Tejon Ranch Company 2011 Annual Report
T e j o n R a n c h C o 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.
Th e B e a l e A d o b e , named for the founder of Tejon Ranch, Gen. Edward F. Beale, is located in the southern portion of
the Ranch in the original La Liebre land grant. Built in the 1860s, it is the oldest building in the Antelope Valley.
Tejon Ranch stretches from
an elevation of 413 feet above
sea level on the floor of the
San Joaquin Valley to nearly
6,800 feet in the Tehachapi
Mountains, and captures– in
one location–much of the
widely divergent beauty of
California. Comprised of
a region reaching eastward
from the Temblor Range to
the Sierra Nevada, northward
from the Angeles National
Forest to the Tehachapi
Mountains, and across Cali-
fornia’s great Central Valley,
Tejon Ranch is the only place
in California that encompass-
es four major ecoregions.
A trip through our property
reveals a dramatic tapestry
of rugged mountains, steep
canyons, oak-covered rolling
hills, wetlands, broad valleys,
lakes and streams. Ancient
blue oak woodlands can be
found on Tejon Ranch land,
as can conifer forests, Joshua
trees, and spectacular spring
displays of wildflowers as far
as the eye can see. For those
of you who are statistically-
minded, you will be interest-
ed to note that Tejon Ranch
supports at least 23 vegetation
communities and one-third
To Our Shareholders
S o m e o n e posed a
challenging question the oth-
er day. If we had to choose
a single word to describe
our life, what word would
we select? That’s a hard one.
Determining the one solitary
word that captures all that we
are – our values, motivations,
priorities, accomplishments;
how we view ourselves and
how we believe we appear to
others, is not an easy task.
While difficult, it certainly
is a worthwhile exercise,
for it causes us to examine
ourselves and the direction
our life is taking. It makes
us evaluate what’s really im-
portant and whether our lives
reflect a clear commitment to
our highest priorities.
The same exercise is also
beneficial for a company or
organization. It’s impor-
tant to understand who we
are—and who we are not.
In our case, the exercise is
two-fold, for Tejon Ranch is
both an expanse of land and
a company.
If asked to come up with a
single word to best describe
Tejon Ranch–the land, there
are many to choose from:
large, historic, majestic,
beautiful. Even though
Tejon Ranch is all of these
and more, I think perhaps
the best and most descrip-
tive word that captures the
breadth and depth of our
landholdings is diverse.
Robert A. Stine
President &
Chief Executive Officer
Tejon Ranch Co. Annual Report 2011 Shareholders Letter
3.
Te j o n R a n c h features a diverse landscape, from conifer forests in the higher elevations to steep canyons with oak-studded hillsides.
It’s only appropriate that
Caterpillar heavy equipment is
being used to prepare the site for
the new Caterpillar parts distri-
bution center at the Tejon Ranch
Commerce Center.
of California’s oak species
can be found on the Ranch.
Tejon Ranch is incredibly and
undeniably diverse.
The same word—“diverse,”
is also an excellent descrip-
tion of Tejon Ranch—the
company. Not only do we
employ a diverse workforce,
we are also engaged in many
different revenue generat-
ing operations. In fact, our
mission statement describes
Tejon Ranch Company as “a
diversified real estate develop-
ment and agribusiness com-
pany.” The diversified nature
of our operation is very
evident in our financial state-
ment. In 2011, we generated
$ 63 million in revenue from
a wide variety of operations,
ranging from real estate and
agriculture to oil and film
production. While one could
make the case that virtually
all of our business operations
are connected in some way or
another to our landholdings,
these operations are nonethe-
less very diverse.
Perhaps the best way for me
to describe the diverse nature
of our operation would be
to share with you a typi-
cal day in the life of Tejon
Ranch. So let’s take a look at
March 1, 2012, and the variety
of activities taking place in
different areas of the Ranch
that day.
Tejon Ranch Commerce
Center
The Tejon Ranch Com-
merce Center, our 1,450-acre
master planned commercial/
industrial development, is
alive with activity. Trucks
are bringing product both
in and out of IKEA and
Famous Footwear’s distribu-
tion centers. Next door to
IKEA, workers are racing
to complete extensive ten-
ant improvements to the
606,000-square-foot building
Dollar General Corpora-
tion leased at the end of last
year from our joint venture
partnership with Rockefeller
Group Development Corpo-
ration. Meanwhile, Dollar
General is busy conducting
interviews with potential
employees as it needs to hire
some 200 people or more
before beginning operations
in April.
