Tejon Ranch Company
2010 Annual Report
Our Vision for the Fu ture
T e j o n Ra n c h Co m p a n y
is a diversified real estate development and agribusiness company
committed to responsibly using its land and resources to meet the
housing, employment and lifestyle needs of Californians and to
create value for its shareholders. The Company’s Vision is guided by
the Ranch’s historic core values of conservation and good stewardship.
2 0 0 1 : I K E A
IKEA is the largest home furnishings and accessory retailer in the world and its decision to purchase 80 acres at the Tejon Ranch
Commerce Center helped put our industrial/commercial center on the map. Opened in 2001, its Western North American
Distribution Center covers nearly 1.8 million square feet, making it one of the largest buildings in California. With the ability
to serve 97% of the California population within a one-day round trip, it is a living example of the real and proven advantages of
the Tejon Ranch Commerce Center for retail and industrial companies of every size. Soon the IKEA distribution center will serve as
an example of renewable energy as the company plans to install a photovoltaic solar power system on its roof.
tejon ranch company
2010 annual report
3
Letter to Shareholders
T raditionally, an annual report is a review of
a company’s performance and operations over
the previous year. It contains both a numeric review
goal of building shareholder value over time. A major
catalyst behind this move was the decision by IKEA to
acquire land at our master planned commercial/industrial
focusing on the company’s financial position and
development, now called the Tejon Ranch Commerce
performance as well as a narrative reflection of the
Center, to build its Western North American Distribution
company’s operations – past, present and future. The
Center. Land development, however, is not for the faint
2010 Annual Report of Tejon Ranch Company will not
hearted. It is very capital intensive. Significant sums would
differ from this norm. But this year, we also have the
be needed to develop the necessary infrastructure at the
unique opportunity to cast our gaze a little further back,
Commerce Center to build more distribution centers, and
to reflect not only on the previous year, but on the past
to invest in feasibility and scientific studies for our planned
ten years as we have just concluded the first decade of the
residential communities. In 2001, the number of planned
21st century. As we look back, it’s interesting to note the
residential communities expanded as we began sharing our
parallels and similarities between the beginning and end
concept of a mountain resort community called Tejon
of the decade.
Mountain Village. However, knowing that excess debt is
often the death of many companies, especially those that
Back in 2001, I wrote that Tejon Ranch was on the brink
are land-based, we were, and are still committed to
of a new era. That was the year we began taking bolder
maintaining a healthy balance sheet to ensure that the value
steps to transition Tejon Ranch Company from primarily
we build for shareholders is real and enduring.
an agribusiness into a land development company with the
2 0 0 3 : Te j o n R a n c h V i s i o n
Preserving California’s Legacy & Providing for California’s Future
These two phrases encapsulate the core of the Tejon Ranch Vision that we unveiled in 2003… a vision for the future that includes
extensive conservation; continuing the Ranch’s historic farming, ranching and hunting operations; and using a small portion of our
land to build high-quality, environmentally sensitive communities.
2 0 0 4 : Pa s t o r i a E n e r g y F a c i l i t y
The Pastoria Energy Facility, owned by Calpine, sits on a 31-acre site located just east of the base of the Grapevine. The natural
gas-powered electrical generating facility became operational in 2004 and is among the cleanest and most efficient power plants in
California. It can generate enough electricity to power 750,000 households. It also produces a significant amount of revenue for
the Ranch each year. On average, lease payments and royalties from the Pastoria Facility have totaled about $3.5 million per year.
tejon ranch company
2010 annual report
5
As a result of this commitment, we took two significant
increase their ownership of our stock, demonstrating their
steps to raise the capital we would need without raising
continued confidence in Tejon Ranch Company and its
our level of debt. The first was to issue a Common Stock
future. Not only did they acquire the 2,173,946 shares
Rights Offering which would give all stockholders the
initially offered, we issued an additional 434,789 shares
right to purchase new shares in proportion to their existing
to honor over-subscription requests, and even that wasn’t
holdings, ensuring that no stockholder’s interest in the
enough to satisfy all the requests.
