Files Definitive Proxy Materials and Mails Letter to Shareholders Urges Shareholders to Vote “FOR” Only Tejon’s Highly Qualified Director Nominees on the WHITE Proxy Card TODAY TEJON RANCH, Calif., April 03, 2025 (GLOBE NEWSWIRE) -- Tejon Ranch Co. (NYSE:TRC), (“Tejon” or the “Company”), a diversified real estate development and agribusiness company, today filed definitive proxy materials with the Securities and Exchange Commission in connection with its upcoming Annual Meeting of Shareholders (the “Annual ...

DAVIDSON, N.C., March 31, 2025 (GLOBE NEWSWIRE) -- Ingersoll Rand Inc. (NYSE: IR), a global provider of mission-critical flow creation and life sciences and industrial solutions, today announced that it received notice of an unsolicited "mini-tender" offer by TRC Capital Investment Corporation (TRC Capital) to purchase up to 1,500,00 shares of Ingersoll Rand's common stock at $77.50 per share. The offer price is approximately 4.27% below the closing price of the company's common stock on The New York Stock ...

Development Projects - In Q1 2024, the company began construction on Terra Vista at Tejon, a multi-family community with a maximum of 495 residences and 14,500 square feet of community retail space[48][55] - The company has formed a new joint venture with Dedeaux Properties to develop a 510,385 square foot industrial building within TRCC-East[58] - The company has three major resort/residential communities in development, with a total of 3,450 entitled dwelling units planned[75][79] - Centennial development encompasses 12,323 acres, entitled for 19,333 housing units and 10.1 million square feet of commercial development, with a 93.65% ownership interest by the company[82] - Grapevine development covers 8,010 acres, entitled for 12,000 homes and 5.1 million square feet of commercial development[86] - As of December 31, 2024, the company has 3,450 housing units in Mountain Village, 19,333 in Centennial, and 12,000 in Grapevine, totaling 34,783 housing units across its developments[90] Financial Performance - The company has incurred costs to date of $158.348 million for Mountain Village, $124.136 million for Centennial, and $42.456 million for Grapevine, totaling $324.940 million[90] - The current outstanding balance on the Company's revolving credit line is $66,942,000, with a floating interest rate of one-month term SOFR plus 2.25%[324] - The Company has $7,916,000 in outstanding accounts receivable as of December 31, 2024, with no receivables at risk for changing prices due to no pistachio yield in 2024[330] - As of December 31, 2024, marketable securities amounted to $14,437,000 with a weighted average interest rate of 4.59%[328] - The revolving line-of-credit liability was $66,942,000 with an effective interest rate of 6.85% as of December 31, 2024[328] - As of December 31, 2023, marketable securities were $32,576,000 with a weighted average interest rate of 5.27%[328] - The revolving line-of-credit liability was $47,942,000 with an effective interest rate of 7.59% as of December 31, 2023[328] Industrial Market Insights - The company has a total of 19,300,941 square feet of industrial entitlements and 956,309 square feet of commercial retail entitlements as of December 31, 2024[61] - Industrial rents have increased by 236% over the past seven years, rising from $0.25 per square foot in 2017 to current levels[61] - The company has a total of 11,099,077 square feet of industrial entitlements available for future development[61] - The Inland Empire industrial market saw a vacancy rate of 6.8% as of December 31, 2024, a 170-basis point increase year-over-year[67][68] - Average asking rents in the Inland Empire declined by 22% year-over-year to $1.15 per square foot[67][68] Agricultural Operations - The company produced approximately 83,411 barrels of oil and 20,480 MCF of dry gas in 2024, with an average royalty rate of approximately 13% on oil production[94] - The company farms 1,036 acres of wine grapes, 2,116 acres of almonds, and 935 acres of pistachios, with plans to plant 160 acres of olives in 2025[101] - Approximately 256,000 acres are used for grazing leases, accounting for 45% of total revenues from ranch operations as of December 31, 2024[108] - The almond industry projected 2024 yields to be about 2.6 billion pounds, down from over 3.0 billion pounds, impacting pricing positively[102] Environmental Initiatives - The Company has conserved 240,000 acres of land since 2008, sequestering 3.3 million tons of carbon, equivalent to the annual emissions of 2.5 million passenger vehicles, about 5% of California's 2022 fleet[25] - The solar-covered parking structure at the Outlets at Tejon is projected to reduce electricity consumption by approximately 83% and produce about 1,076,000 kWh of clean energy annually[25] - A 600-acre solar field being developed with Calpine Energy is expected to generate approximately 100 MW of power once operational[25] - At Centennial, at least 50% of the energy supply is intended to be produced by on-site renewable sources, with 30,000 EV chargers planned[25] - The Company utilizes highly efficient automated and drip irrigation systems for its agricultural operations, enhancing water management[119] - The Company has contributed funding to replace outdated agricultural engines, expected to reduce air emissions in the region[119] Regulatory and Market Monitoring - The company is actively monitoring regulatory changes that may impact industrial zoning and development strategies[69][70] - The majority of the Company's developed land lies within a non-critically overdrafted groundwater basin with an approved Groundwater Sustainability Plan[119]

