Title of each class | Trading symbol(s) | Name of each exchange on which registered | ||||||||||||||||||
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. | |||||||||||||||||||||||
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). | |||||||||||||||||||||||
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. | |||||||||||||||||||||||
Large accelerated filer | ☐ | Accelerated filer | ☐ | ||||||||||||||||||||
☒ | Smaller reporting company | ||||||||||||||||||||||
Emerging growth company | |||||||||||||||||||||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ | |||||||||||||||||||||||
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No | |||||||||||||||||||||||
Page | ||||||||
PART I. | FINANCIAL INFORMATION | |||||||
Item 1. | Financial Statements | |||||||
Unaudited Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended September 30, 2022 and 2021 | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
PART II. | ||||||||
Item 1. | ||||||||
Item 1A. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Item 5. | ||||||||
Item 6. | ||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Real estate - commercial/industrial | $ | $ | $ | $ | |||||||||||||||||||
Mineral resources | |||||||||||||||||||||||
Farming | |||||||||||||||||||||||
Ranch operations | |||||||||||||||||||||||
Total revenues | |||||||||||||||||||||||
Costs and Expenses: | |||||||||||||||||||||||
Real estate - commercial/industrial | |||||||||||||||||||||||
Real estate - resort/residential | |||||||||||||||||||||||
Mineral resources | |||||||||||||||||||||||
Farming | |||||||||||||||||||||||
Ranch operations | |||||||||||||||||||||||
Corporate expenses | |||||||||||||||||||||||
Total expenses | |||||||||||||||||||||||
Operating income (loss) | ( | ||||||||||||||||||||||
Other Income: | |||||||||||||||||||||||
Investment income | |||||||||||||||||||||||
Other income, net | |||||||||||||||||||||||
Total other income | |||||||||||||||||||||||
Income (loss) 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 (loss) income 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 | $ | $ | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
Other comprehensive (loss) income: | |||||||||||||||||||||||
Unrealized loss on available-for-sale securities | ( | ( | ( | ( | |||||||||||||||||||
Unrealized gain on interest rate swap | |||||||||||||||||||||||
Other comprehensive gain before taxes | |||||||||||||||||||||||
Expense for income taxes related to other comprehensive income items | ( | ( | ( | ( | |||||||||||||||||||
Other comprehensive income | |||||||||||||||||||||||
Comprehensive income | |||||||||||||||||||||||
Comprehensive (loss) income attributable to non-controlling interests | ( | ||||||||||||||||||||||
Comprehensive income attributable to common stockholders | $ | $ | $ | $ |
September 30, 2022 | December 31, 2021 | ||||||||||
(unaudited) | |||||||||||
ASSETS | |||||||||||
Current Assets: | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Marketable securities - available-for-sale | |||||||||||
Accounts receivable | |||||||||||
Inventories | |||||||||||
Prepaid expenses and other current assets | |||||||||||
Total current assets | |||||||||||
Real estate and improvements - held for lease, net | |||||||||||
Real estate development (includes $ | |||||||||||
Property and equipment, net | |||||||||||
Investments in unconsolidated joint ventures | |||||||||||
Net investment in water assets | |||||||||||
Other assets | |||||||||||
TOTAL ASSETS | $ | $ | |||||||||
LIABILITIES AND EQUITY | |||||||||||
Current Liabilities: | |||||||||||
Trade accounts payable | $ | $ | |||||||||
Accrued liabilities and other | |||||||||||
Deferred income | |||||||||||
Income Taxes Payable | |||||||||||
Current maturities of long-term debt | |||||||||||
Total current liabilities | |||||||||||
Long-term debt, less current portion | |||||||||||
Long-term deferred gains | |||||||||||
Deferred tax liability | |||||||||||
Other liabilities | |||||||||||
Total liabilities | |||||||||||
Commitments and contingencies | |||||||||||
Equity: | |||||||||||
Tejon Ranch Co. Stockholders’ Equity | |||||||||||
Common stock, $ | |||||||||||
Authorized shares - | |||||||||||
Issued and outstanding shares - | |||||||||||
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 | $ | $ |
Nine Months Ended September 30, | |||||||||||
2022 | 2021 | ||||||||||
Operating Activities | |||||||||||
Net income | $ | $ | |||||||||
Adjustments to reconcile net income to net cash used by operating activities: | |||||||||||
Depreciation and amortization | |||||||||||
Amortization of premium/discount of marketable securities | |||||||||||
Equity in earnings of unconsolidated joint ventures, net | ( | ( | |||||||||
Non-cash retirement plan expense (benefit) | ( | ||||||||||
Non-cash profits recognized from land contribution | ( | ||||||||||
Profit from water sales1 | ( | ( | |||||||||
Profit from land sales2 | ( | ||||||||||
Gain on sale of property plant and equipment | ( | ( | |||||||||
Deferred income taxes | ( | ( | |||||||||
Stock compensation expense | |||||||||||
Excess tax shortfall from stock-based compensation | |||||||||||
Loan fee write-off | |||||||||||
Distribution of earnings from unconsolidated joint ventures | |||||||||||
Changes in operating assets and liabilities: | |||||||||||
Receivables, inventories, prepaids and other assets, net | ( | ||||||||||
Current liabilities | |||||||||||
Net cash provided by (used in) operating activities | ( | ||||||||||
Investing Activities | |||||||||||
Maturities and sales of marketable securities | |||||||||||
Funds invested in marketable securities | ( | ( | |||||||||
Real estate and equipment expenditures | ( | ( | |||||||||
Reimbursement proceeds from Community Facilities District | |||||||||||
Proceeds from sale of real estate/assets | |||||||||||
Investment in unconsolidated joint ventures | ( | ( | |||||||||
Distribution of equity from unconsolidated joint ventures | |||||||||||
Proceeds from water sales1 | |||||||||||
Investments in water assets | ( | ( | |||||||||
Net proceeds from land sales2 | |||||||||||
Net cash used in investing activities | ( | ( | |||||||||
Financing Activities | |||||||||||
Borrowings of long-term debt | |||||||||||
Repayments of long-term debt | ( | ( | |||||||||
Deferred financing costs | ( | ||||||||||
Interest rate swap settlement3 | |||||||||||
Taxes on vested stock grants | ( | ( | |||||||||
Net cash used in financing activities | ( | ( | |||||||||
Decrease in cash and cash equivalents | ( | ( | |||||||||
Cash, cash equivalents, and restricted cash at beginning of period | |||||||||||
Cash, cash equivalents, and restricted cash at end of period | $ | $ | |||||||||
Reconciliation to amounts on consolidated balance sheets: | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Restricted cash (Shown in Other Assets) | |||||||||||
Total cash, cash equivalents, and restricted cash | $ | $ | |||||||||
Supplemental cash flow information | |||||||||||
Non-cash investing activities | |||||||||||
Accrued capital expenditures included in current liabilities | $ | $ | |||||||||
Accrued long-term water assets included in current liabilities | $ | $ | |||||||||
Contribution to unconsolidated joint venture2 | $ | $ | |||||||||
Long term deferred profit on land contribution2 | $ | $ | |||||||||
1In determining the classification of cash inflows and outflows related to water asset activity, the Company’s practices are supported by Accounting Standards Codification (“ASC”) 230-10-45-22, which provides that “Certain cash receipts and payments have aspects of more than one class of cash flows…. If so, the appropriate classification shall depend on the activity that is likely to be the predominant source of cash flows for the item.” Also, at the 2006 American Institution of Certified Public Accountants Conference on Current SEC and PCAOB Developments, the Securities and Exchange Commission, or SEC staff discussed that an entity should be consistent in how it classifies cash outflows and inflows related to an asset’s purchase and sale and noted that when cash flow classification is unclear, registrants must use judgment and analysis that considers the nature of the activity and the predominant source of cash flow for these items. Given the nature of our water assets and the aforementioned authoritative guidance, the Company estimates the appropriate classification of water assets purchased based on the timing of the sale of the water. Water purchased in prior periods that was classified as investing was sold for $ | |||||||||||
2In determining the classification of cash inflows and outflows related to land development costs, the Company’s practices are supported by Accounting Standards Codification (“ASC”) 230-10-45-22, which provides that “Certain cash receipts and payments have aspects of more than one class of cash flows…. If so, the appropriate classification shall depend on the activity that is likely to be the predominant source of cash flows for the item.” Also, at the 2006 American Institution of Certified Public Accountants Conference on Current SEC and PCAOB Developments, the Securities and Exchange Commission, or SEC staff discussed that an entity should be consistent in how it classifies cash outflows and inflows related to an asset’s purchase and sale and noted that when cash flow classification is unclear, registrants must use judgment and analysis that considers the nature of the activity and the predominant source of cash flow for these items. Given the nature of our land development costs and the aforementioned authoritative guidance, the Company estimates the appropriate classification of land development costs based on the timing of the sale of land. Land development costs incurred during prior periods that were classified as investing were sold for $ In June 2021, the Company contributed land with a fair value of $ | |||||||||||
3The Company had an interest rate swap agreement with Wells Fargo Bank, N.A. to reduce its exposure to fluctuations in the floating interest rate tied to the London Inter-Bank Offered Rate, or LIBOR, under a term note with Wells Fargo. The hedging relationship qualified as an effective cash flow hedge at the initial assessment, based upon a regression analysis, and is recorded at fair value. On June 27, 2022, the Company terminated the interest rate swap agreement with Wells Fargo and received a $ | |||||||||||
Common Stock Shares Outstanding | Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive (Loss) Income | Retained Earnings | Total Stockholders' Equity | Noncontrolling Interest | Total Equity | ||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2022 | $ | $ | $ | ( | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Net income (loss) | — | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
Restricted stock issuance | ( | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
Stock compensation | — | — | ( | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||
Shares withheld for taxes and tax benefit of vested shares | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2022 | $ | $ | $ | ( | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2021 | $ | $ | $ | ( | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
Restricted stock issuance | ( | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Stock compensation | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Shares withheld for taxes and tax benefit of vested shares | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2021 | $ | $ | $ | ( | $ | $ | $ | $ |
Common Stock Shares Outstanding | Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive (Loss) Income | Retained Earnings | Total Stockholders' Equity | Noncontrolling Interest | Total Equity | ||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2021 | $ | $ | $ | ( | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Restricted stock issuance | ( | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Stock compensation | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Shares withheld for taxes and tax benefit of vested shares | ( | ( | ( | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2022 | $ | $ | $ | ( | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2020 | $ | $ | $ | ( | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Restricted stock issuance | ( | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Stock compensation | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Shares withheld for taxes and tax benefit of vested shares | ( | ( | ( | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2021 | $ | $ | $ | ( | $ | $ | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Weighted average number of shares outstanding: | |||||||||||||||||||||||
Common stock | |||||||||||||||||||||||
Common stock equivalents | |||||||||||||||||||||||
Diluted shares outstanding |
($ in thousands) | September 30, 2022 | December 31, 2021 | ||||||||||||||||||||||||
Marketable Securities: | Fair Value Hierarchy | Cost | Fair Value | Cost | Fair Value | |||||||||||||||||||||
Certificates of deposit | ||||||||||||||||||||||||||
with unrealized losses for less than 12 months | $ | $ | $ | $ | ||||||||||||||||||||||
with unrealized gains | ||||||||||||||||||||||||||
Total Certificates of deposit | Level 1 | |||||||||||||||||||||||||
U.S. Treasury and agency notes | ||||||||||||||||||||||||||
with unrealized losses for less than 12 months | ||||||||||||||||||||||||||
with unrealized gains | ||||||||||||||||||||||||||
Total U.S. Treasury and agency notes | Level 2 | |||||||||||||||||||||||||
Corporate notes | ||||||||||||||||||||||||||
with unrealized losses for less than 12 months | ||||||||||||||||||||||||||
with unrealized losses for more than 12 months | ||||||||||||||||||||||||||
Total Corporate notes | Level 2 | |||||||||||||||||||||||||
$ | $ | $ | $ |
September 30, 2022 | |||||||||||||||||
($ in thousands) | 2022 | 2023 | Total | ||||||||||||||
Certificates of deposit | $ | $ | $ | ||||||||||||||
U.S. Treasury and agency notes | |||||||||||||||||
Corporate notes | |||||||||||||||||
$ | $ | $ |
December 31, 2021 | |||||||||||||||||
($ in thousands) | 2022 | 2023 | Total | ||||||||||||||
Certificates of deposit | $ | $ | $ | ||||||||||||||
U.S. Treasury and agency notes | |||||||||||||||||
Corporate notes | |||||||||||||||||
$ | $ | $ |
($ in thousands) | September 30, 2022 | December 31, 2021 | |||||||||
Real estate development | |||||||||||
Mountain Village | $ | $ | |||||||||
Centennial | |||||||||||
Grapevine | |||||||||||
Tejon Ranch Commerce Center | |||||||||||
Real estate development | $ | $ | |||||||||
Real estate and improvements - held for lease | |||||||||||
Tejon Ranch Commerce Center | $ | $ | |||||||||
Less accumulated depreciation | ( | ( | |||||||||
Real estate and improvements - held for lease, net | $ | $ |
September 30, 2022 | September 30, 2021 | ||||||||||
Acre-Feet Sold | |||||||||||
Revenues | $ | $ | |||||||||
Cost of sales | |||||||||||
Profit | $ | $ |
September 30, 2022 | December 31, 2021 | ||||||||||
Banked water and water for future delivery | $ | $ | |||||||||
Water available for banking, sales, or internal use | |||||||||||