Company would be involuntarily diluted. At its conclusion,
we generated $30 million in new equity through the
Ten years ago, Tejon Mountain Village was a concept.
Rights Offering.
Today, it is a fully entitled community that has passed a
significant legal hurdle. Last November, Kern County
In 2001, we also made the strategic decision to sell the
Superior Court Judge Kenneth Twisselman ruled in favor
assets in our livestock division in order to free up capital
of Kern County, Tejon Ranch Company, and its
to be used towards our real estate efforts. Leasing grazing
development partner DMB Associates, Inc., when he
land as opposed to owning and running a cattle operation
found that the County had properly analyzed and
substantially lowered our risk and capital requirements
evaluated the environmental effects of Tejon Mountain
without reducing our average earnings.
Village. The Kern County Board of Supervisors had
unanimously approved the mountain resort community
The events of 2010 had a remarkable similarity to 2001.
in October 2009. In an extremely detailed and thorough
Last year we conducted our second Rights Offering of
ruling, Judge Twisselman rejected claims made by the
the decade, this time raising $60 million. Shareholders
Arizona-based Center for Biological Diversity (CBD) that
responded enthusiastically to this new opportunity to
the environmental impact report for Tejon Mountain
2 0 0 5 : R o c k e f e l l e r P a r t n e r s h i p
This partnership, formed in 2005 as a joint venture agreement, is a marriage of two names that exemplify quality and history –
Rockefeller Group on the East Coast and Tejon Ranch on the West. The Rockefeller Group Development Corporation has been involved
in the development, management and ownership of some of the most prestigious and well-known properties in the United States, most
notably Rockefeller Center in New York City. For the last 20 years it has also been a leader in Foreign Trade Zone development and
management, and that experience and expertise is central to the partnership.
6
tejon ranch company
2010 annual report
Village was inadequate. CBD has appealed his ruling,
in Centennial. We are continuing to make good progress
but we are extremely confident that it will be upheld upon
and hope to begin the Public Review process very soon,
review by the 5th District Court of Appeals in Fresno.
but eight years is still a long time to process an applica-
Meanwhile, we are diligently working on the
tion. However, in retrospect, that slow progress has
detailed plans for the first phase of the community,
proved to be to a benefit. We would not have wanted to
while at the same time filing for all the necessary state
have hundreds of millions of dollars invested in infra-
and federal permits to ensure that we are ready to go
structure in the midst of one of the worst and longest
once market conditions indicate it is time to commence
real estate recessions in most of our memories.
with construction.
Even though we began the decade transitioning into
Real estate development may be an arduous process
a land development company, we are still very much
involving many different regulatory approvals, but it is
involved in agribusiness and 2010 was a record year for
one that will provide considerable benefits to the region
our farming division. High crop yields and high prices,
and our shareholders over time. It is often frustrating
especially for pistachios, led to the greatest level of farm
and hard to be patient when dealing with the slow pace
revenue we’ve ever experienced.
of entitling land in California, especially when that pace
is controlled by multiple governmental agencies. We
As a diversified company, we also want to explore the
filed our land use application in Los Angeles County for
potential opportunities we have to realize the economic
our master planned new town of Centennial in 2002.
value associated with the Tejon Ranch brand – a brand
We, along with our partners, Pardee Homes, the Lewis
that’s derived from our land and heritage – and that also
Companies and Standard Pacific, remain very confident
represents the Company’s high corporate standards in how
2 0 0 6 : D M B Pa r t n e r s h i p
In 2006, Tejon Ranch Company signed a partnership agreement with DMB Associates, Inc. to jointly plan and develop Tejon Mountain Village.
