Tejon Ranch (TRC) - 2024 Q1 - Quarterly Report

Revenue Performance - Commercial/industrial revenues for Q1 2024 were $2,945,000, a 10.1% increase from$ 2,676,000 in Q1 2023[90] - Mineral resources revenues decreased significantly to $2,489,000 in Q1 2024 from$ 6,912,000 in Q1 2023, representing a decline of 64.0%[92] - Farming segment revenues fell to $865,000 in Q1 2024, down 27.0% from$ 1,185,000 in Q1 2023[93] - Resort/residential development segment incurred losses of $1,561,000 in Q1 2024, compared to losses of$ 388,000 in Q1 2023[91] - Ranch operations revenues decreased to $1,107,000 in Q1 2024 from$ 1,492,000 in Q1 2023, a decline of 25.8%[94] - Total revenues for the three months ended March 31, 2024, were $43,131,000, an increase of 4.1% compared to$ 41,421,000 for the same period in 2023[100] - The total earnings for the joint ventures amounted to $2,745,000 for Q1 2024, compared to$ 2,579,000 in Q1 2023, reflecting a growth of 6.4%[100] - The Company’s joint venture TRCC/Rock Outlet Center, LLC reported revenues of $1,832,000 for Q1 2024, up from$ 1,431,000 in Q1 2023[100] Financial Position - The Company reported a total asset value of $315,278,000 as of March 31, 2024, with total debt of$ 225,200,000, resulting in equity of $82,163,000[101] - The total equity for Petro Travel Plaza Holdings, LLC was$ 54,356,000 as of March 31, 2024, compared to $52,950,000 at the end of 2023[101] - The Company’s total liabilities decreased from$ 208,030,000 at December 31, 2023, to $225,200,000 as of March 31, 2024[101] Investments and Joint Ventures - The Company's investment in unconsolidated joint ventures was$ 30,075,000 as of March 31, 2024, with equity in earnings of $1,513,000 for Q1 2024[95] - TRC-MRC 5 LLC completed construction of a 446,400 square foot industrial building, fully leased as of Q1 2024, with a construction loan refinanced at$ 53,354,000[96] - TRC-MRC 4 LLC's outstanding loan balance was $61,556,000 as of March 31, 2024, with the building fully leased since completion in Q4 2022[97] - The TRCC/Rock Outlet Center LLC joint venture reduced its term note balance by$ 6,000,000, with an outstanding balance of $20,776,000 as of March 31, 2024[99] - The Company owns 93.51% of Centennial Founders, LLC, a joint venture with TRI Pointe Homes for land development in Los Angeles County[99] Assets and Receivables - Accounts receivable as of March 31, 2024, totaled$ 5,593,000, with $1,689,000 (30%) related to pistachio sales, which are subject to price fluctuations[199] - The Company has water contracts for annual deliveries of 15,547 acre-feet of water, with costs amounting to$ 1,482,000 as of March 31, 2024[103] - The Company’s marketable securities amounted to $25,148,000 as of March 31, 2024, with a weighted average interest rate of 5.15%[195] Debt and Interest Rates - The effective interest rate on the revolving line of credit was 7.58% as of March 31, 2024, with an outstanding balance of$ 47,942,000[191]