Total water held for future use at cost | $ | $ |
September 30, 2022 | December 31, 2021 | ||||||||||||||||||||||
Costs | Accumulated Depreciation | Costs | Accumulated Depreciation | ||||||||||||||||||||
Dudley-Ridge water rights | $ | $ | ( | $ | $ | ( | |||||||||||||||||
Nickel water rights | ( | ( | |||||||||||||||||||||
Tulare Lake Basin water rights | ( | ( | |||||||||||||||||||||
$ | $ | ( | $ | $ | ( | ||||||||||||||||||
Net cost of purchased water contracts | |||||||||||||||||||||||
Total cost water held for future use | |||||||||||||||||||||||
Net investments in water assets | $ | $ | |||||||||||||||||||||
(in acre-feet, unaudited) | September 30, 2022 | December 31, 2021 | |||||||||
Water held for future use | |||||||||||
TCWD - Banked water owned by the Company | |||||||||||
Company water bank | |||||||||||
Water available for banking, sales, or internal use | |||||||||||
Total water held for future use | |||||||||||
Purchased water contracts | |||||||||||
Water Contracts (Dudley-Ridge, Nickel and Tulare) | |||||||||||
WRMWSD - Contracts with the Company | |||||||||||
TCWD - Contracts with the Company | |||||||||||
Total purchased water contracts | |||||||||||
Total water held for future use and purchased water contracts |
($ in thousands) | September 30, 2022 | December 31, 2021 | |||||||||
Accrued vacation | $ | $ | |||||||||
Accrued paid personal leave | |||||||||||
Accrued bonus | |||||||||||
Property tax payable | |||||||||||
Other | |||||||||||
$ | $ | ||||||||||
($ in thousands) | September 30, 2022 | December 31, 2021 | |||||||||
Notes payable | $ | $ | |||||||||
Less: line-of-credit and current maturities of long-term debt | ( | ( | |||||||||
Less: deferred loan costs | ( | ( | |||||||||
Long-term debt, less current portion | $ | $ |
($ in thousands) | September 30, 2022 | December 31, 2021 | |||||||||
Pension liability | $ | $ | |||||||||
Interest rate swap liability (Note 10)1 | |||||||||||
Supplemental executive retirement plan liability | |||||||||||
Excess joint venture distributions and other | |||||||||||
Total | $ | $ | |||||||||
1The Company's interest rate swap had an asset balance of $ |
Performance Condition Grants | |||||
Target performance | |||||
Maximum performance |
September 30, 2022 | |||||
Stock Grants Outstanding Beginning of Period at Target Achievement | |||||
New Stock Grants/Additional Shares due to Achievement in Excess of Target | |||||
Vested Grants | ( | ||||
Expired/Forfeited Grants | ( | ||||
Stock Grants Outstanding End of Period at Target Achievement |
($ in thousands except for share prices) | ||||||||||||||||||||||||||||||||||||||
Grant date | 12/12/2019 | 03/11/2020 | 12/11/2020 | 03/18/2021 | 12/16/2021 | 03/17/2022 | ||||||||||||||||||||||||||||||||
Vesting end | 12/31/2022 | 12/31/2022 | 12/31/2023 | 03/18/2024 | 12/16/2024 | 03/17/2025 | ||||||||||||||||||||||||||||||||
Share price at target achievement | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Expected volatility | ||||||||||||||||||||||||||||||||||||||
Risk-free interest rate | ||||||||||||||||||||||||||||||||||||||
Simulated Monte Carlo share price | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Shares granted | ||||||||||||||||||||||||||||||||||||||
Total fair value of award | $ | $ | $ | $ | $ | $ |
($ in thousands) | Nine Months Ended September 30, | ||||||||||
Employee Plan: | 2022 | 2021 | |||||||||
Expensed | $ | $ | |||||||||
Capitalized | |||||||||||
NDSI Plan - Expensed | |||||||||||
Total Stock Compensation Costs | $ | $ |
September 30, 2022 | ||||||||||||||||||||||||||||||||
Effective Date | Maturity Date | Fair Value Hierarchy | Weighted Average Interest Pay Rate | Fair Value | Notional Amount | |||||||||||||||||||||||||||
June 30, 2022 | June 28, 2032 | Level 2 | $ | $ |
December 31, 2021 | ||||||||||||||||||||||||||||||||
Effective Date | Maturity Date | Fair Value Hierarchy | Weighted Average Interest Pay Rate | Fair Value | Notional Amount | |||||||||||||||||||||||||||
July 5, 2019 | June 5, 2029 | Level 2 | $( | $ |
Nine Months Ended September 30, | |||||||||||
($ in thousands) | 2022 | 2021 | |||||||||
Earnings (cost) components: | |||||||||||
Interest cost | $ | ( | $ | ( | |||||||
Expected return on plan assets | |||||||||||
Net amortization and deferral | ( | ( | |||||||||
Total net periodic pension earnings | $ | $ |
Nine Months Ended September 30, | |||||||||||
($ in thousands) | 2022 | 2021 | |||||||||
Cost components: | |||||||||||
Interest cost | $ | ( | $ | ( | |||||||
Net amortization and other | ( | ( | |||||||||
Total net periodic pension expense | $ | ( | $ | ( |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
($ in thousands) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Commercial/industrial revenues | $ | $ | $ | $ | |||||||||||||||||||
Equity in earnings of unconsolidated joint ventures | |||||||||||||||||||||||
Commercial/industrial revenues and equity in earnings of unconsolidated joint ventures | |||||||||||||||||||||||
Commercial/industrial expenses | |||||||||||||||||||||||
Operating results from commercial/industrial and unconsolidated joint ventures | $ | $ | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
($ in thousands) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Mineral resources revenues | $ | $ | $ | $ | |||||||||||||||||||
Mineral resources expenses | |||||||||||||||||||||||
Operating results from mineral resources | $ | $ | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
($ in thousands) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Farming revenues | $ | $ | $ | $ | |||||||||||||||||||
Farming expenses | |||||||||||||||||||||||
Operating results from farming | $ | ( | $ | ( | $ | ( | $ | ( |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
($ in thousands) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Ranch operations revenues | $ | $ | $ | $ | |||||||||||||||||||
Ranch operations expenses | |||||||||||||||||||||||
Operating results from ranch operations | $ | $ | ( | $ | ( | $ | ( | ||||||||||||||||
Three Months Ended September 30, | |||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||
Joint Venture | TRC | ||||||||||||||||||||||||||||||||||
($ in thousands) | Revenues | Earnings (Loss) | Equity in Earnings (Loss) | ||||||||||||||||||||||||||||||||
Petro Travel Plaza Holdings, LLC | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
18-19 West, LLC | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
TRCC/Rock Outlet Center, LLC1 | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
TRC-MRC 1, LLC | |||||||||||||||||||||||||||||||||||
TRC-MRC 2, LLC | |||||||||||||||||||||||||||||||||||
TRC-MRC 3, LLC | ( | ( | |||||||||||||||||||||||||||||||||
TRC-MRC 4, LLC | ( | ( | |||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Centennial Founders, LLC | $ | $ | $ | ( | $ | ( | Consolidated | ||||||||||||||||||||||||||||
(1) Revenues for TRCC/Rock Outlet Center are presented net of non-cash tenant allowance amortization of $ | |||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||
Joint Venture | TRC | ||||||||||||||||||||||||||||||||||
($ in thousands) | Revenues | Earnings (Loss) | Equity in Earnings (Loss) | ||||||||||||||||||||||||||||||||
Petro Travel Plaza Holdings, LLC | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
18-19 West, LLC | ( | ( | |||||||||||||||||||||||||||||||||
TRCC/Rock Outlet Center, LLC1 | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
TRC-MRC 1, LLC | |||||||||||||||||||||||||||||||||||
TRC-MRC 2, LLC | |||||||||||||||||||||||||||||||||||
TRC-MRC 3, LLC | ( | ( | |||||||||||||||||||||||||||||||||
TRC-MRC 4, LLC | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Centennial Founders, LLC | $ | $ | $ | $ | Consolidated | ||||||||||||||||||||||||||||||
(1) Revenues for TRCC/Rock Outlet Center are presented net of non-cash tenant allowance amortization of $ |
September 30, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||
Joint Venture | TRC | Joint Venture | TRC | ||||||||||||||||||||||||||
($ in thousands) | Assets | Debt | Equity (Deficit) | Equity | Assets | Debt | Equity (Deficit) | Equity | |||||||||||||||||||||
Petro Travel Plaza Holdings, LLC | $ | $ | ( | $ | $ | $ | $ | ( | $ | $ | |||||||||||||||||||
18-19 West, LLC | |||||||||||||||||||||||||||||
TRCC/Rock Outlet Center, LLC | ( | ( | |||||||||||||||||||||||||||
TRC-MRC 1, LLC | ( | ( | |||||||||||||||||||||||||||
TRC-MRC 2, LLC | ( | ( | ( | ( | |||||||||||||||||||||||||
TRC-MRC 3, LLC | ( | ( | ( | ( | |||||||||||||||||||||||||
TRC-MRC 4, LLC | ( | ( | |||||||||||||||||||||||||||
TRC-MRC Multi I, LLC | |||||||||||||||||||||||||||||
Total | $ | $ | ( | $ | $ | $ | $ | ( | $ | $ | |||||||||||||||||||
Centennial Founders, LLC | $ | $ | $ | *** | $ | $ | $ | *** | |||||||||||||||||||||
*** Centennial Founders, LLC is consolidated within the Company's financial statements. |
Three Months Ended September 30, | Change | ||||||||||||||||||||||
($ in thousands) | 2022 | 2021 | $ | % | |||||||||||||||||||
Commercial/industrial revenues | |||||||||||||||||||||||
Pastoria Energy Facility | $ | 1,385 | $ | 1,222 | $ | 163 | 13 | % | |||||||||||||||
TRCC Leasing | 384 | 398 | (14) | (4) | % | ||||||||||||||||||
TRCC management fees and reimbursements | 223 | 168 | 55 | 33 | % | ||||||||||||||||||
Commercial leases | 167 | 169 | (2) | (1) | % | ||||||||||||||||||
Communication leases | 254 | 246 | 8 | 3 | % | ||||||||||||||||||
Landscaping and other | 314 | 263 | 51 | 19 | % | ||||||||||||||||||
Land sale | 19,625 | — | 19,625 | 100 | % | ||||||||||||||||||
Total commercial/industrial revenues | $ | 22,352 | $ | 2,466 | $ | 19,886 | 806 | % | |||||||||||||||
Total commercial/industrial expenses | $ | 6,845 | $ | 2,331 | $ | 4,514 | 194 | % | |||||||||||||||
Operating income from commercial/industrial | $ | 15,507 | $ | 135 | $ | 15,372 | 11,387 | % |
Nine Months Ended September 30, | Change | ||||||||||||||||||||||
($ in thousands) | 2022 | 2021 | $ | % | |||||||||||||||||||
Commercial revenues | |||||||||||||||||||||||
Pastoria Energy Facility | $ | 3,377 | $ | 3,317 | $ | 60 | 2 | % | |||||||||||||||
TRCC Leasing | 1,138 | 1,330 | (192) | (14) | % | ||||||||||||||||||
TRCC management fees and reimbursements | 1,173 | 530 | 643 | 121 | % | ||||||||||||||||||
Commercial leases | 483 | 466 | 17 | 4 | % | ||||||||||||||||||
Communication leases | 762 | 724 | 38 | 5 | % | ||||||||||||||||||
Landscaping and other | 924 | 774 | 150 | 19 | % | ||||||||||||||||||
Land sale | 24,306 | 5,679 | 18,627 | 328 | % | ||||||||||||||||||
Total commercial revenues | $ | 32,163 | $ | 12,820 | $ | 19,343 | 151 | % | |||||||||||||||
Total commercial expenses | $ | 11,403 | $ | 8,595 | $ | 2,808 | 33 | % | |||||||||||||||
Operating income from commercial/industrial | $ | 20,760 | $ | 4,225 | $ | 16,535 | 391 | % |
Three Months Ended September 30, | Change | ||||||||||||||||||||||
($ in thousands) | 2022 | 2021 | $ | % | |||||||||||||||||||
Mineral resources revenues | |||||||||||||||||||||||
Oil and gas | $ | 322 | $ | 194 | $ | 128 | 66 | % | |||||||||||||||
Cement | 797 | 571 | 226 | 40 | % | ||||||||||||||||||
Rock aggregate | 761 | 844 | (83) | (10) | % | ||||||||||||||||||
Exploration leases | 18 | 30 | (12) | (40) | % | ||||||||||||||||||
Water Sales | 1,228 | 3,124 | (1,896) | (61) | % | ||||||||||||||||||
Reimbursables and other | 13 | 11 | 2 | 18 | % | ||||||||||||||||||
Total mineral resources revenues | $ | 3,139 | $ | 4,774 | $ | (1,635) | (34) | % | |||||||||||||||
Total mineral resources expenses | $ | 1,745 | $ | 3,025 | $ | (1,280) | (42) | % | |||||||||||||||
Operating income from mineral resources | $ | 1,394 | $ | 1,749 | $ | (355) | (20) | % |
Nine Months Ended September 30, | Change | ||||||||||||||||||||||
($ in thousands) | 2022 | 2021 | $ | % | |||||||||||||||||||
Mineral resources revenues | |||||||||||||||||||||||
Oil and gas | $ | 1,032 | $ | 561 | $ | 471 | 84 | % | |||||||||||||||
Cement | 2,231 | 1,665 | 566 | 34 | % | ||||||||||||||||||
Rock aggregate | 1,560 | 1,587 | (27) | (2) | % | ||||||||||||||||||
Exploration leases | 88 | 80 | 8 | 10 | % | ||||||||||||||||||
Water Sales | 13,635 | 14,986 | (1,351) | (9) | % | ||||||||||||||||||
Reimbursables and other | 692 | 475 | 217 | 46 | % | ||||||||||||||||||
Total mineral resources revenues | $ | 19,238 | $ | 19,354 | $ | (116) | (1) | % | |||||||||||||||
Total mineral resources expenses | $ | 11,347 | $ | 12,325 | $ | (978) | (8) | % | |||||||||||||||
Operating income from mineral resources | $ | 7,891 | $ | 7,029 | $ | 862 | 12 | % |
Three Months Ended September 30, | Change | ||||||||||||||||||||||
($ in thousands) | 2022 | 2021 | $ | % | |||||||||||||||||||
Farming revenues | |||||||||||||||||||||||
Almonds | $ | 1,752 | $ | 780 | $ | 972 | 125 | % | |||||||||||||||
Pistachios | 903 | 4,278 | (3,375) | (79) | % | ||||||||||||||||||
Wine grapes | 1,906 | 1,442 | 464 | 32 | % | ||||||||||||||||||
Hay | 55 | 126 | (71) | (56) | % | ||||||||||||||||||
Other | 160 | 100 | 60 | 60 | % | ||||||||||||||||||
Total farming revenues | $ | 4,776 | $ | 6,726 | $ | (1,950) | (29) | % | |||||||||||||||
Total farming expenses | $ | 8,752 | $ | 7,296 | $ | 1,456 | 20 | % | |||||||||||||||
Operating loss from farming | $ | (3,976) | $ | (570) | $ | (3,406) | 598 | % |
Nine Months Ended September 30, | Change | ||||||||||||||||||||||
($ in thousands) | 2022 | 2021 | $ | % | |||||||||||||||||||
Farming revenues | |||||||||||||||||||||||
Almonds | $ | 3,878 | $ | 1,177 | 2,701 | 229 | % | ||||||||||||||||
Pistachios | 903 | 4,292 | (3,389) | (79) | % | ||||||||||||||||||
Wine grapes | 1,906 | 1,458 | 448 | 31 | % | ||||||||||||||||||
Hay | 373 | 377 | (4) | (1) | % | ||||||||||||||||||
Other | 292 | 308 | (16) | (5) | % | ||||||||||||||||||
Total farming revenues | $ | 7,352 | $ | 7,612 | $ | (260) | (3) | % | |||||||||||||||
Total farming expenses | $ | 13,976 | $ | 9,977 | $ | 3,999 | 40 | % | |||||||||||||||
Operating loss from farming | $ | (6,624) | $ | (2,365) | $ | (4,259) | 180 | % |
Three Months Ended September 30, | Change | ||||||||||||||||||||||
($ in thousands) | 2022 | 2021 | $ | % | |||||||||||||||||||
Ranch Operations revenues | |||||||||||||||||||||||
Game management and other 1 | $ | 838 | $ | 696 | $ | 142 | 20 | % | |||||||||||||||
Grazing | 370 | 300 | 70 | 23 | % | ||||||||||||||||||
Total Ranch Operations revenues | $ | 1,208 | $ | 996 | $ | 212 | 21 | % | |||||||||||||||
Total Ranch Operations expenses | $ | 1,143 | $ | 1,182 | $ | (39) | (3) | % | |||||||||||||||
Operating income (loss) from Ranch Operations | $ | 65 | $ | (186) | $ | 251 | (135) | % | |||||||||||||||
1 Game management and other revenues consist of revenues from hunting, filming, high desert hunt club (a premier upland bird hunting club), and other ancillary activities. |
Nine Months Ended September 30, | Change | ||||||||||||||||||||||
($ in thousands) | 2022 | 2021 | $ | % | |||||||||||||||||||
Ranch Operations revenues | |||||||||||||||||||||||
Game Management and other 1 | $ | 2,001 | $ | 1,790 | $ | 211 | 12 | % | |||||||||||||||
Grazing | 1,010 | 1,078 | (68) | (6) | % | ||||||||||||||||||
Total Ranch Operations revenues | $ | 3,011 | $ | 2,868 | $ | 143 | 5 | % | |||||||||||||||
