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What factors drove the changes in Tejon Ranch's revenue and profit?

- **Revenue Growth**: 10% year-over-year increase, driven by farming recovery and stable commercial leasing.
- **Cost Efficiency**: $2 million in annualized savings through workforce reduction and operational improvements.
- **Residential Success**: 50% lease-up rate for 228-unit Terra Vista apartments.
- **Strategic Focus**: TRCC as core growth driver with 100% industrial and 95% commercial occupancy.
- **Financial Health**: Net income of $1.7 million, reversing prior year loss, with 37% operating income improvement.
- **Liquidity**: $21 million cash and $68 million credit facility availability.
- **Investor Engagement**: Commitment to quarterly calls and transparency on asset monetization strategies.

**【CEO Summary Section】**
- **Revenue Growth**: Total revenue increased by 10% year-over-year, driven by improved farming operations and stable commercial leasing.
- **Cost Reductions**: Implemented $2 million in annualized expense savings through workforce reduction and operational efficiency measures.
- **Residential Development Success**: First phase of Terra Vista multifamily housing achieved 50% lease-up rate, with 228 units completed and delivered.
- **Strategic Focus**: Emphasized TRCC (Tejon Ranch Commerce Center) as the core growth driver, with 100% industrial and 95% commercial portfolio occupancy.

**【CFO Financial Commentary】**
- **Net Income**: Reported $1.7 million for the quarter, compared to a net loss of $1.8 million in the prior year.
- **Earnings Per Share (EPS)**: GAAP EPS of $0.06, reversing last year’s loss of $0.07.
- **Cost Control**: Total costs and expenses declined by 5%, with operating income improving by 37% year-over-year.
- **Liquidity**: $21 million in cash and $68 million available under the AgWest credit facility, supporting capital allocation for development projects.

**【Q&A Highlights】**
- **Asset Monetization**: CEO confirmed willingness to evaluate offers for Mountain Village and Centennial at or above book value, while pursuing joint venture partners to avoid dilution.
- **Farming Performance**: Adjusted EBITDA for farming showed positive cash flow generation in 23 of the last 24 years, despite GAAP losses due to water holding costs.
- **TRCC Expansion**: Plans to develop additional multifamily housing and single-family homes in the Grapevine Master Plan Community, driven by demand from Hard Rock Casino employees.
- **Governance Transparency**: CEO committed to improving investor engagement through quarterly earnings calls and an upcoming Investor Engagement Day.


Tejon Ranch Co. (TRC) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

TRC

TRC fundamentals

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