Tejon Ranch Co.
Annual Report 2014

Plain-text annual report

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 

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