Total Ranch Operations expenses | $ | 3,708 | $ | 3,511 | $ | 197 | 6 | % | |||||||||||||||
Operating income loss from Ranch Operations | $ | (697) | $ | (643) | $ | (54) | 8 | % | |||||||||||||||
1 Game management and other revenues consist of revenues from hunting, filming, high desert hunt club (a premier upland bird hunting club), and other ancillary activities. |
Three Months Ended September 30, | Change | ||||||||||||||||||||||
($ in thousands) | 2022 | 2021 | $ | % | |||||||||||||||||||
Equity in earnings (loss) | |||||||||||||||||||||||
Petro Travel Plaza Holdings, LLC | $ | 2,192 | $ | 1,785 | $ | 407 | 23 | % | |||||||||||||||
18-19 West, LLC | (7) | (15) | 8 | (53) | % | ||||||||||||||||||
TRCC/Rock Outlet Center, LLC | (472) | (383) | (89) | 23 | % | ||||||||||||||||||
TRC-MRC 1, LLC | 29 | 19 | 10 | 53 | % | ||||||||||||||||||
TRC-MRC 2, LLC | 171 | 152 | 19 | 13 | % | ||||||||||||||||||
TRC-MRC 3, LLC | 78 | (47) | 125 | (266) | % | ||||||||||||||||||
TRC-MRC 4, LLC | — | (1) | 1 | (100) | % | ||||||||||||||||||
Total equity in earnings | $ | 1,991 | $ | 1,510 | $ | 481 | 32 | % |
Nine Months Ended September 30, | Change | ||||||||||||||||||||||
($ in thousands) | 2022 | 2021 | $ | % | |||||||||||||||||||
Equity in earnings (loss) | |||||||||||||||||||||||
Petro Travel Plaza Holdings, LLC | $ | 5,306 | $ | 3,453 | $ | 1,853 | 54 | % | |||||||||||||||
18-19 West, LLC | (31) | 75 | (106) | (141) | % | ||||||||||||||||||
TRCC/Rock Outlet Center, LLC | (1,161) | (1,092) | (69) | 6 | % | ||||||||||||||||||
TRC-MRC 1, LLC | 26 | 67 | (41) | (61) | % | ||||||||||||||||||
TRC-MRC 2, LLC | 512 | 475 | 37 | 8 | % | ||||||||||||||||||
TRC-MRC 3, LLC | 220 | (161) | 381 | (237) | % | ||||||||||||||||||
TRC-MRC 4, LLC | (5) | (1) | (4) | — | % | ||||||||||||||||||
Total equity in earnings | $ | 4,867 | $ | 2,816 | $ | 2,051 | 73 | % |
(in thousands) | 2022 | 2021 | |||||||||
Operating activities | $ | 1,868 | $ | (1,916) | |||||||
Investing activities | $ | (5,383) | $ | (10,775) | |||||||
Financing activities | $ | (2,372) | $ | (4,166) |
Payments Due by Period | |||||||||||||||||||||||||||||
(In thousands) | Total | One Year or Less | Years 2-3 | Years 4-5 | Thereafter | ||||||||||||||||||||||||
Contractual Obligations: | |||||||||||||||||||||||||||||
Estimated water payments | $ | 277,663 | $ | 13,646 | $ | 24,321 | $ | 25,804 | $ | 213,892 | |||||||||||||||||||
Long-term debt | 50,590 | 1,758 | 3,778 | 4,159 | 40,895 | ||||||||||||||||||||||||
Interest on long-term debt | 18,403 | 2,287 | 4,322 | 3,960 | 7,834 | ||||||||||||||||||||||||
Cash contract commitments | 8,677 | 5,432 | 1,656 | 518 | 1,071 | ||||||||||||||||||||||||
Defined Benefit Plan | 4,410 | 317 | 712 | 973 | 2,408 | ||||||||||||||||||||||||
SERP | 4,836 | 526 | 997 | 1,115 | 2,198 | ||||||||||||||||||||||||
Financing fees | 163 | 163 | — | — | — | ||||||||||||||||||||||||
Total contractual obligations | $ | 364,742 | $ | 24,129 | $ | 35,786 | $ | 36,529 | $ | 268,298 |
Amount of Commitment Expiration Per Period | |||||||||||||||||||||||||||||
($ in thousands) | Total | < 1 year | 2 -3 Years | 4 -5 Years | After 5 Years | ||||||||||||||||||||||||
Other Commercial Commitments: | |||||||||||||||||||||||||||||
Standby letter of credit | $ | 4,393 | $ | 4,393 | $ | — | $ | — | $ | — | |||||||||||||||||||
Total other commercial commitments | $ | 4,393 | $ | 4,393 | $ | — | $ | — | $ | — |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
($ in thousands) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Net income | $ | 10,173 | $ | 226 | $ | 13,825 | $ | 1,987 | |||||||||||||||
Net (loss) income attributable to non-controlling interest | (11) | 7 | 1 | 1 | |||||||||||||||||||
Net income attributable to common stockholders | 10,184 | 219 | 13,824 | 1,986 | |||||||||||||||||||
Interest, net | |||||||||||||||||||||||
Consolidated | (204) | (5) | (300) | (21) | |||||||||||||||||||
Our share of interest expense from unconsolidated joint ventures | 725 | 621 | 1,955 | 1,874 | |||||||||||||||||||
Total interest, net | 521 | 616 | 1,655 | 1,853 | |||||||||||||||||||
Income taxes | 3,221 | 98 | 6,262 | 1,237 | |||||||||||||||||||
Depreciation and amortization: | |||||||||||||||||||||||
Consolidated | 1,294 | 1,476 | 3,342 | 3,408 | |||||||||||||||||||
Our share of depreciation and amortization from unconsolidated joint ventures | 1,095 | 1,105 | 3,337 | 3,461 | |||||||||||||||||||
Total depreciation and amortization | 2,389 | 2,581 | 6,679 | 6,869 | |||||||||||||||||||
EBITDA | 16,315 | 3,514 | 28,420 | 11,945 | |||||||||||||||||||
Stock compensation expense | 1 | 937 | 2,088 | 3,162 | |||||||||||||||||||
Adjusted EBITDA | $ | 16,316 | $ | 4,451 | $ | 30,508 | $ | 15,107 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
($ in thousands) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Commercial | |||||||||||||||||||||||
Revenues | $ | 22,352 | $ | 2,466 | $ | 32,163 | $ | 12,820 | |||||||||||||||
Expenses | 6,845 | 2,331 | 11,403 | 8,595 | |||||||||||||||||||
Commercial/Industrial operating income | $ | 15,507 | $ | 135 | $ | 20,760 | $ | 4,225 | |||||||||||||||
Plus: Commercial/Industrial depreciation and amortization | 112 | 114 | 341 | 346 | |||||||||||||||||||
Plus: General, administrative, cost of sales and other expenses | 6,638 | 1,993 | 10,750 | 7,821 | |||||||||||||||||||
Less: Other revenues including land sales | (20,160) | (430) | (26,394) | (6,972) | |||||||||||||||||||
Total Commercial/Industrial net operating income | $ | 2,097 | $ | 1,812 | $ | 5,457 | $ | 5,420 |
($ in thousands) | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||
Net operating income | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Pastoria Energy Facility | $ | 1,382 | $ | 1,209 | $ | 3,367 | $ | 3,297 | |||||||||||||||
TRCC | 301 | 195 | 877 | 956 | |||||||||||||||||||
Communication leases | 254 | 247 | 753 | 712 | |||||||||||||||||||
Other commercial leases | 160 | 161 | 460 | 455 | |||||||||||||||||||
Total Commercial/Industrial net operating income | $ | 2,097 | $ | 1,812 | $ | 5,457 | $ | 5,420 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
($ in thousands) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Earnings of unconsolidated joint ventures | $ | 3,251 | $ | 2,425 | $ | 7,965 | $ | 4,482 | |||||||||||||||
Interest expense of unconsolidated joint ventures | 1,416 | 1,226 | 3,838 | 3,699 | |||||||||||||||||||
Operating income of unconsolidated joint ventures | 4,667 | 3,651 | 11,803 | 8,181 | |||||||||||||||||||
Depreciation and amortization of unconsolidated joint ventures | 2,045 | 2,070 | 6,242 | 6,504 | |||||||||||||||||||
Net operating income of unconsolidated joint ventures | $ | 6,712 | $ | 5,721 | $ | 18,045 | $ | 14,685 |
2022 | 2023 | 2024 | 2025 | 2026 | Thereafter | Total | Fair Value | ||||||||||||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||||||||||||||
Marketable securities | $7,191 | $24,338 | $— | $— | $— | $— | $31,529 | $31,242 | |||||||||||||||||||||||||||||||||||||||
Weighted average interest rate | 1.75% | 2.23% | —% | —% | —% | 2.12% | —% | ||||||||||||||||||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||
Long-term debt ($4.75M note) | $65 | $265 | $277 | $289 | $302 | $559 | $1,757 | $1,757 | |||||||||||||||||||||||||||||||||||||||
Weighted average interest rate | 4.25% | 4.25% | 4.25% | 4.25% | 4.25% | 4.25% | 4.25% | ||||||||||||||||||||||||||||||||||||||||
Long-term debt (New Term Loan) | $371 | $1,513 | $1,589 | $1,669 | $1,753 | $41,938 | $48,833 | $48,833 | |||||||||||||||||||||||||||||||||||||||
Weighted average interest rate | 4.62% | 4.62% | 4.62% | 4.62% | 4.62% | 4.62% | 4.62% |
2022 | 2023 | 2024 | 2025 | 2026 | Thereafter | Total | Fair Value | ||||||||||||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||||||||||||||
Marketable securities | $9,834 | $756 | $— | $— | $— | $— | $10,590 | $10,983 | |||||||||||||||||||||||||||||||||||||||
Weighted average interest rate | 0.20% | 0.22% | —% | —% | —% | —% | 0.20% | ||||||||||||||||||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||
Long-term debt ($4.75M note) | $254 | $265 | $277 | $289 | $302 | $560 | $1,947 | $1,947 | |||||||||||||||||||||||||||||||||||||||
Weighted average interest rate | 4.25% | 4.25% | 4.25% | 4.25% | 4.25% | 4.25% | 4.25% | ||||||||||||||||||||||||||||||||||||||||
Long-term debt ($70.0M note) | $4,221 | $4,429 | $4,624 | $4,825 | $5,038 | $27,700 | $50,837 | $50,837 | |||||||||||||||||||||||||||||||||||||||
Weighted average interest rate | 4.16% | 4.16% | 4.16% | 4.16% | 4.16% | 4.16% | 4.16% | ||||||||||||||||||||||||||||||||||||||||
Item 6. Exhibits: | ||||||||||||||
3.1 | FN 1 | |||||||||||||
3.2 | FN 2 | |||||||||||||
4.3 | FN 5 | |||||||||||||
4.5 | FN 37 | |||||||||||||
10.1 | Water Service Contract with Wheeler Ridge-Maricopa Water Storage District (without exhibits), amendments originally filed under Item 11 to Registrant's Annual Report on Form 10-K | FN 6 | ||||||||||||
10.7 | FN 7 | |||||||||||||
10.8 | FN 7 | |||||||||||||
10.9 | FN 8 |
10.9(1) | FN 7 | |||||||||||||
10.10 | FN 9 | |||||||||||||
10.10(1) | FN 7 | |||||||||||||
10.12 | FN 10 | |||||||||||||
10.15 | FN 11 | |||||||||||||
10.16 | FN 12 | |||||||||||||
10.17 | FN 13 | |||||||||||||
10.18 | FN 13 | |||||||||||||
10.19 | FN 13 | |||||||||||||
10.23 | FN 14 | |||||||||||||
10.24 | FN 15 | |||||||||||||
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10.52 | Filed herewith | |||||||||||||
31.1 | Filed herewith | |||||||||||||
31.2 | Filed herewith | |||||||||||||
32 | Furnished | |||||||||||||
101.INS | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | Filed herewith | ||||||||||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document. | Filed herewith | ||||||||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document. | Filed herewith | ||||||||||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document. | Filed herewith | ||||||||||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document. | Filed herewith | ||||||||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document. | Filed herewith | ||||||||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). | |||||||||||||
* | Management contract, compensatory plan or arrangement. |
FN 1 | This document, filed with the Securities and Exchange Commission in Washington, D.C. (file number 1-07183) as Exhibit 3.1 to our Quarterly Report on Form 10-Q for the period ended June 30, 2021, is incorporated herein by reference. | |||||||
FN 2 | This document, filed with the Securities and Exchange Commission in Washington, D.C. (file number 1-07183) as Exhibit 99.1 to our Current Report on Form 8-K filed on May 26, 2020, is incorporated herein by reference. | |||||||
FN 5 | This document, filed with the Securities and Exchange Commission in Washington, D.C. (file number 1-07183) as Exhibit 4.1 to our Current Report on Form 8-K filed on December 20, 2005, is incorporated herein by reference. | |||||||
FN 6 | This document, filed with the Securities and Exchange Commission in Washington, D.C. (file number 1-07183) under Item 14 to our Annual Report on Form 10-K for the year ended December 31, 1994, is incorporated herein by reference. This Exhibit was not filed with the Securities and Exchange Commission in an electronic format. | |||||||
FN 7 | This document, filed with the Securities and Exchange Commission in Washington, D.C. (file number 1-07183) under Item 14 to our Annual Report on Form 10-K for the year ended December 31, 1997, is incorporated herein by reference. |
FN 8 | This document, filed with the Securities and Exchange Commission in Washington, D.C. (file number 1-07183) as Exhibit 10.9 to our Annual Report on Form 10-K for the year ended December 31, 2008, is incorporated herein by reference. | |||||||
FN 9 | This document, filed with the Securities and Exchange Commission in Washington, D.C. (file number 1-07183) as Exhibit 10.10 to our Annual Report on Form 10-K for the year ended December 31, 2008, is incorporated herein by reference | |||||||
FN 10 | This document filed with the Securities and Exchange Commission in Washington, D.C. (file number 1-07183) as Exhibit 10.16 to our Annual Report on Form 10-K for the year ended December 31, 2001, is incorporated herein by reference. | |||||||
FN 11 | This document, filed with the Securities and Exchange Commission in Washington, D.C. (file number 1-07183) as Exhibit 4.1 to our Current Report on Form 8-K filed on May 7, 2004, is incorporated herein by reference. | |||||||
FN 12 | This document, filed with the Securities and Exchange Commission in Washington, D.C. (file number 1-07183) as Exhibit 4.2 to our Current Report on Form 8-K filed on May 7, 2004, is incorporated herein by reference. | |||||||
FN 13 | This document, filed with the Securities and Exchange Commission in Washington, D.C. (file number 1-07183) as Exhibits 10.21-10.23 to our Annual Report on Form 10-K for the year ended December 31, 2004, is incorporated herein by reference. | |||||||
FN 14 | This document, filed with the Securities and Exchange Commission in Washington, D.C. (file number 1-07183) as Exhibit 10.24 to our Current Report on Form 8-K filed on May 24, 2006, is incorporated herein by reference. | |||||||
FN 15 | This document, filed with the Securities and Exchange Commission in Washington, D.C. (file number 1-07183) as Exhibit 10.28 to our Current Report on Form 8-K filed on June 23, 2008, is incorporated herein by reference. | |||||||
FN 16 | This document, filed with the Securities and Exchange Commission in Washington, D.C. (file number 1-07183) as Exhibit 10.25 to our Quarterly Report on Form 10-Q for the period ended June 30, 2009, is incorporated herein by reference. | |||||||
FN 17 | This document, filed with the Securities and Exchange Commission in Washington, D.C. (file number 1-07183) as Exhibit 10.26 to our Quarterly Report on Form 10-Q for the period ended March 31, 2013, for the period ended March 31, 2013, is incorporated herein by reference. | |||||||
FN 18 | This document, filed with the Securities and Exchange Commission in Washington, D.C. (file number 1-07183) as Exhibit 10.27 to our Current Report on Form 8-K filed on June 4, 2013, is incorporated herein by reference. | |||||||
FN 19 | This document, filed with the Securities and Exchange Commission in Washington, D.C. (file number 1-07183) as Exhibit 10.1 to our Current Report on Form 8-K filed on August 8, 2013, is incorporated herein by reference. | |||||||
FN 20 | This document, filed with the Securities and Exchange Commission in Washington, D.C. (file number 1-07183) as Exhibit 10.29 to our Amended Annual Report on Form 10-K/A for the year ended December 31, 2013, is incorporated herein by reference. | |||||||
FN 21 | This document, filed with the Securities and Exchange Commission in Washington, D.C. (file number 1-07183) as Exhibit 10.30 to our Current Report on Form 8-K filed on July 16, 2014, is incorporated herein by reference. | |||||||
FN 22 | This document, filed with the Securities and Exchange Commission in Washington, D.C. (file number 1-07183) as Exhibits 10.31 to our Current Report on Form 8-K filed on October 17, 2014, is incorporated herein by reference. | |||||||