We began sharing the concept of a premier mountain resort community back in 2001, but we knew we needed an ideal partner to turn that
concept into reality. DMB Associates is such a partner. It is the leading developer of planned resort communities in the West, with a proven track
record of building exceptional, environmentally sensitive communities in California, Arizona, Utah and Hawaii. DMB Associates brings to
the partnership the shared vision of developing Tejon Mountain Village into one of America’s great places, and the experience, expertise and equity
needed to make that happen.
2 0 0 7 : E x p a n s i o n o f Te j o n R a n c h C o m m e r c e C e n t e r
The Tejon Ranch Commerce Center saw significant growth over the decade. Initially approved for development only on the west side of Interstate
5, we sought to expand the center east of I-5 to a total of 1,450 acres. The expansion was approved by Kern County, only to be challenged in
court. After making a few minor changes to the Environmental Impact Report, the project was again approved, a decision upheld by the Superior
and Appellate Courts. The Commerce Center has proven to be a top location for retail and industrial companies, including IKEA, Famous
Footwear, Starbucks, McDonalds, Panda Express, In-N-Out Burger, Chipotle Mexican Grill, and the Petro and TA Travel Centers.
8
tejon ranch company
2010 annual report
it operates. What does the Tejon Ranch brand mean? It
means high quality, an enduring connection to California’s
heritage, a strong stewardship ethic, and visionary thinking.
We continue to explore ways we can monetize the Tejon
Ranch brand and all of its attributes both on and off our land.
Any look back over the last decade should include a look at
some of the events that shaped our world and our business
than making decisions based
on factors like debt-service
requirements, economic cycles
or world events.
Overall, 2010 and the entire
decade that preceded it, was
a good one for Tejon Ranch
climate, for no company operates in a vacuum. The first de-
Company. Throughout these pages, we’ve tried to high-
cade of the 21st century saw its share of challenges. It began
light some of the more significant events and milestones
with the terrorist attacks on September 11, 2001, and the
that made up this first ten years of the 21st century.
uncertainty that followed, and ended with what we now refer
Space doesn’t permit us to focus on every event, but we
to as “The Great Recession.” In between, we experienced an
trust the ones we’ve chosen are a good representation of
energy crisis in California and have seen our country involved
our efforts to build shareholder value through our Vision
in two wars. For some shareholders, such economic and geo-
of Preserving California’s Legacy and Providing for
political upheaval is a reason to own stock in Tejon Ranch.
California’s Future.
They value owning a tangible asset like land; “something
they’re not making any more of,” is the often-heard refrain.
Fortunately, the absence of debt on our land allows us to
pursue our goal of maximizing long-term value enhancement
Rob e rt A. S ti ne
for our shareholders, even if that takes some time, rather
President and Chief Executive Officer
2 0 0 8 : C o n s e r v a t i o n & L a n d U s e A g r e e m e n t
The Tejon Ranch Conservation and Land Use Agreement is the largest and most significant private conservation agreement in
California history. Our accord with five respected environmental organizations, Audubon California, Endangered Habitats League,
Natural Resources Defense Council, Planning and Conservation League and the Sierra Club, will result in the permanent
conservation of 240,000 of the Ranch’s 270,000 acres – 90% of our property. Under the Agreement, we will also be able to
pursue, without opposition from the environmental groups, the creation of high-quality environmentally sensitive communities on the
remaining ten percent of our land. In 2009, the Agreement received California’s most prestigious environmental honor, the
Governor’s Environmental and Economic Leadership Award.
2 0 0 9 - 2 0 1 0 : Te j o n M o u n t a i n V i l l a g e A p p r o v e d
Certainly a key highlight of the decade was the Kern County Board of Supervisors’ unanimous approval of Tejon Mountain Village in
2009, and our mutual victory in court a year later. During the approval hearing, the Supervisors were effusive in their praise for the
community, noting its environmental sensitivity, the care and planning that went into its design, and the role Tejon Mountain Village
will play as a prestigious new gateway to Kern County. Tejon Mountain Village will feature resort and recreational facilities,
up to 750 hotel rooms, golf and equestrian opportunities with extensive trails; up to 3,450 new homes (ranging from resort
condominiums to multi-acre custom lots); and 160,000 square feet of publicly accessible commercial space. A high-quality
mountain resort community located just a short drive from both Bakersfield and the large and affluent Los Angeles market should be a
natural draw for people who want to live in a beautiful natural setting where 80 percent of the land is preserved as open space.
