Tejon Ranch Co
(NYSE:TRC)

Tejon Ranch Co. operates as a diversified real estate development and agribusiness company. It operates through five segments: Commercial/Industrial Real Estate Development, Resort/Residential Real Estate Development, Mineral Resources, Farming, and Ranch Operations. The Commercial/Industrial Real E...

Website: http://tejonranch.com

Full Time Employees: 106

Sector: Industrials

Industry: Conglomerates

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Unit: USD	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2007-03-31	2006-09-30	2006-06-30	2006-03-31

revenues:
real estate - commercial/industrial	3,124,000	5,107,000	2,754,000	4,055,000	3,002,000	2,550,000	2,945,000	3,052,000	3,397,000	2,633,000	2,676,000	8,352,000	22,352,000	2,462,000	7,349,000	2,466,000	8,126,000	2,228,000	2,392,000	2,710,000	2,114,000	2,320,000	4,751,000	2,620,000	6,595,000	2,826,000	2,182,000	2,445,000	2,189,000	2,154,000	2,297,000	2,432,000	2,485,000	2,189,000	2,904,000	2,221,000	2,159,000	2,154,000	-663,000	2,548,000	3,025,000	3,362,000	3,312,000	2,572,000	2,553,000	2,942,000	2,759,000	2,842,000	2,825,000	2,722,000	-8,800,000	6,185,000	6,502,000	6,054,000	10,800,000	5,760,000	5,106,000	4,286,000	5,159,000	3,853,000	4,071,000	3,573,000	3,752,000	4,046,000	3,448,000	3,750,000	5,876,000	8,046,000	9,095,000	4,217,000	4,527,000	4,165,000		4,249,000	4,760,000		3,521,000
mineral resources	3,172,000	1,510,000	2,595,000	2,527,000	3,166,000	2,032,000	2,489,000	2,894,000	3,118,000	1,600,000	6,912,000	2,357,000	3,139,000	4,131,000	11,968,000	4,774,000	7,404,000	7,176,000	1,460,000	1,322,000	1,776,000	6,178,000	1,440,000	1,559,000	660,000	6,132,000	2,409,000	1,355,000	1,500,000	9,131,000	1,321,000	1,142,000	1,519,000	2,001,000	1,101,000	1,125,000	3,187,000	8,740,000	942,000	1,322,000	2,652,000	10,200,000	1,454,000	2,393,000	2,441,000	2,264,000	2,187,000	2,424,000	2,765,000	2,866,000
farming	4,335,000	607,000	1,556,000	9,676,000	3,242,000	142,000	865,000	9,098,000	2,642,000	1,025,000	1,185,000	5,649,000	4,776,000	1,921,000	655,000	6,726,000	279,000	607,000	4,168,000	8,537,000	209,000	952,000	13,028,000	4,602,000	886,000	815,000	5,990,000	10,836,000	542,000	1,195,000	7,036,000	7,466,000	1,501,000	431,000	7,606,000	9,319,000	502,000	1,221,000	11,366,000	8,076,000	1,323,000	3,071,000	10,381,000	8,688,000	2,786,000	1,580,000	7,644,000	9,452,000	1,651,000	3,935,000	8,019,000	9,797,000	1,253,000	3,484,000	8,847,000	8,917,000	638,000	2,610,000	5,721,000	12,198,000	188,000	469,000	5,998,000	6,010,000	834,000	141,000	4,496,000	6,436,000	928,000	1,027,000	5,454,000	6,796,000	1,055,000	2,099,000	4,606,000	2,019,000	2,198,000
ranch operations	1,338,000	1,083,000	1,304,000	1,677,000	1,446,000	965,000	1,107,000	1,123,000	1,052,000	840,000	1,492,000	1,095,000	1,208,000	755,000	1,048,000	996,000	829,000	1,043,000	1,209,000	944,000	676,000	863,000	1,039,000	876,000	805,000	889,000	1,067,000	796,000	839,000	989,000	1,028,000	868,000	860,000	1,081,000	1,085,000	414,000	1,001,000	838,000
total revenues	11,969,000	8,307,000	8,209,000	17,935,000	10,856,000	5,689,000	7,406,000	16,167,000	10,209,000	6,098,000	12,265,000	17,453,000	31,475,000	9,269,000	21,020,000	14,962,000	16,638,000	11,054,000	9,229,000	13,513,000	4,775,000	10,313,000	20,258,000	9,657,000	8,946,000	10,662,000	11,648,000	15,432,000	5,070,000	13,469,000	11,682,000	11,908,000	6,365,000	5,702,000	12,696,000	13,079,000	6,849,000	12,953,000	15,568,000	11,946,000	7,000,000	16,633,000	14,544,000	13,852,000	8,008,000	7,145,000	12,975,000	15,128,000	7,475,000	9,760,000	13,547,000	16,114,000	7,849,000	9,579,000	19,815,000	14,765,000	5,872,000	22,646,000	10,883,000	16,279,000	4,263,000	4,088,000	9,828,000	10,250,000	4,282,000	3,891,000	10,372,000	14,482,000	10,023,000	5,244,000	9,981,000	10,961,000	5,054,000	6,348,000	9,366,000	5,632,000	5,719,000
yoy	10.25%	46.02%	10.84%	10.94%	6.34%	-6.71%	-39.62%	-7.37%	-67.56%	-34.21%	-41.65%	16.65%	89.18%	-16.15%	127.76%	10.72%	248.44%	7.19%	-54.44%	39.93%	-46.62%	-3.27%	73.92%	-37.42%	76.45%	-20.84%	-0.29%	29.59%	-20.35%	136.22%	-7.99%	-8.95%	-7.07%	-55.98%	-18.45%	9.48%	-2.16%	-22.12%	7.04%	-13.76%	-12.59%	132.79%	12.09%	-8.43%	7.13%	-26.79%	-4.22%	-6.12%	-4.76%	1.89%	-31.63%	9.14%	33.67%	-57.70%	82.07%	-9.30%	37.74%	453.96%	10.73%	58.82%	-0.44%	5.06%	-5.24%	-29.22%	-57.28%	-25.80%	3.92%	32.12%	98.32%	-17.39%	6.57%	94.62%	-11.63%
qoq	44.08%	1.19%	-54.23%	65.21%	90.82%	-23.18%	-54.19%	58.36%	67.42%	-50.28%	-29.73%	-44.55%	239.57%	-55.90%	40.49%	-10.07%	50.52%	19.77%	-31.70%	182.99%	-53.70%	-49.09%	109.78%	7.95%	-16.09%	-8.46%	-24.52%	204.38%	-62.36%	15.30%	-1.90%	87.09%	11.63%	-55.09%	-2.93%	90.96%	-47.12%	-16.80%	30.32%	70.66%	-57.91%	14.36%	5.00%	72.98%	12.08%	-44.93%	-14.23%	102.38%	-23.41%	-27.95%	-15.93%	105.30%	-18.06%	-51.66%	34.20%	151.45%	-74.07%	108.09%	-33.15%	281.87%	4.28%	-58.40%	-4.12%	139.37%	10.05%	-62.49%	-28.38%	44.49%	91.13%	-47.46%	-8.94%	116.88%	-20.38%	-32.22%	66.30%	-1.52%
costs and expenses:
real estate - resort/residential	318,000	304,000	386,000	299,000	328,000	427,000	1,561,000	449,000	367,000	324,000	388,000	411,000	372,000	423,000	423,000	322,000	439,000	553,000	387,000	273,000	326,000	626,000	375,000	582,000	642,000	648,000	211,000	471,000	433,000	415,000	554,000	271,000	500,000	630,000	378,000	323,000	387,000	542,000	464,000	558,000			-603,000	199,000	228,000	359,000	385,000	410,000	234,000	237,000	316,000	132,000	94,000	41,000	168,000	88,000	128,000	948,000	-1,869,000	23,000	4,000	46,000	78,000	194,000	962,000	969,000	1,335,000	1,458,000	866,000	904,000	1,026,000	1,008,000		772,000	958,000		748,000
corporate expenses	2,868,000	4,900,000	4,236,000	2,298,000	2,945,000	3,357,000	2,492,000	3,048,000	2,315,000	2,222,000	2,287,000	3,469,000	1,630,000	2,185,000	2,415,000	2,021,000	2,364,000	2,291,000	2,282,000	2,121,000	2,494,000	2,533,000	2,837,000	1,760,000	2,290,000	2,474,000	2,409,000	2,100,000	2,464,000	2,732,000	2,425,000	2,277,000	2,494,000	2,945,000	3,288,000	3,096,000	3,163,000	3,003,000	3,594,000	2,927,000	2,764,000	3,523,000	2,358,000	2,932,000	2,608,000	3,424,000	5,239,000	2,913,000	658,000	3,831,000	3,835,000	2,590,000	3,713,000	3,134,000	4,024,000	2,655,000	2,796,000	2,802,000	3,526,000	-2,036,000	2,085,000	2,037,000	1,283,000	1,963,000	2,020,000	2,045,000	2,145,000	1,060,000	2,903,000	2,431,000	2,333,000	2,081,000	2,272,000	1,862,000	2,172,000	6,368,000	2,197,000
total costs and expenses	13,993,000	12,362,000	12,375,000
operating income	-2,024,000	-4,055,000	-4,166,000	2,126,000	-3,792,000	-3,548,000	-3,984,000	-2,352,000	37,000	-1,870,000	486,000	-153,000	10,988,000	-2,318,000	5,212,000	-1,215,000	2,525,000	-1,054,000	-1,374,000	-827,000	-2,783,000	-1,763,000	3,464,000	-2,468,000	-1,395,000	-1,032,000	-1,475,000	2,715,000	-2,349,000	1,545,000	-452,000	-1,557,000			-3,073,000	-1,909,000	-3,107,000	183,000	627,000	-3,541,000	-1,402,000	1,120,000	756,000	387,000	-203,000	-1,993,000	-1,826,000	1,745,000	1,167,000	90,000	16,000	4,002,000	-914,000	24,000	6,172,000	3,035,000	-1,807,000	13,474,000	-1,914,000	12,029,000	-2,503,000	-2,373,000	-812,000	-1,252,000	-2,849,000	-2,863,000	-1,192,000	4,347,000	801,000	-2,475,000			-1,740,000	-318,000	114,000	-6,775,000	-933,000
yoy	-46.62%	14.29%	4.57%	-190.39%	-10348.65%	89.73%	-919.75%	1437.25%	-99.66%	-19.33%	-90.68%	-87.41%	335.17%	119.92%	-479.33%	46.92%	-190.73%	-40.22%	-139.67%	-66.49%	99.50%	70.83%	-334.85%	-190.90%	-40.61%	-166.80%	226.33%	-274.37%			-85.29%	-18.44%			-590.11%	-46.09%	121.61%	-83.66%	-17.06%	-1014.99%	590.64%	-156.20%	-141.40%	-77.82%	-117.40%	-2314.44%	-11512.50%	-56.40%	-227.68%	275.00%	-99.74%	31.86%	-49.42%	-99.82%	-422.47%	-74.77%	-27.81%	-667.80%	135.71%	-1060.78%	-12.14%	-17.11%	-31.88%	-128.80%	-455.68%	15.68%			-146.03%	678.30%			86.50%
qoq	-50.09%	-2.66%	-295.95%	-156.07%	6.88%	-10.94%	69.39%	-6456.76%	-101.98%	-484.77%	-417.65%	-101.39%	-574.03%	-144.47%	-528.97%	-148.12%	-339.56%	-23.29%	66.14%	-70.28%	57.86%	-150.89%	-240.36%	76.92%	35.17%	-30.03%	-154.33%	-215.58%	-252.04%	-441.81%	-70.97%				60.97%	-38.56%	-1797.81%	-70.81%	-117.71%	152.57%	-225.18%	48.15%	95.35%	-290.64%	-89.81%	9.15%	-204.64%	49.53%	1196.67%	462.50%	-99.60%	-537.86%	-3908.33%	-99.61%	103.36%	-267.96%	-113.41%	-803.97%	-115.91%	-580.58%	5.48%	192.24%	-35.14%	-56.05%	-0.49%	140.18%	-127.42%	442.70%	-132.36%				447.17%	-378.95%	-101.68%	626.15%
operating margin %	-16.91%	-48.81%	-50.75%	11.85%	-34.93%	-62.37%	-53.79%	-14.55%	0.36%	-30.67%	3.96%	-0.88%	34.91%	-25.01%	24.80%	-8.12%	15.18%	-9.54%	-14.89%	-6.12%	-58.28%	-17.09%	17.10%	-25.56%	-15.59%	-9.68%	-12.66%	17.59%	-46.33%	11.47%	-3.87%	-13.08%	0%	0%	-24.20%	-14.60%	-45.36%	1.41%	4.03%	-29.64%	-20.03%	6.73%	5.20%	2.79%	-2.53%	-27.89%	-14.07%	11.53%	15.61%	0.92%	0.12%	24.84%	-11.64%	0.25%	31.15%	20.56%	-30.77%	59.50%	-17.59%	73.89%	-58.71%	-58.05%	-8.26%	-12.21%	-66.53%	-73.58%	-11.49%	30.02%	7.99%	-47.20%	0%	0%	-34.43%	-5.01%	1.22%	-120.29%	-16.31%
other income:
investment income	177,000	226,000	346,000	430,000	528,000	630,000	685,000	782,000	700,000	619,000	456,000	334,000	204,000	79,000	17,000	5,000	9,000	7,000	50,000	455,000	151,000	228,000	267,000	294,000	329,000	349,000	364,000	351,000	346,000	283,000	173,000	91,000	95,000	103,000	107,000	112,000	120,000	118,000	115,000	116,000	142,000	155,000	175,000	138,000	185,000	198,000	212,000	216,000	238,000	275,000	294,000	313,000	317,000	318,000	333,000	317,000	314,000	296,000	271,000	246,000	221,000	241,000	405,000	325,000	336,000	574,000	635,000	358,000	634,000	542,000	913,000	908,000	829,000	860,000	756,000	654,000	623,000
other loss	-9,000	-4,000	-76,000																								-19,000	-16,000	-10,000
total other income	168,000	222,000	270,000	348,000	459,000	559,000	615,000	372,000	670,000	587,000	790,000	384,000	415,000	-12,000	935,000	29,000	52,000	71,000	96,000	521,000	1,472,000	236,000	-1,624,000	313,000	351,000	375,000	345,000	335,000	336,000	269,000	243,000	143,000	-54,000	283,000	1,189,000	144,000	157,000	169,000	316,000	241,000	159,000	193,000	405,000	204,000	382,000	3,227,000	241,000	236,000	252,000	278,000	347,000	361,000	295,000	340,000	354,000	334,000	347,000	323,000	366,000	247,000	166,000	252,000	416,000	340,000	275,000	584,000	653,000	441,000	829,000	525,000	938,000	923,000	766,000	868,000	759,000	604,000	639,000
income before equity in earnings of unconsolidated joint ventures and income tax benefit	-1,856,000	-3,833,000
equity in earnings of unconsolidated joint ventures	2,555,000	2,555,000	1,158,000	3,270,000	3,329,000	2,769,000	1,513,000	2,252,000	1,161,000	1,938,000	1,517,000	2,885,000	1,991,000	1,663,000		1,510,000	1,365,000		875,000	1,093,000	1,181,000	1,355,000	11,529,000	2,199,000	1,971,000	876,000	1,423,000	1,592,000	652,000	167,000	715,000	1,724,000	1,560,000	228,000	1,448,000	2,353,000	1,842,000	1,455,000	1,463,000	2,055,000	1,656,000	1,150,000	2,001,000	1,707,000	1,148,000	438,000	1,086,000	1,241,000	1,270,000	409,000	887,000	1,114,000	893,000		333,000	613,000	412,000		-119,000	647,000	245,000		-104,000	386,000	129,000	-37,000	705,000	834,000	495,000	193,000	461,000	9,454,000	463,000	202,000
income before income tax benefit	699,000	-1,278,000	-2,738,000																																																							13,355,000	2,119,500	12,923,000	-2,092,000	-2,353,000				-2,316,000					2,628,750	10,274,000