Core Insights - Tejon Ranch Co. reported significant financial growth in 2024, driven by its commercial and industrial real estate operations, particularly the Tejon Ranch Commerce Center (TRCC) [2][4] - The company is optimistic about future growth opportunities, including a new joint venture for a warehouse facility and the development of a mixed-use community [2][10] Financial Highlights - For Q4 2024, GAAP net income attributable to common stockholders increased by 186% to $4.5 million, with earnings per share rising to $0.17 from $0.06 in Q4 2023 [5][22] - Total revenues for Q4 2024 rose by 15% to $21.6 million compared to $18.8 million in Q4 2023, with commercial/industrial segment revenues increasing by 33% [5][6] - Adjusted EBITDA for Q4 2024 was $10.5 million, a 116% increase from $4.8 million in Q4 2023 [6][26] Leasing and Occupancy - As of December 31, 2024, TRCC's industrial portfolio, through joint ventures, consists of 2.8 million square feet of gross leasable area (GLA) and is 100% leased [5] - The commercial portfolio, including joint ventures, has 620,907 square feet of GLA and is 96% leased [5] - The Outlets at Tejon achieved 93% occupancy as of December 31, 2024, marking its 10-year anniversary [5] Development Projects - Construction of the Terra Vista at Tejon multi-family residential development is underway, with Phase 1 including 228 of the planned 495 units expected to be available in Q2 2025 [5][10] - A new distribution facility for Nestlé USA is also under construction, totaling over 700,000 square feet [5] Capitalization and Liquidity - As of December 31, 2024, total capitalization was approximately $605.3 million, with a debt to total capitalization ratio of 29.5% [9][31] - The company had total liquidity of $146.8 million, including cash, securities, and available credit [9] 2025 Outlook - The company plans to pursue further commercial and industrial development, as well as multi-family projects within TRCC and its joint ventures [10] - There is an expectation for increased water sales opportunities in 2025, contingent on precipitation and state water project allocations [12]

Core Viewpoint - Tejon Ranch Company has appointed Matthew Walker as the new President and CEO, effective March 31, 2025, succeeding Gregory S. Bielli, who will retire after a significant tenure [1][5]. Company Leadership Transition - Matthew Walker will join Tejon Ranch as Chief Operating Officer on March 6, 2025, before officially taking over as President and CEO [1]. - Gregory S. Bielli has been with the company since 2013 and will continue to serve as an executive advisor and Director after his retirement [5]. Matthew Walker's Background - Walker has a 24-year career at Lowe Enterprises, where he served as Executive Vice President and Shareholder, focusing on hospitality and resort community development [2]. - His experience includes resort and residential development, sales and marketing, and capital development [2][3]. - Walker holds a Bachelor of Architecture from Cornell University and an MBA from UCLA Anderson School of Management [3]. Strategic Vision for Tejon Ranch - Walker emphasizes the importance of responsible development at Tejon Ranch, which he believes is crucial for California's economic future, providing jobs and housing [4]. - The company aims to build on the success of the Tejon Ranch Commerce Center and advance three additional master planned communities [4][5]. - Norman Metcalfe, Chairman of the Board, highlights Walker's unique development background as vital for the company's growth and shareholder value [4]. Company Overview - Tejon Ranch Company is a diversified real estate development and agribusiness firm with a principal asset of 270,000 acres of land located between Los Angeles and Bakersfield [6].

