Tejon Ranch Co. (TRC): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Ubicado en el corazón de California, Tejon Ranch Co. (TRC) representa un notable plan de gestión estratégica de la tierra y potencial económico diversificado. Con 270,000 acres De los bienes inmuebles de primer nivel, esta empresa innovadora combina sin problemas la destreza agrícola, el desarrollo inmobiliario y la administración ambiental en un modelo comercial único que transforma los paradigmas tradicionales del uso de la tierra. Al aprovechar las asociaciones estratégicas, la gestión de recursos de vanguardia y un enfoque de pensamiento a futuro, TRC ha creado un lienzo comercial dinámico que genera múltiples flujos de ingresos al tiempo que mantiene un compromiso con el desarrollo sostenible y la creación de valor a largo plazo.

Tejon Ranch Co. (TRC) - Modelo de negocio: asociaciones clave

Contratos de arrendamiento de tierras agrícolas

Tejon Ranch Co. mantiene asociaciones agrícolas con múltiples compañías agrícolas para la utilización de tierras:

Pareja	Tipo de cultivo	Acres arrendados	Ingresos anuales de arrendamiento
Maravillosos pistachos	Agricultura de pistacho	1.450 acres	$ 2.7 millones
Bolthouse Farms	Producción de zanahoria	850 acres	$ 1.5 millones

Colaboraciones de desarrollo inmobiliario

Asociaciones estratégicas con desarrolladores residenciales y comerciales:

• Proyecto de Desarrollo Centenario
• Constructores de homesmart
• Asociación de Tejon Mountain Village Resort

Asociaciones de conservación

Detalles de colaboración ambiental:

Organización	Acres preservados	Enfoque de conservación
Junta de Conservación de Vida Silvestre de California	18,000 acres	Protección del hábitat
Instituto de Tierras Naturales	5.500 acres	Preservación del ecosistema

Alianzas estratégicas de gestión del agua

Asociaciones de gestión del agua de California:

• Agencia de Agua del Condado de Kern
• Contratistas del proyecto estatal de agua
• Distrito de agua de Tejon-Castac

Impacto económico de la asociación total: ingresos colaborativos anuales de $ 4.2 millones

Tejon Ranch Co. (TRC) - Modelo de negocio: actividades clave

Gestión y desarrollo de la tierra

Propiedad total de la tierra: 270,000 acres en el condado de Kern, California

Categoría terrestre	Acres
Área total	270,000
Tierra desarrollable	62,000
Tierra agrícola	95,000

Producción y agricultura de cultivos agrícolas

Ingresos agrícolas anuales: $ 15.3 millones en 2022

• Orchardos de Pistacho: 1.800 acres
• Almendras: 1,200 acres
• Granadas: 500 acres

Desarrollo de propiedades inmobiliarias

Valor de desarrollo inmobiliario proyectado: $ 1.2 mil millones

Proyecto de desarrollo	Valor estimado
Pueblo de montaña de tejón	$ 500 millones
Comunidad planificada del Centennial Master	$ 700 millones

Conservación y preservación de recursos naturales

Área de conservación: 178,000 acres

• Preservación del hábitat de la vida silvestre
• Gestión del ecosistema
• Prácticas de uso de la tierra sostenible

Arrendamiento de propiedades comerciales e industriales

Ingresos de arrendamiento anual: $ 22.6 millones en 2022

Categoría de arrendamiento	Ingresos anuales
Arrendamientos comerciales	$ 12.4 millones
Arrendamientos industriales	$ 10.2 millones

Tejon Ranch Co. (TRC) - Modelo de negocio: recursos clave

Tierras

Área terrestre total: 270,000 acres en California

Categoría terrestre	Acres
Tierra agrícola	62,000 acres
Desarrollo comercial/industrial	45,000 acres
Derechos de conservación/mineral	163,000 acres

Infraestructura agrícola

• Plantaciones de cultivos permanentes: 4.800 acres
• Almendras: 2,300 acres
• Pistachos: 1,500 acres
• Granadas: 250 acres

Recursos hídricos

Cartera de derechos de agua:

Fuente de agua	Asignación anual
Proyecto de agua estatal	45,000 acres-pie
Derechos de agua subterránea	22,000 acres-pie