income tax (benefit) expense	-972,000
net income	1,671,000	-1,713,000	-1,466,000	4,482,000	-1,836,000	956,000	-914,000	1,568,000	-347,000	264,000	1,780,000	1,985,000	10,173,000	-662,000	4,314,000	226,000	2,824,000	-1,063,000	-121,000	384,000	-326,000	-684,000	9,709,000	37,000	709,000	124,000	306,000	3,487,000	-1,013,000	1,455,000	361,000	-26,000	-1,000	-1,913,000	-269,000	317,000	-728,000	1,195,000	1,745,000	-811,000	377,000	1,601,000	2,112,000	1,671,000	848,000	1,131,000	-833,000	2,303,000	2,003,000	630,000	-12,000	3,952,000	110,000	233,000	5,202,000	2,540,000	-656,000	8,695,000	-1,286,000	7,852,000	-1,237,000	-1,370,000	-318,000	-288,000	-1,487,000	-1,339,000	-23,000	3,884,000	1,320,000	-1,069,000	985,000	6,204,000	-303,000	447,000	642,000	-3,339,000	-102,000
yoy	-191.01%	-279.18%	60.39%	185.84%	429.11%	262.12%	-151.35%	-21.01%	-103.41%	-139.88%	-58.74%	778.32%	260.23%	-37.72%	-3665.29%	-41.15%	-966.26%	55.41%	-101.25%	937.84%	-145.98%	-651.61%	3072.88%	-98.94%	-169.99%	-91.48%	-15.24%	-13511.54%	101200.00%	-176.06%	-234.20%	-108.20%	-99.86%	-260.08%	-115.42%	-139.09%	-293.10%	-25.36%	-17.38%	-148.53%	-55.54%	41.56%	-353.54%	-27.44%	-57.66%	79.52%	6841.67%	-41.73%	1720.91%	170.39%	-100.23%	55.59%	-116.77%	-97.32%	-504.51%	-67.65%	-46.97%	-734.67%	304.40%	-2826.39%	-16.81%	2.32%	1282.61%	-107.42%	-212.65%	25.26%	-102.34%	-37.40%	-535.64%	-339.15%	53.43%	-285.80%	197.06%
qoq	-197.55%	16.85%	-132.71%	-344.12%	-292.05%	-204.60%	-158.29%	-551.87%	-231.44%	-85.17%	-10.33%	-80.49%	-1636.71%	-115.35%	1808.85%	-92.00%	-365.66%	778.51%	-131.51%	-217.79%	-52.34%	-107.05%	26140.54%	-94.78%	471.77%	-59.48%	-91.22%	-444.23%	-169.62%	303.05%	-1488.46%	2500.00%	-99.95%	611.15%	-184.86%	-143.54%	-160.92%	-31.52%	-315.17%	-315.12%	-76.45%	-24.20%	26.39%	97.05%	-25.02%	-235.77%	-136.17%	14.98%	217.94%	-5350.00%	-100.30%	3492.73%	-52.79%	-95.52%	104.80%	-487.20%	-107.54%	-776.13%	-116.38%	-734.76%	-9.71%	330.82%	10.42%	-80.63%	11.05%	5721.74%	-100.59%	194.24%	-223.48%	-208.53%	-84.12%	-2147.52%	-167.79%	-30.37%	-119.23%	3173.53%
net income margin %	13.96%	-20.62%	-17.86%	24.99%	-16.91%	16.80%	-12.34%	9.70%	-3.40%	4.33%	14.51%	11.37%	32.32%	-7.14%	20.52%	1.51%	16.97%	-9.62%	-1.31%	2.84%	-6.83%	-6.63%	47.93%	0.38%	7.93%	1.16%	2.63%	22.60%	-19.98%	10.80%	3.09%	-0.22%	-0.02%	-33.55%	-2.12%	2.42%	-10.63%	9.23%	11.21%	-6.79%	5.39%	9.63%	14.52%	12.06%	10.59%	15.83%	-6.42%	15.22%	26.80%	6.45%	-0.09%	24.53%	1.40%	2.43%	26.25%	17.20%	-11.17%	38.40%	-11.82%	48.23%	-29.02%	-33.51%	-3.24%	-2.81%	-34.73%	-34.41%	-0.22%	26.82%	13.17%	-20.39%	9.87%	56.60%	-6.00%	7.04%	6.85%	-59.29%	-1.78%
net income attributable to non-controlling interest	1,000	-1,000	-2,000			-1,000		-750	-6,000	-3,000	6,000	1,000	-11,000	5,000	7,000	7,000	2,000	-8,000			7,000	-2,000			2,000	5,000																-16,000	196,000	-81,000			-13,750	11,000		15,000			-8,000	-42,000	-19,250	-18,000	-18,000	-41,000	-30,750	2,000	-88,000	-37,000
net income attributable to common stockholders	1,670,000	-1,712,000	-1,464,000	4,483,000	-1,836,000	957,000	-914,000	1,565,000	-341,000	267,000	1,774,000	1,984,000	10,184,000	-667,000	4,307,000	219,000	2,822,000	-1,055,000	-123,000	398,000	-333,000	-682,000	9,707,000	47,000	707,000	119,000	307,000	3,488,000	-997,000	1,457,000	343,000	-22,000	26,000	-1,902,000	-287,000	324,000	-688,000	1,209,000	1,715,000	-788,000	406,000	1,617,000	1,916,000	1,752,000	874,000	1,113,000	-826,000	2,292,000	2,084,000	615,000	27,000	4,021,000	118,000	275,000	5,238,000	2,558,000	-638,000	8,736,000	-1,193,000	7,850,000	-1,149,000	-1,333,000
net income per share	0.06	-0.06	-0.05	0.17	-0.07	0.04	-0.03	0.06	-0.01	0.01	0.07	0.08	0.38	-0.03	0.16	0.01	0.11	-0.04	-0.01	0.02	-0.01	-0.03	0.38		0.03		0.01	0.13	-0.04	0.06	0.02			-0.09	-0.01	0.02	-0.03	0.06	0.08	-0.04	0.02	0.08	0.09	0.09	0.04	0.05	-0.04	0.11	0.1	0.03		0.2	0.01	0.01	0.135	0.13	-0.03	0.44	0.075	0.4	-0.06	-0.08	-0.045	-0.02	-0.09	-0.08		0.23	0.07		0.05	0.37	-0.02
income tax benefit		435,000	-1,272,000																																																										-855,000	-983,000			-958,000	-977,000			805,000	-688,000		4,070,000	-208,000	305,000	898,000	-2,724,000	-71,000
income from operations before equity in earnings of unconsolidated joint ventures and income tax benefit			-3,896,000
total expenses				15,809,000	14,648,000	9,237,000	11,390,000	18,519,000	10,172,000	7,968,000	11,779,000	17,606,000	20,487,000	11,587,000	15,808,000	16,177,000	14,113,000	12,108,000	10,603,000	14,340,000	7,558,000	12,076,000	16,794,000	12,125,000	10,341,000	11,694,000	13,123,000	12,717,000	7,419,000	11,924,000	12,134,000	13,465,000	8,144,000	9,458,000	15,769,000	14,988,000	9,956,000	12,770,000	14,941,000	15,487,000	8,402,000	15,513,000	13,788,000	13,465,000	8,211,000	9,138,000	14,801,000	13,383,000	6,308,000	9,670,000	13,531,000	12,112,000	8,763,000	9,555,000	13,643,000	11,730,000	7,679,000	9,172,000	12,797,000	4,250,000	6,766,000	6,461,000	10,640,000	11,502,000	7,131,000	6,754,000	11,564,000	10,135,000	9,222,000	7,719,000	10,395,000	11,064,000	6,794,000	6,666,000	9,252,000	12,407,000	6,652,000
other income				-82,000	-69,000	-71,000	-70,000	-410,000	-30,000	-32,000	334,000	50,000	211,000	-91,000	918,000	24,000	43,000	64,000	46,000	68,000	-12,000	8,000	16,750	19,000	22,000	26,000				-14,000	70,000	52,000	-149,000	180,000	38,000	32,000	37,000	51,000	201,000	125,000	17,000	38,000	230,000	66,000	20,000	27,000	29,000	20,000	14,000	3,000	63,000	15,000	11,000	24,000	19,250	17,000	33,000	27,000	8,500	8,000	15,000	11,000	8,500	15,000	9,000	10,000	82,750	83,000	265,000	-17,000
income from operations before equity in earnings of unconsolidated joint ventures and income tax				-2,422,750	-3,333,000		-3,369,000
income before income tax				-520,000	-4,000	-220,000
income tax expense				1,262,000	1,832,000	-1,176,000	-942,000	-1,296,000	2,215,000	391,000	1,013,000	1,131,000	3,221,000	-5,000	3,046,000	98,000	1,118,000	21,000	-282,000	403,000	196,000	512,000	3,660,000	7,000	218,000	95,000	-13,000	1,155,000	-348,000	526,000	145,000	336,000	-272,000	-1,332,000	-167,000	271,000	-380,000	612,000	661,000	-434,000	36,000	862,000	1,050,000	627,000	479,000	541,000	334,000	919,000	686,000	147,000	1,262,000	1,525,000	164,000	-228,000	1,427,500	1,442,000	-392,000	4,660,000	808,250	5,071,000			-530,500	-188,000			463,750	1,738,000
net loss attributable to non-controlling interest				-250															2,000	-14,000			2,000	-10,000			-1,000	-1,000	-16,000	-2,000	18,000	-4,000	-27,000	-11,000	-15,250	-7,000	-40,000	-14,000			-29,000				-26,000	18,000			-81,000		-39,000	-69,000
loss from operations before equity in earnings of unconsolidated joint ventures and income tax						-2,989,000
income before income tax expense							-1,856,000	1,329,000	1,868,000	655,000	2,793,000	5,021,750	13,394,000	-667,000	7,360,000	324,000	3,942,000	-1,042,000	121,250	787,000	-130,000	-172,000	297,500	44,000	927,000	219,000	1,315,500	4,642,000	-1,361,000	1,981,000	-802,000	310,000	-273,000	-3,245,000	-436,000	588,000	-1,108,000	1,807,000	2,406,000	-1,245,000	413,000	2,463,000	3,162,000	2,298,000	1,327,000	1,672,000	-499,000	3,222,000	2,689,000	777,000	1,250,000	5,477,000	274,000	5,000	4,072,250	3,982,000	-1,048,000										1,497,500	5,622,000
income from operations before equity in earnings of unconsolidated joint ventures								175,000	707,000	-1,283,000	1,276,000	3,805,000	11,403,000	-2,330,000	6,147,000	-1,186,000	2,577,000						1,840,000	-2,155,000		-657,000	-1,130,000	3,050,000		1,814,000			-1,833,000	-3,473,000			-2,950,000	352,000	943,000	-3,300,000	-1,243,000	1,313,000	1,161,000	591,000	179,000	1,234,000	-1,585,000	1,981,000	1,419,000	368,000	363,000	4,363,000	-619,000		6,526,000	3,369,000	-1,460,000		-1,548,000	12,276,000	-2,337,000		-396,000	-912,000	-2,574,000	-2,279,000	-539,000	4,788,000	1,630,000	-1,950,000	524,000	820,000	-974,000	550,000
equity in earnings (losses) of unconsolidated joint ventures															1,213,000																																																												667,000	108,000	121,000
gain on sale of real estate																				-2,000	1,333,000
income from operations before equity in (losses) earnings of unconsolidated joint ventures																		-983,000
equity in (losses) earnings of unconsolidated joint ventures																		-59,000
loss from operations before equity in earnings of unconsolidated joint ventures																			-786,000	-306,000	-1,311,000	-1,527,000			-1,044,000				-2,013,000		-209,000	-1,414,000
operating gain																																	-1,779,000	-3,756,000
(loss) from operations before equity in earnings of unconsolidated joint ventures																																			-1,090,750	-1,765,000
net (loss) attributable to non-controlling interest																																							-17,000	-23,000
income from water sales																																													177,000	3,002,000
interest income																																																			-10,000	33,000
interest expense																																																					-33,000	-2,000					68,000	-7,000	-70,000				-70,000				-70,000				-70,000			-70,000
income from operations before equity in losses of unconsolidated joint ventures																																																						364,000				13,797,000				-2,121,000
equity in losses of unconsolidated joint ventures																																																						-359,000				-442,000				-232,000
real estate- resort/residential																																																										15,750,000	69,500	228,000
non-controlling interest																																																															12,500	50,000
operating income before income tax expense																																																															-1,309,250	-476,000
operating income before income tax benefit																																																																	-2,445,000				2,125,000	-1,757,000			-511,000	752,000		-6,063,000	-173,000
income from operations per share, basic																																																																						-0.06				0.03			-0.01
income from operations per share, diluted																																																																						-0.06				0.03			-0.01
other																																																																							25,000	15,000	7,000	8,000	3,000	20,000	16,000
real estate—commercial/industrial																																																																									3,999,000
real estate—resort/residential																																																																									706,000
income from operations before equity in earnings (losses) of unconsolidated joint ventures																																																																											873,000	-6,171,000	-294,000
operating income before income tax																																																																											1,540,000
net income from operations per share, basic																																																																											0.04	-0.2
net income from operations per share, diluted																																																																											0.04	-0.2
real estate-commercial/industrial																																																																												3,613,000
real estate-resort/residential																																																																												1,245,000