FN 23 | This document, filed with the Securities and Exchange Commission in Washington, D.C. (file number 1-07183) as Exhibit 10.34 to our Annual Report on Form 10-K for the year ended December 31, 2014, is incorporated herein by reference. | |||||||
FN 24 | This document, filed with the Securities and Exchange Commission in Washington, D.C. (file number 1-07183) as Exhibit 10.35 to our Quarterly Report on Form 10-Q for the period ended June 30, 2015, is incorporated herein by reference. | |||||||
FN 25 | This document, filed with the Securities and Exchange Commission in Washington, D.C. (file number 1-07183) as Exhibit 10.32 to our Current Report on Form 8-K filed on October 17, 2014, is incorporated herein by reference. | |||||||
FN 26 | This document, filed with the Securities and Exchange Commission in Washington, D.C. (file number 1-07183) as Exhibit 10.37 to our Quarterly Report on Form 10-Q for the period ended June 30, 2016, is incorporated herein by reference. | |||||||
FN 27 | This document, filed with the Securities and Exchange Commission in Washington, D.C. (file number 1-07183) as Exhibit 10.38 to our Quarterly Report on Form 10-Q for the period ended September 30, 2016, is incorporated herein by reference. | |||||||
FN 28 | This document, filed with the Securities and Exchange Commission in Washington, D.C. (file number 1-07183) as Exhibit 10.39 to our Annual Report on Form 10-K for the year ended December 31, 2016, is incorporated herein by reference. | |||||||
FN 29 | This document, filed with the Securities and Exchange Commission in Washington, D.C. (file number 1-07183) as Exhibit 10.40 to our Annual Report on Form 10-K for the year ended December 31, 2016, is incorporated herein by reference. |
FN 30 | This document, filed with the Securities and Exchange Commission in Washington, D.C. (file number 1-07183) as Exhibit 10.41 to our Annual Report on Form 10-K for the year ended December 31, 2016, is incorporated herein by reference. | |||||||
FN 31 | This document, filed with the Securities and Exchange Commission in Washington, D.C. (file number 1-07183) as Exhibit 10.42 to our Quarterly Report on Form 10-Q for the period ended September 30, 2018, is incorporated herein by reference. | |||||||
FN 32 | This document, filed with the Securities and Exchange Commission in Washington, D.C. (file number 1-07183) as Exhibit 10.43 to our Annual Report on Form 10-K for the year ended December 31, 2018, is incorporated herein by reference. | |||||||
FN 33 | This document, filed with the Securities and Exchange Commission in Washington, D.C. (file number 1-07183) as Exhibit 10.44 to our Annual Report on Form 10-K for the year ended December 31, 2018, is incorporated herein by reference. | |||||||
FN 34 | This document, filed with the Securities and Exchange Commission in Washington, D.C. (file number 1-07183) as Exhibit 10.45 to our Quarterly Report on Form 10-Q for the period ended September 30, 2019, is incorporated herein by reference. | |||||||
FN 35 | This document, filed with the Securities and Exchange Commission in Washington, D.C. (file number 1-07183) as Exhibit 10.46 to our Quarterly Report on Form 10-Q for the period ended September 30, 2019, is incorporated herein by reference. | |||||||
FN 36 | This document, filed with the Securities and Exchange Commission in Washington, D.C. (file number 1-07183) as Exhibit 10.33 to our Current Report on Form 8-K filed on October 17, 2014, is incorporated herein by reference. | |||||||
FN 37 | This document, filed with the Securities and Exchange Commission in Washington, D.C. (file number 333-231032) as Exhibit 4.6 to our Registration Statement on Form S-3 filed on April 25, 2019, is incorporated herein by reference. | |||||||
FN 38 | This document, filed with the Securities and Exchange Commission in Washington, D.C. (file number 1-07183) as Exhibit 10.47 to our Annual Report on Form 10-K for the year ended December 31, 2019, is incorporated herein by reference. | |||||||
FN 39 | This document, filed with the Securities and Exchange Commission in Washington, D.C. (file number 1-07183) as Exhibit 10.48 to our Quarterly Report on Form 10-Q for the period ended March 31, 2021, is incorporated herein by reference. | |||||||
FN 40 | This document, filed with the Securities and Exchange Commission in Washington, D.C. (file number 1-07183) as Exhibit 10.49 to our Annual Report on Form 10-K for the year ended December 31, 2021, is incorporated herein by reference. | |||||||
FN 41 | This document, filed with the Securities and Exchange Commission in Washington, D.C. (file number 1-07183) as Exhibit 10.50 to our Annual Report on Form 10-K for the year ended December 31, 2021, is incorporated herein by reference. | |||||||
FN 42 | This document, filed with the Securities and Exchange Commission in Washington, D.C. (file number 1-07183) as Exhibit 10.51 to our Quarterly Report on Form 10-Q for the year ended March 31, 2022, is incorporated herein by reference. |
TEJON RANCH CO. | ||||||||
November 7, 2022 | /s/ Gregory S. Bielli | |||||||
Date | Gregory S. Bielli | |||||||
President and Chief Executive Officer | ||||||||
(Principal Executive Officer) | ||||||||
November 7, 2022 | /s/ Allen E. Lyda | |||||||
Date | Allen E. Lyda | |||||||
Chief Operating Officer/Chief Financial Officer | ||||||||
(Principal Financial Officer) | ||||||||
November 7, 2022 | /s/ Robert D. Velasquez | |||||||
Date | Robert D. Velasquez | |||||||
Chief Accounting Officer | ||||||||
(Principal Accounting Officer) |
Dated: | November 7, 2022 | /s/ Gregory S. Bielli | |||||||||
Gregory S. Bielli | |||||||||||
President and Chief Executive Officer |
Dated: | November 7, 2022 | /s/ Allen E. Lyda | |||||||||
Allen E. Lyda | |||||||||||
Chief Operating Officer/Chief Financial Officer |
Dated: | November 7, 2022 | |||||||
/s/ Gregory S. Bielli | ||||||||
Gregory S. Bielli | ||||||||
President and Chief Executive Officer | ||||||||
/s/ Allen E. Lyda | ||||||||
Allen E. Lyda | ||||||||
Chief Operating Officer/Chief Financial Officer |
UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 10,173 | $ 226 | $ 13,825 | $ 1,987 |
Other comprehensive (loss) income: | ||||
Unrealized loss on available-for-sale securities | (101) | (1) | (278) | (8) |
Unrealized gain on interest rate swap | 1,608 | 456 | 5,819 | 2,237 |
Other comprehensive gain before taxes | 1,507 | 455 | 5,541 | 2,229 |
Expense for income taxes related to other comprehensive income items | (422) | (126) | (1,553) | (624) |
Other comprehensive income | 1,085 | 329 | 3,988 | 1,605 |
Comprehensive income | 11,258 | 555 | 17,813 | 3,592 |
Comprehensive (loss) income attributable to non-controlling interests | (11) | 7 | 1 | 1 |
Comprehensive income attributable to common stockholders | $ 11,269 | $ 548 | $ 17,812 | $ 3,591 |
CONSOLIDATED BALANCE SHEETS (PARENTHETICAL) - USD ($) $ in Thousands |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Real estate development | $ 325,931 | $ 319,030 |
Common stock, par value per share (in dollars per share) | $ 0.50 | $ 0.50 |
Common stock, authorized shares (in shares) | 50,000,000 | 50,000,000 |
Common stock, issued shares (in shares) | 26,491,770 | 26,400,921 |
Common stock, outstanding shares (in shares) | 26,491,770 | 26,400,921 |
Centennial | ||
Real estate development | $ 114,284 | $ 112,063 |
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
Dec. 31, 2021 |
|||||||
Operating Activities | |||||||||||
Net income | $ 10,173 | $ 226 | $ 13,825 | $ 1,987 | |||||||
Adjustments to reconcile net income to net cash used by operating activities: | |||||||||||
Depreciation and amortization | 3,342 | 3,408 | |||||||||
Amortization of premium/discount of marketable securities | 116 | 77 | |||||||||
Equity in earnings of unconsolidated joint ventures, net | (1,991) | (1,510) | (4,867) | (2,816) | |||||||
Non-cash retirement plan expense (benefit) | 81 | (75) | |||||||||
Non-cash profits recognized from land contribution | 0 | (2,784) | |||||||||
Profit from water sales | [1] | (1,889) | (3,277) | ||||||||
Profit from land sales | (18,372) | 0 | |||||||||
Gain on sale of property plant and equipment | (1,140) | (12) | |||||||||
Deferred income taxes | (315) | (1) | |||||||||
Stock compensation expense | 2,088 | 3,162 | |||||||||
Excess tax shortfall from stock-based compensation | 3 | 155 | |||||||||
Loan fee write-off | 85 | 0 | |||||||||
Distribution of earnings from unconsolidated joint ventures | 7,336 | 364 | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Receivables, inventories, prepaids and other assets, net | 851 | (2,597) | |||||||||
Current liabilities | 724 | 493 | |||||||||
Net cash provided by (used in) operating activities | 1,868 | (1,916) | |||||||||
Investing Activities | |||||||||||
Maturities and sales of marketable securities | 27,961 | 5,250 | |||||||||
Funds invested in marketable securities | (48,614) | (10,355) | |||||||||
Real estate and equipment expenditures | (17,687) | (15,240) | |||||||||
Reimbursement proceeds from Community Facilities District | 0 | 135 | |||||||||
Proceeds from sale of real estate/assets | 0 | 63 | |||||||||
Investment in unconsolidated joint ventures | (175) | (2,900) | |||||||||
Distribution of equity from unconsolidated joint ventures | 3,968 | 5,690 | |||||||||
Proceeds from water sales | [1] | 5,202 | 8,997 | ||||||||
Investments in water assets | (988) | (2,415) | |||||||||
Net proceeds from land sales | [2] | 24,950 | 0 | ||||||||
Net cash used in investing activities | (5,383) | (10,775) | |||||||||
Financing Activities | |||||||||||
Borrowings of long-term debt | 49,080 | 0 | |||||||||
Repayments of long-term debt | (51,272) | (3,200) | |||||||||
Deferred financing costs | (181) | 0 | |||||||||
Interest rate swap settlement | [3] | 1,123 | 0 | ||||||||
Taxes on vested stock grants | (1,122) | (966) | |||||||||
Net cash used in financing activities | (2,372) | (4,166) | |||||||||
Decrease in cash and cash equivalents | (5,887) | (16,857) | |||||||||
Cash, cash equivalents, and restricted cash at beginning of period | 37,398 | 55,320 | $ 55,320 | ||||||||
Cash, cash equivalents, and restricted cash at end of period | 31,511 | 38,463 | 31,511 | 38,463 | 37,398 | ||||||
Reconciliation to amounts on consolidated balance sheets: | |||||||||||
Cash and cash equivalents | 30,308 | 37,660 | 30,308 | 37,660 | 36,195 | ||||||
Restricted cash (Shown in Other Assets) | 1,203 | 803 | 1,203 | 803 | |||||||
Total cash, cash equivalents, and restricted cash | $ 31,511 | $ 38,463 | 31,511 | 38,463 | $ 37,398 | ||||||
Non-cash investing activities | |||||||||||
Accrued capital expenditures included in current liabilities | 841 | 737 | |||||||||
Accrued long-term water assets included in current liabilities | 374 | 262 | |||||||||
Contribution to unconsolidated joint venture | 0 | 8,464 | |||||||||
Long term deferred profit on land contribution | $ 0 | $ 2,785 | |||||||||
|
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) |
9 Months Ended | |||||
---|---|---|---|---|---|---|
Sep. 30, 2022
USD ($)
| ||||||
Proceeds from sale of other investments | $ 5,202,000 | [1] | ||||
Profit from water sales | 1,889,000 | [1] | ||||
Net proceeds from land sales | 24,950,000 | [2] | ||||
Profit related to water purchased in prior periods | 18,372,000 | |||||
Value of property contributed | 0 | |||||
Real estate development (includes $114,284 at September 30, 2022 and $112,063 at December 31, 2021, attributable to Centennial Founders, LLC, Note 15) | 325,931,000 | |||||
Water | ||||||
Proceeds from sale of other investments | 5,200,000 | |||||
Profit from water sales | 1,900,000 | |||||
TRC-MRC 4, LLC | ||||||
Net proceeds from land sales | 26,700,000 | |||||
Profit related to water purchased in prior periods | $ 18,400,000 | |||||
|
BASIS OF PRESENTATION |
9 Months Ended |
---|---|
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
BASIS OF PRESENTATION | BASIS OF PRESENTATION The summarized information of Tejon Ranch Co. and its subsidiaries (the Company or Tejon), provided pursuant to Part I, Item 1 of Form 10-Q, is unaudited and reflects all adjustments which are, in the opinion of the Company’s management, necessary for a fair statement of the results for the interim period. All such adjustments are of a normal recurring nature. The Company has evaluated subsequent events through the date of issuance of its consolidated financial statements. The periods ended September 30, 2022 and 2021 include the consolidation of Centennial Founders, LLC’s statement of operations within the resort/residential real estate development segment, statements of changes in equity and noncontrolling interests, and statements of cash flows. The Company’s September 30, 2022 and December 31, 2021 balance sheets are presented on a consolidated basis, including the consolidation of Centennial Founders, LLC. The Company has identified five reportable segments: commercial/industrial real estate development, resort/residential real estate development, mineral resources, farming, and ranch operations. Information for the Company’s reportable segments are presented in its Consolidated Statements of Operations. The Company’s reportable segments follow the same accounting policies used for the Company’s consolidated financial statements. The Company uses segment profit or loss and equity in earnings of unconsolidated joint ventures as the primary measures of profitability to evaluate operating performance and to allocate capital resources. The results of the period reported herein are not indicative of the results to be expected for the full year due to the seasonal nature of the Company’s agricultural activities, water activities, timing of real estate sales and leasing activities. Historically, the Company’s largest percentages of farming revenues are recognized during the third and fourth quarters of the fiscal year. For further information and a summary of significant accounting policies, refer to the Consolidated Financial Statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. Restricted Cash Restricted cash is included in Prepaid expenses and other current assets within the Consolidated Balance Sheets and primarily relate to funds held in escrow. The Company had $1,203,000 of restricted cash as of September 30, 2022. Recent Accounting Pronouncements No new Accounting Standards Update, or ASU, is applicable to our consolidated financial statements as of September 30, 2022.
|
EQUITY |
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Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EQUITY | EQUITY Earnings Per Share (EPS) Basic net income (loss) per share attributable to common stockholders is based upon the weighted-average number of shares of common stock outstanding during the year. Diluted net income (loss) per share attributable to common stockholders is based upon the weighted average number of shares of common stock outstanding and the weighted average number of shares outstanding assuming the issuance of common stock upon exercise of stock options, warrants to purchase common stock, and the vesting of restricted stock grants per ASC Topic 260, “Earnings Per Share.”
