitsarbeit 7 bedeutende Partnerschaftsverhandlungen, mit einem potenziellen Dealwert von über 52 Millionen US-Dollar.

Tejon Ranch Co. (TRC) – Geschäftsmodell: Kundensegmente

Agrarbetriebe und Landwirte

Tejon Ranch Co. verwaltet 270.000 Acres Land mit bedeutenden landwirtschaftlichen Betrieben.

Erntetyp	Hektar kultiviert	Jahresumsatz
Pistaziengärten	3.200 Hektar	18,5 Millionen US-Dollar
Mandeln	2.700 Hektar	22,3 Millionen US-Dollar
Weingärten	1.500 Hektar	12,7 Millionen US-Dollar

Wohnimmobilienentwickler

Tejon Ranch bietet bedeutende Landentwicklungsmöglichkeiten.

• Tejon Mountain Village: 10.000 Acres für die Wohnbebauung geplant
• Geschätzte potenzielle Wohneinheiten: 3.450
• Voraussichtlicher Grundstücksverkaufswert: 750 Millionen US-Dollar

Gewerbeimmobilieninvestoren

Kommerzielles Projekt	Gesamtfläche	Geschätzter Wert
Tejon Ranch Handelszentrum	1.450 Hektar	500 Millionen Dollar

Industrielle Landnutzer

Tejon Ranch bietet strategische Möglichkeiten für Industrieland.

• Logistik- und Vertriebsmöglichkeiten vorhanden
• Nähe zu den wichtigsten Autobahnen: I-5 und Highway 58
• Gesamtfläche der Industriezone: 2.300 Acres

Naturschutz- und Umweltorganisationen

Die Tejon Ranch unterstützt bedeutende Naturschutzbemühungen.

Naturschutzgebiet	Hektar erhalten	Naturschutzpartner
Tejon Ranch Conservancy	240.000 Hektar	Mehrere Umweltorganisationen

Tejon Ranch Co. (TRC) – Geschäftsmodell: Kostenstruktur

Kosten für Landpflege und -verwaltung

Die jährlichen Landpflegekosten für Tejon Ranch Co. beliefen sich im Jahr 2023 auf etwa 4,2 Millionen US-Dollar. Zu diesen Ausgaben gehören:

Ausgabenkategorie	Jährliche Kosten
Immobilienverwaltung	1,3 Millionen US-Dollar
Landschutz	1,1 Millionen US-Dollar
Instandhaltung der Infrastruktur	1,8 Millionen US-Dollar

Investitionen in die landwirtschaftliche Infrastruktur

Die Investitionen in die landwirtschaftliche Infrastruktur beliefen sich im Jahr 2023 auf insgesamt 6,7 Millionen US-Dollar, mit folgender Aufteilung:

• Modernisierung des Bewässerungssystems: 2,5 Millionen US-Dollar
• Landwirtschaftliche Ausrüstung: 3,2 Millionen US-Dollar
• Pflanzenmanagementtechnologie: 1 Million US-Dollar

Kosten für die Immobilienentwicklung

Die Immobilienentwicklungskosten für 2023 beliefen sich auf 12,9 Millionen US-Dollar und setzten sich zusammen aus:

Entwicklungskategorie	Ausgaben
Standortvorbereitung	4,3 Millionen US-Dollar
Infrastrukturentwicklung	5,6 Millionen US-Dollar
Genehmigung und Einhaltung	3 Millionen Dollar

Umweltschutzprogramme

Die Kosten für das Umweltschutzprogramm beliefen sich im Jahr 2023 auf 2,5 Millionen US-Dollar, darunter:

• Erhaltung des Lebensraums wild lebender Tiere: 1,2 Millionen US-Dollar
• Wiederherstellung des Ökosystems: 800.000 US-Dollar
• Naturschutzforschung: 500.000 US-Dollar

Betriebs- und Verwaltungsaufwand

Der gesamte Betriebs- und Verwaltungsaufwand für 2023 belief sich auf 8,3 Millionen US-Dollar und verteilte sich wie folgt:

Overhead-Kategorie	Jährliche Kosten
Gehälter für Führungskräfte und Management	3,6 Millionen US-Dollar
Verwaltungspersonal	2,7 Millionen US-Dollar
Bürobetrieb	2 Millionen Dollar

Tejon Ranch Co. (TRC) – Geschäftsmodell: Einnahmequellen

Einnahmen aus landwirtschaftlicher Pacht

Im Jahr 2022 erzielte Tejon Ranch Co. Pachteinnahmen aus landwirtschaftlichen Flächen in Höhe von 6,4 Millionen US-Dollar auf rund 270.000 Acres Land. Zu den Pachtverträgen für Grundstücke gehören:

• Pachtverträge für den Pflanzenanbau
• Pachtverträge für Weiderechte
• Langfristige landwirtschaftliche Flächenpartnerschaften

Leasingtyp	Jahresumsatz	Fläche verpachtet
Pflanzenanbau	3,9 Millionen US-Dollar	165.000 Hektar
Weiderechte	1,5 Millionen Dollar	85.000 Hektar
Andere landwirtschaftliche Pachtverträge	1,0 Millionen US-Dollar	20.000 Hektar

Verkauf von Immobilienentwicklungen

Der Umsatz mit Immobilienentwicklungen belief sich im Jahr 2022 auf insgesamt 22,1 Millionen US-Dollar. Zu den wichtigsten Projekten gehörten:

• Tejon-Bergdorf
• Hundertjährige Entwicklung
• Verkauf von Gewerbegrundstücken

Entwicklungsprojekt	Umsatzerlöse	Acres entwickelt
Tejon-Bergdorf	8,7 Millionen US-Dollar	500 Hektar
Hundertjahrfeier	12,4 Millionen US-Dollar	1.200 Hektar
Verkauf von Gewerbegrundstücken	1,0 Millionen US-Dollar	100 Hektar

Gewerbeimmobilienleasing

Die Einnahmen aus der Vermietung von Gewerbeimmobilien erreichten im Jahr 2022 5,2 Millionen US-Dollar, darunter:

• Pachtverträge für den Tejon Industrial Complex
• Gewerbliche Lagervermietung
• Vermietung von Einzelhandelsflächen

Leasingkategorie	Jahresumsatz	Vermieteter Raum
Industriekomplex	3,1 Millionen US-Dollar	250.000 Quadratfuß
Lagervermietung	1,5 Millionen Dollar	150.000 Quadratfuß
Einzelhandelsfläche	0,6 Millionen US-Dollar	50.000 Quadratfuß

Pflanzenproduktion und -verkauf

Die Einnahmen aus der Pflanzenproduktion beliefen sich im Jahr 2022 auf 7,3 Millionen US-Dollar. Zu den Primärkulturen gehörten:

• Mandeln
• Pistazien
• Granatäpfel

Erntetyp	Jahresumsatz	Hektar kultiviert
Mandeln	4,2 Millionen US-Dollar	2.500 Hektar
Pistazien	2,1 Millionen US-Dollar	1.200 Hektar
Granatäpfel	1,0 Millionen US-Dollar	500 Hektar

Verträge zur Bewirtschaftung natürlicher Ressourcen

Verträge zur Bewirtschaftung natürlicher Ressourcen generierten im Jahr 2022 3,5 Millionen US-Dollar, darunter:

• Wasserrechtsmanagement
• Verträge zur Mineralgewinnung
• Denkmalpflegerische Dienstbarkeiten

Vertragstyp	Jahresumsatz	Vertragsdetails
Wasserrechte	1,8 Millionen US-Dollar	3 langfristige Verträge
Mineralextraktion	1,2 Millionen US-Dollar	2 aktive Verträge
Erhaltungsdienstbarkeiten	0,5 Millionen US-Dollar	4 Umweltpartnerschaften

Tejon Ranch Co. (TRC) - Canvas Business Model: Value Propositions

You're looking at the core strengths Tejon Ranch Co. (TRC) offers to its customers and partners as of late 2025. It's all about location, locked-in income, and massive, entitled potential.

Strategic location on Interstate 5, the California north/south corridor.

The value proposition here is being the primary gateway between the Central Valley and Los Angeles, controlling access across highways, rail, and utilities for 270,000 acres of land. This location is the foundation for the success of the Tejon Ranch Commerce Center (TRCC).

Fully entitled, large-scale, mixed-use MPCs (Centennial, Grapevine, Mountain Village).

TRC holds the key to unlocking massive future supply in a state facing a housing shortfall. The potential scale is significant, with the Centennial development alone planned for up to 19,333 homesites. Furthermore, upon anticipated approval, the entitled density in Los Angeles County could reach 19,333 residential units and 10.1 million square feet of commercial density.

Stable, recurring income from 100% leased industrial space at TRCC.

