B U I L D I N G T H E L E G A C Y
A N N U A L R E P O R T 2 0 1 4
F O U N D E R O F T E J O N R A N C H
T O O U R
V A L U E D S H A R E H O L D E R S
Annual Report 2014
T E J O N R A N C H C O .
page one
As I reflect on my first full year as president and
explorer, humanitarian, rancher, politician, and dip-
CEO of Tejon Ranch Co., it’s clear that we’re not
lomat—the friend of presidents—a man regarded as
the same company we were a year ago. It’s been a
“Mr. California” during his lifetime.
year of change, progress, and accomplishment; a
year of expanded goals and making the transition
We’ve highlighted just a few of Beale’s exploits in
into a fully integrated real estate development
the pages of this annual report, but in pursuing
company. My first year at the helm of Tejon
adventure, wealth and status, Beale mirrored the
Ranch Co. has also provided me the opportunity
dreams of countless Americans of his day. Al-
to learn more about the history of the Ranch,
though Beale’s ambition was large, it was not the sin-
and it’s interesting to see the many parallels be-
gular driving force of his life. He was devoted to his
tween the Tejon Ranch of 170 years ago and the
family; was a friend to Native Americans; spoke out
Tejon Ranch of today.
about the mistreatment of the Chinese and African
Americans and publicly called for them to be given
The history of Tejon Ranch is a rich and storied
the right to vote. Beale was well-regarded by those
one, and the same can certainly be said about the
who worked for him.
personal history of the Ranch’s founder, Edward
Fitzgerald Beale.
But above all, Edward F. Beale was a man of action—
careful, measured action—but action nonetheless.
Beale was described by his biographer, University
Whether in concert with others or on his own initiative,
of Toledo historian Gerald Thompson, as “a major
Beale was willing to do what it took to pursue his dreams
figure in the history of the American West.” Even
and vision. He took control of his destiny. That was
a cursory glance at Beale’s life and accomplishments
his DNA. More than a century-and-a-half later, I can
confirm that assessment. He was a naval officer,
confidently say that is still the DNA of Tejon Ranch Co.
E D W A R D F I T Z G E R A L D B E A L E
December 1846
m o m e n t s t h a t m a d e m r . c a l i f o r n i a
War Hero
During the Mexican-American War, then-Navy midshipman Edward F. Beale and Kit Carson escaped through
enemy lines during the battle of San Pasqual in order to bring reinforcements to help the besieged troops
commanded by General Stephen W. Kearny. The trip was dangerous and arduous and Beale spent many months
recovering from the injuries he suffered. But as a result of his bravery, Beale was recognized as a hero of that
important battle.
page two
T E J O N R A N C H C O .
Annual Report 2014
t o o u r v a l u e d s h a r e h o l d e r s
A look back at 2014 provides many examples, begin-
opening. The event sold out weeks in advance and all
ning with the successful opening of the Outlets at
told, we raised $100,000 for local charity groups in
Tejon. Based upon the very promising consumer and
Los Angeles and Bakersfield through the event.
market research, and the great response we were seeing
from the top brands in outlet retail, we decided to
The Outlets at Tejon also demonstrates our growth
move forward with the Outlets at Tejon in the first
as a fully integrated real estate development company.
quarter of 2013. We broke ground in May of that
Not only did we build the center, we are responsible
year, went vertical in November, and opened to the
for all the property management functions related to
public ten months later—a remarkable achievement
the center. We are also in the planning and evaluation
due in no small part to the cooperation and assistance
process for a potential Phase II of the outlets, which
of county government in business-friendly Kern
would add another 160,000 square feet of space and
County. The 365,000 square-foot upscale outlet
approximately 30 more tenants.