Ubicación geográfica estratégica

Proximidad a los principales mercados:

• Los Ángeles: 70 millas
• Área de la Bahía de San Francisco: 200 millas
• Corredor interestatal 5
• Pase de montaña Tehachapi

Capital humano

Categoría de empleado	Número
Total de empleados	120
Especialistas agrícolas	45
Desarrollo inmobiliario	25
Gestión	15

Tejon Ranch Co. (TRC) - Modelo de negocio: propuestas de valor

Uso sostenible de la tierra en múltiples sectores económicos

Tejon Ranch Co. administra 270,000 acres de tierra en California, con diversas actividades económicas:

Sector	Uso de la tierra (acres)	Contribución anual de ingresos
Agricultura	45,000	$ 32.4 millones
Desarrollo inmobiliario	25,000	$ 47.6 millones
Comercial/industrial	15,000	$ 22.1 millones

Enfoque integrado para el desarrollo agrícola e inmobiliario

Productos agrícolas clave e iniciativas de desarrollo:

• Producción de Pistacho: 4.700 acres
• Viñedos de uva: 3,200 acres
• Almendras: 2.500 acres
• Centro de comercio de Tejon Ranch: 1,450 acres

Gestión de la tierra ambientalmente responsable

Métricas de conservación ambiental:

Área de conservación	Acres protegidos	Inversión de conservación anual
Hábitat de la vida silvestre	180,000	$ 2.3 millones
Preservación del ecosistema nativo	95,000	$ 1.7 millones

Flujos de ingresos diversificados

Desglose de ingresos para 2023:

• Operaciones agrícolas: 38%
• Desarrollo inmobiliario: 42%
• Arrendamiento comercial: 15%
• Otros ingresos: 5%

Creación de valor a largo plazo

Desarrollo estratégico Proyecciones financieras:

Proyecto	Inversión estimada	Retorno anual proyectado
Pueblo de montaña de tejón	$ 450 millones	7.2%
Centro de comercio de Tejon Ranch	$ 280 millones	6.5%

Tejon Ranch Co. (TRC) - Modelo de negocios: relaciones con los clientes

Enfoque de asociación a largo plazo con inquilinos agrícolas

A partir de 2024, Tejon Ranch Co. administra aproximadamente 270,000 acres de tierra, con Arrendamiento agrícola que representa una parte significativa de las relaciones con los clientes. Los contratos actuales de inquilinos agrícolas incluyen:

Tipo de cultivo	Acres arrendados	Duración promedio de arrendamiento
Pistachos	5.200 acres	10-15 años
Almendras	3.800 acres	12-20 años
Uvas	2.500 acres	15-25 años

Estrategias de desarrollo colaborativo con clientes inmobiliarios

Desarrollo inmobiliario Las relaciones con los clientes se centran en:

• Tejon Ranch Commerce Center con 1,500 acres de espacio comercial/industrial planificado
• Comunidad del Centenario Planado Maestro con 19,300 unidades residenciales proyectadas
• Duración promedio de la asociación de desarrollo: 7-10 años

Comunicación transparente con las partes interesadas

Las métricas de comunicación de las partes interesadas incluyen:

Canal de comunicación	Frecuencia anual	Alcanzar
Presentaciones de inversores	4 reuniones trimestrales	350+ inversores institucionales
Informes de sostenibilidad	1 Informe anual completo	Más de 500 partes interesadas

Soluciones de uso de la tierra personalizadas

La personalización del uso del suelo incluye:

• Servicios de adaptación agrícola para más de 15 tipos de cultivos
• Desarrollo del sitio de energía renovable para 3 proyectos solares
• Gestión de servidumbre de conservación en 62,000 acres

Compromiso continuo con los grupos locales de la comunidad y ambientalistas

Métricas de compromiso de la comunidad:

Tipo de compromiso	Interacciones anuales	Organizaciones participantes
Talleres ambientales	6 eventos	12 grupos de conservación
Desarrollo económico local	4 foros comunitarios	25 municipios locales

Tejon Ranch Co. (TRC) - Modelo de negocio: canales

Equipo de ventas directas para bienes inmuebles y oportunidades agrícolas

Tejon Ranch Co. mantiene un equipo de ventas directo dedicado centrado en el desarrollo inmobiliario y las oportunidades agrícolas. A partir de 2024, el equipo comprende 12 representantes de ventas profesionales especializados en diferentes segmentos de mercado.

