Tejon Ranch Co. (TRC): Business Model Canvas [Jan-2025 Mise à jour]

Niché au cœur de la Californie, Tejon Ranch Co. (TRC) représente un plan remarquable de la gestion stratégique des terres et du potentiel économique diversifié. Avec 270 000 acres De l'immobilier de premier ordre, cette entreprise innovante mélange parfaitement les prouesses agricoles, le développement immobilier et la gestion de l'environnement en un modèle commercial unique qui transforme les paradigmes traditionnels de l'utilisation des terres. En tirant parti des partenariats stratégiques, de la gestion des ressources de pointe et d'une approche avant-gardiste, TRC a conçu une toile commerciale dynamique qui génère de multiples sources de revenus tout en maintenant un engagement envers le développement durable et la création de valeur à long terme.

Tejon Ranch Co. (TRC) - Modèle d'entreprise: partenariats clés

Accords de location de terres agricoles

Tejon Ranch Co. maintient des partenariats agricoles avec plusieurs sociétés agricoles pour l'utilisation des terres:

Partenaire	Type de culture	Acres loués	Revenus de location annuelle
Merveilleux pistaches	Agriculture de pistache	1 450 acres	2,7 millions de dollars
Fermes de bolthouse	Production de carotte	850 acres	1,5 million de dollars

Collaborations de développement immobilier

Partenariats stratégiques avec des développeurs résidentiels et commerciaux:

• Projet de développement du centenaire
• Homesmart Builders
• Partenariat de Tejon Mountain Village Resort

Partenariats de conservation

Détails de la collaboration environnementale:

Organisation	Acres conservés	Focus de conservation
California Wildlife Conservation Board	18 000 acres	Protection de l'habitat
Institut des terres naturelles	5 500 acres	Conservation des écosystèmes

Alliances stratégiques de gestion de l'eau

California Water Management Partnerships:

• Agence de l'eau du comté de Kern
• Entrepreneurs du projet de l'eau de l'État
• TEJON-CASTAC Water District

Partenariat total Impact économique: 4,2 millions de dollars de revenus collaboratifs annuels

Tejon Ranch Co. (TRC) - Modèle d'entreprise: Activités clés

Gestion et développement des terres

Propriété totale des terres: 270 000 acres dans le comté de Kern, Californie

Catégorie de terrain	Acres
Superficie totale	270,000
Terre de développement	62,000
Terre agricole	95,000

Production et agriculture agricoles

Revenus agricoles annuels: 15,3 millions de dollars en 2022

• Pistaches vergers: 1 800 acres
• Amandes: 1 200 acres
• Grenates: 500 acres

Développement immobilier immobilier

Valeur de développement immobilier projeté: 1,2 milliard de dollars

Projet de développement	Valeur estimée
Village de la montagne Tejon	500 millions de dollars
Centennial Master Planned Community	700 millions de dollars

Conservation et préservation des ressources naturelles

Zone de conservation: 178 000 acres

• Conservation de l'habitat de la faune
• Gestion des écosystèmes
• Pratiques d'utilisation des terres durables

Location de biens commerciaux et industriels

Revenus de location annuelle: 22,6 millions de dollars en 2022

Catégorie de location	Revenus annuels
Baux commerciaux	12,4 millions de dollars
Baux industriels	10,2 millions de dollars

Tejon Ranch Co. (TRC) - Modèle d'entreprise: Ressources clés

Propriété terrestre

Superficie totale: 270 000 acres en Californie

Catégorie de terrain	Acres
Terre agricole	62 000 acres
Développement commercial / industriel	45 000 acres
Conservation / droits minéraux	163 000 acres

Infrastructure agricole

• Plantations de cultures permanentes: 4 800 acres
• Amandes: 2 300 acres
• Pistaches: 1 500 acres
• Grenades: 250 acres

Ressources en eau

Portfolio des droits de l'eau:

Source d'eau	Allocation annuelle
Projet d'État	45 000 acres-pieds
Droits des eaux souterraines	22 000 acres-pieds