retail center opened 100% leased and saw more than
200,000 shoppers pour into the center during its
This joint venture development with The Rock-
four-day grand opening August 7-10, and business
efeller Group is more than just a business venture
has been strong ever since. Our high-profile tenant
for us. It’s a physical opportunity to showcase the
roster includes the only Pottery Barn outlet store in
rugged elegance that’s an integral part of the Tejon
California, as well as apparel and accessories retailers
Ranch brand. Countless shoppers and merchants
Michael Kors, Coach, Banana Republic, J. Crew, Nike,
have reported to us that the Outlets at Tejon far ex-
Brooks Brothers, Polo, and dozens of others. We are
ceeded their expectations in terms of the look and
strong believers in supporting the community and
feel and overall quality of the center, describing
used the opportunity of the grand opening to create
it as more akin to a high-end lifestyle center in an
a ticketed preview party the night before the official
upscale neighborhood than to what they had envi-
July 1848
m o m e n t s t h a t m a d e m r . c a l i f o r n i a
Go ld Bearer
In 1848, on his own initiative, Beale made the perilous journey across Mexico on horseback to bring news—and
evidence—of the discovery of gold in California back to the East Coast-- the first person to do so. His efforts
to promote California’s gold strike help spur the gold rush and led to one of the greatest mass migrations in
American history.
Map of Rancho El Tejon circa 1865
Annual Report 2014
T E J O N R A N C H C O .
page five
t o o u r v a l u e d s h a r e h o l d e r s
sioned an outlet shopping center would be. Those
Tejon Mountain Village, one of three master planned
same qualities led the San Fernando Valley Business
residential communities we’re developing on the
Journal to award the Outlets at Tejon a gold medal
ranch. We purchased our former partner’s interest in
in the periodical’s 2015 Commercial Real Estate
the joint venture development for $70 million, which
Awards competition. The Outlets at Tejon is the
represents the value of the cash they put into the
new benchmark for quality retail development in
venture. Tejon Mountain Village is a vital part of our
our area and is a tangible example of the Tejon
residential real estate vision. Fully entitled for 3,450
Ranch brand in action.
residential units, 750 hotel keys and 160,000 square
feet of commercial development-- and poised to enter
The Outlets at Tejon is also serving as a catalyst for
the next stages of implementation—we believed it
other retail development within the Tejon Ranch
was important that Tejon Ranch Co. lead the effort.
Commerce Center. Our joint-venture partnership
In the last year we’ve put a new leadership team in
with TA opened a Black Bear Diner, a sit down res-
place, updated our market and consumer research to
taurant located between the outlet center and the TA
be sure our development plan is based on what the
Travel Center. Nearby we’ve also constructed a multi-
consumer wants and is willing to buy, and are moving
tenant building housing a Starbucks and a Pieology
full steam ahead toward the eventual commencement
Pizzeria, a quick-serve restaurant featuring flash-fired
of construction.
artisan pizzas, and CKE corporate is also opening a
Carl’s Jr. restaurant near the center. A new gas station
We also achieved a significant milestone with respect
and convenience store are also under construction.
to Centennial, our master planned community located
The desire to become a fully integrated real estate
November 2014, with a unanimous vote, the Los An-
company led us in 2014 to acquire full ownership of
geles County Board of Supervisors approved and di-
in the Los Angeles County portion of the ranch. In
May 1856
m o m e n t s t h a t m a d e m r . c a l i f o r n i a
General Beale
In 1852, Beale became California’s first superintendent of Indian Affairs. His treatment of Native Americans
during his tenure gained him the respect of tribes throughout the state. Following his controversial removal from
office, Beale was appointed a brigadier general in the state militia to broker peace between tribes and settlers in
the San Joaquin Valley, and in so doing, helped defuse a major uprising. Though he was, by commission, a navy
lieutenant, Beale liked the title “General,” and went by that designation the rest of his life.
The Outlets at Tejon present day
page six
T E J O N R A N C H C O .