10
tejon ranch company
2010 annual report
Tejon Ranch Company Timeline
A Decade in Review
20 01
20 02
2 003
2 004
2 005
$30 million
Rights Offering
IKEA opens
Construction begins
on power plant
Sale of livestock
DP Partners JV
spec building finished
Tejon Ranch
Vision unveiled
Pastoria Energy
Facility operational
Application filed
in LA County for
Centennial
Expansion of Tejon
Ranch Commerce
Center initially
approved by Kern
County
$55 million
equity raised in
private placement
Application filed in
Kern County for Tejon
Mountain Village
Partnership formed
with Rockefeller
Kern County approves
amended EIR for expan-
sion of Tejon Ranch
Commerce Center
11
2006
20 07
2 008
2 009
2010
Partnership formed
with DMB Associates
to develop Tejon
Mountain Village
Commerce Center
expansion approval
upheld in Superior
Court
Sold DP Partners JV
building to ProLogis
Commerce Center
expansion upheld by
Appellate Court
Conservation &
Land Use Agreement
signed
Groundbreaking
ceremony and dedica-
tion of Bakersfield
National Cemetery
Kern County approves
Tejon Mountain Village
Bakersfield National
Cemetery opens
Famous Footwear
opens distribution
center at Tejon Ranch
Commerce Center
TA Partnership
opens new Travel
Center on east side
of I-5
Tejon Mountain
Village approval upheld
in Superior Court
$60 million Rights
Offering
California’s Wildlife
Conservation Board
authorizes funding of
$15.8 million to purchase
Conservation Easements
on 62,000 acres
12
tejon ranch company
2010 annual report
consolidated balance sheets
($ in thousands)
assets
Current assets:
Cash and cash equivalents
Marketable securities
Accounts receivable
Inventories
Prepaid expenses and other current assets
Deferred tax assets
Total current assets
Property and equipment, net
Investments in unconsolidated joint ventures
Long-term water assets
Long-term deferred tax assets
Other assets
Total assets
liabilities and stockholders’ equity
Current liabilities:
Trade accounts payable
Other accrued liabilities
Deferred income
Short-term line of credit
Current portion of long-term debt
Total current liabilities
Long-term debt, less current portion
Long-term deferred gains
Other liabilities
Pension liability
Commitments and contingencies
equity
Tejon Ranch Co.’s stockholders’ equity
Common stock, $.50 par value per share:
Authorized shares - 30,000,000
Issued and outstanding shares 19,747,470 in 2010 and 17,019,428 in 2009
Additional paid-in capital
Accumulated other comprehensive loss
Retained earnings
Tejon Ranch Co.’s stockholders’ equity
Noncontrolling interest
Total Equity
Total liabilities and equity
December 31
2009
2010
$ 22,027
48,985
9,812
2,982
5,011
-
88,817
683
$
30,156
7,117
1,766
3,929
691
44,342
117,275
48,302
28,774
3,985
938
$288,091
120,461
46,337
17,018
5,798
788
$234,744
$ 2,187
1,334
601
-
35
4,157
$ 1,363
560
1,478
9,550
33
12,984
290
2,277
3,196
1,519
325
2,277
3,323
1,454
9,874
183,816
(2,191)
45,215
236,714
39,938
276,652
$ 288,091
8,509
126,829
(2,151)
41,040
174,227
40,154
214,381
$ 234,744
tejon ranch company
2010 annual report
13
consolidated statements of operations
($ in thousands, except per share amounts)
revenues
Real estate - commercial/industrial
Real estate - resort/residential
Farming
Total revenues
costs and expenses:
Real estate - commercial/industrial