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MARKETABLE SECURITIES |
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Investments, Debt and Equity Securities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
MARKETABLE SECURITIES | MARKETABLE SECURITIES ASC Topic 320, “Investments – Debt and Equity Securities,” requires that an enterprise classify all debt securities as either held-to-maturity, trading or available-for-sale. The Company classifies its securities as available-for-sale and therefore is required to adjust securities to fair value at each reporting date. All costs and both realized and unrealized gains and losses on securities are determined on a specific identification basis. The following is a summary of available-for-sale securities at:
ASC Topic 326, "Financial Instruments - Credit Losses," requires the Company to use an allowance approach when recognizing credit loss for available-for-sale debt securities, measured as the difference between the security's amortized cost basis and the amount expected to be collected over the security's lifetime. Under this approach, at each reporting date, the Company records impairment related to credit losses through earnings offset with an allowance for credit losses, or ACL. At September 30, 2022, the Company has not recorded any credit losses. As of September 30, 2022, the fair market value of marketable securities was $287,000 below their cost basis. The Company’s gross unrealized holding gains equaled $1,000 and gross unrealized holding losses equaled $288,000. As of September 30, 2022, the adjustment to accumulated other comprehensive loss reflected a decline in market value of $278,000, including estimated taxes of $78,000. The Company elected to exclude applicable accrued interest from both the fair value and the amortized cost basis of the available-for-sale debt securities, and separately present the accrued interest receivable balance per ASC Topic 326. The accrued interest receivables balance totaled $151,000 as of September 30, 2022 and was included within the Prepaid expenses and other current assets line item of the Consolidated Balance Sheets. The Company elected not to measure an allowance for credit losses on accrued interest receivable as an allowance on possible uncollectible accrued interest is not warranted. U.S. Treasury and agency notes The unrealized losses on the Company's investments in U.S. Treasury and agency notes at September 30, 2022 and December 31, 2021 were caused by relative changes in interest rates since the time of purchase. The contractual cash flows for these securities are guaranteed by U.S. government agencies. The unrealized losses on these debt security holdings are a function of changes in investment spreads and interest rate movements and not changes in credit quality. As of September 30, 2022 and December 31, 2021, the Company did not intend to sell these securities and it is not more-likely-than-not that the Company would be required to sell these securities before recovery of their cost basis. Therefore, these investments did not require an ACL as of September 30, 2022 and December 31, 2021. Corporate notes The contractual terms of those investments do not permit the issuers to settle the securities at a price less than the amortized cost basis of the investments. The unrealized losses on corporate notes are a function of changes in investment spreads and interest rate movements and not changes in credit quality. The Company expects to recover the entire amortized cost basis of these securities. As of September 30, 2022 and December 31, 2021, the Company did not intend to sell these securities and it is not more-likely-than-not that the Company would be required to sell these securities before recovery of their cost basis. Therefore, these investments did not require an ACL as of September 30, 2022 and December 31, 2021. The following tables summarize the maturities, at par, of marketable securities as of:
The Company’s investments in corporate notes are with companies that have an investment grade rating from Standard & Poor’s as of September 30, 2022.
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REAL ESTATE |
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Real Estate [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
REAL ESTATE | REAL ESTATE Our accumulated real estate development costs by project consisted of the following:
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LONG-TERM WATER ASSETS |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LONG-TERM WATER ASSETS | LONG-TERM WATER ASSETS Long-term water assets consist of water and water contracts held for future use or sale. The water is held at cost, which includes the price paid for the water and the cost to pump and deliver the water from the California aqueduct into the water bank. Water is currently held in a water bank on Company land in southern Kern County and by the Tejon-Castac Water District (TCWD) in the Kern Water Banks. The Company has secured State Water Project, or SWP, entitlements under long-term SWP water contracts within the Tulare Lake Basin Water Storage District, or Tulare Lake Basin, and the Dudley-Ridge Water District, or Dudley-Ridge, totaling 3,444 acre-feet of SWP entitlement annually, subject to SWP allocations. These contracts extend through 2035 and have been transferred to the Antelope Valley East Kern Water Agency, or AVEK, for the Company's use in the Antelope Valley. In 2013, the Company acquired a contract to purchase water that obligates the Company to purchase 6,693 acre-feet of water each year from Nickel Family, LLC, or Nickel, a California limited liability company that is located in Kern County. The initial term of the water purchase agreement with Nickel runs to 2044 and includes a Company option to extend the contract for an additional 35 years. The purchase cost of water in 2022 is $861 per acre-foot. The purchase cost is subject to annual cost increases based on the greater of the consumer price index or 3%. Water assets will ultimately be sold to water districts servicing the Company’s commercial/industrial and resort/residential real estate developments, and for the Company's own use in its agricultural operations. Interim uses may include the sale of the temporary “right-of-use” of portions of this water to third-party users on an annual basis until this water is fully allocated to Company uses, as previously described. Water revenues and cost of sales were as follows for the nine months ended ($ in thousands):
The costs assigned to water assets held for future use were as follows ($ in thousands):
Intangible Water Assets The Company’s carrying amounts of its purchased water contracts were as follows ($ in thousands):
Water contracts with the Wheeler Ridge Maricopa Water Storage District, or WRMWSD, and TCWD are also in place, but were entered into with each district at the inception of the respective contracts, were not purchased later from third parties, and do not have a related financial value on the books of the Company. Therefore, there is no amortization expense related to these contracts. Total water resources, including both recurring and one-time usage, are:
Tejon Ranchcorp, or Ranchcorp, a wholly-owned subsidiary of Tejon Ranch Co., entered into a Water Supply Agreement with Pastoria Energy Facility, L.L.C., or PEF, in 2015. PEF is a current lessee of the Company in a land lease for the operation of a power plant. Pursuant to the Water Supply Agreement, PEF may purchase from the Company up to 3,500 acre-feet of water per year until July 31, 2030, with an option to extend the term. PEF is under no obligation to purchase water from the Company in any year but is required to pay the Company an annual option payment equal to 30% of the maximum annual payment. The price of the water under the Water Supply Agreement for 2022 is $1,224 per acre-foot, subject to 3% annual increases over the life of the contract. The Water Supply Agreement contains other customary terms and conditions, including representations and warranties that are typical for agreements of this type. The Company's commitments to sell water can be met through current water assets.
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ACCRUED LIABILITIES AND OTHER |
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Payables and Accruals [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ACCRUED LIABILITIES AND OTHER | ACCRUED LIABILITIES AND OTHER Accrued liabilities and other consisted of the following:
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LINE OF CREDIT AND LONG-TERM DEBT |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LINE OF CREDIT AND LONG-TERM DEBT | LINE OF CREDIT AND LONG-TERM DEBT Debt consisted of the following:
On June 30, 2022, the Company entered into a variable rate term note, or New Term Note, and a new Revolving Line of Credit Note, or New RLC, with Bank of America, N.A, or collectively the New Credit Facility. The New Term Loan provided a principal amount of $49,080,000 and a maturity date of June 28, 2032, which was used to pay off the existing Wells Fargo Amended Term Note. The Company evaluated the debt exchange under Accounting Standards Codification (ASC) 470 and determined that the exchange should be treated as a debt extinguishment. The amount of New RLC under the New Credit Facility is $40,607,000. The New Term Note had a $48,833,000 balance as of September 30, 2022. The interest rate per annum applicable to the New Term Loan is the daily Secured Overnight Financing Rate, or SOFR, plus a margin of 1.55 percentage points. The interest rate for the term of the New Term Note has been fixed through the use of an interest rate swap at a rate of 4.62%. The New Term Note requires monthly amortization payments pursuant to a schedule set forth in the New Term Note, with the final outstanding principal amount due June 28, 2032. The New Credit Facility is secured by the Company's farmland and farm assets, which include equipment, crops and crop receivables; the PEF power plant lease and lease site; and related accounts and other rights to payment and inventory. The New RLC had no outstanding balance as of September 30, 2022. At the Company’s option, the interest rate on this line of credit can float at 1.37% over a selected Daily SOFR rate or can be fixed at 1.37% above Term SOFR for a fixed rate term. During the term of this RLC (which matures in June 2032), the Company can borrow at any time and partially or wholly repay any outstanding borrowings and then re-borrow, as necessary.
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OTHER LIABILITIES |
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Other Liabilities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
OTHER LIABILITIES | OTHER LIABILITIES Other liabilities consisted of the following:
For the captions presented in the table above, please refer to the respective Notes to Unaudited Consolidated Financial Statements for further detail.
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STOCK COMPENSATION - RESTRICTED STOCK AND PERFORMANCE SHARE GRANTS |
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Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
STOCK COMPENSATION - RESTRICTED STOCK AND PERFORMANCE SHARE GRANTS | STOCK COMPENSATION - RESTRICTED STOCK AND PERFORMANCE SHARE GRANTS The Company’s stock incentive plans provide for the making of awards to employees based upon a service condition or through the achievement of performance-related objectives. The Company has issued three types of stock grant awards under these plans: restricted stock with service condition vesting; performance share grants that only vest upon the achievement of specified performance conditions, such as share price, or as Performance Condition Grants; and performance share grants that include threshold, target, and maximum achievement levels based on the achievement of specific performance measures, or Performance Milestone Grants. Performance Condition Grants with market-based conditions are based on the achievement of a target share price. The share price used to calculate vesting for market-based awards is determined using a Monte Carlo simulation. Failure to achieve the target share price will result in the forfeiture of shares. Forfeiture of share awards with service conditions or performance-based restrictions will result in a reversal of previously recognized share-based compensation expense. Forfeiture of share awards with market-based restrictions do not result in a reversal of previously recognized share-based compensation expense. The following is a summary of the Company’s Performance Condition Grants as of the nine months ended September 30, 2022:
The following is a summary of the Company’s stock grant activity, both time and performance share grants, assuming target achievement for outstanding performance grants for the nine months ended September 30, 2022:
The following is a summary of the assumptions used to determine the price for the Company’s market-based Performance Condition Grants for the nine months ended September 30, 2022:
The unamortized cost associated with unvested stock grants and the weighted average period over which it is expected to be recognized as of September 30, 2022 were $1,406,000 and 16 months, respectively. The fair value of restricted stock with time-based vesting features is based upon the Company’s share price on the date of grant and is expensed over the service period. The fair value of performance grants that cliff vest based on the achievement of performance conditions is based on the share price of the Company’s stock on the day of grant once the Company determines that it is probable that the award will vest. This fair value is expensed over the service period applicable to these grants. For performance grants that contain a range of shares from zero to a maximum, the Company determined, based on historic and projected results, the probability of (1) achieving the performance objective and (2) the level of achievement. Based on this information, the Company determines the fair value of the award and measures the expense over the service period related to these grants. Because the ultimate vesting of all performance grants is tied to the achievement of a performance condition, the Company estimates whether the performance condition will be met and over what period of time. Ultimately, the Company will adjust stock compensation costs according to the actual outcome of the performance condition. Under the Non-Employee Director Stock Incentive Plan, or NDSI Plan, each non-employee director receives a portion of his or her annual compensation in stock. The stock is granted at the end of each quarter based on the quarter-end stock price. The following table summarizes stock compensation costs for the Company's 1998 Stock Incentive Plan, or the Employee Plan, and NDSI Plan for the following periods:
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INTEREST RATE SWAP |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INTEREST RATE SWAP | INTEREST RATE SWAP In October 2014, the Company entered into an interest rate swap agreement to reduce its exposure to fluctuations in the floating interest rate tied to the London Inter-Bank Offered Rate, or LIBOR, under the term note with Wells Fargo, or the Term Note. On June 21, 2019, the Company amended the interest rate swap agreement to continue to hedge a portion of its exposure to interest rate risk from the Term Note, and, subsequently, the Amended Term Note. The original hedging relationship was de-designated, and the amended interest rate swap was re-designated simultaneously. The amended interest rate swap qualified as an effective cash flow hedge at the initial assessment, based upon a regression analysis, and is recorded at fair value. Changes in fair value, including accrued interest and adjustments for non-performance risk, that qualify as cash flow hedges are classified in accumulated other comprehensive income, or AOCI. Amounts classified in AOCI are subsequently reclassified into earnings in the period during which the hedged transactions affect earnings. On June 27, 2022, the Company terminated the related amended interest rate swap agreement with Wells Fargo and received a $1,123,000 cash termination fee from Wells Fargo. The amounts in AOCI were not reclassified into earnings upon the termination of the interest rate swap but will be released into earnings over the depreciable life of the constructed asset or when the asset is sold. On June 30, 2022, the Company entered into a variable rate term note, or New Term Note, with Bank of America, N.A. On the same day, the Company entered into a new interest rate swap agreement to reduce its exposure to fluctuations in the floating interest rate tied to SOFR under the New Term Note. Per ASC 815, an entity may apply the shortcut method to hedging relationships that meet all of the conditions under ASC 815. The Company performed an initial assessment of the hedging relationship and determined it is appropriate to apply the shortcut method as all conditions were met. The new interest rate swap qualified as an effective cash flow hedge under the guidance of ASC 815. Applying the shortcut method allows the Company to assume that it has a perfectly effective hedging relationship, therefore there is no need for the Company to perform any quantitative assessments of whether the hedge is highly effective. As of September 30, 2022, the fair value of the interest rate swap agreement was greater than its cost basis and as such the mark-to-market adjustment is recorded within Other Assets on the Consolidated Balance Sheets. The Company had the following outstanding interest rate swap agreement designated as an interest rate cash flow hedge as of September 30, 2022 and December 31, 2021 ($ in thousands):
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INCOME TAXES |
9 Months Ended |
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Sep. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXESThe Company’s provision for income taxes as of September 30, 2022 has been calculated by applying an estimate of the annual effective tax rate for the full year to “ordinary” income or loss (pre-tax income or loss excluding unusual or infrequently occurring discrete items). For the nine months ended September 30, 2022, the Company’s income tax expense was $6,262,000 compared to $1,237,000 for the nine months ended September 30, 2021. Effective tax rates were 31% and 38% for the nine months ended September 30, 2022 and 2021, respectively. As of September 30, 2022, the Company had income tax payables of $843,000. The Company classifies interest and penalties incurred on tax payments as income tax expense.For the nine months ended September 30, 2022, the Company’s effective tax rate was above statutory tax rates as a result of permanent differences related to Section 162(m) limitations. The Section 162(m) compensation deduction limitations occurred as a result of changes in tax law arising from the 2017 Tax Cuts Jobs Act. |
COMMITMENTS AND CONTINGENCIES |
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Sep. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Water Contracts The Company has secured water contracts that are encumbered by the Company's land. These water contracts require minimum annual payments, for which $13,249,000 is expected to be paid in 2022. These estimated water contract payments consist of SWP contracts with WRMWSD, TCWD, Tulare Lake Basin, Dudley-Ridge, and the Nickel water contract. The SWP contracts run through 2035 and the Nickel water contract runs through 2044, with an option to extend an additional 35 years. Contractual obligations for future water payments were $277,663,000 as of September 30, 2022. Conservancy Payments As of September 30, 2022, the Company has fulfilled its financial obligations to the Tejon Ranch Conservancy as prescribed in the Conservation Agreement that was entered into with five major environmental organizations in 2008. Contracts The Company exited a consulting contract during the second quarter of 2014 related to the Grapevine Development, or Grapevine project, and is obligated to pay an earned incentive fee at the time of its successful receipt of litigated project entitlements and at a value measurement date five-years after litigated entitlements have been achieved for Grapevine. The final amount of the incentive fee will not be finalized until the future payment dates. The Company believes as of September 30, 2022, the net savings resulting from exiting the contract during this future time period will more than offset the incentive payment costs. Community Facilities Districts The Tejon Ranch Public Facilities Financing Authority, or TRPFFA, is a joint powers authority formed by Kern County and TCWD to finance public infrastructure within the Company’s Kern County developments. For the development of the Tejon Ranch Commerce Center, or TRCC, TRPFFA has created two Community Facilities Districts, or CFDs: the West CFD and the East CFD. The West CFD has placed liens on 420 acres of the Company’s land to secure payment of special taxes related to $28,620,000 of bond debt sold by TRPFFA for TRCC-West. The East CFD has placed liens on 1,931 acres of the Company’s land to secure payments of special taxes related to $75,965,000 of bond debt sold by TRPFFA for TRCC-East. At TRCC-West, the West CFD has no additional bond debt approved for issuance. At TRCC-East, the East CFD has approximately $44,035,000 of additional bond debt authorized by TRPFFA that can be sold in the future. In connection with the sale of the bonds, there is a standby letter of credit for $4,393,000 related to the issuance of East CFD bonds. The standby letter of credit is in place to provide additional credit enhancement and cover approximately two years of interest on the outstanding bonds. This letter of credit will not be drawn upon unless the Company, as the largest landowner in the CFD, fails to make its property tax payments. The Company believes that the letter of credit will never be drawn upon. The letter of credit is for two years and will be renewed in two-year intervals as necessary. The annual cost related to the letter of credit is approximately $10,000. The Company is obligated, as a landowner in each CFD, to pay its share of the special taxes assessed each year. The secured lands include both the TRCC-West and TRCC-East developments. Proceeds from the sale of West CFD bonds went to reimburse the Company for public infrastructure costs related to the TRCC-West development. As of September 30, 2022, there were no additional improvement funds remaining from the West CFD bonds. There are $15,647,940 of additional improvement funds remaining within the East CFD bonds for reimbursement of public infrastructure costs during future years. During fiscal 2022, the Company expects to pay approximately $2,899,000 in special taxes. As development continues to occur at TRCC, new owners of land and new lease tenants, through triple net leases, will bear an increasing portion of the assessed special tax. This amount could change in the future based on the amount of bonds outstanding and the amount of taxes paid by others. The tax assessment of each individual property sold or leased is not determinable at this time because it is based on the current tax rate of the property at the time of sale or at the time it is leased to a third-party. Accordingly, the Company was not required to recognize an obligation on September 30, 2022. Centennial On April 30, 2019, the Los Angeles County Board of Supervisors granted final entitlement approval for the Centennial project. On May 15, 2019, Climate Resolve filed an action in Los Angeles Superior Court (the Climate Resolve Action), pursuant to the California Environmental Quality Act, or CEQA, and the California Planning and Zoning Law, against the County of Los Angeles and the Los Angeles County Board of Supervisors (collectively, LA County) concerning LA County’s granting of approvals for the Centennial project, including certification of the final environmental impact report and related findings (Centennial EIR); approval of associated general plan amendments; adoption of associated zoning; adoption of the Centennial Specific Plan; approval of a subdivision map for financing purposes; and adoption of a development agreement, among other approvals (collectively, the Centennial Approvals). Separately, on May 28, 2019, the Center for Biological Diversity (CBD) and the California Native Plant Society (CNPS) filed an action in Los Angeles County Superior Court (the CBD/CNPS Action) against LA County; like the Climate Resolve Action, the CBD/CNPS Action also challenges the Centennial Approvals. The Company, its wholly owned subsidiary Tejon Ranchcorp, and Centennial Founders, LLC are named as real parties-in-interest in both the Climate Resolve Action and the CBD/CNPS Action. The Climate Resolve Action and the CBD/CNPS Action collectively allege that LA County failed to properly follow the procedures and requirements of CEQA and the California Planning and Zoning Law. The Climate Resolve Action and the CBD/CNPS Action have been deemed “related” and have been consolidated for adjudication before the judge presiding over the Climate Resolve Action. The Climate Resolve Action and CBD/CNPS Action seek to invalidate the Centennial Approvals and require LA County to revise the environmental documentation related to the Centennial project. The court held three consolidated hearings for the CBD/CNPS Action and Climate Resolve Action on September 30, 2020, November 13, 2020, and January 8, 2021. On April 5, 2021 the court issued its decision denying the petition for writ of mandate by CBD/CNPS and granting the petition for writ of mandate filed by Climate Resolve. In granting Climate Resolve’s petition, the court found three specific areas where the EIR for the project was lacking. The court ruled that California’s Cap-and-Trade Program cannot be used as a compliance pathway for mitigating greenhouse gas (GHG) impacts for the project and therefore further ruled that additional analysis will be required related to all feasible mitigation of GHG impacts. The court also found that the EIR must provide additional analysis and explanation of how wildland fire risk on lands outside of the project site, posed by on-site ignition sources, is mitigated to less than significant. On April 19, 2021 CBD filed a motion for reconsideration with the court on the denial of their petition for writ of mandate to be granted prevailing party status in the Climate Resolve Action (“Motion for Reconsideration”). The hearing on the Motion for Reconsideration originally scheduled for August 13, 2021, was rescheduled to December 1, 2021. On November 30, 2021, the Company together with Ranchcorp and Centennial, entered into a Settlement Agreement with Climate Resolve. Pursuant to the Settlement Agreement, the Company has agreed: (1) to make Centennial a net zero GHG emissions project through various on-site and off-site measures, including but not limited to installing electric vehicle chargers and establishing and funding incentive programs for the purchase of electric vehicles; (2) to fund certain on-site and off-site fire protection and prevention measures; and (3) to provide annual public reports and create an organization to monitor progress towards these commitments. The foregoing is only a summary of the material terms of the Settlement Agreement and does not purport to be a complete description of the rights and obligations of the parties thereunder and is qualified in its entirety by reference to the Settlement Agreement. In exchange, Climate Resolve filed a request for dismissal of the Climate Resolve Action with prejudice from the Los Angeles County Superior Court. On December 3, 2021, the Los Angeles Superior Court granted and entered Climate Resolve’s dismissal with prejudice concluding the Climate Resolve Action. On December 1, 2021, the Los Angeles Superior Court continued CBD/CNPS Motion for Reconsideration to January 14, 2022, directing CBD/CNPS to evaluate the Settlement Agreement reached in the Climate Resolve Action to address issues surrounding remedies should CBD be granted prevailing party status in the Climate Resolve Action, and to evaluate the potential to settle or otherwise address CBD’s objections to the Centennial project. To that end, the Company met and conferred twice on January 4, 2022 and January 20, 2022. On January 14, the Los Angeles County Superior Court heard CBD/CNPS Motion for Reconsideration and issued its decision granting CBD/CNPS prevailing party status in the Climate Resolve Action. The Los Angeles County Superior Court set a tentative hearing date of February 25, 2022 concerning the entry of final judgment and awarding of appropriate remedies. Upon mutual request of the parties and approval by the Court, the February 25, 2022 hearing date has been extended on four separate occasions, originally to March 30, 2022, and then again to May 13, 2022, July 1, 2022 and most recently to September 7, 2022. On September 7, 2022, the Parties appeared before the Court concerning the entry of final judgment and the setting of appropriate remedies. The Court upon hearing oral argument ordered the parties to continue to meet and confer for an additional 30 days and continued the September 7th hearing to October 7, 2022. On October 3, 2022, the Court issued an order on the Court’s own continuance to further continue the October 7, 2022 hearing to October 21, 2022. Upon mutual request of the Parties and approval by the Court, the Parties extended the October 21, 2022 hearing date to October 26, 2022. At the October 26th hearing, the Court agreed to: (a) hear the Company’s Motion for Reconsideration as to the successful challenges Climate Resolve prevailed upon within the Climate Resolve Action, and ordered the Parties to appear on December 14, 2022 to hear the Company’s Motion to Reconsider and (b) rule on the entry of final judgment and setting of remedies at a February 17, 2023 hearing date. Prior to and subsequent of final judgment being entered, appellate litigation may follow. To the extent there may be an adverse outcome of the claims still pending as described above, the monetary value cannot be estimated at this time. Proceedings Incidental to Business From time to time, the Company is involved in other proceedings incidental to its business, including actions relating to employee claims, real estate disputes, contractor disputes and grievance hearings before labor regulatory agencies. The outcome of these other proceedings is not predictable. However, based on current circumstances, the Company does not believe that the ultimate resolution of these other proceedings will have a material adverse effect on the Company’s financial position, results of operations or cash flows, either individually or in the aggregate.