Annual Report 2014
t o o u r v a l u e d s h a r e h o l d e r s
rected the County Counsel’s office to prepare findings
Our most recent master planned residential com-
and resolutions for a new Antelope Valley Area Plan,
munity, which we’re labeling “Grapevine” for
a plan designed to guide future development and con-
entitlement purposes, is the perfect complement to
servation in that northern-most region of unincorpo-
the Tejon Ranch Commerce Center and the nearly
rated Los Angeles County. The Plan designates three
4,000 jobs that already exist there. Planned for the
areas where future development would be directed.
area at the base of the Grapevine, just south of the
Known as Economic Opportunity Areas, these areas
Commerce Center and along both the east and west
contain the appropriate zoning designations needed
sides of Interstate 5, we’re envisioning a series of
for both residential, commercial and employment
close-knit communities that will serve as a magnet
development. The western Economic Opportunity
for residents both north and south who want to be
Area is located along Highway 138 and encompasses
both part of, and enjoy prime access to Tejon Ranch.
the vast majority of Centennial’s proposed bounda-
These are separate but connected communities
ries. We are now moving forward with the prepara-
whose lifestyle reflects the interests and values of
tion of a Specific Plan, the next step in the process
the region’s rich agricultural heritage. As currently
towards receiving full entitlement to build. It’s been
planned, the communities of Grapevine at Tejon
a long haul, but we’re pleased to see progress with
Ranch will offer about 12,000 residential units in
Centennial. It’s worth the effort. Throughout his
total and approximately 10 million square feet of
life and career, Edward Beale certainly demonstrated
commercial development. Critics of residential
perseverance. Given the complexities and challenges
development often complain about the jobs-housing
of modern real estate development in California, the
balance being too heavily weighted on the housing
ability and willingness to persevere is a requirement.
side. That’s not the case here. The Tejon Ranch
Centennial is a case in point.
Commerce Center already has a substantial job base
and that number is expected to grow significantly
January 1864
m o m e n t s t h a t m a d e m r . c a l i f o r n i a
Mo narch of All He Surveyed
In 1861, President Abraham Lincoln appointed Beale surveyor general of California, and Beale eventually used
his position—and the knowledge gained from it-- to secure title to Rancho El Tejon, and the three other land
grants that today make up the modern Tejon Ranch. It is said that Lincoln described his surveyor general as a
“monarch of all he surveyed.”
Tejon Mountain Village Area present day
Annual Report 2014
T E J O N R A N C H C O .
page ni ne
t o o u r v a l u e d s h a r e h o l d e r s
over the years. The communities of Grapevine will
years we’ve been purchasing water for our future use—
provide much-needed housing where there currently
or sale in the interim. The water we’ve purchased will
is none available.
ultimately be used to continue the development of our
commercial/industrial land, residential development,
As for the entitlement process for Grapevine, we
and farming. But until that water is needed for our in-
are currently finishing up the technical studies that
ternal uses, we’ve begun selling portions of the water to
will be part of Kern County’s draft environmental
third party users on an annual basis. In 2014, revenue
impact report. The County has been great to work
from water sales was nearly $8 million.
with and its latest schedule calls for hearings before
the Planning Commission and the Board of Super-
As we continue growing into a fully integrated
visors before the end of the year.
real estate development company, we recognize the
importance of bringing the right talent on board
General Beale was a big thinker, a visionary; but
to help us advance and execute our business plan.
someone who also knew that visions just don’t hap-
We’ve added senior staff in the vital areas of Real
pen—they take planning and preparation. He also
Estate, Marketing, and Finance.