Balance Sheets:

Quarterly

Annual

Unit: USD	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2007-12-31	2007-06-30	2006-12-31	2006-09-30	2006-03-31	2005-12-31	2005-09-30	2005-06-30	2005-03-31	2004-12-31	2004-09-30	2004-06-30	2004-03-31	2003-12-31	2003-09-30	2003-06-30	2003-03-31	2002-12-31	2002-09-30	2002-06-30

assets
current assets:
cash and cash equivalents	3,571,000	2,500,000	12,282,000	39,267,000	27,369,000	33,032,000	35,552,000	31,907,000	43,149,000	27,342,000	40,379,000	39,119,000	30,308,000	18,364,000	36,705,000	37,660,000	40,478,000	44,721,000	55,320,000	36,155,000	21,975,000	25,048,000	27,106,000	9,113,000	3,505,000	7,904,000	15,908,000	10,174,000	10,611,000	19,479,000	20,107,000	2,658,000	522,000	3,496,000	1,258,000	3,425,000	862,000	1,307,000	1,930,000	3,512,000	111,000	1,672,000	5,638,000	2,036,000	1,898,000	4,176,000	9,031,000	9,082,000	10,478,000	4,283,000	7,219,000	7,208,000	5,749,000	1,945,000	18,372,000	16,143,000	19,747,000	29,759,000	22,027,000	42,562,000	47,683,000	3,246,000	683,000	2,063,000	1,586,000	815,000	3,032,000	9,454,000	2,004,000	4,662,000	7,279,000	339,000	114,000	1,699,000	972,000	967,000	6,692,000	21,097,000	14,295,000	5,133,000	9,323,000	10,073,000	9,672,000	10,193,000	12,935,000	13,774,000	12,792,000
marketable securities - available-for-sale	17,473,000	17,554,000	20,649,000	14,441,000	13,892,000	16,533,000	25,119,000	32,556,000	29,456,000	39,651,000	35,321,000	33,444,000	31,242,000	27,185,000	19,537,000	7,791,000	9,161,000	7,565,000	2,771,000	14,199,000	27,323,000	34,228,000	39,084,000	47,423,000	56,501,000	60,270,000	63,749,000	69,381,000	69,952,000	71,109,000	70,868,000	21,494,000	22,707,000	24,212,000	26,675,000	27,617,000	32,661,000	32,719,000	32,815,000	33,706,000	39,289,000	43,940,000	42,140,000	48,830,000	52,844,000	52,919,000	55,436,000	64,487,000	64,916,000	65,905,000	65,049,000	67,836,000	69,035,000	73,563,000		67,527,000	64,292,000	57,081,000		40,622,000	26,854,000			35,405,000	40,038,000
accounts receivable	5,075,000	1,759,000	2,976,000	7,916,000	2,783,000	2,359,000	3,694,000	8,352,000	3,980,000	2,414,000	1,966,000	4,453,000	4,668,000	2,751,000	3,275,000	5,974,000	1,377,000	1,324,000	4,592,000	9,731,000	2,860,000	4,085,000	9,950,000	4,091,000	2,590,000	9,655,000	10,876,000	10,897,000	2,715,000	4,175,000	7,608,000	7,330,000	3,761,000	4,527,000	8,740,000	8,612,000	3,066,000	3,570,000	6,511,000	7,131,000	3,825,000	6,072,000	8,506,000	9,063,000	4,958,000	5,567,000	7,108,000	10,341,000	4,297,000	5,486,000	8,768,000	11,223,000	3,220,000	7,112,000	7,832,000	8,971,000	4,439,000	6,234,000	9,812,000	11,868,000	2,039,000	3,376,000	7,117,000	6,343,000	4,702,000	6,352,000	8,281,000	9,352,000	3,686,000	7,835,000	5,841,000	5,803,000	7,513,000	6,477,000	2,446,000	5,723,000	8,204,000				4,887,000				7,843,000
inventories	8,230,000	8,681,000	5,681,000	3,972,000	7,550,000	9,001,000	5,821,000	3,493,000	8,925,000	7,558,000	5,744,000	3,369,000	5,532,000	9,435,000	8,270,000	5,703,000	7,756,000	5,156,000	2,990,000	4,563,000	7,452,000	5,227,000	2,792,000	5,790,000	8,140,000	5,179,000	2,618,000	5,598,000	7,335,000	4,750,000	2,469,000	5,399,000	9,320,000	6,378,000	3,084,000	6,217,000	9,466,000	6,601,000	3,517,000	6,288,000	9,986,000	6,331,000	4,098,000	6,735,000	8,570,000	6,314,000	3,510,000	6,555,000	9,586,000	5,685,000	3,839,000	6,178,000	8,012,000	5,339,000	3,587,000	5,267,000	6,706,000	4,598,000	2,982,000	5,417,000	6,556,000	4,135,000	1,766,000	4,544,000	6,451,000	4,773,000	2,007,000	4,129,000	5,940,000	2,578,000	3,513,000	3,470,000	2,093,000	2,763,000	3,812,000	2,776,000	1,346,000	2,700,000	3,685,000		1,246,000				1,249,000
prepaid expenses and other current assets	2,203,000	2,770,000	4,184,000	3,806,000	4,053,000	3,567,000	4,477,000	3,502,000	3,520,000	4,324,000	3,854,000	2,660,000	3,919,000	4,323,000	4,235,000	4,636,000	4,438,000	5,167,000	2,842,000	2,329,000	4,831,000	3,685,000	3,252,000	3,558,000	3,757,000	3,654,000	3,348,000	3,915,000	3,023,000	2,475,000	2,849,000	2,576,000	3,410,000	3,955,000	4,458,000	5,261,000	6,261,000	5,365,000	4,120,000	5,818,000	6,278,000	6,728,000	4,456,000	6,625,000	7,675,000	8,011,000	7,707,000	3,798,000	4,084,000	4,661,000	4,881,000	4,187,000	4,678,000	4,836,000	4,317,000	3,361,000	3,394,000	3,385,000	5,011,000	3,931,000	5,506,000	4,805,000	3,929,000	5,385,000	5,397,000	5,412,000	4,525,000	9,059,000	8,642,000	7,481,000	9,159,000	6,099,000	4,821,000				1,761,000				2,264,000				1,925,000
total current assets	36,552,000	33,264,000	45,772,000	69,402,000	55,647,000	64,492,000	74,663,000	79,810,000	89,030,000	81,289,000	87,264,000	83,045,000	75,669,000	62,058,000	72,022,000	61,764,000	63,210,000	63,933,000	68,515,000	66,977,000	64,441,000	72,273,000	82,184,000	69,975,000	74,493,000	86,662,000	96,499,000	99,965,000	93,636,000	101,988,000	103,901,000	39,457,000	39,720,000	42,568,000	44,215,000	51,132,000	52,316,000	49,562,000	48,893,000	58,210,000	60,441,000	66,366,000	65,927,000	73,979,000	76,582,000	77,625,000	83,244,000	95,443,000	94,539,000	87,034,000	90,753,000	97,538,000	91,683,000	93,784,000	103,773,000	101,269,000	98,578,000	101,057,000	88,817,000	104,882,000	89,231,000	41,077,000	44,342,000	54,011,000	58,724,000	65,542,000	70,990,000	99,553,000	94,650,000	95,960,000	94,857,000	77,536,000	76,465,000	76,533,000	74,071,000	75,694,000	75,703,000	71,628,000	61,233,000	24,864,000	28,967,000	31,809,000	32,981,000	33,541,000	36,257,000	36,460,000	38,893,000
real estate and improvements - held for lease	59,679,000	40,762,000	16,168,000	16,253,000	16,340,000	16,426,000	16,559,000	16,609,000	16,780,000	16,887,000	17,142,000	16,940,000	17,028,000	17,117,000	17,207,000	17,391,000	17,480,000	17,570,000	17,660,000	17,751,000	17,841,000	18,578,000	18,674,000	18,771,000	18,864,000	18,859,000	18,953,000	18,841,000	18,931,000	19,022,000	19,115,000	18,408,000	18,497,000	18,582,000	20,026,000	23,420,000	23,234,000	23,326,000	21,942,000	21,784,000	20,130,000	20,185,000
real estate development	370,514,000	384,035,000	394,780,000	377,905,000	374,341,000	357,574,000	342,198,000	337,257,000	330,566,000	327,521,000	324,318,000	321,293,000	325,931,000	326,835,000	321,449,000	316,143,000	313,090,000	313,553,000	310,439,000	309,917,000	305,558,000	301,072,000	297,581,000	297,879,000	291,429,000	287,444,000	283,385,000	280,355,000	275,088,000	270,064,000	267,336,000	262,496,000	257,911,000	252,250,000	248,265,000	245,728,000	239,932,000	234,235,000	235,466,000	227,125,000	224,733,000	220,812,000
property and equipment	59,368,000	58,792,000	57,853,000	56,387,000	56,760,000	56,074,000	55,172,000	53,985,000	54,941,000	54,520,000	53,791,000	52,980,000	53,468,000	52,794,000	51,426,000	50,252,000	50,113,000	48,567,000	46,246,000	45,812,000	45,776,000	45,150,000	45,072,000	46,424,000	46,995,000	46,915,000	46,086,000	45,712,000	45,738,000	45,383,000	45,332,000	45,455,000	45,960,000	45,989,000	46,034,000	45,896,000	45,819,000	45,008,000	44,469,000	46,607,000	44,764,000	43,453,000													128,430,000				117,275,000				120,461,000				65,255,000	50,357,000		45,657,000			66,441,000				59,802,000				67,844,000				62,323,000
investments in unconsolidated joint ventures	33,754,000	31,264,000	29,646,000	28,980,000	34,429,000	32,134,000	30,075,000	33,648,000	31,345,000	38,350,000	36,291,000	41,891,000	38,605,000	38,632,000	37,348,000	42,517,000	39,288,000	33,403,000	33,524,000	37,163,000	41,246,000	39,554,000	38,240,000	42,177,000	37,151,000	29,503,000	28,602,000	27,660,000	30,742,000	30,098,000	30,031,000	28,911,000	34,505,000	33,692,000	33,803,000	32,255,000	33,432,000	32,155,000	30,680,000	36,418,000	34,362,000	32,666,000	32,604,000	30,580,000	73,722,000	69,467,000	62,604,000	62,000,000	59,235,000	55,331,000	54,022,000	52,885,000	55,112,000	57,392,000	53,893,000	51,321,000	49,750,000	48,641,000	48,302,000	44,692,000	47,020,000	47,123,000	46,337,000	31,560,000	35,861,000	34,846,000	32,333,000	24,464,000	17,586,000	16,628,000	17,488,000															1,494,000	1,240,000
net investment in water assets	63,847,000	65,480,000	65,218,000	55,091,000	56,024,000	57,800,000	58,023,000	52,130,000	52,507,000	51,157,000	51,187,000	47,045,000	48,024,000	49,295,000	50,982,000	51,710,000	54,422,000	57,247,000	56,698,000	56,104,000	56,457,000	56,799,000	54,155,000	54,363,000	54,710,000	54,993,000	51,832,000	48,717,000	49,034,000	49,478,000	47,130,000	47,318,000	47,556,000	47,702,000
other assets	5,873,000	4,944,000	5,118,000	3,980,000	4,496,000	6,334,000	4,941,000	4,084,000	5,104,000	3,220,000	2,136,000	3,597,000	3,160,000	1,574,000	1,594,000	2,314,000	1,767,000	2,892,000	3,267,000	2,068,000	2,500,000	2,778,000	2,803,000	2,219,000	3,594,000	2,249,000	2,462,000	3,616,000	4,341,000	3,230,000	3,792,000	4,030,000	4,326,000	4,015,000	2,663,000	2,863,000	2,444,000	2,090,000	2,004,000	2,119,000	1,758,000	1,769,000	1,774,000	1,771,000	1,721,000	1,728,000	2,143,000	2,151,000	2,062,000	2,541,000	2,550,000	1,684,000	1,696,000	692,000	699,000	893,000	1,085,000	1,284,000	938,000	966,000	803,000	796,000	788,000	1,849,000	923,000	934,000	914,000	1,129,000	989,000	872,000	805,000	3,858,000	4,885,000	3,968,000	2,364,000	2,520,000	2,699,000	5,793,000	5,751,000	5,203,000	4,024,000	2,512,000	1,960,000	2,181,000	2,216,000	473,000	452,000
total assets	629,587,000	618,541,000	614,555,000	607,998,000	598,037,000	590,834,000	581,631,000	577,523,000	580,273,000	572,944,000	572,129,000	566,791,000	561,885,000	548,305,000	552,028,000	542,091,000	539,370,000	537,165,000	536,349,000	537,064,000	535,170,000	537,455,000	539,422,000	533,760,000	528,950,000	527,966,000	529,048,000	526,011,000	518,760,000	520,609,000	518,199,000	447,539,000	449,978,000	446,916,000	439,701,000	448,839,000	445,998,000	436,228,000	431,919,000	438,826,000	434,157,000	433,489,000	432,115,000	428,400,000	354,014,000	346,371,000	342,879,000	338,393,000	329,873,000	330,572,000	327,856,000	327,746,000	320,100,000	319,434,000	321,976,000	311,696,000	303,733,000	303,219,000	288,091,000	289,786,000	286,340,000	234,439,000	234,744,000	234,886,000	191,306,000	192,367,000	187,072,000	175,503,000	163,380,000	159,117,000	157,722,000	152,390,000	147,791,000	144,486,000	140,413,000	139,391,000	138,204,000	135,931,000	123,993,000	96,056,000	100,835,000	100,185,000	99,706,000	99,302,000	100,796,000	98,308,000	97,849,000
liabilities and equity
current liabilities:
trade accounts payable	6,613,000	10,052,000	11,510,000	9,085,000	11,283,000	13,234,000	9,752,000	6,457,000	6,393,000	5,362,000	5,170,000	5,117,000	4,143,000	4,437,000	4,271,000	4,006,000	3,879,000	6,167,000	3,367,000	3,530,000	4,031,000	4,875,000	6,145,000	3,744,000	5,660,000	6,610,000	6,037,000	2,976,000	3,293,000	4,274,000	3,545,000	3,361,000	3,427,000	2,811,000	2,415,000	3,522,000	4,135,000	3,126,000	3,252,000	2,774,000	5,582,000	5,127,000	3,347,000	2,198,000	2,699,000	5,544,000	5,028,000	1,855,000	3,316,000	3,745,000	3,845,000	4,273,000	3,495,000	2,570,000	2,447,000	3,030,000	2,463,000	2,523,000	2,187,000	1,854,000	1,925,000	1,542,000	1,363,000	3,478,000	3,714,000	2,442,000	2,824,000	1,511,000	1,941,000	1,553,000	2,092,000	2,337,000	1,635,000	1,750,000	1,670,000	1,334,000	1,752,000	837,000	638,000	961,000	1,731,000	832,000	850,000	733,000	2,507,000	1,869,000	1,910,000
accrued liabilities and other	4,153,000	2,373,000	2,968,000	5,549,000	6,565,000	3,871,000	3,186,000	3,214,000	4,504,000	2,424,000	3,338,000	3,602,000	4,415,000	2,228,000	3,047,000	4,325,000	2,536,000	3,046,000	3,305,000	4,395,000	2,714,000	3,448,000	3,463,000	4,498,000	2,719,000	3,218,000	3,575,000	4,419,000	2,832,000	3,261,000	1,810,000	4,046,000	3,219,000	3,445,000	3,188,000	4,166,000	2,853,000	3,166,000	3,492,000	4,973,000	3,402,000	3,312,000	2,774,000	4,279,000	2,545,000	3,138,000	2,647,000	4,252,000	3,282,000	3,769,000	2,132,000
deferred income	2,968,000	2,397,000	2,571,000	2,162,000	1,721,000	1,681,000	2,421,000	1,891,000	2,326,000	1,884,000	2,310,000	1,531,000	2,071,000	1,657,000	2,543,000	2,057,000	1,518,000	2,013,000	1,972,000	2,168,000	1,453,000	2,085,000	1,346,000	1,922,000	1,616,000	1,997,000	2,863,000	1,855,000	1,292,000	1,617,000	1,118,000	1,668,000	1,889,000	2,071,000	1,529,000	2,418,000	1,698,000	2,131,000	1,525,000	1,639,000	1,210,000	1,821,000	1,164,000	994,000	792,000	1,816,000	865,000	1,147,000	754,000	1,353,000	1,195,000	1,644,000	1,451,000	2,250,000	2,125,000	2,144,000	2,468,000	709,000	601,000	842,000	1,060,000	941,000	1,478,000	821,000	777,000	834,000	760,000	572,000	2,381,000	2,997,000	3,619,000	1,561,000	1,349,000	1,671,000	1,155,000	1,270,000	1,024,000				1,643,000
total current liabilities	13,734,000	14,822,000	17,049,000	16,796,000	19,569,000	18,786,000	15,359,000	11,562,000	18,155,000	12,365,000	13,100,000	12,029,000	13,230,000	12,117,000	18,983,000	14,812,000	12,314,000	15,564,000	12,939,000	14,344,000	12,403,000	14,666,000	15,136,000	19,301,000	14,088,000	15,873,000	16,493,000	13,331,000	11,520,000	13,142,000	10,477,000	30,091,000	32,504,000	28,195,000	18,685,000	24,452,000	22,189,000	12,581,000	10,321,000	18,578,000	14,904,000	14,632,000	16,082,000	27,912,000	16,475,000	10,734,000	8,774,000	8,320,000	7,495,000	8,909,000	7,213,000	9,472,000	6,580,000	7,299,000	10,167,000	9,129,000	7,702,000	9,142,000	4,157,000	5,595,000	3,641,000	11,118,000	12,984,000	12,179,000	10,520,000	12,496,000	7,023,000	4,126,000	4,612,000	5,235,000	6,308,000	7,108,000	4,776,000	4,169,000	3,142,000	3,343,000	3,474,000	7,341,000	6,887,000	3,192,000	3,988,000	3,080,000	3,811,000	4,068,000	5,742,000	4,479,000	4,305,000
revolving line of credit	91,942,000	81,942,000	74,442,000	66,942,000	59,942,000	51,942,000	47,942,000	47,942,000																5,000,000								17,000,000	20,000,000	16,000,000	7,700,000	11,000,000	11,000,000	2,000,000		8,940,000	3,960,000	3,660,000	6,850,000
long-term deferred gains	10,851,000	10,851,000	11,447,000	11,447,000	11,447,000	11,447,000	11,447,000	11,447,000	11,447,000	11,447,000	11,447,000	11,447,000	8,435,000	7,839,000	7,839,000	8,334,000	8,334,000	5,550,000	5,550,000	5,550,000	5,738,000	5,734,000	5,731,000	5,185,000	5,097,000	3,405,000	3,405,000	3,405,000	3,405,000	3,405,000	3,405,000	3,373,000	3,187,000	3,662,000	3,662,000	3,811,000	3,811,000	3,816,000	3,816,000	3,816,000	3,816,000	3,904,000	3,683,000	2,873,000	2,248,000	2,248,000	2,248,000	2,248,000	2,248,000	2,248,000	2,248,000	2,248,000	2,248,000	2,414,000	2,664,000	2,248,000	2,248,000	2,248,000	2,277,000	2,277,000	2,277,000	2,277,000	2,277,000	2,258,000	1,688,000	1,688,000	1,688,000	1,688,000