Canal de ventas	Número de representantes	Segmento del mercado objetivo
Desarrollo inmobiliario	6	Propiedades comerciales y residenciales
Ventas agrícolas	4	Arrendamiento de tierras y productos agrícolas
Desarrollo comercial	2	Asociaciones estratégicas

Sitio web corporativo y plataformas de comunicación digital

Tejon Ranch Co. utiliza su sitio web corporativo (www.tejonranch.com) como un canal de comunicación digital primaria. Análisis de sitios web para 2023 revelar:

• Visitantes mensuales del sitio web: 45,000
• Tiempo promedio en el sitio: 3.2 minutos
• Tasa de conversión de consulta digital: 7.5%

Conferencias de la industria y eventos de redes

La compañía participa anualmente en 8-10 conferencias de la industria, dirigida a los sectores de desarrollo inmobiliario y inversión agrícola.

Tipo de evento	Número de eventos	Leades comerciales estimados generados
Conferencias inmobiliarias	5	42 Potentes de desarrollo potencial
Foros de inversión agrícola	3	28 Oportunidades potenciales de asociación agrícola

Publicaciones del mercado inmobiliario y de bienes raíces

Tejon Ranch Co. mantiene la presencia de marketing activo en publicaciones especializadas:

• Revista de negocios de bienes raíces occidentales
• Revista Agricultura de California
• Inversión de tierras trimestralmente

Extensión directa a posibles socios de desarrollo

El enfoque estratégico de divulgación directa incluye la comunicación específica con:

• Desarrolladores inmobiliarios
• Empresas de inversión agrícola
• Desarrolladores de parques industriales
• Inversores de tierras comerciales y residenciales

En 2023, la divulgación directa resultó en 7 negociaciones de asociación significativas, con un valor de acuerdo potencial superior a $ 52 millones.

Tejon Ranch Co. (TRC) - Modelo de negocio: segmentos de clientes

Negocios agrícolas y agricultores

Tejon Ranch Co. administra 270,000 acres de tierra con importantes operaciones agrícolas.

Tipo de cultivo	Acres cultivados	Ingresos anuales
Huertos de pistacho	3,200 acres	$ 18.5 millones
Almendras	2.700 acres	$ 22.3 millones
Viñedos de uva	1.500 acres	$ 12.7 millones

Desarrolladores de bienes raíces residenciales

Tejon Ranch ofrece importantes oportunidades de desarrollo de tierras.

• Tejon Mountain Village: 10,000 acres planeados para el desarrollo residencial
• Unidades residenciales potenciales estimadas: 3.450
• Valor de venta de tierras proyectadas: $ 750 millones

Inversores de propiedades comerciales

Proyecto comercial	Área total	Valor estimado
Centro de comercio de Tejon Ranch	1.450 acres	$ 500 millones

Usuarios de tierras industriales

Tejon Ranch ofrece oportunidades estratégicas de tierras industriales.

• Instalaciones de logística y distribución disponibles
• Proximidad a las principales autopistas: I-5 y Highway 58
• Total de tierra de zonas industriales: 2.300 acres

Organizaciones de conservación y ambiental

Tejon Ranch apoya importantes esfuerzos de conservación.

Área de conservación	Acres conservados	Socios de conservación
Tejon Ranch Conservancy	240,000 acres	Múltiples organizaciones ambientales

Tejon Ranch Co. (TRC) - Modelo de negocio: Estructura de costos

Gastos de mantenimiento y gestión de la tierra

Los costos anuales de mantenimiento de la tierra para Tejon Ranch Co. en 2023 fueron de aproximadamente $ 4.2 millones. Estos gastos incluyen:

Categoría de gastos	Costo anual
Administración de propiedades	$ 1.3 millones
Preservación de la tierra	$ 1.1 millones
Mantenimiento de la infraestructura	$ 1.8 millones

Inversión en infraestructura agrícola

Las inversiones de infraestructura agrícola para 2023 totalizaron $ 6.7 millones, con el siguiente desglose:

• Actualizaciones del sistema de riego: $ 2.5 millones
• Equipo agrícola: $ 3.2 millones
• Tecnología de gestión de cultivos: $ 1 millón

Costos de desarrollo inmobiliario

Los gastos de desarrollo inmobiliario para 2023 fueron de $ 12.9 millones, compuestos:

Categoría de desarrollo	Gasto
Preparación del sitio	$ 4.3 millones
Desarrollo de infraestructura	$ 5.6 millones
Permiso y cumplimiento	$ 3 millones

Programas de conservación ambiental

Los costos del programa de conservación ambiental en 2023 ascendieron a $ 2.5 millones, que incluyen:

• Preservación del hábitat de la vida silvestre: $ 1.2 millones
• Restauración del ecosistema: $ 800,000
• Investigación de conservación: $ 500,000

Gastos generales operativos y administrativos

Los gastos generales y administrativos totales para 2023 fueron de $ 8.3 millones, distribuido de la siguiente manera:

Categoría de gastos generales	Costo anual
Salarios ejecutivos y de gestión	$ 3.6 millones
Personal administrativo	$ 2.7 millones
Operaciones de oficina	$ 2 millones

Tejon Ranch Co. (TRC) - Modelo de negocios: flujos de ingresos

Ingresos de arrendamiento de tierras agrícolas

En 2022, Tejon Ranch Co. generó ingresos de arrendamiento de tierras agrícolas de $ 6.4 millones de aproximadamente 270,000 acres de tierra. Los contratos de arrendamiento de tierras incluyen:

• Arrendamientos de cultivo de cultivos
• Arrendamientos de derechos de pastoreo
• Asociaciones de tierras agrícolas a largo plazo

Tipo de arrendamiento	Ingresos anuales	Superficie arrendada
Cultivo de cultivos	$ 3.9 millones	165,000 acres
Derechos de pastoreo	$ 1.5 millones	85,000 acres
Otros arrendamientos agrícolas	$ 1.0 millones	20,000 acres

Ventas de desarrollo inmobiliario

Las ventas de desarrollo inmobiliario en 2022 totalizaron $ 22.1 millones, con proyectos clave que incluyen:

• Pueblo de montaña de tejón
• Desarrollo centenario
• Venta de tierras comerciales

Proyecto de desarrollo	Ingresos por ventas	Acres desarrollados
Pueblo de montaña de tejón	$ 8.7 millones	500 acres
Centenario	$ 12.4 millones	1.200 acres
Venta de tierras comerciales	$ 1.0 millones	100 acres

Arrendamiento de propiedades comerciales

Los ingresos de arrendamiento de propiedades comerciales alcanzaron los $ 5.2 millones en 2022, que incluyen:

• Arrendamientos de complejo industrial de tejón
• Alquiler de almacén comercial
• Arrendamiento de espacios minoristas

Categoría de arrendamiento	Ingresos anuales	Espacio arrendado
Complejo industrial	$ 3.1 millones	250,000 pies cuadrados
Alquiler de almacén	$ 1.5 millones	150,000 pies cuadrados
Espacio comercial	$ 0.6 millones	50,000 pies cuadrados

Producción y ventas de cultivos

Los ingresos por producción de cultivos en 2022 fueron de $ 7.3 millones, con cultivos primarios que incluyen:

• Almendras
• Pistachos
• Granados

Tipo de cultivo	Ingresos anuales	Acres cultivados
Almendras	$ 4.2 millones	2.500 acres
Pistachos	$ 2.1 millones	1.200 acres
Granados	$ 1.0 millones	500 acres

Contratos de gestión de recursos naturales

Los contratos de gestión de recursos naturales generaron $ 3.5 millones en 2022, que incluyen:

• Gestión de derechos de agua
• Acuerdos de extracción de minerales
• Servidumbre de conservación

Tipo de contrato	Ingresos anuales	Detalles del contrato
Derechos de agua	$ 1.8 millones	3 acuerdos a largo plazo
Extracción mineral	$ 1.2 millones	2 contratos activos
Servidumbre de conservación	$ 0.5 millones	4 asociaciones ambientales

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.