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RETIREMENT PLANS |
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Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
RETIREMENT PLANS | RETIREMENT PLANS The Company sponsors a defined benefit retirement plan, or Benefit Plan, that covers eligible employees hired prior to February 1, 2007. The benefits are based on years of service and the employee’s five-year final average salary. Contributions are intended to provide for benefits attributable to service both to date and expected to be provided in the future. The Company funds the plan in accordance with the Employee Retirement Income Security Act of 1974 (ERISA). In April 2017, the Company froze the Benefit Plan as it relates to future benefit accruals for participants. The Company expects to contribute $165,000 to the Benefit Plan in 2022. Benefit Plan assets consist of equity, debt and short-term money market investment funds. The Benefit Plan’s current investment policy changed during the third quarter of 2018. The policy's strategy seeks to minimize the volatility of the funding ratio. This objective will result in a prescribed asset mix between "return seeking" assets (e.g., stocks) and a bond portfolio (e.g., long duration bonds) according to a pre-determined customized investment strategy based on the Benefit Plan's funded status as the primary input. This path will be used as a reference point as to the mix of assets, which by design will de-emphasize the return seeking portion as the funded status improves. At September 30, 2022, the investment mix was approximately 19% equity, 80% debt, and 1% money market funds. At December 31, 2021, the investment mix was approximately 35% equity, 64% debt, and 1% money market funds. Equity investments comprise of value, growth, large cap, small cap and international stock funds. Debt investments consist of U.S. Treasury securities and investment grade corporate debt. A weighted average discount rate of 2.8% was used in determining the net periodic pension cost for fiscal 2022 and 2021. The assumed expected long-term rate of return on plan assets is 7.3% for both fiscal 2022 and 2021. The long-term rate of return on Benefit Plan assets is based on the historical returns within the plan and expectations for future returns. Total pension and retirement earnings for the Benefit Plan was as follows:
The Company has a Supplemental Executive Retirement Plan, or SERP, to restore to executives designated by the Compensation Committee of the Board of Directors the full benefits under the pension plan that would otherwise be restricted by certain limitations now imposed under the Internal Revenue Code. The SERP is currently unfunded. In April 2017, the Company froze the SERP as it relates to the accrual of additional benefits. The pension and retirement expense for the SERP was as follows:
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REPORTING SEGMENTS AND RELATED INFORMATION |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
REPORTING SEGMENTS AND RELATED INFORMATION | REPORTING SEGMENTS AND RELATED INFORMATION The Company currently operates in five reporting segments: commercial/industrial real estate development, resort/residential real estate development, mineral resources, farming, and ranch operations. For further details of the revenue components within each reporting segment, see Results of Operations by Segment in Item 2, "Management's Discussion and Analysis of Financial Condition and Results of Operations." Real estate - Commercial/Industrial Commercial/Industrial real estate development segment revenues consist of land sale revenues, leases of land and/or building space to tenants at the Company's commercial retail and industrial developments, base and percentage rents from the PEF power plant lease, communication tower rents, land sales, and payments from easement leases. Refer to Note 15 for discussion of unconsolidated joint ventures. In the first quarter of 2022, the Company sold 12.3 acres of industrial land located at TRCC West to a third party for $4,680,000 and recognize the amount as land sales revenue. In the third quarter of 2022, the Company sold 58.0 acres of industrial land located at TRCC East to a major multinational corporation for $22,000,000. The Company recognized land sales revenue of $19,627,000 and deferred revenues of $2,373,000 attributable to a performance obligation within the contract after applying the five-step revenue recognition model in accordance with ASC Topic 606 - Revenue From Contracts With Customers. The following table summarizes revenues, expenses and operating income from this segment for the periods ended:
Real Estate - Resort/Residential The Resort/Residential real estate development segment is actively involved in pursuing land entitlement and development processes both internally and through joint ventures. The segment incurs costs and expenses related to land management activities on land held for future development, but currently generates no revenue. The segment generated losses of $372,000 and $322,000 for the three months ended September 30, 2022 and 2021, respectively, and $1,218,000 and $1,314,000 for the nine months ended September 30, 2022 and 2021. Mineral Resources The Mineral Resources segment revenues include water sales and oil and mineral royalties from exploration and development companies that extract or mine natural resources from the Company's land. The following table summarizes revenues, expenses and operating results from this segment for the periods ended:
Farming The Farming segment revenues include the sale of almonds, pistachios, wine grapes, and hay. The following table summarizes revenues, expenses and operating results from this segment for the periods ended:
The Ranch Operations segment consists of game management revenues and ancillary land uses such as grazing leases and on-location filming. The following table summarizes revenues, expenses and operating results from this segment for the periods ended:
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INVESTMENT IN UNCONSOLIDATED AND CONSOLIDATED JOINT VENTURES |
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Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INVESTMENT IN UNCONSOLIDATED AND CONSOLIDATED JOINT VENTURES | INVESTMENT IN UNCONSOLIDATED AND CONSOLIDATED JOINT VENTURES The Company maintains investments in joint ventures. The Company accounts for its investments in unconsolidated joint ventures using the equity method of accounting unless the venture is a variable interest entity, or VIE, and meets the requirements for consolidation. The Company’s investment in its unconsolidated joint ventures as of September 30, 2022 was $38,605,000. Equity in earnings from unconsolidated joint ventures was $4,867,000 for the nine months ended September 30, 2022. The unconsolidated joint ventures have not been consolidated as of September 30, 2022, because the Company does not control the investments. The Company’s current joint ventures are as follows: •Petro Travel Plaza Holdings LLC – Petro Travel Plaza Holdings LLC, or Petro, is an unconsolidated joint venture with TravelCenters of America that develops and manages travel plazas, gas stations, convenience stores, and fast-food restaurants throughout TRCC. The Company has 50% of the voting rights but participates in 60% of all profits and losses. The Company does not control the investment due to having only 50% of the voting rights. The Company's partner is the managing partner and performs all of the day-to-day operations and has significant decision-making authority over key business components such as fuel inventory and pricing at the facilities. The Company's investment in this joint venture was $26,421,000 as of September 30, 2022. •Majestic Realty Co. – Majestic Realty Co., or Majestic, is a privately-held developer and owner of real estate projects throughout the United States. The Company has formed six 50/50 joint ventures with Majestic to acquire, develop, manage, and operate industrial real estate at TRCC. The partners have equal voting rights and equally share in the profit and loss of the joint ventures. The Company and Majestic guarantee the performance of all outstanding debt. •On March 29, 2022, TRC-MRC 5 LLC was formed to pursue the development, construction, lease-up, and management of an approximately 446,400 square foot industrial building located within TRCC-East. •In February 2022, we formed TRC-MRC Multi I, LLC, to pursue the development, construction, lease-up, and management of approximately 495 multi-family rental units located within TRCC-East. The Company's investment in this joint venture was $175,000 as of September 30, 2022. The project is currently in its initial planning and design phases with construction set to commence in 2023. •On March 25, 2021, TRC-MRC 4 LLC was formed to pursue the development, construction, lease-up, and management of a 629,274 square foot industrial building located within TRCC-East. On October 20, 2022, the industrial building received the Certificate of Occupancy. The construction was financed by a $47,500,000 construction loan that had an outstanding balance of $35,752,000 as of September 30, 2022. The construction loan is individually and collectively guaranteed by the Company and Majestic. In 2021, the Company contributed land with a fair value of $8,464,000 to TRC-MRC 4, LLC. The total cost of the land was $2,895,000. The Company recognized profit of $2,785,000 and deferred profit of $2,785,000 after applying the five-step revenue recognition model in accordance with ASC Topic 606 — Revenue From Contracts With Customers and ASC Topic 323, Investments — Equity Method and Joint Ventures. The Company's investment in this joint venture was $4,663,000 as of September 30, 2022. The building is 100% leased. •In November 2018, TRC-MRC 3, LLC was formed to pursue the development, construction, leasing, and management of a 579,040 square foot industrial building located within TRCC-East. TRC-MRC 3, LLC qualified as a VIE from inception, but the Company is not the primary beneficiary; therefore, it does not consolidate TRC-MRC 3, LLC in its financial statements. The building is 100% leased as of September 30, 2022. In March 2019, the joint venture entered into a promissory note with a financial institution to finance the construction of the building. The note matures on May 1, 2030 and had an outstanding principal balance of $34,705,000 as of September 30, 2022. On April 1, 2019, the Company contributed land with a fair value of $5,854,000 to TRC-MRC 3, LLC in accordance with the limited liability agreement. The Company's investment in this joint venture was $409,000 as of September 30, 2022. •In August 2016, the Company partnered with Majestic to form TRC-MRC 2, LLC to acquire, lease, and maintain a fully occupied warehouse at TRCC-West. The partnership acquired the 651,909 square foot building for $24,773,000, which was largely financed through a promissory note guaranteed by both partners. The promissory note was refinanced on June 1, 2018 with a $25,240,000 promissory note. The note matures on July 1, 2028 and has an outstanding principal balance of $22,776,000 as of September 30, 2022. The building is 100% leased as of September 30, 2022. Since its inception, the Company has received excess distributions resulting in a deficit balance in its investment of $2,470,000. In accordance with the applicable accounting guidance, the Company reclassified excess distributions to Other Liabilities within the Consolidated Balance Sheets. The Company expects to continue to record equity in earnings as a debit to the investment account and if it were to become positive, the Company would reclassify the liability to an asset. If it becomes obvious that any excess distribution may not be returned (upon joint venture liquidation or otherwise), the Company will immediately recognize the liability as income. •In September 2016, TRC-MRC 1, LLC was formed to develop and operate an approximately 480,480 square foot industrial building at TRCC-East. The building is 100% leased as of September 30, 2022. Since its inception, the Company has received excess distributions resulting in a deficit balance in its investment of $1,747,000. In accordance with the applicable accounting guidance, the Company reclassified excess distributions to Other Liabilities within the Consolidated Balance Sheets. The Company expects to continue to record equity in earnings as a debit to the investment account and if it were to become positive, the Company will reclassify the liability to an asset. If it becomes obvious that any excess distribution may not be returned (upon joint venture liquidation or otherwise), the Company will immediately recognize the liability as income. The joint venture refinanced its construction loan in December 2018 with a mortgage loan. The original balance of the mortgage loan was $25,030,000, of which $22,943,000 was outstanding as of September 30, 2022. Currently 240,000 square feet of industrial space is under negotiations. •Rockefeller Joint Ventures – The Company has one joint venture with Rockefeller Group Development Corporation, or Rockefeller. At September 30, 2022, the Company’s combined equity investment balance in these one joint ventures was $6,937,000. •18-19 West LLC was formed in August 2009 through the contribution of 61.5 acres of land by the Company that is being held for future development. The Company owns a 50% interest in this joint venture, and the joint venture is being accounted for under the equity method due to both members having significant participating rights in the management of the venture. In 2021, a third-party purchased the land from the joint venture for $15,213,000. The cash proceeds from the sale were distributed to the partners in the first quarter of 2022. On August 18, 2022, the final cash distribution of $386,000 was made by the joint venture and the entity was subsequently dissolved on August 24, 2022. •TRCC/Rock Outlet Center LLC was formed in 2013 to develop, own, and manage a net leasable 326,000 square foot outlet center on land at TRCC-East. The Company controls 50% of the voting interests of TRCC/Rock Outlet Center LLC; thus, it does not control the joint venture by voting interest alone. The Company is the named managing member. The managing member’s responsibilities relate to the routine day-to-day activities of TRCC/Rock Outlet Center LLC. However, all operating decisions, including the setting and monitoring of the budget, leasing, marketing, financing, and selection of the contractor for any construction, are jointly made by both members of the joint venture. Therefore, the Company concluded that both members have significant participating rights that are sufficient to overcome the presumption of the Company controlling the joint venture through it being named the managing member. As a result, the investment in TRCC/Rock Outlet Center LLC is being accounted for under the equity method. On September 7, 2021, the TRCC/Rock Outlet Center LLC joint venture successfully extended the maturity date of its term note with a financial institution from September 5, 2021 to May 31, 2024. In connection with the loan extension, the joint venture also reduced the outstanding amount by $4,600,000. As of September 30, 2022, the outstanding balance of the term note was $27,982,000. The Company and Rockefeller guarantee the performance of the debt. •Centennial Founders, LLC – Centennial Founders, LLC, or CFL, is a joint venture with TRI Pointe Homes to pursue the entitlement and development of land that the Company owns in Los Angeles County. As of September 30, 2022, the Company owned 93.20% of CFL. The Company’s investment balance in its unconsolidated joint ventures differs from its respective capital accounts in the respective joint ventures. The difference represents the difference between the cost basis of assets contributed by the Company and the agreed upon fair value of the assets contributed. Unaudited condensed statement of operations for the nine months ended September 30, 2022 and condensed balance sheet information of the Company’s unconsolidated joint ventures as of September 30, 2022 and December 31, 2021 are as follows:
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RELATED PARTY TRANSACTIONS |
9 Months Ended |
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Sep. 30, 2022 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONSTCWD is a not-for-profit governmental entity, organized on December 28, 1965, pursuant to Division 13 of the Water Code, State of California. TCWD is a landowner voting district, which requires an elector, or voter, to be an owner of land located within the district. TCWD was organized to provide the water needs for future municipal, residential, and industrial development. The Company is the largest landowner and taxpayer within TCWD. The Company has a water service contract with TCWD that entitles it to receive all of TCWD’s State Water Project entitlement and all of TCWD’s banked water. TCWD is also entitled to make assessments of all taxpayers within the district, to the extent funds are required to cover expenses and to charge water users within the district for the use of water. From time to time, the Company transacts with TCWD in the ordinary course of business.The Company has water contracts with WRMWSD for SWP water deliveries to its agricultural and municipal/industrial operations in the San Joaquin Valley. The terms of these contracts extend to 2035. Under the contracts, the Company is entitled to annual water for 5,496 acres of land, or 15,547 acre-feet of water, subject to SWP allocations. The Company's Executive Vice President and Chief Operating Officer/Chief Financial Officer is one of nine directors at WRMWSD. As of September 30, 2022, the Company paid $6,091,000 for these water contracts and related costs. |
BASIS OF PRESENTATION (Policies) |
9 Months Ended |
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Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements No new Accounting Standards Update, or ASU, is applicable to our consolidated financial statements as of September 30, 2022.
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EQUITY (Tables) |
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Schedule of Weighted Average Number of Shares Outstanding |
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MARKETABLE SECURITIES (Tables) |
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Sep. 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Available-for-Sale Securities | The following is a summary of available-for-sale securities at:
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Summary of Maturities, at Par, of Marketable Securities by Year | The following tables summarize the maturities, at par, of marketable securities as of:
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REAL ESTATE (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Real Estate | Our accumulated real estate development costs by project consisted of the following:
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LONG-TERM WATER ASSETS (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Water Revenues and Cost of Sales | Water revenues and cost of sales were as follows for the nine months ended ($ in thousands):
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Schedule of Tangible Water Assets | The costs assigned to water assets held for future use were as follows ($ in thousands):