Over on the east side of the
Commerce Center, teams
of construction workers are
busy preparing the 46-acre
site for Caterpillar Inc.’s new
400,000-square-foot parts
distribution facility.
The Commerce Center’s
parking lots are also full as
people stop for a break—
and gas and food--before
continuing north or south
on Interstate 5. Research we
conducted last year indicates
that nearly a quarter of all
residents in Southern
The Tejon Ranch Commerce
Center had a very successful year
in 2011, with deals inked on the
industrial side with Caterpillar
and Dollar General. The center
had several new retail offerings
as well, including Del Taco,
Yogurtland, and a new Microtel
lodging facility.
Tejon Ranch Co. Annual Report 2011 Shareholders Letter
Calpine’s Pastoria Energy Facility
continues to be a strong performer,
generating much-needed electricity
for California and more than 3.5
million dollars in annual revenue
for Tejon Ranch.
Tejon Ranch’s oil and gas
revenue in 2011 was 1,574%
higher than a decade ago.
California make the Tejon
Ranch Commerce Center a
regular stop as they travel
the state. It’s no wonder
that many of the stores
located here are top national
performers.
Energy Production
Less than a half mile to the
east of the Tejon Ranch
Commerce Center, Vintage
Petroleum, a subsidiary of
Occidental Petroleum, is
drilling another oil well—its
fourth on a footprint of just
6.5 acres. Vintage is just one
of many companies en-
gaged in oil production and
exploration on Tejon Ranch.
In 2011, it drilled 14 wells on
Tejon Ranch lands, all of
which are in production.
Oil production is nothing
new to Tejon as it’s been
an important part of our
business since the Company
incorporated back 1936, but
we are seeing a significant
increase in activity. The
oil industry is much more
advanced than it was in the
days wells were first drilled in
the Tejon fields. New seismic
and imaging techniques are
helping geologists better
pinpoint potential reserves.
In fact, Sojitz Corporation
of America’s Energy and
Mineral Resources Division
has leased the balance of
our oil and gas interests in
the Southern San Joaquin
Valley and is conducting
tests and drilling operations
to determine if there are any
previously unknown reserves
that could be developed.
Advanced recovery meth-
ods, including slant drilling,
are enabling companies to
economically recover reserves
that were previously consid-
ered infeasible, bringing new
life and vitality to legacy oil
fields such as those on Tejon.
These new state-of-the-art
techniques, combined with
strong prices for Kern River
Crude, helped the Company
increase revenues from its oil
and gas operations by 107
percent compared to 2010,
and 1,574 percent compared
to ten years ago.
Nearby, Calpine’s Pastoria
Energy Facility, a natural
gas fueled power plant, is in
full operation, generating
hundreds of megawatts of
electricity every day – and
approximately $3.5 million
in annual revenue for our
Company.
Over on the south side of the
Ranch, just north of the fu-
ture site of Centennial, tech-
nicians with Aurora Solar, a
subsidiary of international
power producer Iberdrola,
are conducting isolation tests
to determine the rate of
solar activity in preparation
of a permit application it
will submit to Kern County
to build an industrial-sized
photovoltaic solar facility on
the 692 acres it’s leasing on
Tejon.
Agriculture
The almond orchards on
the Ranch are in full-bloom
this March day. Last year,
almonds led us to record
another outstanding year of
farming revenues as strong
prices and excellent yields
boosted our revenue by $21
million. Like oil production,
Tejon Ranch Co. Annual Report 2011 Shareholders Letter
7.
Th i s e n t r a n c e to Rising Canyon will be one of the entrances to Tejon Mountain Village.
Tejon Ranch’s almond orchards
are in full bloom by early spring.
end, we enjoy excellent
relationships with premiere
international companies who
share our commitment to
quality, companies such as
Paramount, Gallo, and the
Wine Group. Our vision is
international, and you’ll find
Tejon Ranch products being
used throughout the world.
Residential Community
Development
Though we are not currently
under construction, every day
we are actively involved in
a number of efforts lead-
ing toward the securing of
entitlements for our planned
residential communities—
Tejon Mountain Village and
Centennial. In the case of
Centennial, our sustainable
master planned new town
in Los Angeles County, that
involves working with the
Department of Regional
Planning, monitoring changes
in laws and regional growth
plans, updating scientific and
technical reports in prepara-
tion for the pending release
of the draft environmental
impact report, and engaging
with the local community to
continue building support for
Centennial.