Company Leadership Transition - Tejon Ranch Company has selected Matthew Walker as the new President and CEO, effective March 31, 2025, succeeding Gregory S. Bielli who will retire [1][5] - Walker will initially join as Chief Operating Officer on March 6, 2025, following a nationwide search led by the Board of Directors [1] Matthew Walker's Background - Walker has a 24-year career at Lowe Enterprises, where he served as Executive Vice President and Shareholder, overseeing hospitality and resort community platforms [2] - His experience includes resort and residential development, sales and marketing, and capital development [2][3] - Walker holds a Bachelor of Architecture from Cornell University and an MBA from UCLA Anderson School of Management [3] Strategic Vision and Goals - Walker emphasizes the importance of responsible development at Tejon Ranch for California's future, aiming to create jobs, housing, and economic opportunities in Southern California [4] - The company plans to build on the success of the Tejon Ranch Commerce Center and develop three additional master planned communities to unlock shareholder value [4][5] Board's Perspective - Norman Metcalfe, Chairman of the Board, highlights Walker's unique development background and skills in creating immersive experiences as crucial for the company's growth [4] - The Board expresses gratitude to Bielli for his contributions, including the development of key projects like the Outlets at Tejon and the Tejon Ranch Commerce Center [4][5] Company Overview - Tejon Ranch Company is a diversified real estate development and agribusiness company with a principal asset of 270,000 acres located 60 miles north of Los Angeles [7]

Core Viewpoint - Canadian Natural Resources Limited has received an unsolicited mini-tender offer from TRC Capital Investment Corporation to purchase up to 2,500,000 common shares at a price of C$43.25 per share, which is below the current market price [1][2]. Group 1: Offer Details - The mini-tender offer represents approximately 0.12% of Canadian Natural's outstanding shares [1]. - The offering price reflects a discount of 4.44% to the closing price on January 14, 2025, and a 4.71% discount to the closing price on January 22, 2025 [1]. Group 2: Company Response - Canadian Natural does not endorse TRC Capital's offer and advises shareholders to exercise caution due to the offer being below market price [2][7]. - The company recommends that shareholders who have not responded to the offer take no action [7]. Group 3: Investor Caution - Mini-tender offers are designed to avoid many investor protections, and both the Canadian Securities Administrators and the SEC have expressed concerns regarding such offers [3][5]. - Shareholders are encouraged to consult with their brokers or financial advisors and to obtain current market quotations for their shares [7]. Group 4: Withdrawal Information - Shareholders who have already tendered their shares can withdraw them before 11:59 p.m. (EST) on February 13, 2025, by following the procedures in TRC Capital's offering documents [8].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) Title of each class Trading symbol(s) Name of each exchange on which registered Common Stock, $0.50 par value TRC New York Stock Exchange ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission fi ...

Core Insights - Tejon Ranch Co. (TRC) has not received much attention since spring, indicating a potential opportunity for investors to explore this overlooked stock [1] Group 1 - The mission of Grassroots Trading emphasizes providing objective and unbiased research focused on small- to mid-cap companies, which may include Tejon Ranch Co. [1] - The analysis aims to identify compelling investment opportunities in both small- to mid-cap and large- and mega-cap companies, expanding the coverage of dynamic equity markets [1]

Core Insights - Tejon Ranch Co. reported a net loss of $1.8 million for Q3 2024, compared to a net loss of $0.3 million in Q3 2023, primarily due to lower pistachio crop yields [4][5] - The company achieved revenues of $14.6 million in Q3 2024, an increase from $12.0 million in Q3 2023, driven by improved fuel margins at its TA/Petro joint venture [4][5] - The company is progressing with its real estate developments, including the Terra Vista multi-family community set to open in H1 2025 and a new joint venture with Dedeaux Properties for a 510,500 square foot building [2][3] Financial Performance - For the first nine months of 2024, the company reported a net loss of $1.8 million, a decline from a net income of $1.7 million in the same period of 2023, largely due to reduced operating profits in the farming segment [5] - Year-to-date revenues totaled $33.2 million, down from $35.2 million in the first nine months of 2023, with mineral resources segment revenues decreasing by 34% to $7.7 million [5] - Adjusted EBITDA for Q3 2024 was $5.6 million, slightly down from $5.7 million in Q3 2023 [4][5] Real Estate Development - The Tejon Ranch Commerce Center (TRCC) industrial portfolio consists of 2.8 million square feet of gross leasable area (GLA), fully leased, while the commercial portfolio comprises 620,907 square feet, 95% leased [3] - Construction of the Terra Vista at Tejon Phase 1 is underway, with 228 of the planned 495 residential units expected to be available in the first half of 2025 [3] - The Outlets at Tejon celebrated its 10th anniversary with over 90% occupancy as of September 30, 2024 [3] Liquidity and Capital Resources - As of September 30, 2024, the company had total capitalization of approximately $643.1 million, with a debt to total capitalization ratio of 26.8% [6][19] - Total liquidity available was $141.3 million, including cash, securities, and available credit [6] Future Outlook - The company plans to continue pursuing commercial and industrial development, multi-family projects, and investments within TRCC and its joint ventures [7] - The company anticipates fluctuations in net income based on real estate activity, commodity prices, and production in its farming and mineral resources segments [8]