Tejon Ranch (US:TRC)2023-11-07 18:44Revenue Performance - Commercial/industrial real estate development segment revenues for Q3 2023 were $3,397,000, a decrease of 85.8% from $22,352,000 in Q3 2022[92] - The Mineral Resources segment generated revenues of $3,118,000 in Q3 2023, slightly down from $3,139,000 in Q3 2022, with nine-month revenues at $11,630,000 compared to $19,238,000 in 2022, indicating a decline of 39.5%[94] - The Farming segment reported revenues of $2,642,000 in Q3 2023, down 44.7% from $4,776,000 in Q3 2022, with nine-month revenues at $4,852,000 compared to $7,352,000 in 2022, a decrease of 34.1%[95] - Ranch Operations segment revenues for Q3 2023 were $1,052,000, a decrease of 12.9% from $1,208,000 in Q3 2022, with nine-month revenues at $3,384,000 compared to $3,011,000 in 2022, an increase of 12.3%[96] - Total revenues for the three months ended September 30, 2023, were $52,357,000, a decrease of 1.95% from $53,401,000 in the same period of 2022[101] - For the nine months ended September 30, 2023, total revenues were $140,984,000, down 5.25% from $149,867,000 in 2022[102] - Petro Travel Plaza Holdings, LLC reported revenues of $44,976,000 for Q3 2023, compared to $49,108,000 in Q3 2022, reflecting a decline of 8.66%[101] Joint Ventures and Investments - Equity in earnings of unconsolidated joint ventures for the nine months ended September 30, 2023, was $4,616,000, compared to $4,867,000 for the same period in 2022, reflecting a decrease of 5.2%[92] - The Company’s investment in unconsolidated joint ventures was $31,345,000 as of September 30, 2023, with equity in earnings from these ventures at $4,616,000 for the nine months ended September 30, 2023[97] - The TRC-MRC 5 LLC joint venture is under construction and expected to be completed by Q1 2024, with a construction loan of $49,226,000, of which $25,049,000 was outstanding as of September 30, 2023[98] - The TRC-MRC 4 LLC joint venture refinanced its construction loan with an outstanding balance of $61,993,000 as of September 30, 2023, and has leased 100% of its rentable space[98] - The TRC-MRC 3, LLC joint venture had a principal balance of $33,847,000 as of September 30, 2023, and was 100% leased[100] - The TRCC/Rock Outlet Center LLC joint venture reduced its outstanding term note by $6,000,000, with a remaining balance of $20,924,000 as of September 30, 2023[100] Financial Position - The total equity as of September 30, 2023, was $87,561,000, an increase from $102,520,000 as of December 31, 2022[104] - The company has long-term debt of $47,338,000 as of September 30, 2023, with a weighted average interest rate of 4.62%[208] - The company’s marketable securities totaled $29,535,000 as of September 30, 2023, with a weighted average interest rate of 4.94%[212] - The company’s total assets as of September 30, 2023, were $295,390,000, compared to $281,611,000 as of December 31, 2022[104] Other Financial Activities - The company paid $4,488,000 for water contracts and related costs as of September 30, 2023[106] - The company terminated its interest rate swap agreement on October 23, 2023, receiving a cash termination fee of $3,715,000[107] - The company reported an equity loss of $84,000 from Centennial Founders, LLC for the three months ended September 30, 2023[101] Inventory and Receivables - Farming inventories are exposed to adverse price fluctuations, with costs recorded as incurred[215] - There were no receivables subject to commodity price fluctuations due to no pistachio yields in 2022[215]