Tejon Ranch Co 2025年季度报告

TEJON RANCH CO. (Exact name of registrant as specified in its charter) Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submitsuch files).Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, oran emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerginggrowth company” in Rule 12b-2 of the Exchange Act. If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with anynew or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes☐No☒ TEJON RANCH CO. AND SUBSIDIARIES PART I.FINANCIAL INFORMATION Item 1.Financial Statements4Consolidated Balance Sheets as ofMarch31, 2025(unaudited) andDecember 31, 20244Unaudited Consolidated Statements of Operations for theThreeMonths EndedMarch31, 2025and20245Unaudited Consolidated Statements of Comprehensive (Loss) Incomefor the Three Months Ended March31,2025 and 20246 Glossary The following initialisms or acronyms may be used in this document and shall be defined as set forth below: AKIPAdvance Kern Incentive ProgramASCAccounting Standards CodificationASUAccounting Standards UpdateAVEKAntelope Valley East Kern Water AgencyCFLCentennial Founders, LLCCBDCenter for Biological DiversityCEQACalifornia Environmental Quality ActCFDCommunity Facilities DistrictCNPSCalifornia Native Plant SocietyEBITDAEarnings Before Interest Taxes Depreciation and AmortizationEIREnvironmental Impact ReportFASBFinancial Accounting Standards BoardFTZForeign Trade ZoneGAAPGenerally Accepted Accounting PrinciplesGHGGreenhouse GasGSPGroundwater Sustainability PlanMVMountain Village at Tejon RanchNOINet Operating IncomeNLERNet Liabilities to Equity RatioPEFPastoria Energy Facility, LLCRCLRevolving Credit LineRWATejon Ranch Conservation and Land Use Agreement, a.k.a. Ranch Wide AgreementSECSecurities and Exchange CommissionSOFRSecured Overnight Financing RateSWPState Water ProjectTCWDTejon-Castac Water DistrictTRCTejon Ranch Co.TRCCTejon Ranch Commerce CenterTRPFFATejon Ranch Public Facilities Financing AuthorityWRMWSDWheeler Ridge Maricopa Water Storage District March 31, 2025December 31, 2024(unaudited) TEJON RANCH CO. AND SUBSIDIARIESUNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS($ in thousands, except per share amounts) TEJON RANCH CO. AND SUBSIDIARIESNOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS 1.BASIS OF PRESENTATION The summarized information of Tejon Ranch Co. and its subsidiaries (the Company, TRC or Tejon), provided pursuant to Part I, Item1 of Form 10-Q, is unaudited and reflects all adjustments which are, in the opinion of the Company’s management, necessary for a fairstatement of the results for the interim period. All such adjustments are of a normal, recurring nature. The Company has evaluated The periods endedMarch31, 2025and2024include the consolidation of CFL’s statements of operations within the resort/residentialreal estate development segment, statements of changes in equity, and statements of cash flows. The Company’sMarch31, The Company has identifiedfivereportable segments: commercial/industrial real estate development, resort/residential real estatedevelopment, mineral resources, farming, and ranch operations. Information for the Company’s reportable segments is presented in itsConsolidated Statements of Operations. The Company’s reportable segments follow the same accounting policies used for the The results of the period reported herein are not indicative of the results to be expected for the full year due to the seasonal nature ofthe Company’s agricultural activities, water activities, and timing of real estate sales and leasing activities. Historically, the Company’s For further information and a summary of significant accounting policies, refer to the Consolidated Financial Statements and notes Financial Instruments Certain financial instruments are carried on the consolidated balance sheets at cost or amortized cost basis, which approximates fairvalue due to their short-term and highly liquid nature.These instruments include cash and cash equivalents, restricted cash, timedeposits, accounts receivable, security deposits held for customers, accounts payable, and other accrued liabilities. The fair value of Restricted Cash Restricted cash is included in Prepaid expenses and other current assets within the Consolidated Balance Sheets and primarily relatesto funds held in escrow.The Company ha