Tejon Ranch: Further Developments At TRCC

2026-06-18 13:50:19 ET

Tejon Ranch Co. ( TRC ) is a real estate play with some passive and recurring income elements in its asset base. They use a J.V. (joint venture) model to contribute land and then get the developers to take on the capital burden to develop the asset. They are trying to make something of land off the I-5, building up an industrial real estate portfolio, and then later to develop other assets, including residential assets, to take advantage of water assets on the territory. These are things we've been through in previous coverage. Additionally, we focused on the fact that the land value is still to be developed; that would be TRC's stake in future J.Vs, plus the value of the existing recurring streams, about covers the current EV, with the business being a free option more or less for the value of the future developments....

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