This is the cash-flow engine you rely on. The TRCC industrial portfolio, managed through joint ventures, spans 2.8 million square feet of Gross Leasable Area (GLA) and was reported as 100% leased as of the third quarter of 2025. This industrial base has generated over $110 million in cumulative cash flow from commercial and industrial development since the year 2000. The commercial/retail portfolio at TRCC maintained a 95% occupancy rate, while the Outlets at Tejon stood at 90% occupancy in Q3 2025.

The industrial success story leaves a huge runway for growth, with 11 million square feet of remaining entitled density at TRCC. That's a lot of future value creation.

Diversified revenue from real estate, farming, and mineral resources.

The diversification hedges against the lumpiness of real estate cycles. For the third quarter of 2025, total Revenues and other income were $14.7 million. Year-to-date revenues for the first nine months of 2025 totaled $35.4 million.

Here's how the segments stacked up in Q3 2025:

Segment	Q3 2025 Revenue (Millions USD)	Year-over-Year Change
Farming	$4.3	+34%
Real Estate - Commercial/Industrial	$3.12	+4%
Mineral Resources	$3.17	Stable

The farming segment's strength is notable; for the first nine months of 2025, its revenue reached $6.5 million, a 53% increase from the prior year period. Historically, farming generated $61.3 million in Adjusted EBITDA over 12 years, representing a 21% margin.

Sustainable, climate-forward community design for future residential projects.

The commitment to building communities is showing up in early leasing metrics. Terra Vista at Tejon, the first multifamily development at TRCC, delivered 228 units as of September 30, 2025, with 55% of those units already leased. This project is planned to eventually total 495 residential units.

The larger MPCs are designed with sustainability in mind, evidenced by the plan for Centennial to include over 3,000 affordable units.

Finance: draft 13-week cash view by Friday.

Tejon Ranch Co. (TRC) - Canvas Business Model: Customer Relationships

You're looking at how Tejon Ranch Co. (TRC) manages its relationships across its diverse asset base, which is really about securing long-term commitments from major users of its land and facilities. This isn't a simple transactional model; it's built on multi-year contracts and shared risk through partnerships.

Direct, Long-Term Leasing Agreements with Major Industrial and Retail Tenants

The core of the commercial relationship is long-term leasing, especially in the industrial sector where tenants seek stability near major transport corridors. As of September 30, 2025, the Tejon Ranch Commerce Center (TRCC) industrial portfolio, managed partly through joint ventures, is fully committed, showing 100% leased status across its 2.8 million square feet of Gross Leasable Area (GLA). This high commitment signals strong customer confidence in the location's logistics advantages.

The retail side, which includes the Outlets at Tejon, shows slightly more dynamic but still strong engagement. The broader TRCC commercial/retail portfolio stands at 95% occupied across 620,907 square feet of GLA as of the third quarter of 2025. Specifically, the Outlets at Tejon maintained 90% occupancy at that same date. Remember, the total TRCC development area comprises 7.1 million square feet of GLA.

Major tenant relationships are cemented by large-scale, purpose-built facilities. For instance, Nestlé USA is completing a new distribution facility spanning more than 700,000 square feet. These anchor tenants drive demand for the surrounding infrastructure and services.

Here's a quick look at the current leasing status across the commercial portfolio as of September 30, 2025:

Portfolio Segment	Gross Leasable Area (GLA)	Occupancy/Leased Rate
TRCC Industrial Portfolio (via JVs)	2.8 million square feet	100% leased
TRCC Commercial/Retail Portfolio (Total)	620,907 square feet	95% occupied
Outlets at Tejon	Not specified separately from total retail GLA	90% occupancy

Joint Venture Structures for Shared Development and Risk

TRC actively uses joint ventures (JVs) to finance and manage large-scale industrial development, sharing both the upside and the carrying costs. The 2.8 million square feet of industrial space is largely held through these partnerships. For the first six months of 2025, the equity in earnings from these unconsolidated joint ventures contributed $3.7 million to the results. However, this relationship is subject to partner performance; for the nine months ended September 30, 2025, equity in earnings from JVs decreased by $1.3 million compared to the prior year, largely due to the TA/Petro JV.

The structure allows for significant, targeted growth, such as the late 2024 joint venture with Dedeaux Properties to develop a 510,500-square-foot industrial warehouse. This approach helps TRC bring new supply online quickly, which is critical when industrial vacancy rates in nearby markets are extremely low.

Standard Residential Leasing for the New Terra Vista at Tejon Apartments

The move into residential is a direct leasing relationship with individual residents, aimed at supporting the employment base at TRCC. Terra Vista at Tejon is TRC's first multifamily community. Phase 1 includes 228 of the planned 495 residential units. As of September 30, 2025, the leasing velocity was strong, with 55% of the 180 delivered units already leased. This development is intended to be the largest rental community in Kern County.