understood that on the way toward realizing a vision,
opportunities may arise that you must be ready to
Let me share with you one final comparison with
pursue. Such is the case with our efforts in regards to
Ranch founder General Beale. He was, at heart,
water acquisition and sales. As the master developer
an explorer. Beale was all about discovering new
of all that is Tejon Ranch, we’ve long understood the
territory and experiencing different landscapes. We
importance of water to our business plan. In addition
think that spirit of discovery and connection to the
to our groundwater assets and our long-term water
land is a critical part of the Tejon Ranch experi-
contracts with various local water districts, in recent
ence. Those who have been here, who have seen the
1870 - 1890
m o m e n t s t h a t m a d e m r . c a l i f o r n i a
Adventurer and Diplomat
In the 1870s and 80s,Beale devoted himself to a variety of projects, investments and adventures, including
championing the effort to build a shipping canal through Central America. All the while, he was expanding the
sheep and cattle ranching business at Ranchos El Tejon, as it was called in those days. Beale would eventually be
named minister to Austria-Hungary by his old friend, President Ulysses S. Grant.
Site of Grapevine Master Planned Community
present day
page ten
T E J O N R A N C H C O .
Annual Report 2014
t o o u r v a l u e d s h a r e h o l d e r s
beautiful views and experienced Tejon’s remarkable
Legacy and Providing for California’s Future” to a
landscape—these are the people who understand
single theme line of “Building the Legacy.” That’s
the value and exclusivity that will be part of calling
what Tejon Ranch Co. is all about. For the benefit of
Tejon Ranch their home. We believe it’s important
you, our shareholders, we’re continuing to build upon
for many more people to touch the ranch and have
the remarkable legacy launched years ago by General
those experiences, so we’re opening up the ranch and
Edward Fitzgerald Beale.
developing an on-going series of events that will
give people the opportunity to enjoy all that Tejon
Thank you for your trust and confidence as together
Ranch has to offer. Through hunting programs,
we share in the legacy of Tejon Ranch.
trail rides, hiking and mountain biking, outdoor
dinners featuring Tejon Ranch wine and locally
sourced ingredients, astronomy, concerts, opportuni-
ties with the Tejon Ranch Conservancy, and more—
Greg Bielli
we’ll be offering ways for people to experience and
President and
explore Tejon Ranch, just like General Beale did
Chief Executive Officer
more than 150 years ago. We certainly hope you’ll
be able to join us for some of these events.
Tejon Ranch has a remarkable legacy, but it’s certainly
not a finished one. Our legacy is on-going and I’m
convinced our best days are still ahead. That’s why
we’ve made a subtle change to our brand theme line.
We’ve transitioned from “Preserving California’s
present day
b u i l d i n g t h e l e g a c y
O ur Missio n
Tejon Ranch Company 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.
State Water Project Through Tejon present day
page twelve
T E J O N R A N C H C O .
Annual Report 2014
Annual Report 2014
T E J O N R A N C H C O .
page thirteen
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
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
($ in thousands)
A s s e t s
Current Assets:
Cash and cash equivalents
Marketable securities - available-for-sale
Accounts receivable
Inventories
Prepaid expenses and other current assets
Deferred tax assets
Total current assets
Property and equipment - net of depreciation (includes $77,131 at December 31,