Now that Tejon Mountain
Village, our mountain resort/
residential community, has
been approved by Kern
County, much of the daily
farming has historically been
an important component
of our business operations.
And like the oil industry, ad-
vances in technology and new
state-of-the-art practices are
producing greater yields per
acre, are making fields more
productive, and are improving
the quality of the almonds,
pistachios and wine grapes we
grow on the Ranch.
Many of our orchards and
vineyards have been in
production for more than
forty years. Using advanced
techniques in drip irrigation,
integrated pest management,
and fertilizer application,
we’ve been able to improve
the yields of these mature
fields. And as we have
opportunity, we plant new
vineyards and orchards, as
we’ve done recently with a
new section of rubired grapes
and a 300-acre pistachio
orchard. We are able to use
new hybrid root stock, can
space the plants for optimal
growth, and integrate a drip
irrigation system into the
field that supplies the exact
amount of water needed—
just when it’s needed. All
of these practices combined
produce significantly better
yields. Our new vineyards,
for example, are producing al-
most twice as much fruit per
acre as those they replaced.
But having a successful and
profitable farming opera-
tion involves more than just
growing the crops. They
also must be sold. To that
Tejon Ranch’s Farming Division
achieved record revenues in 2011 of
$21 million.
Tejon Ranch Co. Annual Report 2011 Shareholders Letter
Tejon Mountain Village, the excep-
tional mountain resort community
being developed by the partnership
of Tejon Ranch Company and
DMB Pacific Ventures, will feature
some dramatic landscapes.
on short, intermediate, and
long-range horizons. The
fact that Tejon Ranch has no
appreciable debt affords us
the opportunity to have this
long range vision.
I want to assure you the
management of Tejon Ranch
Company never loses sight of
its stewardship responsibil-
ity. We are both stewards
of the remarkable landscape
entrusted to our care, and
stewards of your financial
investment in the Company.
We are committed to be-
ing good stewards in both
regards, and appreciate your
continued confidence and
support as we endeavor to
grow the Company—and
shareholder value.
Robert A. Stine
President &
Chief Executive Officer
activity involves preparing
the detailed engineering
needed to begin phase one of
construction. We’re also pro-
cessing the remaining state
and federal permits we need
to move forward. Meanwhile,
attorneys for the partnership
between Tejon Ranch Co. and
DMB Pacific Ventures are
monitoring the 5th District
Court of Appeals awaiting
word of the court’s decision
regarding the continued legal
challenge to the community’s
environmental impact report.
The Superior Court clearly
affirmed the legality and
sufficiency of the EIR and
we are hopeful the appellate
court will confirm the lower
court’s decision.
There’s much more I could
point to in terms of the
diversity of our business
operations, but as you can
see from this small slice of a
typical day on Tejon Ranch,
diversified is a very apt word to
describe what and who we are
as a company.
I n c l o s i n g , you
should also know that “diverse”
also describes the manner in
which we pursue our primary
goal of building shareholder
value. Not only do we use
diverse means, but we also
have a diverse timeframe
when it comes to creating
value. We have a long range
vision and want to build en-
during value in the land and
in the Company. We are not
interested in forfeiting long
term growth for the sake of
short term profit. Accord-
ingly, as we analyze oppor-
tunities and plans, we focus
Tejon Ranch Co. Annual Report 2011 Shareholders Letter
11.