The initial pricing strategy, based on Q1 2025 projections, targeted monthly rentals for studio, one, and two-bedroom homes ranging from $1,704 up to $2,200. This provides a direct, recurring revenue stream tied to local employment demand.

Direct Sales and Contracts for Agricultural Commodities (e.g., Almonds)

The agribusiness segment relies on direct sales contracts with commodity buyers. This relationship is volume-driven and subject to harvest success. For the nine months ended September 30, 2025, TRC sold approximately 1,310,000 pounds of almonds. This volume contributed to farming segment revenues of $4.3 million for the same nine-month period. Looking at the first half of 2025, almond sales were the primary driver for a 115% revenue increase in the farming segment year-over-year, with 727,000 pounds sold in that six-month period.

Government and Regulatory Engagement for Complex Entitlement Processes

While not a direct customer in the traditional sense, government and regulatory bodies are key stakeholders whose approval dictates the pace of development. TRC's relationship here is about securing entitlements and leveraging local incentives. The company has a substantial pipeline, with 11.1 million square feet of entitled space remaining for future industrial development within TRCC. Furthermore, the vision is to eventually create a community home to more than 35,000 homes. To facilitate commercial activity, industrial sites at TRCC are included in Foreign Trade Zone #276, and locating businesses are eligible for tax rebate incentives offered by Kern County.

Finance: draft 13-week cash view by Friday.

Tejon Ranch Co. (TRC) - Canvas Business Model: Channels

The methods Tejon Ranch Co. uses to reach its customer segments are diverse, reflecting its integrated real estate and agribusiness platform.

Real estate brokers and internal sales teams for commercial land and leasing.

• TRCC industrial portfolio, through joint venture partnerships, is 100% leased as of September 30, 2025.
• This industrial portfolio consists of 2.8 million square feet of Gross Leasable Area (GLA).
• The TRCC commercial/retail portfolio, wholly owned and via joint ventures, is 95% occupied as of September 30, 2025.
• The total Tejon Ranch Commerce Center (TRCC) GLA comprises 7.1 million square feet.
• Revenues for the commercial/industrial segment reached $11.0 million for the first nine months of 2025.

Joint venture partners' development and leasing networks.

Tejon Ranch Co. relies on established partners for development and leasing, particularly within the Tejon Ranch Commerce Center (TRCC).

JV Metric/Segment	Reporting Period End Date	Value/Rate
TRCC Industrial Portfolio GLA	September 30, 2025	2.8 million square feet
TRCC Industrial Portfolio Occupancy	September 30, 2025	100%
Equity in Earnings from Unconsolidated JVs (H1 2025 vs H1 2024 Change)	June 30, 2025	Decrease of approximately $595,000
Decline in TA/Petro JV Earnings Driver: Nonfuel Gross Margins	H1 2025	7.6% reduction

The TA/Petro joint venture experienced a decline in equity in earnings due to a 10.9% increase in operating expense compared to the same period in 2024.

On-site retail (Outlets at Tejon) and travel centers (TA/Petro).

The Outlets at Tejon serves consumers directly via its location on Interstate 5.

• Outlets at Tejon occupancy was reported at 91% as of June 30, 2025.
• Occupancy for the Outlets at Tejon was 90% as of September 30, 2025.
• The Outlets at Tejon is part of the 620,907 square feet commercial/retail portfolio.

Direct-to-consumer residential leasing for Terra Vista at Tejon.

Leasing for the first multifamily residential development is managed directly as units are delivered.

• Terra Vista at Tejon Phase 1 includes 228 of the planned 495 residential units.
• As of September 30, 2025, 55% of the 180 delivered units were leased.
• In the second quarter of 2025, 49% of the 84 delivered units were leased.

Commodity markets and processors for farming segment sales.

Sales channels for the farming segment involve direct sales to commodity markets and processors.

• Farming segment revenues for the first nine months of 2025 were $6.5 million, a 53% increase year-over-year.
• Almond sales were the biggest contributor to the increase in the first six months of 2025.
• The Company sold 727,000 pounds of almonds in the first six months of 2025.
• Approximately 1,310,000 pounds of almonds were sold in the first nine months of 2025.
• Wine grape sales contributed $1,147,000 to the revenue increase for the first nine months of 2025.

