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Tejon Ranch Co. Announces Fourth Quarter and Year-Ended December 31, 2024 Financial Results
TRCTejon Ranch (TRC) GlobeNewswire·2025-03-06 14:15

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 4.5million,withearningspersharerisingto4.5 million, with earnings per share rising to 0.17 from 0.06inQ42023[5][22]−TotalrevenuesforQ42024roseby150.06 in Q4 2023 [5][22] - Total revenues for Q4 2024 rose by 15% to 21.6 million compared to 18.8millioninQ42023,withcommercial/industrialsegmentrevenuesincreasingby3318.8 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 4.8millioninQ42023[6][26]LeasingandOccupancy−AsofDecember31,2024,TRCC′sindustrialportfolio,throughjointventures,consistsof2.8millionsquarefeetofgrossleasablearea(GLA)andis1004.8 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]