Tejon Ranch Co. (TRC): Modelo de Negócios Canvas [Jan-2025 Atualizado]

Aninhado no coração da Califórnia, a Tejon Ranch Co. (TRC) representa um projeto notável de gestão estratégica da terra e potencial econômico diversificado. Com 270.000 acres do Prime Real Estate, esta empresa inovadora combina perfeitamente com proezas agrícolas, desenvolvimento imobiliário e administração ambiental em um modelo de negócios único que transforma os paradigmas tradicionais de uso da terra. Ao alavancar parcerias estratégicas, gerenciamento de recursos de ponta e uma abordagem de visão de futuro, o TRC criou uma tela de negócios dinâmicos que gera vários fluxos de receita, mantendo um compromisso com o desenvolvimento sustentável e a criação de valor a longo prazo.

Tejon Ranch Co. (TRC) - Modelo de negócios: Parcerias -chave

Acordos de arrendamento de terras agrícolas

A Tejon Ranch Co. mantém parcerias agrícolas com várias empresas agrícolas para utilização de terras:

Parceiro	Tipo de colheita	Acres arrendados	Receita anual de arrendamento
Pistache maravilhoso	Fazenda de pistache	1.450 acres	US $ 2,7 milhões
Bolthouse Farms	Produção de cenoura	850 acres	US $ 1,5 milhão

Colaborações de desenvolvimento imobiliário

Parcerias estratégicas com desenvolvedores residenciais e comerciais:

• Projeto de Desenvolvimento Centenário
• Homesmart Builders
• Parceria Tejon Mountain Village Resort

Parcerias de conservação

Detalhes da colaboração ambiental:

Organização	Acres preservados	Foco de conservação
Conselho de Conservação da Vida Selvagem da Califórnia	18.000 acres	Proteção de habitat
Instituto de Terras Naturais	5.500 acres	Preservação do ecossistema

Alianças estratégicas de gerenciamento de água

Parcerias de gestão de água da Califórnia:

• Agência de Água do Condado de Kern
• Empreiteiros do Projeto Estadual de Água
• Distrito de Tejon-Castac Water

Parceria Total Impacto Econômico: Receita Colaborativa Anual de US $ 4,2 milhões

Tejon Ranch Co. (TRC) - Modelo de negócios: Atividades -chave

Gestão e desenvolvimento da terra

Total da Terra Propriedade: 270.000 acres em Kern County, Califórnia

Categoria de terra	Acres
Área total da terra	270,000
Terras desenvolvíveis	62,000
Terras Agrícolas	95,000

Produção agrícola e agricultura

Receita Agrícola Anual: US $ 15,3 milhões em 2022

• Pomares de pistache: 1.800 acres
• Amêndoas: 1.200 acres
• Romãs: 500 acres

Desenvolvimento imobiliário

Valor do desenvolvimento imobiliário projetado: US $ 1,2 bilhão

Projeto de desenvolvimento	Valor estimado
Vila da Montanha Tejon	US $ 500 milhões
Comunidade planejada do mestre do centenário	US $ 700 milhões

Conservação e Preservação de Recursos Naturais

Área de conservação: 178.000 acres

• Preservação do habitat da vida selvagem
• Gerenciamento de ecossistemas
• Práticas sustentáveis ​​de uso da terra

Leasing de propriedades comerciais e industriais

Receita anual de leasing: US $ 22,6 milhões em 2022

Categoria de leasing	Receita anual
Arrendamentos comerciais	US $ 12,4 milhões
Arrendamentos industriais	US $ 10,2 milhões

Tejon Ranch Co. (TRC) - Modelo de negócios: Recursos -chave

Propriedades terrestres

Área Total de Terras: 270.000 acres na Califórnia

Categoria de terra	Acres
Terras Agrícolas	62.000 acres
Desenvolvimento Comercial/Industrial	45.000 acres
Conservação/Direitos Minerais	163.000 acres

Infraestrutura agrícola

• Plantamentos permanentes de culturas: 4.800 acres
• Amêndoas: 2.300 acres
• Pistache: 1.500 acres
• Romãs: 250 acres

Recursos hídricos

Portfólio de Direitos da Água:

Fonte de água	Alocação anual
Projeto de água do estado	45.000 acres-pés
Direitos de água subterrânea	22.000 acres-pés

Localização geográfica estratégica

Proximidade aos principais mercados:

• Los Angeles: 70 milhas
• Área da baía de São Francisco: 200 milhas
• Corredor Interestadual 5
• Passo da montanha de Tehachapi

Capital humano

Categoria de funcionários	Número
Total de funcionários	120
Especialistas agrícolas	45
Desenvolvimento imobiliário	25
Gerenciamento	15

Tejon Ranch Co. (TRC) - Modelo de negócios: proposições de valor

Uso sustentável da terra em vários setores econômicos

A Tejon Ranch Co. gerencia 270.000 acres de terra na Califórnia, com diversas atividades econômicas:

Setor	Uso da terra (acres)	Contribuição anual da receita
Agricultura	45,000	US $ 32,4 milhões
Desenvolvimento imobiliário	25,000	US $ 47,6 milhões
Comercial/Industrial	15,000	US $ 22,1 milhões

Abordagem integrada ao desenvolvimento agrícola e imobiliário

Principais Produtos Agrícolas e Iniciativas de Desenvolvimento:

• Produção de pistache: 4.700 acres
• Vinhedos de uva: 3.200 acres
• Amêndoas: 2.500 acres
• Tejon Ranch Commerce Center: 1.450 acres

Gerenciamento ambientalmente responsável da terra

Métricas de conservação ambiental:

Área de conservação	Acres protegidos	Investimento anual de conservação
Habitat da vida selvagem	180,000	US $ 2,3 milhões
Preservação do ecossistema nativo	95,000	US $ 1,7 milhão

Fluxos de receita diversificados

Receita de receita para 2023:

• Operações Agrícolas: 38%
• Desenvolvimento imobiliário: 42%
• Leasing comercial: 15%
• Outra renda: 5%

Criação de valor a longo prazo

Projeções financeiras de desenvolvimento estratégico:

Projeto	Investimento estimado	Retorno anual projetado
Vila da Montanha Tejon	US $ 450 milhões	7.2%
Tejon Ranch Commerce Center	US $ 280 milhões	6.5%

Tejon Ranch Co. (TRC) - Modelo de Negócios: Relacionamentos do Cliente

Abordagem de parceria de longo prazo com inquilinos agrícolas

A partir de 2024, a Tejon Ranch Co. gerencia aproximadamente 270.000 acres de terra, com Leasing agrícola representando uma parcela significativa dos relacionamentos com o cliente. Os contratos atuais de inquilinos agrícolas incluem:

Tipo de colheita	Acres arrendados	Duração média do arrendamento
Pistache	5.200 acres	10-15 anos
Amêndoas	3.800 acres	12-20 anos
Uvas	2.500 acres	15-25 anos

Estratégias de desenvolvimento colaborativo com clientes imobiliários

Relacionamentos ao cliente de desenvolvimento imobiliário se concentram:

• Tejon Ranch Commerce Center com 1.500 acres de espaço comercial/industrial planejado
• Comunidade planejada do Centenário com 19.300 unidades residenciais projetadas
• Duração média da parceria de desenvolvimento: 7-10 anos

Comunicação transparente com as partes interessadas

As métricas de comunicação das partes interessadas incluem:

Canal de comunicação	Frequência anual	Alcançar
Apresentações de investidores	4 reuniões trimestrais	Mais de 350 investidores institucionais
Relatórios de sustentabilidade	1 relatório anual abrangente	500 mais de partes interessadas

Soluções de uso da terra personalizadas

A personalização do uso da terra inclui:

• Serviços de adaptação agrícola para mais de 15 tipos de culturas
• Desenvolvimento de locais de energia renovável para 3 projetos solares
• Gerenciamento de servidão de conservação em 62.000 acres

Engajamento contínuo com grupos comunitários e ambientais locais

Métricas de engajamento da comunidade:

Tipo de engajamento	Interações anuais	Organizações participantes
Workshops ambientais	6 eventos	12 grupos de conservação
Desenvolvimento Econômico Local	4 fóruns da comunidade	25 municípios locais

Tejon Ranch Co. (TRC) - Modelo de Negócios: Canais

Equipe de vendas diretas para oportunidades imobiliárias e agrícolas

A Tejon Ranch Co. mantém uma equipe de vendas direta dedicada, com foco no desenvolvimento imobiliário e nas oportunidades agrícolas. A partir de 2024, a equipe compreende 12 representantes de vendas profissionais especializados em diferentes segmentos de mercado.