deferred tax liability	9,028,000	9,024,000	9,026,000	9,059,000	8,282,000	8,267,000	8,267,000	8,269,000	7,676,000	7,177,000	6,880,000	7,180,000	4,136,000	4,029,000	3,596,000	1,703,000	1,576,000	1,693,000	925,000
other liabilities	15,442,000	15,011,000	14,753,000	14,798,000	15,114,000	15,809,000	15,894,000	15,207,000	15,212,000	15,620,000	15,940,000	10,380,000	11,943,000	10,956,000	11,727,000	16,503,000	16,998,000	16,721,000	19,017,000	18,491,000	19,324,000	19,236,000	15,455,000	16,223,000	15,046,000	13,245,000	12,698,000	12,048,000	10,546,000	10,006,000	11,691,000	11,165,000	11,424,000	12,989,000	13,034,000	16,431,000	16,843,000	15,647,000	13,251,000	14,372,000	12,327,000	15,595,000	13,802,000	6,545,000	6,511,000	6,322,000	6,518,000	7,382,000	7,220,000	6,970,000	6,508,000	5,812,000	5,699,000	5,588,000	5,474,000	3,534,000	3,421,000	3,309,000	3,196,000	3,661,000	3,549,000	3,436,000	3,323,000	3,625,000	3,474,000	3,325,000	3,174,000	2,954,000	2,947,000	2,656,000	2,132,000	1,968,000	1,885,000	899,000	899,000	818,000	818,000	583,000	583,000	583,000	583,000	583,000	583,000	583,000	583,000
total liabilities	140,997,000	131,650,000	126,717,000	119,042,000	114,354,000	106,251,000	98,909,000	94,427,000	99,283,000	93,867,000	95,077,000	89,197,000	86,356,000	83,996,000	89,146,000	90,642,000	89,612,000	91,017,000	91,018,000	92,057,000	92,193,000	95,322,000	93,798,000	99,334,000	93,889,000	93,272,000	94,376,000	91,521,000	89,165,000	91,402,000	91,389,000	111,435,000	114,964,000	113,751,000	105,234,000	115,208,000	114,260,000	104,364,000	100,611,000	110,791,000	105,136,000	108,284,000	107,782,000	102,628,000	30,625,000	24,788,000	22,692,000	25,398,000	20,246,000	21,583,000	19,597,000	20,361,000	17,478,000	18,350,000		16,424,000	15,066,000	16,451,000		13,286,000	11,228,000	18,602,000		19,918,000	17,547,000	19,382,000			9,741,000			11,368,000						13,096,000	12,874,000	22,162,000		25,765,000	25,027,000	24,787,000		24,505,000	24,329,000
commitments and contingencies
equity:
tejon ranch co. stockholders’ equity
common stock																																																									9,933,000	9,908,000		9,874,000	9,863,000	8,555,000		8,503,000	8,503,000	8,502,000			8,450,000		8,374,000	8,281,000		8,250,000	8,245,000	8,230,000		8,079,000	7,909,000	7,289,000		7,260,000	7,242,000	7,261,000		7,188,000	7,188,000
authorized shares - 50,000,000
issued and outstanding shares - 26,893,955 at september 30, 2025 and 26,822,768 at december 31, 2024	13,447,000
additional paid-in capital	349,604,000	349,592,000	348,829,000	348,497,000	347,939,000	347,040,000	346,141,000	345,609,000	345,404,000	344,434,000	343,438,000	345,344,000	346,095,000	346,137,000	345,166,000	344,547,000	343,415,000	342,329,000	342,059,000	341,587,000	340,147,000	338,710,000	338,745,000	338,091,000	337,870,000	336,813,000	336,520,000	322,319,000	321,307,000	320,275,000	320,167,000	232,166,000	231,127,000	230,105,000	229,762,000	219,970,000	218,740,000	217,508,000	216,803,000	216,317,000	215,254,000	212,824,000	212,763,000	212,716,000	211,930,000	210,973,000	210,848,000	205,032,000	197,098,000	198,220,000	198,117,000	196,577,000	195,903,000	194,501,000	194,273,000	191,979,000	187,730,000	185,312,000	183,816,000	182,295,000	188,842,000	129,597,000	126,829,000	126,812,000	125,668,000	124,503,000	123,193,000	118,370,000	114,884,000	110,558,000	108,585,000	100,331,000	98,153,000	97,292,000	96,269,000	94,705,000	91,956,000	84,715,000	73,341,000	35,799,000	35,077,000	33,615,000	33,046,000	32,388,000	31,690,000	31,216,000	31,216,000
accumulated other comprehensive income	87,000	77,000	81,000	87,000																																																																													-1,478,000				-1,995,000
retained earnings	110,092,000	108,422,000	110,134,000	111,598,000	107,115,000	108,951,000	107,994,000	108,908,000	107,343,000	107,684,000	107,417,000	105,643,000	103,659,000	93,475,000	94,142,000	86,473,000	86,254,000	83,432,000	84,487,000	84,610,000	84,212,000	84,545,000	85,227,000	75,520,000	75,473,000	74,766,000	74,647,000	74,340,000	70,852,000	71,849,000	70,392,000	70,049,000	70,071,000	70,045,000	71,947,000	72,234,000	71,910,000	72,598,000	71,389,000	69,674,000	70,462,000	70,056,000	68,439,000	66,523,000	64,772,000	63,898,000	62,785,000	63,611,000	68,249,000	66,165,000	65,550,000	65,523,000	61,502,000	61,384,000	61,109,000	55,871,000	53,313,000	53,951,000	45,215,000	46,408,000	38,558,000	39,707,000	41,040,000	41,302,000	41,591,000	43,078,000	44,417,000	40,305,000	33,116,000	32,972,000	32,902,000	35,599,000	35,701,000	34,648,000	32,331,000	33,171,000	34,155,000	32,150,000	32,023,000	32,499,000	33,766,000	35,085,000	35,745,000	36,160,000	36,693,000	36,470,000	36,088,000
total tejon ranch co. stockholders’ equity	473,230,000	471,532,000	472,478,000	473,594,000	468,320,000	469,220,000	467,358,000	467,732,000	465,629,000	463,710,000	461,682,000	462,230,000	460,166,000	448,935,000	447,513,000	436,080,000	434,396,000	430,788,000	429,963,000	429,641,000	427,597,000	426,760,000	430,249,000	419,053,000	419,678,000	419,313,000	419,296,000	405,941,000	401,045,000	400,641,000	398,242,000	307,554,000	306,460,000	304,584,000	305,875,000	294,018,000	292,118,000	292,204,000	291,634,000	288,391,000	289,354,000	285,509,000	284,621,000	286,256,000	283,792,000	281,960,000	280,582,000	273,383,000	270,026,000	269,307,000	268,592,000	267,679,000	262,847,000	261,301,000		255,411,000	248,788,000	246,871,000		236,469,000	235,083,000	175,720,000
non-controlling interest	15,360,000	15,359,000	15,360,000	15,362,000	15,363,000	15,363,000	15,364,000	15,364,000	15,361,000		15,370,000	15,364,000	15,363,000	15,374,000	15,369,000	15,369,000	15,362,000	15,360,000	15,368,000	15,366,000	15,380,000	15,373,000	15,375,000	15,373,000	15,383,000	15,381,000	15,376,000	28,549,000	28,550,000	28,566,000	28,568,000	28,550,000	28,554,000	28,581,000	28,592,000	39,613,000	39,620,000	39,660,000	39,674,000	39,644,000	39,667,000	39,696,000	39,712,000	39,516,000	39,597,000	39,623,000	39,605,000	39,612,000	39,601,000	39,682,000	39,667,000	39,706,000	39,775,000	39,783,000		39,861,000	39,879,000	39,897,000		40,031,000	40,029,000			40,160,000
total equity	488,590,000	486,891,000	487,838,000	488,956,000	483,683,000	484,583,000	482,722,000	483,096,000	480,990,000	479,077,000	477,052,000	477,594,000	475,529,000	464,309,000	462,882,000	451,449,000	449,758,000	446,148,000	445,331,000	445,007,000	442,977,000	442,133,000	445,624,000	434,426,000	435,061,000	434,694,000	434,672,000	434,490,000	429,595,000	429,207,000	426,810,000	336,104,000	335,014,000	333,165,000	334,467,000	333,631,000	331,738,000	331,864,000	331,308,000	328,035,000	329,021,000	325,205,000	324,333,000	325,772,000	323,389,000	321,583,000	320,187,000	312,995,000	309,627,000	308,989,000	308,259,000	307,385,000	302,622,000	301,084,000	300,439,000	295,272,000	288,667,000	286,768,000	276,652,000	276,500,000	275,112,000	215,837,000
total liabilities and equity	629,587,000	618,541,000	614,555,000	607,998,000	598,037,000	590,834,000	581,631,000	577,523,000	580,273,000	572,944,000	572,129,000	566,791,000	561,885,000	548,305,000	552,028,000	542,091,000	539,370,000	537,165,000	536,349,000	537,064,000	535,170,000	537,455,000	539,422,000	533,760,000	528,950,000	527,966,000	529,048,000	526,011,000	518,760,000	520,609,000	518,199,000	447,539,000	449,978,000	446,916,000	439,701,000	448,839,000	445,998,000	436,228,000	431,919,000	438,826,000	434,157,000	433,489,000	432,115,000	428,400,000	354,014,000	346,371,000	342,879,000	338,393,000	329,873,000	330,572,000	327,856,000	327,746,000	320,100,000	319,434,000	321,976,000	311,696,000	303,733,000	303,219,000	288,091,000	289,786,000	286,340,000	234,439,000
issued and outstanding shares - 26,880,668 at june 30, 2025 and 26,822,768 at december 31, 2024		13,441,000
issued and outstanding shares - 26,867,600 at march 31, 2025 and 26,822,768 at december 31, 2024			13,434,000
issued and outstanding shares - 26,822,768 at december 31, 2024 and 26,770,545 at december 31, 2023				13,412,000
issued and outstanding shares - 26,814,680 at september 30, 2024 and 26,770,545 at december 31, 2023					13,408,000
accumulated other comprehensive loss					-142,000	-175,000	-177,000	-171,000	-481,000	-1,767,000	-2,529,000	-2,028,000	-2,834,000	-3,919,000	-5,032,000	-8,115,000	-8,444,000	-8,140,000	-9,720,000	-9,670,000	-9,872,000	-9,601,000	-6,771,000	-7,579,000	-6,682,000	-5,276,000	-4,857,000	-3,698,000	-4,090,000	-4,454,000	-5,264,000	-5,094,000	-5,167,000	-5,989,000	-6,239,000	-8,557,000	-8,895,000	-8,260,000	-6,902,000	-7,935,000	-6,693,000	-7,698,000	-6,899,000	-3,281,000	-3,203,000	-3,202,000	-3,333,000	-5,330,000	-5,389,000	-5,144,000	-5,118,000	-4,458,000	-4,594,000	-4,591,000	-4,756,000	-2,426,000	-2,188,000	-2,300,000	-2,191,000	-2,108,000	-2,180,000	-2,139,000	-2,151,000	-1,809,000	-2,003,000	-3,098,000	-2,797,000	-2,071,000	-2,811,000	-2,888,000	-2,858,000	-3,189,000	-2,965,000	-2,204,000	-1,838,000	-2,184,000	-1,643,000	-1,513,000	-1,503,000	-1,445,000		-1,957,000	-1,906,000	-1,913,000		-1,312,000	-1,387,000
issued and outstanding shares - 26,806,409 at june 30, 2024 and 26,770,545 at december 31, 2023						13,404,000
issued and outstanding shares - 26,797,440 at march 31, 2024 and 26,770,545 at december 31, 2023							13,400,000
current maturities of long-term debt									1,844,000	1,822,000	1,800,000	1,779,000	1,758,000	1,619,000	4,531,000	4,424,000	4,381,000	4,338,000	4,295,000	4,251,000	4,205,000	4,258,000	4,182,000	4,137,000	4,093,000	4,048,000	4,018,000	4,081,000	4,103,000	3,990,000	4,004,000	4,016,000	3,969,000	3,868,000	3,853,000	3,346,000	2,503,000	1,659,000	815,000	252,000	249,000	247,000
long-term debt, less current portion									46,793,000	47,258,000	47,710,000	48,161,000	48,612,000	49,055,000	47,001,000	49,290,000	50,390,000	51,489,000	52,587,000	53,672,000	54,728,000	55,686,000	57,476,000	58,625,000	59,658,000	60,749,000	61,780,000	62,737,000	63,694,000	64,849,000	65,816,000	66,806,000	67,849,000	68,905,000	69,853,000	70,514,000	71,417,000	72,320,000	73,223,000	74,025,000	74,089,000	74,153,000	74,215,000	64,277,000	4,338,000	4,399,000	4,459,000	4,519,000	191,000	202,000	212,000	223,000	232,000	243,000	253,000	262,000	271,000	281,000	290,000	299,000	307,000	317,000	325,000	333,000	342,000	350,000	358,000	389,000	403,000	417,000	424,000	437,000	444,000	450,000	457,000	463,000	469,000	475,000	481,000	13,424,000	16,127,000				14,336,000
issued and outstanding shares - 26,770,545 at december 31, 2023 and 26,541,553 at december 31, 2022								13,386,000
income taxes payable									3,088,000	873,000	482,000		843,000	2,176,000	4,591,000																							499,000	1,237,000		501,000	465,000	1,703,000					835,000	101,000			1,180,000				2,072,000	2,181,000	4,689,000		558,000								1,359,000					1,076,000				483,000								7,000
issued and outstanding shares - 26,726,464 at september 30, 2023 and 26,541,553 at december 31, 2022									13,363,000
issued and outstanding shares - 26,718,773 at june 30, 2023 and 26,541,553 at december 31, 2022										13,359,000
noncontrolling interest										15,367,000																																													39,825,000				39,938,000			40,117,000	40,154,000
issued and outstanding shares - 26,710,432 at march 31, 2023 and 26,541,553 at december 31, 2022											13,356,000
issued and outstanding shares - 26,541,553 at december 31, 2022 and 26,400,921 at december 31, 2021												13,271,000
issued and outstanding shares - 26,491,770 at september 30, 2022 and 26,400,921 at december 31, 2021													13,246,000
authorized shares - 30,000,000
issued and outstanding shares - 26,484,947 at june 30, 2022 and 26,400,921 at december 31, 2021														13,242,000
issued and outstanding shares - 26,473,349 at march 31, 2022 and 26,400,921 at december 31, 2021															13,237,000
issued and outstanding shares - 26,352,193 at september 30, 2021 and 26,276,830 at december 31, 2020																13,175,000
issued and outstanding shares - 26,343,864 at june 30, 2021 and 26,276,830 at december 31, 2020																	13,171,000
issued and outstanding shares - 26,336,115 at march 31, 2021 and 26,276,830 at december 31, 2020																		13,167,000
deferred tax assets																				1,272,000	1,351,000	1,251,000	713,000	1,952,000	1,714,000	1,341,000	1,229,000	1,145,000	1,250,000	1,346,000	1,562,000	1,464,000	1,503,000	2,118,000	2,282,000	4,794,000	5,732,000	5,390,000	4,659,000	1,755,000	952,000	1,623,000	1,089,000	690,000	637,000	638,000	452,000	1,180,000	1,178,000	1,014,000	997,000	906,000	989,000	989,000	1,099,000					482,000	593,000	596,000	691,000				1,138,000
issued and outstanding shares - 26,276,830 at december 31, 2020 and 26,096,797 at december 31, 2019																			13,137,000
issued and outstanding shares - 26,229,307 at september 30, 2020 and 26,096,797 at december 31, 2019																				13,114,000
issued and outstanding shares - 26,221,862 at june 30, 2020 and 26,096,797 at december 31, 2019																					13,110,000
issued and outstanding shares - 26,212,484 at march 31, 2020 and 26,096,797 at december 31, 2019																						13,106,000
issued and outstanding shares - 26,096,797 at december 31, 2019 and 25,972,080 at december 31, 2018																							13,048,000
issued and outstanding shares - 26,041,530 at september 30, 2019 and 25,972,080 at december 31, 2018																								13,021,000
issued and outstanding shares - 26,033,402 at june 30, 2019 and 25,972,080 at december 31, 2018																									13,017,000
issued and outstanding shares - 26,020,953 at march 31, 2019 and 25,972,080 at december 31, 2018																										13,010,000
issued and outstanding shares - 25,972,080 at december 31, 2018 and 25,894,773 at december 31, 2017																											12,986,000