Year Ended December 31
2010
2011
$
18,372
68,566
7,832
3,587
4,317
1,099
103,773
128,430
53,893
28,336
6,845
699
$ 321,976
$
2,447
3,074
2,484
2,125
37
10,167
253
2,664
5,474
2,979
$
22,027
48,985
9,812
2,982
5,011
-
88,817
117,275
48,302
28,774
3,985
938
$ 288,091
$
2,187
1,334
-
601
35
4,157
290
2,277
3,196
1,519
9,988
194,273
(4,756)
61,109
260,614
39,825
300,439
$ 321,976
9,874
183,816
( 2,191)
45,215
236,714
39,938
276,652
$ 288,091
C o n s o l i d a t e d B a l a n c e S h e e t s
($ 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
Income taxes
Deferred income
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. stockholders’equity
Common stock, $.50 par value per share:
Authorized shares - 30,000,000
Issued and outstanding shares - 19,975,706 in 2011
and 19,747,470 in 2010
Additional paid-in capital
Accumulated other comprehensive loss
Retained Earnings
Tejon Ranch Co.’s stockholders’ equity
Noncontrolling interest
Total equity
Total liabilities and equity
Tejon Ranch Co. and Subsidiaries
C o n s o l i d a t e d S t a t e m e n t s o f O p e r a t i o n s
($ 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 loss attributable to noncontrolling interests
Net income (loss) attributable to common stockholders
Net income (loss) attributable to common stockholders
Basic
Diluted
2011
25,952
16,134
21,012
63,098
13,430
3,942
12,575
12,277
42,224
20,874
1,260
98
-
1,358
22,232
916
23,148
7,367
15,781
(113)
15,894
0.80
0.80
$
$
$
$
C o n s o l i d a t e d S t a t e m e n t s o f C o m p r e h e n s i v e I n c o m e ( L o s s )
($ in thousands)
Net income (loss)
Other comprehensive income (loss) :
Unrealized gains (losses) on available for sale
securities
Benefit plan adjustments
SERP liability adjustment
Equity in other comprehensive income of
unconsolidated joint venture
Other comprehensive income (loss) before taxes
Provisions for income taxes related to other comprehensive
income (loss) items
Other comprehensive income (loss)
Comprehensive income (loss)
Comprehensive income (loss) attributable to
non-controlling interests
Comprehensive income (loss) attributable to
common stockholders
2011
15,781
$
(82)
(2,574)
(1,825)
217
(4,264)
1,699
(2,565)
13,216
113
$
$
$
$
$
Year Ended December 31
2009
2010
16,656
281
18,576
35,513
10,659
3,089
10,914
5,612
30,274
5,239
979
61
(9)
1,031
6,270
541
6,811
2,852
3,959
(216)
4,175
0.23
0.22
$
$
$
$
14,996
272
12,983
28,251
12,469
4,443
11,804
7,311
36,027
(7,776)
1,640
45
(70)
1,615
(6,161)
374
(5,787)
(2,354)
(3,433)
(56)
(3,377)
(0.19)
(0.19)
Year Ended December 31
2009
(3,433)
2010
3,959
$
(3)
(505)
578
(108)
(38)
(2)
(40)
3,919
216
1,874
(573)
110
(256)
1,155
(509)
646
(2,787)
56
$
13,329
$
4,135
$
$(2,731)
Tejon Ranch Co. and Subsidiaries
13.
C o n s o l i d a t e d S t a t e m e n t s o f E q u i t y
Common
Stock Shares
Outstanding
16,986,770
-
-
-
-
-
Common
Stock
-
8,493
-
-
-
-
-
Additional
Accumulated
Other
Paid-In Comprehensive
Loss
Capital
Total Tejon
Ranch Co.’s
Retained Stockholders’
Equity
Earnings
Non-
controlling
Interest
Total
Equity
-
123,193
-
(2,797)
-
44,417
(3,377)
173,306
(3,377)
-
(56)
173,306
(3,433)
-
-
-
1,128
(394)
66
-
-
-
1,128
-
1,128
(394)
-
(394)
66
-
66
-
(154)
-
(154)
-
(154)
11,858
26,636
-
(5,836)
-
17,019,428
-
6
13
-
(3)
-
8,509
-
235
(13)
3,557
(143)
-
126,829
-
-
-
-
-
-
-
-
-
-
-
2,608,735
-
1,306
-
58,454
78,894
56,131
-
(15,718)
19,747,470
-
39
28
-
(8)
9,874
-
1,960
(28)
(2,944)
(455)
183,816
-
-
-
-
-
-
-
-
-
-
-
-
-
205,165
52,069
-
(28,998)
19,975,706
103
26
-
(15)
9,988
5,773
(26)
5,507
(797)
194,273
-
-
-
-
-
(2,151)
-
(2)
(299)
330
(69)
-
-
-
-
-
(2,191)
-
(49)
(1,548)
(1,098)
130
-
-
-
-
-
(4,756)
-
-
-
-
-
41,040
4,175
241
-
3,557
(146)
-
174,227
4,175
-
-
-
-
40,210
40,154
(216)
241
-
3,557
(146)
40,210
214,381
3,959
(2)
(299)
330
(69)
59,760
1,999
-
(2,944)
(463)
236,714
15,894
(2)
(299)
330
-
-
-
-
(69)
59,760
-
-
-
-
39,938
(113)
1,999
-
(2,944)
(463)
276,652
15,781
-
-
-
-
-
-
-
-
45,215
15,894
(49)
(49)
(1,548)
-
(1,548)
(1,098)
-
(1,098)
130
-
-
-
130
-
-
-
-
-
-
-
-
-
61,109
5,876
-
5,507
(812)
260,614
-
-
-
-
39,825
5,876
-
5,507
(812)
300,439