Emplacement géographique stratégique

Proximité avec les principaux marchés:

• Los Angeles: 70 miles
• Région de la baie de San Francisco: 200 miles
• Corridor Interstate 5
• Col de montagne de Tehachapi

Capital humain

Catégorie des employés	Nombre
Total des employés	120
Spécialistes agricoles	45
Développement immobilier	25
Gestion	15

Tejon Ranch Co. (TRC) - Modèle d'entreprise: propositions de valeur

Utilisation durable des terres dans plusieurs secteurs économiques

Tejon Ranch Co. gère 270 000 acres de terres en Californie, avec diverses activités économiques:

Secteur	Utilisation des terres (acres)	Contribution annuelle des revenus
Agriculture	45,000	32,4 millions de dollars
Développement immobilier	25,000	47,6 millions de dollars
Commercial / industriel	15,000	22,1 millions de dollars

Approche intégrée du développement agricole et immobilier

Initiatives clés de produits agricoles et de développement:

• Production de pistaches: 4 700 acres
• Vignobles de raisin: 3 200 acres
• Amandes: 2 500 acres
• Tejon Ranch Commerce Center: 1 450 acres

Gestion des terres responsables de l'environnement

Métriques de conservation de l'environnement:

Zone de conservation	Acres protégés	Investissement annuel de conservation
Habitat de la faune	180,000	2,3 millions de dollars
Préservation des écosystèmes indigènes	95,000	1,7 million de dollars

Sources de revenus diversifiés

Répartition des revenus pour 2023:

• Opérations agricoles: 38%
• Développement immobilier: 42%
• Location commerciale: 15%
• Autres revenus: 5%

Création de valeur à long terme

Développement stratégique Projections financières:

Projet	Investissement estimé	Retour annuel projeté
Village de la montagne Tejon	450 millions de dollars	7.2%
Centre de commerce de Tejon Ranch	280 millions de dollars	6.5%

Tejon Ranch Co. (TRC) - Modèle d'entreprise: relations avec les clients

Approche de partenariat à long terme avec les locataires agricoles

En 2024, Tejon Ranch Co. gère environ 270 000 acres de terrain, avec location agricole représentant une partie importante des relations avec les clients. Les contrats actuels des locataires agricoles comprennent:

Type de culture	Acres loués	Durée de location moyenne
Pistaches	5 200 acres	10-15 ans
Amandes	3 800 acres	12-20 ans
Raisins	2 500 acres	15-25 ans

Stratégies de développement collaboratif avec des clients immobiliers

Les relations avec les clients en développement immobilier se concentrent sur:

• Centre de commerce de Tejon Ranch avec 1 500 acres d'espace commercial / industriel prévu
• Communauté planifiée de maîtrise du centenaire avec 19 300 unités résidentielles prévues
• Durée du partenariat de développement moyen: 7-10 ans

Communication transparente avec les parties prenantes

Les métriques de communication des parties prenantes comprennent:

Canal de communication	Fréquence annuelle	Atteindre
Présentations des investisseurs	4 réunions trimestrielles	350+ investisseurs institutionnels
Rapports sur la durabilité	1 rapport annuel complet	Plus de 500 parties prenantes

Solutions d'utilisation des terres personnalisées

La personnalisation de l'utilisation des terres comprend:

• Services d'adaptation agricole pour plus de 15 types de cultures
• Développement du site d'énergie renouvelable pour 3 projets solaires
• Gestion de la servitude de conservation sur 62 000 acres

Engagement continu avec les communautés et les groupes environnementaux locaux

Métriques d'engagement communautaire:

Type d'engagement	Interactions annuelles	Organisations participantes
Ateliers environnementaux	6 événements	12 groupes de conservation
Développement économique local	4 forums communautaires	25 municipalités locales

Tejon Ranch Co. (TRC) - Modèle d'entreprise: canaux

Équipe de vente directe pour l'immobilier et les opportunités agricoles

Tejon Ranch Co. maintient une équipe de vente directe dédiée axée sur le développement immobilier et les opportunités agricoles. En 2024, l'équipe comprend 12 représentants commerciaux professionnels spécialisés dans différents segments de marché.