issued and outstanding shares - 25,960,262 at september 30, 2018 and 25,894,773 at december 31, 2017																												12,980,000
issued and outstanding shares - 25,952,943 at june 30, 2018 and 25,894,773 at december 31, 2017																													12,976,000
issued and outstanding shares - 25,949,822 at march 31, 2018 and 25,894,773 at december 31, 2017																														12,971,000
issued and outstanding shares - 25,894,773 at december 31, 2017 and 20,810,301 at december 31, 2016																															12,947,000
issued and outstanding shares - 20,865,350 at september 30, 2017 and 20,810,301 at december 31, 2016																																10,433,000
issued and outstanding shares - 20,857,255 at june 30, 2017 and 20,810,301 at december 31, 2016																																	10,429,000
issued and outstanding shares - 20,845,790 at march 31, 2017 and 20,810,301 at december 31, 2016																																		10,423,000
long-term water assets																																			42,413,000	42,751,000	43,089,000	44,462,000	43,806,000	44,144,000	44,482,000	44,751,000	45,349,000	45,687,000	46,025,000	46,041,000	46,754,000	30,349,000	28,648,000	28,509,000	28,565,000	28,714,000	28,797,000	28,613,000	28,336,000	28,695,000	28,494,000	28,622,000	28,774,000	17,171,000	17,023,000	16,966,000	17,018,000	17,045,000	17,102,000		13,345,000
issued and outstanding shares - 20,810,301 at december 31, 2016 and 20,688,154 at december 31, 2015																																			10,405,000
issued and outstanding shares - 20,741,867 at september 30, 2016 and 20,688,154 at december 31, 2015																																				10,371,000
issued and outstanding shares - 20,725,851 at june 30, 2016 and 20,688,154 at december 31, 2015																																					10,363,000
issued and outstanding shares - 20,716,380 at march 31, 2016 and 20,688,154 at december 31, 2015																																						10,358,000
issued and outstanding shares - 20,688,154 at december 31, 2015 and 20,636,478 at december 31, 2014																																							10,344,000
long-term deferred tax assets																																								2,419,000	3,487,000	3,487,000	3,487,000	1,592,000	1,591,000	1,592,000	1,592,000	5,166,000	5,376,000	5,376,000	5,376,000	6,839,000	6,847,000	6,845,000	6,845,000	4,307,000	4,149,000	4,231,000	3,985,000	4,138,000	6,514,000	6,127,000	5,798,000	5,676,000	5,601,000	4,649,000	4,235,000
issued and outstanding shares - 20,669,348 at september 30, 2015 and 20,636,478 at december 31, 2014																																								10,335,000
issued and outstanding shares - 20,661,590 at june 30, 2015 and 20,636,478 at december 31, 2014																																									10,331,000
issued and outstanding shares - 20,653,575 at march 31, 2015 and 20,636,478 at december 31, 2014																																										10,327,000
property and equipment - net of depreciation																																											282,974,000	274,791,000	154,373,000	149,918,000	146,542,000	143,284,000	140,013,000	151,781,000	146,590,000	140,086,000	135,965,000	132,108,000		125,211,000
current maturities of long term debt																																											244,000
issued and outstanding shares - 20,636,478 at december 31, 2014 and 20,563,023 at december 31, 2013																																											10,318,000
short-term debt and current maturities of long-term debt																																												20,441,000	10,439,000
pension liability																																												1,021,000	1,053,000	1,085,000	693,000	2,929,000	3,092,000	3,254,000	3,416,000	2,606,000	2,719,000	2,806,000	2,979,000	1,251,000	1,424,000	1,471,000	1,519,000	1,454,000	1,454,000	1,454,000	1,454,000	1,523,000	1,523,000	1,523,000	1,523,000	1,292,000		1,779,000
issued and outstanding shares - 20,595,980 at september 30, 2014 and 20,563,023 at december 31, 2013																																												10,298,000
issued and outstanding shares - 20,586,758 at june 30, 2014 and 20,563,023 at december 31, 2013																																													10,293,000
current portion of long-term debt																																														236,000	234,000	231,000	42,000	42,000	41,000	39,000	39,000	38,000	37,000	36,000	36,000	36,000	35,000	34,000	34,000	33,000	33,000	32,000	31,000	31,000	30,000	28,000	28,000	27,000	26,000	25,000	25,000	25,000	24,000	24,000	23,000	23,000	22,000	266,000	264,000	263,000	1,751,000	1,735,000	1,731,000
issued and outstanding shares - 20,582,193 at march 31, 2014 and 20,563,023 at december 31, 2013																																														10,291,000
issued and outstanding shares - 20,563,023 at december 31, 2013 and 20,085,865 at december 31, 2012																																															10,282,000
issued and outstanding shares - 20,140,872 at september 30, 2013 and 20,085,865 at december 31, 2012																																																10,070,000
issued and outstanding shares - 20,136,286 at june 30, 2013 and 20,085,865 at december 31, 2012																																																	10,068,000
issued and outstanding shares - 20,131,845 at march 31, 2013 and 20,085,865 at december 31, 2012																																																		10,066,000
issued and outstanding shares - 20,085,865 at december 31, 2012 and 19,975,706 at december 31, 2011																																																			10,043,000
other accrued liabilities																																																				2,336,000	1,595,000	2,441,000	3,074,000	1,847,000	554,000	1,185,000	1,334,000	2,307,000	622,000	702,000	560,000	798,000	198,000	1,389,000	659,000	656,000	262,000	658,000	571,000	628,000	691,000	534,000	293,000	635,000	112,000	220,000	12,000	464,000	189,000	561,000	22,000	358,000	222,000	312,000	212,000
issued and outstanding shares - 20,082,157 at september 30, 2012 and 19,975,706 at december 31, 2011																																																				10,037,000
issued and outstanding shares - 20,071,346 at june 30, 2012 and 19,975,706 at december 31, 2011																																																					10,036,000
authorized shares - 30,000,000 issued and outstanding shares - 20,013,241 at march 31, 2012 and 19,975,706 at december 31, 2011																																																						10,007,000
marketable securities																																																							68,566,000				48,985,000				30,156,000				52,007,000	67,559,000		73,404,000			61,924,000				57,700,000				11,247,000	11,404,000	12,762,000	12,706,000			17,158,000
liabilities and stockholders’ equity
income taxes																																																							2,484,000
equity
issued and outstanding shares - 19,975,706 in 2011 and 19,747,470 in 2010																																																							9,988,000
tejon ranch co.’s stockholders’ equity																																																							260,614,000				236,714,000
authorized shares - 30,000,000 issued and outstanding shares -19,973,926 at september 30, 2011 and 19,747,470 at december 31, 2010																																																								9,987,000
property and equipment - net																																																									121,677,000	119,384,000		117,937,000	125,749,000	122,350,000		124,745,000	73,095,000	69,604,000					44,572,000	70,996,000		63,985,000	63,978,000	61,177,000		58,510,000	57,009,000	65,989,000				63,580,000		59,881,000
short-term line of credit																																																														7,900,000	9,550,000	7,050,000	5,800,000	7,800,000	2,750,000
authorized shares - 30,000,000 issued and outstanding shares 19,747,470 in 2010 and 17,019,428 in 2009																																																											9,874,000
marketable securities - available for sale																																																														24,919,000				46,937,000			74,378,000		69,065,000	61,825,000		61,609,000	62,457,000	62,362,000		33,659,000	32,327,000
stockholders’ equity
authorized shares - 30,000,000 issued and outstanding shares -17,019,428 in 2009 and 16,986,770 in 2008																																																															8,509,000
total stockholders’ equity																																																															214,381,000	214,968,000	173,759,000	172,985,000	173,306,000	165,054,000	153,639,000	149,030,000	147,003,000	141,022,000	138,831,000	137,618,000	134,565,000	133,417,000	132,093,000	122,835,000	111,119,000	73,439,000	74,643,000	74,003,000	74,127,000	73,896,000	73,594,000	73,562,000	73,105,000
total liabilities and stockholders’ equity																																																															234,744,000	234,886,000	191,306,000	192,367,000	187,072,000	175,503,000	163,380,000	159,117,000	157,722,000	152,390,000	147,791,000	144,486,000	140,413,000	139,391,000	138,204,000	135,931,000	123,993,000	96,056,000	100,835,000	100,185,000	99,706,000	99,302,000	100,796,000	98,308,000	97,849,000
current deferred tax assets																																																																271,000	550,000	1,253,000
stockholders’ equity:
long term water assets																																																																		16,792,000
authorized shares - 30,000,000 issued and outstanding shares - 16,986,770 in 2008 and 16,899,982 in 2007																																																																			8,493,000
issued and outstanding shares - 16,899,982 in 2007 and 16,776,049 in 2006																																																																				8,450,000
property and equipment—net																																																																					50,155,000																		57,264,000
minimum pension liability																																																																					1,779,000		1,855,000	1,855,000	1,855,000	1,350,000	1,350,000	1,350,000	1,350,000	1,398,000	1,398,000	1,398,000	1,398,000	2,200,000	2,200,000	2,200,000	2,200,000	1,606,000	1,606,000
issued and outstanding shares - 16,776,049 in 2006 and 16,507,512 in 2005																																																																						8,388,000
income tax payable																																																																								57,000		189,000
short-term debt																																																																								2,500,000				80,000	80,000				161,000				240,000
issued and outstanding shares - 16,507,512 in 2005 and 16,386,499 in 2004																																																																									8,254,000
deferred compensation																																																																									-312,000	-368,000	-442,000	-505,000	-568,000	-596,000	-651,000	-703,000
prepaid expenses and other																																																																										3,985,000	4,384,000	3,866,000		1,546,000	950,000	1,863,000		2,183,000	2,441,000	1,945,000		2,014,000	1,958,000
assets of discontinued operations																																																																														8,268,000	8,130,000
borrowings of discontinued operations																																																																														4,555,000	4,568,000
current liabilities of discontinued operations																																																																														371,000	317,000
deferred income taxes																																																																														3,299,000	3,525,000	3,565,000	3,566,000	3,765,000	3,799,000	3,795,000	3,740,000	4,072,000	4,033,000
issued and outstanding shares - 16,386,499 in 2004 and 14,554,422 in 2003																																																																													8,193,000
accounts and notes receivable																																																																														4,358,000	1,846,000	3,124,000						4,954,000
current deferred income																																																																														1,254,000	1,249,000	1,380,000		1,265,000	988,000	1,041,000	1,035,000
short-term borrowings																																																																														81,000	81,000	121,000		159,000	200,000	201,000		1,810,000	1,788,000
marketable securities – available for sale																																																																																12,282,000
inventories:
farming																																																																																2,373,000			3,685,000	2,538,000		2,945,000	3,561,000
other																																																																																89,000			119,000	92,000		106,000	96,000
minority interest in equity of consolidated joint venture																																																																																455,000		417,000	552,000		601,000	241,000	415,000
minority interest in consolidated joint venture																																																																																	530,000
issued and outstanding shares - 14,554,422 in 2003 and 14,409,528 in 2002																																																																																	7,278,000
accounts & notes receivable																																																																																		3,566,000	4,302,000	6,067,000			3,328,000
farming inventories																																																																																		4,583,000
property and equipment – net																																																																																		65,864,000	64,765,000
long-term debt																																																																																		16,137,000	14,634,000	14,141,000		14,348,000
liabilities and stockholders' equity
minority interest in equity of consolidate joint venture																																																																																				619,000
current assets
current liabilities
other current liabilities																																																																																						488,000	395,000
long—term debt																																																																																							14,385,000