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Schedule of Finite-Lived Intangible Assets | The Company’s carrying amounts of its purchased water contracts were as follows ($ in thousands):
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Schedule of Components of Water Assets | Total water resources, including both recurring and one-time usage, are:
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ACCRUED LIABILITIES AND OTHER (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payables and Accruals [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accrued Liabilities and Other | Accrued liabilities and other consisted of the following:
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LINE OF CREDIT AND LONG-TERM DEBT (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Components of Long-term Debt | Debt consisted of the following:
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OTHER LIABILITIES (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Liabilities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Other Liabilities | Other liabilities consisted of the following:
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STOCK COMPENSATION - RESTRICTED STOCK AND PERFORMANCE SHARE GRANTS (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Performance Share Grants with Performance Conditions | The following is a summary of the Company’s Performance Condition Grants as of the nine months ended September 30, 2022:
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Summary of Stock Grant Activity | The following is a summary of the Company’s stock grant activity, both time and performance share grants, assuming target achievement for outstanding performance grants for the nine months ended September 30, 2022:
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Summary of Assumptions Used to Determine The Price of Market-Based Performance Condition Grants | The following is a summary of the assumptions used to determine the price for the Company’s market-based Performance Condition Grants for the nine months ended September 30, 2022:
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Summary of Stock Compensation Costs for Employee and NDSI Plans | The following table summarizes stock compensation costs for the Company's 1998 Stock Incentive Plan, or the Employee Plan, and NDSI Plan for the following periods:
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INTEREST RATE SWAP (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Interest Rate Derivatives | The Company had the following outstanding interest rate swap agreement designated as an interest rate cash flow hedge as of September 30, 2022 and December 31, 2021 ($ in thousands):
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RETIREMENT PLANS (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Components of Net Periodic Pension Cost | Total pension and retirement earnings for the Benefit Plan was as follows:
The pension and retirement expense for the SERP was as follows:
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REPORTING SEGMENTS AND RELATED INFORMATION (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Components of Segment Revenues | The following table summarizes revenues, expenses and operating income from this segment for the periods ended:
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INVESTMENT IN UNCONSOLIDATED AND CONSOLIDATED JOINT VENTURES (Tables) |
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Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Condensed Statements of Operations and Balance Sheet Information of Consolidated and Unconsolidated Joint Ventures | Unaudited condensed statement of operations for the nine months ended September 30, 2022 and condensed balance sheet information of the Company’s unconsolidated joint ventures as of September 30, 2022 and December 31, 2021 are as follows:
|
BASIS OF PRESENTATION (Details) $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2022
USD ($)
segment
|
Sep. 30, 2021
USD ($)
|
|
Accounting Policies [Abstract] | ||
Number of reportable segments | segment | 5 | |
Restricted cash (Shown in Other Assets) | $ | $ 1,203 | $ 803 |
EQUITY (Details) - shares |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Weighted average number of shares outstanding: | ||||
Common stock (in shares) | 26,491,251 | 26,351,254 | 26,468,099 | 26,336,247 |
Common stock equivalents (in shares) | 47,507 | 163,689 | 164,364 | 135,264 |
Diluted shares outstanding (in shares) | 26,538,758 | 26,514,943 | 26,632,463 | 26,471,511 |
MARKETABLE SECURITIES - Additional Information (Details) $ in Thousands |
9 Months Ended |
---|---|
Sep. 30, 2022
USD ($)
| |
Investments, Debt and Equity Securities [Abstract] | |
Fair market value of investment securities below their cost basis | $ 287 |
Gross unrealized holding gains | 1 |
Gross unrealized holding losses | 288 |
Decline in market value | 278 |
Estimated tax of change in value of available-for-sale securities | 78 |
Accrued interest receivable balance | $ 151 |
MARKETABLE SECURITIES - Available-for-sale Securities by Maturities (Details) - USD ($) $ in Thousands |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Summary of maturities, at par, of marketable securities | ||
2022 | $ 7,190 | $ 10,180 |
2023 | 24,345 | 750 |
Total | 31,535 | 10,930 |
Certificates of deposit | ||
Summary of maturities, at par, of marketable securities | ||
2022 | 649 | 400 |
2023 | 0 | 0 |
Total | 649 | 400 |
U.S. Treasury and agency notes | ||
Summary of maturities, at par, of marketable securities | ||
2022 | 2,905 | 855 |
2023 | 10,875 | 500 |
Total | 13,780 | 1,355 |
Corporate notes | ||
Summary of maturities, at par, of marketable securities | ||
2022 | 3,636 | 8,925 |
2023 | 13,470 | 250 |
Total | $ 17,106 | $ 9,175 |
REAL ESTATE (Details) - USD ($) $ in Thousands |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Property, Plant and Equipment [Line Items] | ||
Real estate development | $ 325,931 | $ 319,030 |
Less accumulated depreciation | (3,562) | (3,294) |
Real estate and improvements - held for lease, net | 17,028 | 17,301 |
Mountain Village | ||
Property, Plant and Equipment [Line Items] | ||
Real estate development | 153,267 | 150,668 |
Centennial | ||
Property, Plant and Equipment [Line Items] | ||
Real estate development | 114,284 | 112,063 |
Grapevine | ||
Property, Plant and Equipment [Line Items] | ||
Real estate development | 38,778 | 37,922 |
Tejon Ranch Commerce Center | ||
Property, Plant and Equipment [Line Items] | ||
Real estate development | 19,602 | 18,377 |
Tejon Ranch Commerce Center | $ 20,590 | $ 20,595 |
LONG-TERM WATER ASSETS - Additional Information (Details) |
9 Months Ended | |
---|---|---|
Sep. 30, 2022
$ / acre ft
acre ft
|
Dec. 31, 2013
acre ft
|
|
SWP Water Contracts | ||
Long Lived Assets Held-for-sale [Line Items] | ||
Avek water for future delivery (in acre-feet) | 3,444 | |
DMB | ||
Long Lived Assets Held-for-sale [Line Items] | ||
Contract renewal optional term | 35 years | |
Cost of purchased water (per acre-foot) | $ / acre ft | 861 | |
DMB | Maximum | ||
Long Lived Assets Held-for-sale [Line Items] | ||
Annual fee increase | 3.00% | |
DMB | Water available for banking, sales, or internal use | ||
Long Lived Assets Held-for-sale [Line Items] | ||
Long-term water assets (in acre-feet) | 6,693 | |
PEF | Water available for banking, sales, or internal use | Ranchcorp | ||
Long Lived Assets Held-for-sale [Line Items] | ||
Cost of purchased water (per acre-foot) | $ / acre ft | 1,224 | |
Annual fee increase | 3.00% | |
Water assets, volume available for purchase from 2017-2030 (up to) (in acre-feet) | 3,500 | |
Annual option payment | 30.00% |
LONG-TERM WATER ASSETS - Revenues and Cost of Sales (Details) $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2022
USD ($)
acre ft
|
Sep. 30, 2021
USD ($)
acre ft
|
|
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Acre-Feet Sold | acre ft | 9,600 | 13,199 |
Revenues | $ 13,635 | $ 14,986 |
Cost of sales | 8,944 | 10,297 |
Profit | $ 4,691 | $ 4,689 |
LONG-TERM WATER ASSETS - Tangible Water Assets (Details) - USD ($) $ in Thousands |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Long Lived Assets Held-for-sale [Line Items] | ||
Total water held for future use at cost | $ 25,948 | $ 27,899 |
Banked water and water for future delivery | ||
Long Lived Assets Held-for-sale [Line Items] | ||
Total water held for future use at cost | 23,855 | 25,020 |
Water available for banking, sales, or internal use | ||
Long Lived Assets Held-for-sale [Line Items] | ||
Total water held for future use at cost | $ 2,093 | $ 2,879 |
LONG-TERM WATER ASSETS - Intangible Water Assets (Details) - USD ($) $ in Thousands |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Finite-Lived Intangible Assets [Line Items] | ||
Costs | $ 36,800 | $ 36,800 |
Accumulated Depreciation | (14,724) | (13,702) |
Net cost of purchased water contracts | 22,076 | 23,098 |
Total cost water held for future use | 25,948 | 27,899 |
Net investments in water assets | 48,024 | 50,997 |
Contract-based Intangible Assets | Dudley-Ridge water rights | ||
Finite-Lived Intangible Assets [Line Items] | ||
Costs | 11,581 | 11,581 |
Accumulated Depreciation | (5,669) | (5,307) |
Contract-based Intangible Assets | Nickel water rights | ||
Finite-Lived Intangible Assets [Line Items] | ||
Costs | 18,740 | 18,740 |
Accumulated Depreciation | (5,729) | (5,247) |
Contract-based Intangible Assets | Tulare Lake Basin water rights | ||
Finite-Lived Intangible Assets [Line Items] | ||
Costs | 6,479 | 6,479 |
Accumulated Depreciation | $ (3,326) | $ (3,148) |
LONG-TERM WATER ASSETS - Volume of Water Assets (Details) - acre ft acre ft in Thousands |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Water held for future use | ||
Total water held for future use | 106,671 | 110,741 |
Purchased water contracts | 10,137 | 10,137 |
Total purchased water contracts | 31,433 | 31,433 |
Total water held for future use and purchased water contracts | 138,104 | 142,174 |
Tejon-Castac Water District | ||
Water held for future use | ||
Total water held for future use | 53,448 | 56,189 |
Purchased water contracts | 5,749 | 5,749 |
Water held for future use | ||
Water held for future use | ||
Company water bank | 50,349 | 50,349 |
Water available for banking, sales, or internal use | 2,874 | 4,203 |
WRMWSD - Contracts with the Company | ||
Water held for future use | ||
Purchased water contracts | 15,547 | 15,547 |
ACCRUED LIABILITIES AND OTHER (Details) - USD ($) $ in Thousands |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Payables and Accruals [Abstract] | ||
Accrued vacation | $ 749 | $ 782 |
Accrued paid personal leave | 356 | 356 |
Accrued bonus | 1,845 | 2,062 |
Property tax payable | 1,359 | 0 |
Other | 106 | 251 |
Accrued liabilities and other | $ 4,415 | $ 3,451 |
LINE OF CREDIT AND LONG-TERM DEBT (Details) - USD ($) $ in Thousands |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Long-term Debt, Current and Noncurrent [Abstract] | ||
Notes payable | $ 50,590 | $ 52,784 |
Less: line-of-credit and current maturities of long-term debt | (1,758) | (4,475) |
Less: deferred loan costs | (220) | (154) |
Long-term debt, less current portion | $ 48,612 | $ 48,155 |
LINE OF CREDIT AND LONG-TERM DEBT - Additional Information (Details) - USD ($) |
9 Months Ended | |
---|---|---|
Sep. 30, 2022 |
Jun. 30, 2022 |
|
Line of Credit Facility [Line Items] | ||
Interest rate swap | 4.62% | |
Term Notes | ||
Line of Credit Facility [Line Items] | ||
Long-term debt | $ 48,833,000 | |
Term Notes | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | ||
Line of Credit Facility [Line Items] | ||
Interest rate on line of credit, variable rate | 1.55% | |
Term Notes | New Term Note | Bank of America, N.A. | ||
Line of Credit Facility [Line Items] | ||
Debt instrument face amount | $ 49,080,000 | |
Revolving Credit Facility | ||
Line of Credit Facility [Line Items] | ||
Line of credit facility | $ 40,607,000 | |
RLC outstanding balance | $ 0 | |
Revolving Credit Facility | Selected Sofr Rate | ||
Line of Credit Facility [Line Items] | ||
Interest rate on line of credit, variable rate | 1.37% | |
Revolving Credit Facility | Fixed Term Sofr | ||
Line of Credit Facility [Line Items] | ||
Interest rate on line of credit, variable rate | 1.37% |
OTHER LIABILITIES (Details) - USD ($) $ in Thousands |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Other Liabilities | ||
Interest rate swap liability | $ 0 | $ 3,088 |
Excess joint venture distributions and other | 4,226 | 3,348 |
Total | 11,943 | 14,468 |
Asset balance | 1,600 | |
Pension Plan | ||
Other Liabilities | ||
Pension and supplemental executive retirement plan liability | 26 | 185 |
SERP | ||
Other Liabilities | ||
Pension and supplemental executive retirement plan liability | $ 7,691 | $ 7,847 |
STOCK COMPENSATION - RESTRICTED STOCK AND PERFORMANCE SHARE GRANTS - Additional Information (Details) $ in Thousands |
9 Months Ended |
---|---|
Sep. 30, 2022
USD ($)
award
| |
Share-Based Payment Arrangement [Abstract] | |
Number of types of stock grant awards | award | 3 |
Total compensation cost not yet recognized | $ | $ 1,406 |
Total compensation cost not yet recognized, period for recognition | 16 months |
STOCK COMPENSATION - RESTRICTED STOCK AND PERFORMANCE SHARE GRANTS - Performance Share Grants (Details) - Performance share grants |
9 Months Ended |
---|---|
Sep. 30, 2022
shares
| |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Target performance (in shares) | 453,747 |
Maximum performance (in shares) | 342,411 |
STOCK COMPENSATION - RESTRICTED STOCK AND PERFORMANCE SHARE GRANTS - Summary of Stock Grant Activity (Details) - Performance share grants |
9 Months Ended |
---|---|
Sep. 30, 2022
shares
| |
Summary of stock grant activity: | |
Stock Grants Outstanding Beginning of Period at Target Achievement (in shares) | 683,645 |
New Stock Grants/Additional Shares due to Achievement in Excess of Target (in shares) | 60,078 |
Vested Grants(in shares) | (128,893) |
Expired/Forfeited Grants (in shares) | (240,710) |
Stock Grants Outstanding End of Period at Target Achievement (in shares) | 374,120 |
STOCK COMPENSATION - RESTRICTED STOCK AND PERFORMANCE SHARE GRANTS - Compensation Costs (Details) - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total Stock Compensation Costs | $ 2,327 | $ 3,492 |
1998 Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock compensation costs, expensed | 1,646 | 2,774 |
Capitalized | 239 | 330 |
Total Stock Compensation Costs | 1,885 | 3,104 |
NDSI Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock compensation costs, expensed | $ 442 | $ 388 |
INTEREST RATE SWAP (Details) - USD ($) |
Sep. 30, 2022 |
Jun. 27, 2022 |
Dec. 31, 2021 |
---|---|---|---|
Derivatives, Fair Value [Line Items] | |||
Termination fees | $ 1,123,200 | ||
Weighted Average Interest Pay Rate | 4.62% | ||
Level 2 | Interest Rate Swap | Other Liabilities | |||
Derivatives, Fair Value [Line Items] | |||
Weighted Average Interest Pay Rate | 4.62% | 4.16% | |
Fair Value | $ 1,608,000 | $ (3,088,000) | |
Notional Amount | $ 48,833,000 | $ 50,837,000 |
INCOME TAXES (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||||
---|---|---|---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
Dec. 31, 2021 |
|||
Income Tax Disclosure [Abstract] | |||||||
Income tax expense | $ 3,221 | $ 98 | $ 6,262 | $ 1,237 | |||
Effective income tax rate | 31.00% | 38.00% | |||||
Income Taxes Payable | $ 843 | $ 843 | $ 1,217 | ||||
Interest rate swap settlement | [1] | $ 1,123 | $ 0 | ||||
|
RETIREMENT PLANS - Additional Information (Details) - USD ($) $ in Thousands |
9 Months Ended | ||
---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Dec. 31, 2021 |
|
Assumptions used in determining periodic pension cost: | |||
Discount rate | 2.80% | 2.80% | |
Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service period | 5 years | ||
Contributions to defined benefit plan | $ 165 | ||
Assumptions used in determining periodic pension cost: | |||
Expected long-term rate of return on plan assets | 7.30% | 7.30% | |
Pension Plan | Equities | |||
Current investment policy targets: | |||
Current investment mix | 19.00% | 35.00% | |
Pension Plan | Treasury/Corporate Notes | |||
Current investment policy targets: | |||
Current investment mix | 80.00% | 64.00% | |
Pension Plan | Money Market Funds | |||
Current investment policy targets: | |||
Current investment mix | 1.00% | 1.00% |
RETIREMENT PLANS - Net Periodic Pension Cost (Details) - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Pension Plan | ||
Earnings (cost) components: | ||
Interest cost | $ (234) | $ (219) |
Expected return on plan assets | 414 | 564 |
Net amortization and deferral | (36) | (54) |
Total net periodic pension earnings | 144 | 291 |
SERP | ||
Earnings (cost) components: | ||
Interest cost | (138) | (123) |
Net amortization and deferral | (87) | (93) |
Total net periodic pension earnings | $ (225) | $ (216) |
REPORTING SEGMENTS AND RELATED INFORMATION - Revenue Components of Mineral Resources Segment (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Revenue from External Customer [Line Items] | ||||
Total expenses | $ 20,487 | $ 16,177 | $ 47,882 | $ 42,398 |
Operating results | 10,988 | (1,215) | 13,882 | 256 |
Operating Segments | ||||
Revenue from External Customer [Line Items] | ||||
Total revenues | 31,475 | 14,962 | 61,764 | 42,654 |
Mineral resources | Operating Segments | ||||
Revenue from External Customer [Line Items] | ||||
Total revenues | 3,139 | 4,774 | 19,238 | 19,354 |
Total expenses | 1,745 | 3,025 | 11,347 | 12,325 |
Operating results | $ 1,394 | $ 1,749 | $ 7,891 | $ 7,029 |
REPORTING SEGMENTS AND RELATED INFORMATION - Revenue Components of Farming Segments (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Revenue from External Customer [Line Items] | ||||
Total expenses | $ 20,487 | $ 16,177 | $ 47,882 | $ 42,398 |
Operating results | 10,988 | (1,215) | 13,882 | 256 |
Operating Segments | ||||
Revenue from External Customer [Line Items] | ||||
Total revenues | 31,475 | 14,962 | 61,764 | 42,654 |
Farming | Operating Segments | ||||
Revenue from External Customer [Line Items] | ||||
Total revenues | 4,776 | 6,726 | 7,352 | 7,612 |
Total expenses | 8,752 | 7,296 | 13,976 | 9,977 |
Operating results | $ (3,976) | $ (570) | $ (6,624) | $ (2,365) |
REPORTING SEGMENTS AND RELATED INFORMATION - Revenue Components of Ranch Operations (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Revenue from External Customer [Line Items] | ||||
Total expenses | $ 20,487 | $ 16,177 | $ 47,882 | $ 42,398 |
Operating results | 10,988 | (1,215) | 13,882 | 256 |
Operating Segments | ||||
Revenue from External Customer [Line Items] | ||||
Total revenues | 31,475 | 14,962 | 61,764 | 42,654 |
Ranch operations | Operating Segments | ||||
Revenue from External Customer [Line Items] | ||||
Total revenues | 1,208 | 996 | 3,011 | 2,868 |
Total expenses | 1,143 | 1,182 | 3,708 | 3,511 |
Operating results | $ 65 | $ (186) | $ (697) | $ (643) |
RELATED PARTY TRANSACTIONS (Details) - SWP Water Contracts - Wheeler Ridge Maricopa Water Storage District - Executive Vice President and Chief Operating Officer $ in Thousands |
9 Months Ended |
---|---|
Sep. 30, 2022
USD ($)
a
director
acre ft
| |
Related Party Transaction [Line Items] | |
Acres of land | a | 5,496 |
Purchased water contracts | acre ft | 15,547 |
Number of directors | director | 9 |
Water contracts and related costs | $ | $ 6,091 |
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