Real estate - resort/residential
Farming
Corporate expenses
Total expenses
Operating income (loss)
other income (expense):
Investment income
Other
Interest expense
Total other income
Income (loss) from operations before
equity in earnings of unconsolidated joint ventures
Equity in earnings of unconsolidated joint ventures, net
Income (loss) before income taxes
Income tax provision (benefit)
Net income (loss)
Net income (loss) attributable to noncontrolling interests
Net income (loss) attributable to common stockholders
Net income (loss) attributable to common stockholders
Basic
Diluted
Year Ended December 31
2008
2009
2010
$ 16,656
281
18,576
35,513
$ 14,996
272
12,983
28,251
$ 27,234
-
12,887
40,121
10,659
3,089
10,914
5,612
30,274
5,239
12,469
4,443
11,804
7,311
36,027
(7,776)
13,846
4,563
11,692
8,539
38,640
1,481
979
61
(9)
1,031
1,640
45
(70)
1,615
2,169
349
(70)
2,448
6,270
(6,161)
3,929
541
6,811
2,852
3,959
(216)
$ 4,175
374
(5,787)
(2,354)
(3,433)
(56)
$ (3,377)
2,227
6,156
2,044
4,112
-
$ 4,112
$
$
0.23
0.22
$ (0.19)
$ (0.19)
$
$
0.24
0.24
14
tejon ranch company
2010 annual report
consolidated statements of stockholders’ equity
($ in thousands, except share information)
Common
Stock Shares
Outstanding
Common
Stock
Additional
Accumulated
Other
Paid-In Comprehensive
Loss
Capital
Total Tejon
Ranch Co.’s
Stockholder
Equity
Retained
Earnings
Non-
controlling
Interest
Total Equity
Balance, December 31, 2007
16,899,982
8,450
118,370
(2,071)
-
-
-
-
40,305
4,112
165,054
4,112
-
-
165,054
4,112
Net income
Changes in unrealized losses on
available-for-sale securities,
net of taxes of $506
Benefit plan adjustments,
net of taxes of $77
SERP liabiltity adjustment,
net of taxes $109
Equity in other comprehensive income of
unconsolidated joint venture,
net of taxes of $37
Comprehensive income
Exercise of stock options and
related tax benefit of $227
Restricted stock issuance
Stock compensation
Balance, December 31, 2008
Net loss
Changes in unrealized losses on
available-for-sale securities,
net of taxes of $746
Benefit plan adjustments,
net of taxes of $179
SERP liabiltity adjustment,
net of taxes $44
Equity in other comprehensive income of
unconsolidated joint venture,
net of taxes of $102
Comprehensive loss
Exercise of stock options and
no related tax benefit
Restricted stock issuance
Stock compensation
Shares withheld for taxes
Noncontrolling interest
Net income
Changes in unrealized losses on
available-for-sale securities,
net of taxes of $1
Benefit plan adjustments,
net of taxes of $206
SERP liabiltity adjustment,
net of taxes $248
Equity in other comprehensive income of
unconsolidated joint venture,
net of taxes of $39
Comprehensive income
Rights Offering, net expenses
Exercise of stock options and
related tax benefit of $204
Restricted stock issuance
Stock compensation
Shares withheld for taxes
-
-
-
-
-
-
-
(765)
-
(765)
-
(765)
-
(154)
-
(154)
-
(154)
-
165
-
165
-
165
-
-
-
28
-
56,064
30,724
-
28
15
-
1,425
(15)
3,413
-
-
-
16,986,770
8,493
123,193
(2,797)
-
-
-
-
-
-
-
44,417
(3,377)
28
-
-
1,453
-
3,413
173,306
(3,377)
-
-
-
-
28
3,386
-
1,453
-
3,413
-
173,306
(56)
(3,433)
-
-
-
-
-
-
-
1,128
-
1,128
-
1,128
-
(394)
-
(394)
-
(394)
-
66
-
66
-
66
-
-
-
(154)
-
(154)
-
11,858
26,636
-
(5,836)
-
6
13
-
(3)
-
235
(13)
3,557
(143)
-
-
-
-
-
-
-
-
-
-
-
-
-
241