2014 and $74,726 at December 31, 2013, attributable to Centennial Founders LLC, Note 17)
Investments in unconsolidated joint ventures
Long-term water assets
Long-term deferred tax assets
Other assets
Total assets
L i a b i l i t i e s a n d E q u i t y
Current Liabilities:
Trade accounts payable
Accrued liabilities and other
Income taxes payable
Deferred income
Revolving line of credit
Current maturities of long-term debt
Total current liabilities
Long-term debt, less current portion
Long-term deferred gains
Other liabilities
Total liabilities
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 - 20,636,478 at December 31, 2014 and 20,563,023 at December 31, 2013
Additional paid-in capital
Accumulated other comprehensive loss
Retained earnings
Total Tejon Ranch Co. Stockholders’ Equity
Non-controlling interest
Total equity
Total liabilities and equity
$
2014
5,638
42,140
8,506
4,098
4,456
1,089
65,927
282,974
32,604
45,349
3,487
1,774
$ 432,115
$
3,347
2,774
1,703
1,164
6,850
244
16,082
74,215
3,683
13,802
107,782
December 31
2013
$
9,031
55,436
7,108
3,510
7,707
452
83,244
146,542
62,604
46,754
1,592
2,143
$ 342,879
$
5,028
2,647
—
865
—
234
8,774
4,459
2,248
7,211
22,692
10,318
212,763
(6,899)
68,439
284,621
39,712
324,333
$ 432,115
10,282
210,848
(3,333)
62,785
280,582
39,605
320,187
$ 342,879
($ in thousands, except per share amounts)
R e v e n u e s :
Real estate - commercial/industrial
Real estate - resort/residential
Mineral resources
Farming
Total revenues
C o s t s a n d E x p e n s e s :
Real estate - commercial/industrial
Real estate - resort/residential
Mineral resources
Farming
Corporate expenses
Total expenses
Operating income
O t h e r I n c o m e :
Investment income
Interest expense
Other income
Total other income
Income from operations before equity in earnings of
unconsolidated joint ventures
Equity in earnings of unconsolidated joint ventures, net
Income before income tax expense
Income tax expense
Net income
Net income/(loss) attributable to non-controlling interest
Net income attributable to common stockholders
Net income per share attributable to common stockholders,
basic
Net income per share attributable to common stockholders,
diluted
2014
11,379
183
16,255
23,435
51,252
13,204
2,608
6,418
16,250
10,646
49,126
2,126
696
—
343
1,039
3,165
5,294
8,459
2,697
5,762
107
5,655
0.27
0.27
$
$
$
$
Year Ended December 31
2012
2013
$
$
$
$
11,148
338
10,242
23,610
45,338
12,902
2,231
1,277
15,926
11,826
44,162
1,176
941
—
66
1,007
2,183
4,006
6,189
2,086
4,103
(62)
4,165
0.21
0.20
$
$
$
$
9,941
—
14,012
23,136
47,089
12,271
3,697
1,042
14,387
12,564
43,961
3,128
1,242
(12)
113
1,343
4,471
2,535
7,006
2,723
4,283
(158)
4,441
0.22
0.22
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
Other comprehensive income/(loss):
Unrealized gains/(losses) on available for sale securities
Benefit plan adjustments
Benefit plan reclassification for losses included in net income
SERP liability adjustments
Equity in other comprehensive income of unconsolidated joint venture
Unrealized interest rate swap losses
Other comprehensive income/(loss) before taxes
(Provision) benefit for income taxes related to other
comprehensive loss items
Other comprehensive income/(loss)
Comprehensive income
Comprehensive income/(loss) attributable to non-controlling interests
Comprehensive income attributable to common stockholders
2014
5,762
$
Year Ended December 31
2012
2013
4,283
4,103
$
$
(208)
(3,168)
407
(1,003)
—
(2,227)
(6,199)
2,644
(3,555)
2,207
107
$ 2,100
(348)
2,218
—
1,098
—
—
2,968
(1,183)
1,785
5,888
(62)
$ 5,950
182
(922)
—
(12)
152
—
(600)
238
(362)
3,921
(158)
$ 4,079
page fourteen
T E J O N R A N C H C O .
Annual Report 2014
Annual Report 2014
T E J O N R A N C H C O .