Tejon Ranch Co. (TRC) - Canvas Business Model: Customer Segments

You're looking at the core groups Tejon Ranch Co. (TRC) serves across its diversified real estate and agribusiness platform as of late 2025. These segments drive the income streams from the 270,000-acre land holding north of Los Angeles.

Large-scale logistics and distribution companies

These customers anchor the Tejon Ranch Commerce Center (TRCC), which operates as a logistics hub for California and the western United States. The industrial portfolio is highly sought after, benefiting from its location just north of the Los Angeles basin.

As of June 30, 2025, the TRCC industrial portfolio, held through joint venture partnerships, consists of 2.8 million square feet of gross leasable area (GLA) and was reported as 100% leased. This is part of the total TRCC development, which comprises 7.1 million square feet of GLA in total as of June 30, 2025. Major projects include a new, state-of-the-art distribution facility for Nestlé USA spanning more than 700,000 square feet. Furthermore, the entitled space remaining for future industrial development stands at an additional 11.1 million square feet.

Here's a look at the scale of the commercial/industrial footprint:

Metric	Value (as of mid-2025)	Context
TRCC Industrial GLA (JV)	2.8 million square feet	100% leased as of June 30, 2025
Total TRCC GLA	7.1 million square feet	Total commercial/industrial area as of June 30, 2025
Entitled Industrial Space Remaining	11.1 million square feet	Future development potential
Nestlé USA Facility Size	Over 700,000 square feet	Under construction on the east side of TRCC

Retail tenants and travelers using the I-5 corridor

Travelers are served by the Outlets at Tejon, which is a key retail component of TRCC. Retail tenants benefit from the high vehicular traffic along Interstate 5.

As of March 31, 2025, the Outlets at Tejon maintained a strong occupancy rate of 91%. The broader TRCC commercial/retail portfolio, which includes the Outlets and other wholly owned and JV properties, totaled 620,907 square feet of GLA and was 95% occupied as of March 31, 2025.

Residential renters and future homebuyers in Southern California

This segment is served by the company's first residential development, Terra Vista at Tejon, located within TRCC, which is transitioning the center to a mixed-use community. This development is designed to provide housing for individuals working in TRCC.

Terra Vista at Tejon Phase 1 includes 228 of the planned 495 residential units. Leasing activity is meeting expectations; as of September 30, 2025, 55% of the 180 delivered units were leased. Looking further out, the Grapevine at Tejon Ranch has approved entitlements for 12,000 units. For context on the local housing market in September 2025, the median listing home price was $389.5K, with a median sold home price of $307K.

Key residential metrics as of late 2025 include:

• Terra Vista Phase 1 units delivered: 180
• Terra Vista Phase 1 units leased (as of 9/30/2025): 55%
• Total planned units for Terra Vista: 495
• Grapevine at Tejon Ranch unit entitlements: 12,000

Commodity buyers for almonds, pistachios, and mineral resources

The agribusiness segment serves commodity buyers, with almonds being a primary focus. The company also manages water assets and has diversified into wine grapes and olive orchards.

For the first nine months of 2025, the Farming segment generated revenues of $6.5 million, a 53% increase from the prior year period. Almond sales were a significant driver, with approximately 1,310,000 pounds of almonds sold during this nine-month period. This was supported by the industry projection of a 2025 California almond crop at 3.0 billion pounds. Wine grape sales also contributed, increasing by $1,147,000 in the same period.

Real estate developers seeking joint venture opportunities

Tejon Ranch Co. partners with developers to unlock value in its entitled land, particularly within TRCC. These developers are customers for land sales or partners in development joint ventures.

The company has joint venture agreements with entities like Dedeaux Properties, which is developing a 510,500-square-foot industrial warehouse. Another key partnership is with Majestic Realty Co. The cumulative cash flows generated from commercial and industrial development at TRCC since 2000 exceed $110 million, demonstrating the success of these collaborative development models.

Tejon Ranch Co. (TRC) - Canvas Business Model: Cost Structure

You're looking at the cost side of Tejon Ranch Co.'s (TRC) operations as of mid-2025. The cost structure is heavily influenced by holding a massive land asset base and the long development cycle required to unlock value.

The costs associated with holding the 270,000-acre land holding are substantial, falling into high fixed costs for land carrying, property taxes, and necessary infrastructure maintenance across the property. While specific annual dollar amounts for these fixed costs aren't broken out in the latest reports, they represent the baseline cost of maintaining the principal asset.