Cashflow Statements:

Quarterly

Annual

Unit: USD	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2007-03-31	2006-12-31	2006-09-30	2006-06-30	2006-03-31	2005-12-31	2005-09-30	2005-06-30	2005-03-31	2004-12-31	2004-09-30	2004-06-30	2004-03-31	2003-12-31	2003-09-30	2003-06-30	2003-03-31	2002-12-31	2002-09-30

operating activities
net loss			-1,466,000																																																										-1,237,000	-1,370,000																-102,000			-840,000	-984,000		127,000	-476,000	-1,267,000			-415,000	-533,000
adjustments to reconcile net loss to net cash from operating activities:
depreciation and amortization	1,690,000	1,095,000	1,015,000	1,748,000	1,216,000	915,000	1,006,000	1,803,000	1,028,000	987,000	988,000	1,286,000	1,294,000	1,081,000	967,000	1,476,000	967,000	965,000	1,303,000	1,455,000	1,016,000	1,164,000	1,474,000	1,426,000	1,047,000	1,089,000	2,140,000	1,064,000	1,149,000	1,071,000	1,129,000	1,140,000	1,132,000	1,150,000	379,000	1,360,000	1,444,000	1,366,000	1,418,000	1,241,000	1,333,000	1,098,000	1,214,000	1,208,000	1,303,000	1,146,000	1,390,000	1,069,000	844,000	923,000	660,000	1,326,000	1,887,000	1,081,000	1,204,000	1,205,000	915,000	946,000	471,000	716,000	564,000	566,000	1,042,000	822,000	712,000	546,000	937,000	648,000	669,000	631,000	753,000	651,000	484,000	522,000	600,000	522,000	523,000	531,000	649,000	712,000	499,000	414,000	797,000	396,000	453,000	651,000	649,000	625,000	656,000	672,000	653,000	649,000
amortization of discount of marketable securities	-24,000	-44,000	-86,000		-73,000	-156,000	-196,000
equity in earnings of unconsolidated joint ventures	-2,555,000	-2,555,000	-1,158,000	-3,270,000	-3,329,000	-2,769,000	-1,513,000	-2,252,000	-1,161,000	-1,938,000	-1,517,000	-2,885,000	-1,991,000	-1,663,000	-1,213,000	-1,510,000			-875,000	-1,093,000	-1,181,000	-1,355,000	-11,529,000	-2,199,000	-1,971,000	-876,000	-1,423,000	-1,592,000	-652,000	-167,000	-715,000	-1,724,000	-1,560,000	-228,000		-2,353,000	-1,842,000	-1,455,000		-2,055,000	-1,656,000	-1,150,000		-1,707,000				-1,241,000												-647,000				-386,000	-129,000	37,000		-834,000	-495,000	-193,000		-9,454,000
non-cash retirement plan expense	114,000	103,000	104,000	97,000	89,000	89,000	89,000	262,000	67,000	66,000	67,000	29,000	4,000			-25,000	-25,000	-25,000	19,000	20,000	19,000	20,000	77,000	76,000	77,000	77,000	212,000	41,000	41,000	41,000	65,000	38,000	111,000	255,000	321,000	242,000	241,000	242,000	236,000	254,000	673,000	-166,000	-910,000	223,000	221,000	630,000	378,000	162,000	163,000	162,000	734,000	113,000	87,000	113,000		-60,000	65,000	65,000		200,000	200,000	200,000		225,000	225,000	225,000		218,000
gain on sale of property plant and equipment		0	-13,000										-192,000	-23,000	-925,000	4,000				25,000								46,000
deferred income taxes	0	2,000	-33,000	781,000	2,000	0	1,000					3,180,000															174,000				20,000	-2,000			1,184,000				-1,109,000	988,000						3,000	-218,000								-18,000	18,000	-196,000	34,000	-2,124,000	1,101,000			157,000	108,000	-1,008,000	-329,000	-679,000	437,000	110,000	-182,000	196,000	-1,555,000	110,000	273,000	-135,000	-725,000	-426,000	-391,000	-97,000	441,000	-1,044,000	-307,000									34,000	-187,000
stock compensation expense	-133,000	624,000	666,000	96,000	1,732,000	1,841,000	513,000	883,000	864,000	884,000	621,000	789,000	1,000	868,000	1,219,000	937,000	949,000	1,276,000	928,000	1,167,000	1,174,000	1,225,000	1,268,000	338,000	779,000	813,000	647,000	825,000	828,000	948,000	981,000	877,000	883,000	811,000	1,288,000	1,166,000	1,158,000	973,000	843,000	1,014,000	947,000	953,000	1,049,000	923,000	944,000	618,000
excess tax provision from stock-based compensation	0	0	31,000
distribution of earnings from unconsolidated joint ventures	1,162,000	1,195,000	458,000	8,471,000	418,000	354,000	320,000	335,000	10,799,000	326,000	2,051,000	4,457,000	2,428,000	-23,000	4,931,000	105,000	96,000	163,000	-47,000	6,148,000	0	121,000					0				0				0																0	4,200,000								0																0	0	1,200,000
changes in operating assets and liabilities:
receivables, inventories, prepaids and other assets	-3,418,000	136,000	1,901,000	-1,031,000	2,396,000	-2,038,000	934,000	755,000	-2,032,000	-2,422,000	-777,000	2,393,000	732,000	-434,000	553,000	-3,074,000	-469,000	946,000	5,192,000	-1,136,000	-1,677,000	3,048,000	-3,502,000	2,246,000	2,795,000	-1,385,000
current liabilities	-900,000	776,000	-2,764,000	1,941,000	1,459,000	-991,000	539,000	-5,262,000	4,567,000	-247,000	810,000	-2,132,000	2,123,000	-3,791,000	2,392,000	1,760,000	-2,530,000	1,263,000	-741,000	550,000	-1,674,000	-139,000	237,000	-62,000	-1,812,000	-1,078,000	-471,000	1,963,000	-373,000	1,527,000	-2,688,000	145,000	-71,000	302,000	-1,167,000	675,000	-581,000	-1,026,000	216,000	-77,000	-1,007,000	1,131,000	3,026,000	2,023,000	-3,253,000	-787,000	-1,821,000	1,651,000	140,000	-1,088,000	-5,464,000	3,814,000	-1,000	-4,901,000	-1,587,000	935,000	-1,387,000	4,554,000	-974,000	2,904,000	-318,000	-1,251,000		488,000	68,000	-227,000		2,122,000	-104,000	-1,052,000		5,405,000	-186,000	353,000		709,000	-1,441,000	140,000		837,000	-604,000	351,000		477,000	-418,000	-758,000		1,045,000	-391,000	-1,540,000		156,000
net cash from operating activities	-2,380,000	-381,000	-1,345,000	13,269,000	2,071,000	-1,803,000	777,000	-1,095,000	13,581,000	-2,244,000	3,413,000	6,663,000	-790,000	-5,326,000	7,984,000	-821,000	-4,809,000	3,714,000	7,893,000	7,537,000	-3,986,000	4,037,000	15,490,000	1,833,000	-67,000	-1,211,000	5,525,000	4,271,000			1,928,000	9,544,000	-1,072,000	-570,000	4,172,000	5,110,000	-2,666,000	-1,031,000	15,427,000	-92,000	-111,000	1,744,000	8,461,000	2,629,000	-2,655,000	4,783,000	4,511,000	2,393,000	-935,000	3,567,000	2,606,000	6,693,000	7,842,000	-3,049,000	3,741,000	2,191,000	-260,000	3,812,000	3,354,000	-893,000	-191,000	929,000	3,003,000			-870,000	5,126,000	1,897,000	-198,000	-2,512,000		9,581,000	415,000	1,574,000		-580,000	-828,000	1,799,000		2,017,000	2,024,000	355,000		-469,000	-595,000	-1,449,000		782,000	-283,000	-893,000		-93,000
capital expenditures	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0			0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0			0	0	0	0	0		0	0	0		0	0	0		0	0	0		0	0	0		0	0	0		0
free cash flows	-2,380,000	-381,000	-1,345,000	13,269,000	2,071,000	-1,803,000	777,000	-1,095,000	13,581,000	-2,244,000	3,413,000	6,663,000	-790,000	-5,326,000	7,984,000	-821,000	-4,809,000	3,714,000	7,893,000	7,537,000	-3,986,000	4,037,000	15,490,000	1,833,000	-67,000	-1,211,000	5,525,000	4,271,000			1,928,000	9,544,000	-1,072,000	-570,000	4,172,000	5,110,000	-2,666,000	-1,031,000	15,427,000	-92,000	-111,000	1,744,000	8,461,000	2,629,000	-2,655,000	4,783,000	4,511,000	2,393,000	-935,000	3,567,000	2,606,000	6,693,000	7,842,000	-3,049,000	3,741,000	2,191,000	-260,000	3,812,000	3,354,000	-893,000	-191,000	929,000	3,003,000			-870,000	5,126,000	1,897,000	-198,000	-2,512,000		9,581,000	415,000	1,574,000		-580,000	-828,000	1,799,000		2,017,000	2,024,000	355,000		-469,000	-595,000	-1,449,000		782,000	-283,000	-893,000		-93,000
investing activities
maturities and sales of marketable securities	5,853,000	8,375,000	15,280,000	6,836,000	8,900,000	30,630,000	46,239,000	42,252,000	38,793,000	25,845,000	27,193,000	13,174,000	7,639,000	12,355,000	7,967,000	3,850,000	500,000	900,000	11,391,000	13,028,000	8,468,000	8,956,000	16,144,000	10,481,000	12,226,000	14,567,000	10,661,000	6,103,000	7,513,000	10,942,000	2,852,000	1,159,000	1,444,000	2,671,000	2,740,000	5,719,000	1,908,000	1,383,000	881,000	8,611,000	9,075,000	5,590,000	8,813,000	3,679,000	3,647,000	4,705,000	9,415,000	6,298,000	6,877,000	7,189,000	5,543,000	4,443,000	6,971,000	2,852,000		5,893,000	2,680,000	1,195,000		3,099,000	2,865,000	7,483,000		12,311,000	8,839,000	10,742,000		2,664,000	7,060,000	22,738,000		5,783,000	2,776,000	3,353,000		5,315,000	203,000	454,000		1,090,000	2,511,000	712,000		8,149,000	17,545,000	1,688,000		1,985,000	1,474,000	3,343,000
funds invested in marketable securities	-5,735,000	-5,242,000	-21,410,000		-6,140,000	-21,886,000	-38,614,000		-28,342,000	-30,038,000	-28,892,000		-11,831,000	-20,154,000	-16,629,000	-2,513,000	-2,127,000	-5,715,000		0	-1,585,000	-4,025,000		-1,315,000	-8,245,000	-10,865,000		-5,492,000	-6,439,000	-11,520,000	-52,461,000	0	0	-255,000	-1,969,000	-863,000	-1,929,000	-1,222,000	-230,000	-3,144,000	-4,713,000	-7,487,000	-2,383,000	0	-3,763,000	-2,379,000	-555,000	-5,993,000	-6,524,000	-8,320,000	-3,153,000	-3,275,000	-2,722,000	-7,834,000	-10,709,000	-9,577,000	-9,700,000	-9,462,000	-11,025,000	-16,725,000	-4,823,000	-2,178,000	-1,237,000	-7,217,000	-257,000	-6,165,000	-5,909,000	-2,239,000	-7,922,000	-12,834,000	-8,716,000	-6,123,000	-2,379,000	-4,726,000	-13,265,000	-9,029,000	-3,227,000	-857,000	-2,742,000	-997,000	-2,011,000	-6,438,000	-19,144,000	-9,350,000	-37,868,000	-2,661,000	-1,840,000	-713,000	-1,567,000	-3,785,000
real estate and equipment expenditures	-12,247,000	-19,602,000	-17,544,000	-16,239,000	-18,918,000	-13,965,000	-8,112,000	-7,815,000	-3,325,000	-5,151,000	-5,037,000	-4,915,000	-5,399,000	-7,856,000	-4,432,000	-3,826,000	-6,196,000	-5,218,000	-6,852,000	-4,215,000	-6,244,000	-4,948,000	-6,027,000	-6,614,000	-7,469,000	-5,112,000	-6,397,000	-5,797,000	-6,607,000	-3,779,000	-6,130,000	-4,636,000	-6,696,000	-4,247,000
reimbursement proceeds from community facilities district				12,436,000	0	0	3,309,000																																									0											0				533,000	0											0								0	0	0	2,422,000
proceeds from sale of property plant and equipment	5,000	28,000	11,000		2,000
investment in unconsolidated joint ventures	-1,040,000	-127,000	-111,000					-750,000	-3,000,000			-625,000				-2,300,000	-100,000	-500,000	-70,000	-1,150,000	-690,000	-250,000	0	-3,000,000	0	-100,000					-58,000	0	-232,000	-20,000	-100,000	-1,845,000	-35,000	-20,000	1,000				-24,000	-100,000	-3,107,000	-6,425,000	-516,000	-1,524,000	-475,000	-900,000	-750,000	-825,000	-775,000	-3,804,000	-2,175,000	-893,000	-662,000	-727,000	-1,170,000	-1,157,000	-1,167,000	-1,100,000	-8,117,000	-1,275,000	-886,000	-2,559,000	1,000	-2,285,000			-2,951,000	-3,219,000	-125,000	-160,000	-25,000	-1,000	-101,000	1,000	-201,000	0	2,000	-175,000	-101,000	-100,000	-100,000	-250,000
distribution of equity from unconsolidated joint ventures	463,000	168,000	142,000	553,000	-28,000	311,000	5,500,000	333,000	-47,000	48,000	10,644,000	4,198,000	1,069,000	268,000	2,631,000	594,000	4,634,000	462,000	5,209,000	0	0	100,000	2,970,000	211,000	235,000	41,000	980,000	1,462,000	192,000	181,000	96,000	170,000	761,000	2,087,000	0	1,000,000			0	0	0	1,100,000									500,000	0														9,000
investments in water assets	593,000	-501,000	-9,018,000		450,000	182,000	-5,248,000		-1,404,000	-311,000	-4,355,000		0	-47,000	-941,000	0
net cash from investing activities	-6,549,000	-16,901,000	-32,650,000	-8,371,000	-15,734,000	-4,717,000	3,074,000	-7,197,000	2,675,000	-10,357,000	877,000		13,044,000	-13,184,000	-5,243,000	-929,000	1,833,000	-11,679,000		7,664,000	1,950,000	-2,802,000		-230,000	-3,311,000	-4,971,000	1,269,000	-3,723,000	-5,342,000	-5,450,000	-55,853,000	-3,406,000	-4,915,000	-4,040,000	172,000	-2,483,000	-6,712,000	-1,219,000	-7,623,000	-1,423,000	-1,672,000	-1,943,000	-61,491,000	-12,271,000	-9,765,000	-9,065,000	-586,000	-8,306,000	7,141,000	-5,860,000	-2,763,000	-5,260,000	-2,882,000	-12,368,000	-2,139,000	-8,718,000	-10,878,000	3,567,000	-23,763,000	-4,181,000	-7,175,000	1,551,000	-6,774,000			-6,587,000	-3,317,000			-2,419,000		-6,038,000	-3,096,000	-4,025,000		1,253,000	6,469,000	-5,430,000		-1,495,000	-2,751,000	-7,628,000		-3,199,000	-21,882,000	-19,000		-922,000	-1,405,000	-2,372,000		1,095,000