-
3,557
(146)
-
-
-
-
(154)
(2,787)
-
241
-
3,557
(146)
-
-
-
-
-
-
-
(2)
(2)
(2)
-
(299)
-
(299)
-
(299)
-
330
-
330
-
330
-
-
-
(69)
-
(69)
-
2,608,735
1,306
58,454
78,894
56,131
39
28
1,960
(28)
-
-
(2,944)
(15,718)
(8)
(455)
-
-
-
-
-
-
59,760
-
1,999
-
(2,944)
(463)
-
-
-
-
-
-
-
-
-
-
(69)
3,919
59,760
-
1,999
-
(2,944)
(463)
Balance, December 31, 2009
17,019,428
8,509
126,829
(2,151)
-
-
-
-
-
40,210
40,210
41,040
4,175
174,227
40,154
214,381
4,175
(216)
3,959
Balance, December 31, 2010
19,747,470
9,874
183,816
(2,191)
45,215
236,714
39,938
276,652
tejon ranch company
2010 annual report
15
consolidated statements of cash flows
($ in thousands)
operating activities
Net income (loss)
Adjustments to reconlcile net income (loss)
to net cash provided by operating activities:
Depreciation and amortization
Deferred income taxes
Gain from sale of real estate
Non-cash straight line rent income
Non-cash expense of retirement plans
(Gain) loss on sales of assets/investments
Fair market value adjustments
Equity in (earnings) losses of unconsolidated joint ventures, net
Amortization of stock compensation expense (reversal)
Excess tax benefit from stock-based compensation
Abandonment expense
Distribution of earnings from joint ventures
Changes in current assets and current liabilities:
Receivable, inventories,and other current assets
Current Liabilities, net
Net cash provided by operating activities
investing activities
Maturities of marketable securities
Funds invested in marketable securities
Reimbursement proceeds Kern County - Laval Interchange
Reimbursement proceeds from community facilities district
Proceeds from sale of real estate
Distribution of equity from joint ventures
Property and equipment expenditures
Investments in long-term water assets
Investment in unconsolidated joint ventures
Other
Net cash used in investing activities
financing activities
Payments on short-term debt
Borrowing of short-term debt
Repayment of long-term debt
Net proceeds from rights offering
Excess tax benefit from stock-based compensation
Exercise of stock options
Taxes on vested stock grant
Net cash provided by financing activities
Increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year
supplemental cash flow information
Interest paid (net of amounts capitalized)
Taxes paid (net of refunds)
Year Ended December 31
2008
2009
2010
$ 3,959
$(3,433)
$ 4,112
2,317
(1,351)
(559)
145
800
-
-
(541)
(2,944)
(227)
-
1,440
3,122
(1,072)
-
153
900
(114)
113
(374)
3,557
-
662
-
2,885
(314)
(6,219)
(151)
791
225
304
(2,227)
3,413
(227)
-
-
(201)
361
3,199
(135)
(2,018)
1,361
1,377
2,379
4,313
15,720
(34,751)
1,613
10,860
604
4,100
(14,196)
(11,981)
(4,594)
(943)
(33,568)
(16,400)
6,850
(33)
59,760
-
1,999
(463)
51,713
21,344
683
$ 22,027
38,400
(14,876)
-
2,007
-
1,866
(20,925)
(3,899)
(12,837)
(1,159)
(11,423)
(10,500)
17,300
(30)
-
-
241
(146)
6,865
(3,197)
3,880
683
$
42,438
(28,904)
-
-
7,376
55
(20,366)
(11,376)
(3,828)
(304)
(14,909)
(5,000)
7,750
(29)
-
227
1,226
-
4,174
(6,422)
9,454
$ 3,032
$
$
9
875
$
$
70
(661)
$
70
$ 3,430
16
tejon ranch company
2010 annual report
performance graph
The following graph is a comparison of cumulative total shareowner returns for the Company, the Dow Jones Equity
Market Index, and the Dow Jones Real Estate Index for the period shown.