Canal de vente	Nombre de représentants	Segment du marché cible
Développement immobilier	6	Propriétés commerciales et résidentielles
Ventes agricoles	4	Produits de location de terres et d'agriculture
Développement commercial	2	Partenariats stratégiques

Site Web d'entreprise et plateformes de communication numérique

Tejon Ranch Co. utilise son site Web d'entreprise (www.tejonranch.com) comme principal canal de communication numérique. L'analyse du site Web pour 2023 Révèle:

• Visiteurs mensuels du site Web: 45 000
• Temps moyen sur le site: 3,2 minutes
• Taux de conversion de l'enquête numérique: 7,5%

Conférences de l'industrie et événements de réseautage

La société participe à 8 à 10 conférences industrielles chaque année, ciblant les secteurs du développement immobilier et de l'investissement agricole.

Type d'événement	Nombre d'événements	Les chefs d'entreprise estimés générés
Conférences immobilières	5	42 Le développement potentiel est
Forums d'investissement agricole	3	28 opportunités potentielles de partenariat agricole

Publications du marché immobilier et agricole

Tejon Ranch Co. maintient une présence marketing active dans des publications spécialisées:

• Magazine d'activité immobilier occidental
• California Agriculture Journal
• Investissement terrestre trimestriel

La sensibilisation directe vers les partenaires de développement potentiels

L'approche stratégique de sensibilisation directe comprend une communication ciblée avec:

• Promoteurs immobiliers
• Sociétés d'investissement agricole
• Développeurs de parcs industriels
• Investisseurs fonciers commerciaux et résidentiels

En 2023, la sensibilisation directe a abouti à 7 négociations de partenariat importantes, avec une valeur potentielle dépassant 52 millions de dollars.

Tejon Ranch Co. (TRC) - Modèle d'entreprise: segments de clientèle

Entreprises agricoles et agriculteurs

Tejon Ranch Co. gère 270 000 acres de terres avec des opérations agricoles importantes.

Type de culture	Acres cultivés	Revenus annuels
Vergers de pistache	3 200 acres	18,5 millions de dollars
Amandes	2 700 acres	22,3 millions de dollars
Vignobles de raisin	1 500 acres	12,7 millions de dollars

Promoteurs immobiliers résidentiels

Tejon Ranch offre d'importantes opportunités de développement des terres.

• TEJON MOUNTAIN Village: 10 000 acres prévus pour le développement résidentiel
• Unités résidentielles potentielles estimées: 3 450
• Valeur de vente de terres projetée: 750 millions de dollars

Investisseurs immobiliers commerciaux

Projet commercial	Superficie totale	Valeur estimée
Centre de commerce de Tejon Ranch	1 450 acres	500 millions de dollars

Utilisateurs de terres industrielles

Tejon Ranch offre des opportunités stratégiques sur les terres industrielles.

• Installations de logistique et de distribution disponibles
• Proximité avec les principales autoroutes: I-5 et autoroute 58
• Total des terres zonées industrielles: 2 300 acres

Organisations de conservation et d'environnement

Tejon Ranch soutient des efforts de conservation importants.

Zone de conservation	Acres conservés	Partenaires de conservation
Tejon Ranch Conservancy	240 000 acres	Plusieurs organisations environnementales

Tejon Ranch Co. (TRC) - Modèle d'entreprise: Structure des coûts

Entretien des terres et dépenses de gestion

Les coûts annuels de maintenance des terres pour Tejon Ranch Co. en 2023 étaient d'environ 4,2 millions de dollars. Ces dépenses comprennent:

Catégorie de dépenses	Coût annuel
Gestion immobilière	1,3 million de dollars
Préservation des terres	1,1 million de dollars
Entretien des infrastructures	1,8 million de dollars