financing activities
borrowings on line of credit	10,000,000	7,500,000	7,500,000	7,000,000	8,000,000
taxes on vested stock grants	0	0	-490,000	0	0	0	-206,000	-759,000	0	0	-2,594,000	-1,611,000	0	0	-1,122,000	0	0	-966,000	-642,000	0	-16,000	-1,568,000	-827,000	0	-29,000	-815,000	-32,000	0	-67,000	-996,000	-486,000	0	-26,000	-514,000	-2,586,000	0	-4,000	-310,000	-392,000	0	-14,000	-515,000	44,000	-154,000	0	-515,000	-3,919,000	0	0	-845,000	-33,000	0	-1,146,000	-1,124,000		0	0	-812,000			-87,000	-267,000
net cash from financing activities	10,000,000	7,500,000	7,010,000	7,000,000	8,000,000	4,000,000	-206,000	-2,950,000	-449,000	-436,000	-3,030,000	-2,047,000	-310,000	169,000	-2,231,000	-1,068,000	-1,066,000	-2,032,000	-1,694,000	-1,021,000	-1,037,000	-3,293,000		4,005,000	-1,021,000	-1,822,000	-1,060,000	-985,000				-4,002,000	3,013,000	6,848,000		-64,000	8,933,000	1,627,000	-9,386,000	4,916,000	222,000	-3,767,000	56,632,000	9,780,000	10,142,000	-573,000	-3,976,000	4,517,000	-11,000	-643,000	168,000	26,000	-1,156,000	-1,010,000	627,000	2,923,000	1,126,000	353,000	-126,000	-47,000	51,803,000	83,000	2,391,000	1,242,000	-2,008,000	5,240,000	-25,000	3,573,000	-4,609,000	5,235,000	-7,000	-7,000	2,252,000	222,000		3,131,000	-2,505,000	3,856,000		205,000	732,000	1,548,000		10,631,000	30,122,000	-2,722,000		541,000	1,167,000	523,000		-20,000
decrease in cash, cash equivalents, and restricted cash
cash, cash equivalents, and restricted cash at beginning of period	0	0	39,767,000		0	0	32,407,000		0	0	39,619,000		0	0	37,398,000	0	0	55,320,000
cash, cash equivalents, and restricted cash at end of period	1,071,000	-9,782,000	12,782,000		-5,663,000	-2,520,000	36,052,000		15,807,000	-13,037,000	40,879,000		11,944,000	-18,341,000	37,908,000	-2,818,000	-4,042,000	45,323,000
reconciliation to amounts on consolidated balance sheets:
cash and cash equivalents	1,071,000	-9,782,000	12,282,000												36,705,000	-2,818,000	-4,243,000	44,721,000
restricted cash	0	0	500,000												1,203,000	0	201,000	602,000
total cash, cash equivalents, and restricted cash	1,071,000	-9,782,000	12,782,000												37,908,000	-2,818,000	-4,042,000	45,323,000
net income				4,482,000	-1,836,000	956,000	-914,000	1,568,000	-347,000	264,000	1,780,000	1,985,000	10,173,000	-662,000	4,314,000	226,000	2,824,000	-1,063,000	-121,000	384,000	-326,000	-684,000	9,709,000	37,000	709,000	124,000	306,000	3,487,000	-1,013,000	1,455,000	361,000	-26,000	-1,000	-1,913,000	-269,000	317,000	-728,000	1,195,000	1,745,000	-811,000	377,000	1,601,000	2,112,000	1,671,000	848,000	1,131,000	-833,000	2,303,000	2,003,000	630,000	-12,000	3,952,000	110,000	233,000	5,202,000	2,540,000	-656,000	8,695,000	-1,286,000				-318,000	-289,000	-1,487,000	-1,339,000	-23,000	3,884,000	1,320,000	-1,069,000	985,000	6,204,000	-303,000	447,000	70,000	642,000			1,053,000								-1,319,000				223,000	382,000
adjustments to reconcile net income to net cash from operating activities:
increase in cash, cash equivalents, and restricted cash		-9,782,000	-26,985,000	11,898,000	-5,663,000
amortization of (discount) premium on marketable securities
(gain) loss on sale of real estate/assets
non-cash profits recognized from land contribution																0							-479,000	0
profit from water sale1
profit from land sales
excess tax benefit of stock-based compensation
abandonment expense
inventory write down
purchase of marketable securities
proceeds from sale of real estate/assets																8,000	10,000	45,000	0	0																		145,000
proceeds from sale of land
investments in long-term water assets																		-1,653,000	-935,000	1,000	1,000	-2,635,000	-133,000	7,000	-58,000	-3,502,000	-1,185,000	0	0	-2,659,000	-150,000	-99,000	-192,000	-4,276,000									2,000	0
proceeds from water sales1								0	0	0	1,324,000	978,000	1,229,000	2,250,000	1,723,000	3,123,000
interest rate swap settlement2
borrowings of long-term debt													0																																		0
repayments of long-term debt								-49,036,000	-449,000	-436,000	-436,000	-436,000	-310,000	-49,853,000	-1,109,000	-1,068,000	-1,066,000	-1,066,000	-1,052,000	-1,021,000	-1,021,000	-1,725,000	-1,010,000	-995,000	-992,000	-1,007,000	-1,028,000	-985,000	-1,048,000	-985,000	-1,007,000	-1,002,000	-961,000	-938,000	-625,000	-64,000	-63,000	-63,000	-54,000	-64,000	-64,000	-62,000	-62,000	-66,000	-58,000	-58,000	-57,000			-9,000	-11,000	-9,000	-10,000	-9,000		-9,000	-10,000	-9,000		-8,000	-9,000	-8,000		-8,000	-8,000	-7,000		-7,000	-7,000	-7,000		-7,000	-6,000	-7,000		-8,000	-5,000	-7,000
deferred financing costs												0	0
interest rate swap settlement3												0	0
cash, cash equivalents, and restricted cash at beginning of year
cash, cash equivalents, and restricted cash at end of year
profit from water sales1									0	0	-490,000		-298,000	-857,000	-734,000	-751,000
(gain) loss on sale of property plant and equipment																		-36,000
excess tax benefit from stock-based compensation					0	0	-1,000													0	6,000	523,000		0	6,000	46,000		0	-4,000	22,000		0	1,000	142,000																											486,000	-243,000					17,000	-151,000			0	0			-275,000	-746,000	0	-308,000
loss on sale of property plant and equipment						-4,000	-1,000		0	0	59,000											10,000
increase in cash and cash equivalents							3,645,000				1,260,000				510,000				19,165,000								5,734,000				17,449,000	2,136,000	-2,974,000	2,238,000									3,602,000	138,000			-51,000	-1,396,000														2,563,000				-2,217,000	1,784,000			304,000	3,914,000	3,536,000	-429,000	-2,229,000	-2,617,000	3,804,000	3,136,000	225,000		727,000			-14,405,000	6,802,000			-750,000	401,000			-839,000	982,000
gain on sale of real estate/assets																														36,000								-14,000
excess tax (benefit) loss of stock-based compensation
reimbursement proceeds from communities facilities district																																						4,162,000	0	0	0	4,971,000
amortization of (discount) premium of marketable securities									-204,000	-164,000	-74,000
profit from land sales2												0	-14,783,000	0	-3,589,000
excess tax (benefit) loss from stock-based compensation									0	0	-105,000
loan fee write-off													0
net proceeds from land sales2													20,512,000	0	4,438,000
decrease in cash and cash equivalents													11,944,000				-4,042,000	-9,997,000			-3,073,000	-2,058,000		5,608,000	-4,399,000	-8,004,000			-8,868,000	-628,000							-445,000	-623,000		3,401,000	-1,561,000	-3,966,000				-4,855,000				-2,936,000		1,459,000																														-5,725,000				-4,190,000				-2,742,000
amortization of premium on marketable securities
excess tax (loss) benefit of stock-based compensation
non-cash write-off of leasing assets																			0	0	0	110,000
proceeds from sale of land2
net cash (used in) / provided by investing activities
adjustments to reconcile net income to net cash used by operating activities:
amortization of premium/discount of marketable securities													34,000	42,000	40,000	32,000	34,000	11,000		16,000	11,000	-6,000	-14,000	-29,000	-30,000	-21,000				35,000	62,000	73,000	77,000	86,000	48,000	131,000	132,000	123,000	131,000	96,000	168,000	160,000	173,000	204,000	190,000	202,000	197,000	223,000	227,000	232,000
excess tax shortfall from stock-based compensation													0	0	3,000	0	0	155,000
non-cash retirement plan (benefit) expense															26,000
equity in losses (earnings) of unconsolidated joint ventures																		59,000
amortization of premium (discount) on marketable securities
loss on sale of real estate/assets
net cash from/(used) in investing activities
repayments of line of credit
net proceeds from rights offering																																																											0	-39,000
cash and cash equivalents at beginning of year																																					0	1,930,000	0	0	0	5,638,000	0	0	0	9,031,000	0	0	0	7,219,000
cash and cash equivalents at end of year																																														4,176,000
borrowings of line-of-credit
cash and cash equivalents at beginning of period																				0	0	27,106,000		0	0	15,908,000		0	0	20,107,000		0	0	1,258,000																		0	0	18,372,000		0	0	22,027,000		0	0	683,000		848,000	0	3,032,000		0	0	9,454,000		0	0	4,662,000		0	0	114,000		0	0	6,692,000		0	0	9,323,000		0	0	12,935,000		0
cash and cash equivalents at end of period																				14,180,000	-3,073,000	25,048,000		5,608,000	-4,399,000	7,904,000		-437,000	-8,868,000	19,479,000		2,136,000	-2,974,000	3,496,000		2,563,000	-445,000	1,307,000		3,401,000	-1,561,000	1,672,000		138,000				-1,396,000	6,195,000	4,283,000		1,459,000	3,804,000	1,945,000		-3,604,000	-10,012,000	29,759,000		-5,121,000	44,437,000	3,246,000		477,000	771,000	815,000		950,000	-9,460,000	9,758,000		3,536,000	-429,000	2,433,000		3,804,000	3,136,000	339,000		727,000	5,000	967,000		6,802,000	9,162,000	5,133,000		401,000	-521,000	10,193,000		982,000
supplemental cash flow information
accrued capital expenditures included in current liabilities																						-759,000				292,000		192,000	-518,000	673,000	22,000	1,255,000	-1,207,000	744,000	-601,000	669,000	265,000	319,000	482,000	-1,536,000	-752,000	2,135,000	787,000	-874,000	-893,000	2,076,000	1,985,000	-1,049,000	-1,048,000	2,170,000
accrued long-term water assets included in current liabilities																						254,000
purchases of marketable securities
other																																							9,000	18,000				-376,000	0	453,000	-511,000	-73,000	-137,000	10,000	786,000	764,000	-1,612,000	72,000	37,000	-392,000	-38,000	-102,000	-483,000	-266,000	-98,000	-96,000	2,000	-1,000,000	-73,000	-88,000	-39,000	-118,000	-194,000	47,000	-324,000	204,000	-444,000	126,000	-669,000				-221,000	1,000									529,000	-1,000	106,000	-59,000
net cash provided by/(used) in investing activities
borrowings of line of credit
net cash (used in)/provided by financing activities
borrowings of short-term debt																																1,000,000	4,000,000	8,300,000		8,500,000	9,000,000	2,000,000		6,980,000	6,450,000	4,110,000		13,500,000	10,200,000	4,500,000					0	0								0	4,950,000	1,900,000		1,250,000	0	10,050,000		2,750,000	0	5,000,000								2,500,000
rights offering costs																												0	0	-166,000
non cash capital contribution to unconsolidated joint venture																															0	0	0	1,339,000
accrued capital and water expenditures included in current liabilities
capital expenditure financing arrangement
taxes paid																																						1,350,000	-336,000	36,000	17,000	2,100,000
amortization of premium of marketable securities																												7,000
receivables, inventories and other assets																												-6,371,000	-2,414,000	2,001,000		1,730,000	-1,692,000	-1,175,000		-1,683,000	-2,504,000	-2,435,000		-742,000	-947,000	-1,883,000		-1,916,000	-1,757,000	2,278,000	5,972,000	-2,903,000	-1,845,000	2,488,000	3,697,000	-6,197,000	1,614,000	-875,000		-3,252,000	-104,000	3,795,000		-6,561,000	-1,146,000	1,683,000		-2,531,000	-37,000	-945,000		-2,055,000	-132,000	-2,622,000		-1,498,000	73,000	-455,000		-1,266,000	-117,000	-387,000		-2,833,000	2,961,000	-873,000		-2,078,000	-1,032,000	-300,000				377,000
communities facilities district and other reimbursements																												0	0	1,385,000						0
repayments of short-term debt																																								-2,000,000	-6,150,000	-7,300,000		-3,500,000	0	-4,500,000					0	0								0	-12,850,000	-3,550,000		0	-2,000,000	-5,000,000		0								0
adjustments to reconcile net income to net cash provided (used) by operating activities:
net cash provided (used) by operating activities																														6,969,000
net cash (used) provided by financing activities																														-2,147,000
net cash from provided by financing activities
income taxes paid																																				0
equity in earnings																																														-438,000					-887,000
purchase of partner interest in tmv llc
increase in cip attributable to reclassifying equity in investment of tmv, llc
property and equipment expenditures																																				-6,494,000	-7,599,000	-5,667,000		-6,855,000	-5,996,000	-6,117,000	-7,822,000	-5,474,000	-6,060,000	-5,419,000	-5,769,000	-5,136,000	-6,935,000	-3,718,000	-4,892,000	-6,367,000	-5,756,000	-3,654,000	-4,140,000	-3,749,000	-3,158,000	-2,602,000	-3,917,000	-3,887,000	-3,838,000	-2,554,000	-4,465,000	-5,857,000	-5,617,000	-5,018,000	-2,799,000	-4,292,000	-6,325,000	-6,986,000	-1,662,000	-2,683,000	-2,924,000	-2,618,000	-1,627,000	-1,228,000	-3,906,000	-5,028,000	-3,271,000	-2,886,000	-3,254,000	-1,727,000	-2,089,000	-1,897,000	-1,460,000	-1,218,000	-2,918,000	-1,666,000	-1,841,000	-1,929,000	-3,368,000	-3,266,000
reimbursement of outlet center costs																																															0	0
proceeds from exercise of stock options																																															0	0	0	211,000	212,000	35,000	0	123,000		2,932,000	1,136,000	1,174,000		243,000	0	1,765,000		0	0	197,000		679,000	305,000	242,000		0	1,915,000	229,000		2,393,000	0	1,055,000		211,000	738,000	1,559,000		641,000	189,000	19,000		557,000	639,000	753,000		0
increase in construction in progress attributable to the reclassification of equity in investment of tmv llc
common stock issued for water purchase
purchase of interest in tmv llc
proceeds from sale of real estate																																																																			787,000	2,317,000							0
sale of assets accounted as direct finance leases																																																			0
purchase of interest in dmb tmv llc
gain on sale of easements
amortization of stock compensation expense																																															528,000			629,000	1,256,000	526,000	2,606,000	1,052,000	1,494,000	1,371,000	1,307,000	1,168,000
proceeds from sale of easements																																																							0	0	0	15,750,000
gains on sales of real estate/assets
investment in long term term water assets																																																-1,878,000	-316,000	-121,000
(reversal) amortization of stock compensation expense
equity in losses of unconsolidated joint ventures																																																		-409,000			-893,000	359,000				442,000
gain on sale of real estate
reimbursement proceeds kern county - laval interchange
gains on sale of easements																																																								20,000	0	-15,750,000
investment in pistachio processor																																																								0	0	-485,000
supplemental disclosure of non-cash activity
accrued capital expenditures included in accounts payable and accrued liabilities																																																				-397,000	-149,000	577,000				213,000
losses on sales of real estate/assets																																																					-542,000	-137,000
adjustments to reconcile net income to net cash from operating activies:
non-cash straight line loss																																																						26,000		27,000	33,000	38,000				39,000
excess tax benefit of stock based compensation																																																										-175,000		0
net increase in cash and cash equivalents																																																						-16,427,000		-3,604,000	-10,012,000	7,732,000		-5,121,000
gain from sale of real estate
gain from sale of easements
non-cash straight line rent income
non-cash expense of retirement plans
loss on sales of assets/investments
fair market value adjustments
pension funding over expense
distribution of earnings from joint ventures
changes in current assets and current liabilities:
receivable, inventories, and other current assets
maturities of marketable securities
distribution of equity from joint ventures
payments on short-term debt
borrowing of short-term debt
repayment of long-term debt
exercise of stock options
taxes on vested stock grant
interest paid
investment in long-term water assets																																																												-205,000	-114,000	-4,000		-1,000	-360,000	-3,508,000
distribution of equity from unconsolidated joint venture
equity in earning (losses) of unconsolidated joint ventures
adjustments to reconlcile net income to net cash from operating activities:
non-cash issuances of stock and stock-based compensation																																																												-6,497,000	841,000	1,073,000
non-cash straight line income																																																												39,000				38,000				116,000	-150,000	-155,000
other-than-temporary loss of fair market value of investment
shares withheld for taxes
items not affecting cash:
equity in loss of unconsolidated joint ventures																																																														232,000
loss on sales of assets/ investments
non-cash issuances of stock and stock compensation expense
changes in certain current assets and current liabilities:
accounts receivable
inventories
prepaid expenses and deferred taxes
trade accounts payable and other accrued liabilities
deferred income
income taxes payable
property and equipment disposals
deferred compensation - stock grants/options																																																																1,144,000	1,166,000	1,122,000		-606,000	1,708,000	1,684,000		1,782,000	949,000	952,000				1,154,000
gain from the sale of real estate																																																																				-2,167,000				0	-151,000	-561,000
other-than-temporary loss on fair market value of investment																																																																0
loss on sale of marketable securities																																																																				-19,000	20,000	228,000
non-controlling interest
distribution from unconsolidated joint venture																																																																1,857,000
net decrease in cash and cash equivalents																																																																-371,000
net cash (used in) operating activities
net cash (used in) investing activities
non-cash straight line (income) loss																																																																		40,000
charitable contribution of stock
other than temporary loss on fair market value of investment
investment in long-term water contracts																																																																				-622,000	0	-5,384,000
operating activities:
non-cash retirement plans expense																																																																						218,000		245,000	245,000	245,000
investing activities:
financing activities:
tax benefit from exercise of stock options																																																																															0	89,000	254,000	646,000
gain on sales of assets
equity in (earnings) losses of unconsolidated joint ventures																																																																											-351,000	-667,000
prepaid expenses and other current assets
current deferred income
net cash from operating activities of continuing operations
net cash from investing activities of continuing operations
additional cost relating to private placement
non-cash stock contribution
stock grant																																																																												0
borrowings of short term debt																																																																												0
distribution from unconsolidated joint ventures
equity in (earnings) of unconsolidated joint ventures																																																																										-202,000
net proceeds from private equity placement																																																																																			4,378,000	9,995,000
net cash from financing activities of continuing operations
cash flows of discontinued operations
operating cash flows
investing cash flows
financing cash flows
non-cash serp expense																																																																												82,000	82,000	83,000
additional costs related to private placement																																																																																0	0	-6,000
deferred compensation—stock grants/options
equity in losses of unconsolidated, joint ventures																																																																														-121,000
non-cash expense serp
loss on sales of assets
distribution from joint ventures
borrowing of long-term debt
equity in losses of unconsolidated joint ventures - net																																																																																-348,000	148,000	458,000				289,000
deferred compensation - stock grants																																																																																802,000	650,000	650,000		744,000	742,000	11,000
distribution of capital from unconsolidated joint ventures
payments of short-term borrowings																																																																																				0	-40,000	-40,000
payments of long-term debt																																																																																-6,000	-6,000	-5,000		-5,000	-7,310,000	-2,701,000		7,000	4,000	-230,000		-19,000
net change in discontinued operations																																																																																			3,397,000	-161,000
non-cash expense – serp
gain on sales of investments
proceeds from short-term debt
proceeds from long-term debt																																																																																								28,000
contribution of stock
equity in earnings of unconsolidated joint ventures - net
minority interest in consolidated joint venture																																																																																						-75,000
non-cash issuances of stock
proceeds from issuance of common stock
distribution to investor in consolidated joint venture
minority interest in loss of consolidated joint venture																																																																																								-134,000	-67,000	18,000
receivables, inventories and other current assets																																																																																								-88,000				-789,000
distribution to minority interests
investments in unconsolidated joint ventures																																																																																												1,000
bond reimbursement from community facilities district																																																																																												-1,000
equity in net loss from unconsolidated joint ventures																																																																																												-255,000
equity in net loss from unconsolidated joint venture																																																																																										113,000
investment in unconsolidated ventures
change in breeding herds
non-cash contribution of stock
funds to purchase almond processing plant
contribution from (distribution to) investor in consolidated joint venture
cash and cash equivalents at end of year supplemental cash flow information
minority interest
proceeds from revolving line of credit
payments of revolving line of credit
net change in cash from discontinued operations

Tejon Ranch Co(NYSE:TRC)

Tejon Ranch Co
(NYSE:TRC)