($ in thousands, except share information)
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
Exercise of stock options and
no related tax benefit
Restricted stock issuance
Stock compensation
Shares withheld for taxes
Noncontrolling interest
Balance, December 31, 2009
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
Rights Offering, net expenses
Exercise of stock options and
related tax benefit of $204
Restricted stock issuance
Stock compensation
Shares withheld for taxes
Balance, December 31, 2010
Net income
Changes in unrealized losses on
available-for-sale
securities, net of taxes of $33
Benefit plan adjustments,
net of taxes of $1,026
SERP liabiltity adjustment,
net of taxes $727
Equity in other comprehensive
income of unconsolidated joint
venture, net of taxes of $87
Rights Offering, net expenses
Exercise of stock options and
related tax benefit of $634
Restricted stock issuance
Stock compensation
Shares withheld for taxes
Balance, December 31, 2011
Tejon Ranch Co. and Subsidiaries
C o n s o l i d a t e d S t a t e m e n t s o f C a s h F l o w s
($ in thousands)
Operating Activities
Net income (loss)
Adjustments to reconcile net income (loss)
to net cash provided by
operating activities:
Depreciation and amortization
Deferred income taxes
Gain from sale of real estate
Gain from sale of easements
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
Proceeds from sale of easements
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
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)
2011
Year Ended December 31
2009
2010
$
15,781
$
3,959
$
(3,433)
4,270
(162)
(4,058)
(15,750)
60
528
-
-
(916)
5,340
(634)
-
-
2,510
2,515
9,484
19,143
(39,448)
-
-
4,988
15,750
-
(13,649)
-
(4,457)
(495)
(18,168)
-
-
(35)
-
5,876
(812)
5,029
(3,655)
22,027
18,372
-
5,002
$
$
$
$
$
$
2,317
(1,351)
(559)
-
145
800
-
-
(541)
(2,944)
(227)
-
1,440
(201)
361
3,199
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
9
875
3,122
(1,072)
-
-
153
900
(114)
113
(374)
3,557
-
662
-
(135)
(2,018)
1,361
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
70
(661)
$
$
$
Tejon Ranch Co. and Subsidiaries
15.
P e r f o r m a n c e G r a p h
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
12.31.06
12.31.07
12.31.08
12.31.09
12.31.10
12.31.11
tejon ranch
dj equity mkt
dj real estate
- Assumes $100 invested on December 31, 2006
- Total return assumes reinvestment of dividends
- Fiscal year ending December 31
tejon ranch
dj equity mkt
dj real estate
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%
2011
-11.14%
1.34%
6.05%
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.
quarter
First
Second
Third
Fourth
high
$36.97
$37.70
$37.00
$27.47
2011
low
$25.24
$32.31
$23.71
$22.80
high
$33.30
$30.71
$24.40
$28.58
2010
low
$29.06
$23.00
$21.15
$21.49
As of February 17, 2012, there were 380 owners of record of our Common Stock.
directors
executive officers
Kent G. Snyder
Chairman of the Board,
Tejon Ranch Company;
Real Estate Attorney
John L. Goolsby
Private Investments and Real Estate
Norman Metcalfe
Real Estate and Investments
George G.C. Parker
Dean Witter Distinguished
Professor of Finance,
Stanford Business School
Geoffrey L. Stack
Managing Director,
SARES-REGIS Group,
Real Estate Development
and Management
Robert A. Stine
President and Chief Executive Officer,
Tejon Ranch Company
Daniel R. Tisch
Managing Member,
Tower View LLC,
Investment Management
Michael H. Winer
Portfolio Manager, Third Avenue
Management LLC,
Investment Management
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
Gregory J. Tobias
Vice President,
General Counsel & Secretary
corporate directory
Corporate Office
Stock Transfer Agent & Registrar
Form 10-k
Tejon Ranch Company
Post Office Box 1000
4436 Lebec Road
Tejon Ranch, 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
Computershare Shareowner Services LLC
480 Washington Boulevard
Jersey City, NJ 07310-1900
Auditors
Ernst & Young LLP
A copy of this report and the Company’s
Annual Report to the Securities and Ex-
change 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
Tejon Ranch, California 93243
w w w. t e j o n r a n c h . c o m