Tejon Ranch Company Reports Revenue of $23.3M

Reports revenue $23.3M vs. $21.6M last year. "Last year we focused on establishing a clear direction for the company and aligning the organization around it," said Matthew Walker, president and CEO of Tejon Ranch Company. "Our strategy is now beginning to gain traction in our operating performance. Our $49.6 million in revenues and $25.3 million in Adjusted EBITDA both improved over last year, reflecting the strength of our underlying businesses and the progress we're making in executing our strategy. While our reported net income this year includes approximately $3.4 million in one-time proxy defense costs, the underlying performance of the business improved, led by stronger profitability in commercial real estate and a significant year-over-year improvement in farming. The broader story is the continued activity across our operating platform, particularly at the Tejon Ranch Commerce Center. In December for example, leveraging the opening of the neighboring Hard Rock Tejon Casino, fuel and food revenue increased at TA Petro Travel Center, and the Outlets at Tejon generated its highest retail sales of any month ever. Those trends are continuing through the first quarter. Our 2025 results included two land transactions at TRCC, the sale of a hotel site and the back-end revenue recognition tied to the Nestle land sale. We are also encouraged by our success beyond TRCC, where farming revenues in 2025, which was an on-bearing year, were the highest in ten years. We continue to set the table for future growth. Over the past year we've simplified our organization, reduced overhead and clarified where and how capital will be deployed. We are not done yet, but we are encouraged with the progress in strengthening our communication, governance and overall alignment with our shareholders. Last year included several non-recurring costs including our activism defense expenses, and adjusting for those our net income would show improvement over 2024. Our responsibility now is to put more of the Ranch to work, converting land into recurring cash flow. A significant step in that process is the advancement of Centennial, our master-planned community in Los Angeles County, which is about to enter a more public phase of its entitlement process addressing the court's identified issues. We recognize that investors will ultimately judge us by our results which means driving long term value through earnings growth and returns on invested capital."