page fi fteen
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
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
Common
Stock Shares
Outstanding
19,975,706
—
—
Common
Stock
-
9,988
—
—
$
Additional
Accumulated
Other
Paid-In Comprehensive
Capital Income (Loss)
Total
Retained Stockholders’
Equity
Earnings
Non-
controlling
Interest
Total
Equity
-
$ 194,273
—
—
$ (4,756) $ 61,109
4,441
—
—
(362)
$ 260,614
4,441
(362)
$ 39,825
(158)
—
300,439
4,283
(362)
($ in thousands, except share information)
Ba lanc e, Decembe r 31, 201 1
Net income (loss)
Other comprehensive income
Exercise of stock options and related
tax benefit of $8
Restricted stock issuance
Stock compensation
Shares withheld for taxes and
tax benefit of vested shares
Ba lanc e, Decembe r 31, 201 2
Net income
Other comprehensive income
Exercise of stock options and related
13,641
179,172
—
7
89
—
363
(89)
5,832
(82,654)
20,085,865
(41)
10,043
(2,262)
198,117
tax benefit of $3
Restricted stock issuance
Common stock issued for water purchase
Stock compensation
Shares withheld for taxes and
7,567
391,555
251,876
4
196
126
207
(196)
9,244
1,223
tax benefit of vested shares
(173,840)
(87)
(4,677)
Warrants issued as
dividends (3,000,000 warrants)
Ba lanc e, Decembe r 31, 201 3
Net income
Other comprehensive income
Restricted stock issuance
Stock compensation
Shares withheld for taxes and
tax benefit of vested shares
Warrants exercised
Balance, December 31, 2014
—
20,563,023
—
—
94,014
—
10,282
—
—
47
(20,559)
(11)
20,636,478
$ 10,318
6,930
210,848
—
—
(47)
2,564
(603)
1
$ 212,763
—
—
—
—
(5,118)
—
1,785
—
—
—
—
—
—
(3,333)
—
(3,555)
—
—
—
—
—
370
—
5,832
—
—
—
370
—
5,832
—
65,550
4,165
—
(2,303)
268,592
4,165
1,785
—
39,667
(62)
—
(2,303)
308,259
4,103
1,785
—
—
—
—
—
211
—
9,370
1,223
(4,764)
—
—
—
—
—
211
—
9,370
1,223
(4,764)
(6,930)
62,785
5,655
—
—
—
—
280,582
5,655
(3,555)
—
2,564
—
39,605
107
—
—
—
—
320,187
5,762
(3,555)
—
2,564
(11)
—
$ (6,899)
—
(1)
$ 68,439
(625)
—
$ 284,621
—
—
$ 39,712
(625)
—
$ 324,333
($ in thousands)
O p e r a t i n g A c t i v i t i e s
Net income
Adjustments to reconcile net income to net cash provided by operating activities:
2014
Year Ended December 31
2011
2013
$
5,762
$
4,103
$
4,283
Depreciation and amortization
Amortization of premium/discount of marketable securities
Equity in earnings
Non-cash retirement plan expense
Gain on sale of real estate/assets
Deferred income taxes
Stock compensation expense
Excess tax benefit from stock-based compensation
Distribution of earnings from unconsolidated joint ventures
Changes in operating assets and liabilities:
Receivables, inventories, prepaids and other assets, net
Current liabilities, net
Net cash provided by operating activities
I n v e s t i n g A c t i v i t i e s
Maturities and sales of marketable securities
Funds invested in marketable securities
Property and equipment expenditures
Reimbursement of outlet center costs
Reimbursement proceeds from Communities Facilities District
Proceeds from sale of real estate
Investment in unconsolidated joint ventures
Purchase of partner interest in TMV LLC
Distribution of equity from unconsolidated joint ventures
Investments in long-term water assets
Other
Net cash used in investing activities
F i n a n c i n g A c t i v i t i e s
Borrowings of line of credit
Repayments of line of credit
Borrowings of long-term debt
Repayments of long-term debt
Proceeds from exercise of stock options
Taxes on vested stock grants
