TEJON RANCH CO

Tejon Ranch Co. is a diversified real estate development company. Its primary asset is approximately 270,000 acres of contiguous, largely undeveloped land, extending approximately 60 miles north of downtown Los Angeles at its southern boundary and to an area approximately 15 miles southeast of Bakersfield at its northern boundary. The company is anchored by the Tejon Ranch Commerce Center ("TRCC"), a 20 million-square-foot commercial and industrial development located along Interstate 5. TRCC is the primary driver of revenue and earnings. Tejon Ranch Co.'s portfolio within TRCC comprises approximately 3.4 million square feet of gross leasable area, substantially fully leased to tenants including IKEA, L'Oréal, and Dollar General. The broader TRCC development, totaling over 8 million square feet, includes third-party industrial users such as Caterpillar and Nestlé. The company is expanding TRCC through additional industrial development, commercial leasing, and the introduction of its first residential community, Terra Vista at Tejon, transitioning TRCC into a mixed-use master-planned development. In 2025, the company began reporting Multifamily as a separate operating segment, reflecting its expansion into residential rental communities. These commercial and multifamily operations are complemented by mineral resources, farming, and ranching activities across its landholdings. The company holds long-term real estate entitlements for two large-scale master-planned residential communities and is pursuing entitlements for a third, representing in aggregate more than 35,000 housing units and approximately 35 million square feet of future commercial development. The company conducts these activities through its six reporting segments.