Canal de vendas	Número de representantes	Segmento de mercado -alvo
Desenvolvimento imobiliário	6	Propriedades comerciais e residenciais
Vendas agrícolas	4	Leasing de terras e produtos agrícolas
Desenvolvimento de negócios	2	Parcerias estratégicas

Site corporativo e plataformas de comunicação digital

A Tejon Ranch Co. utiliza seu site corporativo (www.tejonranch.com) como um canal de comunicação digital primária. Análise de sites para 2023 Revela:

• Visitantes mensais do site: 45.000
• Tempo médio no local: 3,2 minutos
• Taxa de conversão de consulta digital: 7,5%

Conferências do setor e eventos de rede

A empresa participa de 8 a 10 conferências do setor anualmente, direcionando os setores de desenvolvimento imobiliário e investimento agrícola.

Tipo de evento	Número de eventos	Leads de negócios estimados gerados
Conferências imobiliárias	5	42 leads de desenvolvimento potencial
Fóruns de investimento agrícola	3	28 oportunidades potenciais de parceria agrícola

Publicações do mercado imobiliário e agrícola

A Tejon Ranch Co. mantém a presença ativa de marketing em publicações especializadas:

• Revista de negócios imobiliários ocidentais
• California Agriculture Journal
• Investimento em terra trimestralmente

Extensão direta para possíveis parceiros de desenvolvimento

A abordagem estratégica de divulgação direta inclui comunicação direcionada com:

• Promotores imobiliários
• Empresas de investimento agrícola
• Desenvolvedores do Parque Industrial
• Investidores de terras comerciais e residenciais

Em 2023, a divulgação direta resultou em 7 negociações de parceria significativas, com um potencial valor de acordo superior a US $ 52 milhões.

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

Empresas agrícolas e agricultores

A Tejon Ranch Co. gerencia 270.000 acres de terra com operações agrícolas significativas.

Tipo de colheita	Acres cultivados	Receita anual
Pomares de pistache	3.200 acres	US $ 18,5 milhões
Amêndoas	2.700 acres	US $ 22,3 milhões
Vinhedos de uva	1.500 acres	US $ 12,7 milhões

Promotores imobiliários residenciais

O Tejon Ranch oferece oportunidades significativas de desenvolvimento da terra.

• Vila de Tejon Mountain: 10.000 acres planejados para desenvolvimento residencial
• Unidades residenciais potenciais estimadas: 3.450
• Valor da venda de terra projetada: US $ 750 milhões

Investidores de propriedades comerciais

Projeto comercial	Área total	Valor estimado
Tejon Ranch Commerce Center	1.450 acres	US $ 500 milhões

Usuários da terra industrial

O Tejon Ranch oferece oportunidades estratégicas de terras industriais.

• Instalações de logística e distribuição disponíveis
• Proximidade às principais rodovias: I-5 e Highway 58
• Terras totais com zoada industrial: 2.300 acres

Organizações de conservação e ambientais

O Tejon Ranch suporta esforços significativos de conservação.

Área de conservação	Acres preservados	Parceiros de conservação
Tejon Ranch Conservancy	240.000 acres	Várias organizações ambientais

Tejon Ranch Co. (TRC) - Modelo de negócios: estrutura de custos

Despesas de manutenção e gerenciamento da terra

Os custos anuais de manutenção da terra da Tejon Ranch Co. em 2023 foram de aproximadamente US $ 4,2 milhões. Essas despesas incluem:

Categoria de despesa	Custo anual
Gerenciamento de propriedades	US $ 1,3 milhão
Preservação da terra	US $ 1,1 milhão
Uportagem de infraestrutura	US $ 1,8 milhão

Investimento de infraestrutura agrícola

Os investimentos em infraestrutura agrícola para 2023 totalizaram US $ 6,7 milhões, com o seguinte quebra:

• Atualizações do sistema de irrigação: US $ 2,5 milhões
• Equipamento agrícola: US $ 3,2 milhões
• Tecnologia de gerenciamento de culturas: US $ 1 milhão

Custos de desenvolvimento imobiliário

As despesas de desenvolvimento imobiliário para 2023 foram de US $ 12,9 milhões, compreendendo:

Categoria de desenvolvimento	Gasto
Preparação do local	US $ 4,3 milhões
Desenvolvimento de infraestrutura	US $ 5,6 milhões
Permitir e conformidade	US $ 3 milhões

Programas de conservação ambiental

Os custos do Programa de Conservação Ambiental em 2023 totalizaram US $ 2,5 milhões, incluindo:

• Preservação do habitat da vida selvagem: US $ 1,2 milhão
• Restauração do ecossistema: US $ 800.000
• Pesquisa de conservação: US $ 500.000

Overhead operacional e administrativo

A sobrecarga operacional e administrativa total de 2023 foi de US $ 8,3 milhões, distribuída da seguinte maneira:

Categoria de sobrecarga	Custo anual
Salários executivos e de gestão	US $ 3,6 milhões
Equipe administrativo	US $ 2,7 milhões
Operações do escritório	US $ 2 milhões

Tejon Ranch Co. (TRC) - Modelo de negócios: fluxos de receita

Renda de arrendamento de terras agrícolas

Em 2022, a Tejon Ranch Co. gerou receita de arrendamento de terras agrícolas de US $ 6,4 milhões de aproximadamente 270.000 acres de terra. Os acordos de arrendamento de terras incluem:

• Arrendamentos de cultivo de culturas
• Lases de direitos de pastagem
• Parcerias agrícolas de longo prazo

Tipo de arrendamento	Receita anual	A área arrendada
Cultivo de culturas	US $ 3,9 milhões	165.000 acres
Direitos de pastagem	US $ 1,5 milhão	85.000 acres
Outros arrendamentos agrícolas	US $ 1,0 milhão	20.000 acres

Vendas de desenvolvimento imobiliário

As vendas de desenvolvimento imobiliário em 2022 totalizaram US $ 22,1 milhões, com os principais projetos, incluindo:

• Vila da Montanha Tejon
• Desenvolvimento do centenário
• Vendas comerciais de terras

Projeto de desenvolvimento	Receita de vendas	Acres desenvolvidos
Vila da Montanha Tejon	US $ 8,7 milhões	500 acres
Centenário	US $ 12,4 milhões	1.200 acres
Vendas comerciais de terras	US $ 1,0 milhão	100 acres

Leasing de propriedades comerciais

A receita de leasing de propriedades comerciais atingiu US $ 5,2 milhões em 2022, incluindo:

• Arrendamentos de complexo industrial tejon
• Aluguel de armazém comercial
• Leasing de espaço de varejo

Categoria de arrendamento	Receita anual	Espaço alugado
Complexo industrial	US $ 3,1 milhões	250.000 pés quadrados
Aluguel de armazém	US $ 1,5 milhão	150.000 pés quadrados
Espaço de varejo	US $ 0,6 milhão	50.000 pés quadrados

Produção e vendas agrícolas

A receita de produção agrícola em 2022 foi de US $ 7,3 milhões, com culturas primárias, incluindo:

• Amêndoas
• Pistache
• Romãs

Tipo de colheita	Receita anual	Acres cultivados
Amêndoas	US $ 4,2 milhões	2.500 acres
Pistache	US $ 2,1 milhões	1.200 acres
Romãs	US $ 1,0 milhão	500 acres

Contratos de gerenciamento de recursos naturais

Os contratos de gerenciamento de recursos naturais geraram US $ 3,5 milhões em 2022, incluindo:

• Gestão dos direitos da água
• Acordos de extração mineral
• Servidões de conservação

Tipo de contrato	Receita anual	Detalhes do contrato
Direitos da água	US $ 1,8 milhão	3 acordos de longo prazo
Extração mineral	US $ 1,2 milhão	2 contratos ativos
Servidões de conservação	US $ 0,5 milhão	4 parcerias ambientais

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.