Company Focuses on TRCC Development Platform, Expects Increased 2026 Farming Operations Costs

The company said, "The Company remains focused on TRCC as its primary development platform and long-term value driver, pursuing commercial and industrial development, multi-family development, leasing and investment activity, both directly and through joint ventures. The Company may also pursue selective land sales on an opportunistic basis and continues to advance its residential projects, including Mountain Village, Grapevine and Centennial at Tejon Ranch. California remains a highly regulated environment for real estate development and delays, including litigation-related matters, can occur. As a result, the Company expects net income to fluctuate from year to year based on development activity, commodity prices, production within its farming and mineral resources segments, and the timing of land sales and leasing activity. The Company expects its 2026 farming operations to reflect elevated production costs, including fuel, fertilizer, pest control and labor. Winter chill hours to date have been below historical averages, which may affect bloom timing and crop development. The Company's pistachio orchards are expected to be in a down-bearing year consistent with the crop's alternate bearing cycle. Final yields will depend on spring weather conditions, although tighter industry inventories may help support commodity pricing. As part of its crop diversification strategy, the Company planted 150 acres of olives in 2025 and expects to plant an additional 150 acres in 2026."