Investissement d'infrastructure agricole

Les investissements sur les infrastructures agricoles pour 2023 ont totalisé 6,7 millions de dollars, avec la ventilation suivante:

• Mises à niveau du système d'irrigation: 2,5 millions de dollars
• Équipement agricole: 3,2 millions de dollars
• Technologie de gestion des cultures: 1 million de dollars

Coûts de développement immobilier

Les frais de développement immobilier pour 2023 étaient de 12,9 millions de dollars, comprenant:

Catégorie de développement	Dépense
Préparation du site	4,3 millions de dollars
Développement des infrastructures	5,6 millions de dollars
Autorisation et conformité	3 millions de dollars

Programmes de conservation de l'environnement

Les coûts du programme de conservation de l'environnement en 2023 s'élevaient à 2,5 millions de dollars, notamment:

• Conservation de l'habitat faunique: 1,2 million de dollars
• Restauration de l'écosystème: 800 000 $
• Recherche en conservation: 500 000 $

Frais généraux opérationnels et administratifs

Les frais généraux opérationnels et administratifs totaux pour 2023 étaient de 8,3 millions de dollars, distribués comme suit:

Catégorie aérienne	Coût annuel
Salaires des cadres et de la gestion	3,6 millions de dollars
Personnel administratif	2,7 millions de dollars
Opérations de bureau	2 millions de dollars

Tejon Ranch Co. (TRC) - Modèle d'entreprise: Strots de revenus

Revenu de location de terres agricoles

En 2022, Tejon Ranch Co. a généré des revenus de location de terres agricoles de 6,4 millions de dollars, contre environ 270 000 acres de terrain. Les accords de location foncière comprennent:

• Baux de culture des cultures
• Baux de droits de pâturage
• Partenariats fonciers agricoles à long terme

Type de location	Revenus annuels	Superficie louée
Culture des cultures	3,9 millions de dollars	165 000 acres
Droits de pâturage	1,5 million de dollars	85 000 acres
Autres baux agricoles	1,0 million de dollars	20 000 acres

Ventes de développement immobilier

Les ventes de développement immobilier en 2022 ont totalisé 22,1 millions de dollars, avec des projets clés, notamment:

• Village de la montagne Tejon
• Développement du centenaire
• Ventes de terrains commerciaux

Projet de développement	Revenus de vente	Acres développés
Village de la montagne Tejon	8,7 millions de dollars	500 acres
Centenaire	12,4 millions de dollars	1 200 acres
Ventes de terrains commerciaux	1,0 million de dollars	100 acres

Location de propriétés commerciales

Les revenus de location de propriétés commerciales ont atteint 5,2 millions de dollars en 2022, notamment:

• Téjon Industrial Complex Laux
• Location de l'entrepôt commercial
• Location d'espace de vente au détail

Catégorie de location	Revenus annuels	Espace loué
Complexe industriel	3,1 millions de dollars	250 000 pieds carrés
Location de l'entrepôt	1,5 million de dollars	150 000 pieds carrés
Espace de vente au détail	0,6 million de dollars	50 000 pieds carrés

Production et ventes agricoles

Les revenus de production agricole en 2022 étaient de 7,3 millions de dollars, avec des cultures primaires, notamment:

• Amandes
• Pistaches
• Grenades

Type de culture	Revenus annuels	Acres cultivés
Amandes	4,2 millions de dollars	2 500 acres
Pistaches	2,1 millions de dollars	1 200 acres
Grenades	1,0 million de dollars	500 acres

Contrats de gestion des ressources naturelles

Les contrats de gestion des ressources naturelles ont généré 3,5 millions de dollars en 2022, notamment:

• Gestion des droits de l'eau
• Accords d'extraction minérale
• Servitudes de conservation

Type de contrat	Revenus annuels	Détails du contrat
Droits de l'eau	1,8 million de dollars	3 accords à long terme
Extraction minérale	1,2 million de dollars	2 contrats actifs
Servitudes de conservation	0,5 million de dollars	4 partenariats environnementaux

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.