comparison of five year cumulative total returns
s
r
a
l
l
o
d
160.00
120.00
80.00
40.00
0.00
12.31.05
12.31.06
12.31.07
12.31.08
12.31.09
12.31.10
tejon ranch
dj equity mkt
dj real estate
- Assumes $100 invested on December 31, 2005
- Total return assumes reinvestment of dividends
- Fiscal year ending December 31
tejon ranch
dj equity mkt
dj real estate
2006
39.88%
15.57%
35.50%
2007
-26.84%
6.01%
-18.15%
2008
-39.44%
-37.16%
-40.07%
2009
18.11%
28.79%
30.81%
2010
-5.72%
16.65%
26.93%
The stock price performance depicted in the above graph is not necessarily indicative of future price performance.
The Performance Graph will not be deemed to be incorporated by reference in any filing by the Company under the
Securities Act of 1933 or the Securities Exchange Act of 1934, except where the Company specifically incorporates the
Performance Graph by reference.
The Dow Jones Real Estate Index, for the most part, includes companies which have revenues substantially greater
than those of the Company. The Company is unaware of any industry or line-of-business index that is more
nearly comparable.
common stock information
quarter
First
Second
Third
Fourth
high
$33.30
$30.71
$24.40
$28.58
2009
low
$29.06
$23.00
$21.15
$21.49
high
$25.69
$28.92
$28.18
$30.78
2010
low
$18.40
$20.29
$24.55
$24.76
As of February 17, 2011, there were 402 owners of record of our Common Stock.
directors and executive officers
board of directors
Kent G. Snyder
Chairman of the Board,
Tejon Ranch Company;
Real Estate Attorney
John L. Goolsby
Private Investments and Real Estate
Barbara Grimm-Marshall
Co-owner
Grimmway Farms
Norman Metcalfe
Real Estate and Investments
George G.C. Parker
Dean Witter Distinguished
Professor of Finance,
Stanford Business School
corporate directory
corporate office
Tejon Ranch Company
Post Office Box 1000
4436 Lebec Road
Lebec, California 93243
Telephone: (661) 248-3000
securities listing
Tejon Ranch Company
Common Stock is listed on
the New York Stock Exchange
under the ticker symbol: TRC
Geoffrey L. Stack
Managing Director,
SARES-REGIS Group,
Real Estate Development
and Management
Robert A. Stine
President and Chief Executive Officer,
Tejon Ranch Company
Michael H. Winer
Portfolio Manager, Third Avenue
Management LLC,
Investment Management
executive officers
Robert A. Stine
President and Chief Executive Officer
Dennis J. Atkinson
Senior Vice President – Agriculture
Joseph E. Drew
Senior Vice President – Real Estate
Allen E. Lyda
Senior Vice President, Chief Financial
Officer and Assistant Secretary
Kathleen J. Perkinson
Senior Vice President,
Natural Resources and Stewardship
stock transfer agent
and registrar
BNY Mellon Shareowner Services
480 Washington Boulevard
Jersey City, NJ 07310-1900
auditors
Ernst & Young LLP
form 10-k
A copy of this report and the Company’s
Annual Report to the Securities and
Exchange Commission on Form 10-k,
without exhibits, will be provided without
charge to any stockholder submitting a
written request to the Corporate Secretary:
tejon ranch company
Post Office Box 1000
4436 Lebec Road
Lebec, California 93243