Net cash provided by (used in) 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
S u p p l e m e n t a l c a s h f l o w i n f o r m a t i o n
Increase in construction in progress attributable to the reclassification of equity
in investment of TMV LLC
Accrued capital expenditures included in current liabilities
Sale of assets accounted as direct finance leases
Taxes paid (net of refunds)
Common stock issued for water purchase
4,871
769
(5,294)
164
—
112
3,534
—
—
2,291
1,009
13,218
20,844
(8,525)
(24,775)
—
—
—
(9,656)
(70,000)
—
(480)
—
(92,592)
31,050
(24,200)
70,000
(244)
—
(625)
75,981
(3,393)
9,031
5,638
44,950
1,096
—
(2,384)
—
$
$
$
$
$
$
4,226
879
(4,006)
865
(46)
(8)
929
—
—
3,712
(1,118)
9,536
29,779
(21,392)
(21,558)
512
17,809
—
(3,415)
—
1,000
(9,635)
(711)
(7,611)
—
—
4,750
(310)
211
(4,764)
(113)
1,812
7,219
9,031
—
2,058
—
15
9,370
$
$
$
$
$
$
4,954
874
(2,535)
1,047
(676)
1,810
5,440
8
7,200
(1,761)
(6,552)
14,092
19,809
(16,984)
(20,669)
—
—
—
(6,154)
—
1,512
(797)
10
(23,273)
1,500
(1,500)
—
(39)
370
(2,303)
(1,972)
(11,153)
18,372
7,219
—
2,293
913
4,021
—
$
$
$
$
$
$
page sixteen
T E J O N R A N C H C O .
Annual Report 2014
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
250.00
200.00
s
r
a
l
l
o
d
150.00
100.00
50.00
12.31.09
12.31.10
12.30.11
12.30.12
12.30.13
12.30.14
tejon ranch
dj equity mkt
dj real estate
- Assumes $100 invested on December 31, 2009
- Total return assumes reinvestment of dividends
- Fiscal year ending December 31
tejon ranch
dj equity mkt
dj real estate
2010
-5.72%
17.51%
26.93%
2011
-11.14%
1.07%
6.05%
2012
14.71%
16.38%
18.91%
2013
30.91%
33.47%
1.79%
2014
-19.86%
12.48%
27.24%
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
$36.98
$35.23
$33.08
$31.44
2014
low
$32.14
$29.54
$27.95
$27.86
high
$30.81
$31.00
$34.23
$38.79
2013
low
$28.44
$26.66
$28.58
$29.49
As of February 26, 2015, there were 321 registered owners of record of our Common Stock.
e x e c u t i v e
o f f i c e r s
Gregory S. Bielli
President and Chief Executive Officer
Allen E. Lyda
Executive Vice President,
Chief Financial Officer and Assistant Secretary
Joseph N. Rentfro
Executive Vice President,
Real Estate
Dennis J. Atkinson
Senior Vice President,
Agriculture
Hugh F. McMahon
Senior Vice President
Commercial and Industrial Real Estate
Gregory J. Tobias
Vice President,
General Counsel & Secretary
Geoffrey L. Stack
Managing Director,
SARES-REGIS Group,
Real Estate Development and Management
Robert A. Stine
Retired President and
Chief Executive Officer,
Tejon Ranch Co.
Frederick C. Tuomi
Chief Operating Officer,
Colony American Homes, Inc.
Daniel R. Tisch
Managing Member,
TowerView LLC,
Investment Management
Michael H. Winer
Portfolio Manager,
Third Avenue Management LLC,
Investment Management
d i r e c t o r s
Norman Metcalfe
Chairman of the Board,
Tejon Ranch Co.;
Real Estate and Investments
Robert A. Alter
President,
Seaview Investors, LLC
Steven A. Betts
President,
Chanen Development Company
Gregory S. Bielli
President and Chief Executive Officer,
Tejon Ranch Co.
John L. Goolsby
Private Investments and Real Estate
Anthony L. Leggio
President,
Bolthouse Properties LLC
c o r p o r a t e
d i r e c t o r y
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
Computershare Shareowner Services LLC
480 Washington Boulevard
Jersey City, NJ 07310-1900
Securities Listing
Auditors
Tejon Ranch Company
Common Stock is listed on
the New York Stock Exchange
under the ticker symbol: TRC
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