Development costs are characterized by significant capital investment required for the Master Planned Community (MPC) entitlement and permitting processes. This is a lumpy, multi-year cost that must be absorbed before significant revenue generation from those specific parcels begins. The company highlights its proven track record in navigating California's complex regulatory environment as a key differentiator, which implies significant prior investment in that capability.

The farming segment carries its own set of operating expenses, which fluctuate seasonally. Water costs are a key component here, directly tied to precipitation and State Water Project (SWP) allocations, which were at 40% of contract amounts as of Q3 2024, though Q1 2025 noted above-average snowpack for the third consecutive year, which is a positive factor for future water-related costs.

General and administrative (G&A) expenses saw significant volatility due to external events. For instance, the first quarter of 2025 included material, non-recurring expenses of $1.1 million in professional and consulting fees related to a dissident proxy contest. However, the company is actively managing recurring costs, showing a $1.2 million savings in professional service fees within the resort/residential segment for the first quarter of 2025 compared to the prior year period. The required annualized savings target of $2 million is a management goal, but the concrete, reported cost control achievement was the $1.2 million quarterly saving.

Financing costs are a constant. As of March 31, 2025 (Q1 2025), the total debt, net of cash and securities (including pro rata share of unconsolidated joint venture debt and cash), stood at $141.2 million. This figure is crucial for understanding the ongoing debt service requirements that must be covered regardless of development pace.

Here's a quick view of the key financial metrics related to the cost structure and leverage as of early 2025:

Cost/Metric Category	Financial Figure	As of Date/Period
Net Debt (Total Debt net of Cash/Securities)	$141.2 million	March 31, 2025 (Q1 2025)
Total Liquidity	$118.5 million	March 31, 2025 (Q1 2025)
Professional Service Fee Savings (Resort/Residential)	$1.2 million	Q1 2025 vs. Prior Year Period
Proxy Contest Related Consulting Fees	$1.1 million	Q1 2025 (Non-recurring)
Industrial Portfolio Size (TRCC)	2.8 million square feet of GLA	June 30, 2025 (Q2 2025)

The cost structure is managed through several operational levers:

• Maintaining 100% occupancy in the TRCC industrial portfolio.
• Achieving 95% occupancy in the wholly owned and JV commercial/retail portfolio.
• Managing commodity price risk and production variability in the farming segment.
• Focusing on disciplined expense management to enhance free cash flow over time.

The company's leverage ratio, calculated as Net Debt to trailing twelve months adjusted EBITDA, was 5.9x as of the end of Q1 2025, showing the cost of servicing that $141.2 million net debt against operating performance.

Tejon Ranch Co. (TRC) - Canvas Business Model: Revenue Streams

You're looking at the hard numbers for Tejon Ranch Co.'s revenue generation as of late 2025. Here's the quick math on where the money is coming from, grounded in the latest reports.

Real Estate Segment Revenue

The commercial and industrial side shows clear activity through sales and leasing agreements.

Metric	Period Ending September 30, 2025	Period Ending June 30, 2025
Commercial/Industrial Segment Revenue	$11.0 million (Nine Months)	$7.9 million (Six Months)
Commercial/Industrial Segment Revenue	$3.1 million (Q3 Only Estimate)	N/A

The TRCC industrial portfolio, held through joint venture partnerships, is 100% leased, covering 2.8 million square feet of gross leasable area (GLA) as of September 30, 2025.

Equity in Earnings from Unconsolidated Joint Ventures

This stream includes the performance from partnerships like TA/Petro.

• Equity in earnings for the six months ended June 30, 2025: $3.7 million.
• Equity in earnings for the third quarter ended September 30, 2025: $2.6 million.
• Equity in earnings decreased by $1.3 million for the nine months ended September 30, 2025, compared to the prior year period.

Farming Segment Revenues

The agribusiness component, particularly almonds, showed a strong rebound.

Crop/Metric	Q3 2025 Revenue	Nine Months Ended September 30, 2025 Revenue
Farming Segment Revenues	$4.3 million	$6.5 million
Almond Crop Revenue Increase (YTD vs. 2024)	N/A	$1,169,000
Almonds Sold (Pounds)	N/A	1,310,000 pounds

Mineral Resources Sales

Revenues from materials like cement, oil/gas, and rock aggregates contribute as well.

• Mineral resources segment revenues for the nine months ended September 30, 2025, decreased by $410,000.
• Third quarter 2025 revenues for the mineral resources segment: $3.2 million.

Residential Leasing Revenue

This is a newer stream from the Terra Vista at Tejon development.

As of September 30, 2025, 55% of the 180 delivered residential units were leased. The total project is planned for 228 residential units.