Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Nov. 01, 2013 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'TEJON RANCH CO | ' |
Entity Central Index Key | '0000096869 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-13 | ' |
Amendment Flag | 'false | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock Shares Outstanding | ' | 20,140,872 |
Trading Symbol | 'TRC | ' |
Unaudited_Consolidated_Stateme
Unaudited Consolidated Statements of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Revenues: | ' | ' | ' | ' |
Total revenues | $15,128 | $16,114 | $32,363 | $33,542 |
Costs and Expenses: | ' | ' | ' | ' |
Total expenses | 13,383 | 12,112 | 29,361 | 30,430 |
Operating income | 1,745 | 4,002 | 3,002 | 3,112 |
Other Income: | ' | ' | ' | ' |
Investment income | 216 | 313 | 729 | 948 |
Interest income (expense) | 0 | 33 | 0 | -2 |
Other income | 20 | 15 | 37 | 50 |
Total other income | 236 | 361 | 766 | 996 |
Income from operations before equity in earnings of unconsolidated joint ventures | 1,981 | 4,363 | 3,768 | 4,108 |
Equity in earnings of unconsolidated joint ventures, net | 1,241 | 1,114 | 2,920 | 1,648 |
Income before income tax expense | 3,222 | 5,477 | 6,688 | 5,756 |
Income tax expense | 919 | 1,525 | 1,752 | 1,461 |
Net income | 2,303 | 3,952 | 4,936 | 4,295 |
Net income (loss) attributable to non-controlling interest | 11 | -69 | -55 | -119 |
Net income attributable to common stockholders | 2,292 | 4,021 | 4,991 | 4,414 |
Net income per share attributable to common stockholders, basic (usd per share) | $0.11 | $0.20 | $0.25 | $0.22 |
Net income per share attributable to common stockholders, diluted (usd per share) | $0.11 | $0.20 | $0.25 | $0.22 |
Real estate - commercial/industrial | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' |
Total revenues | 2,842 | 2,738 | 8,389 | 7,509 |
Costs and Expenses: | ' | ' | ' | ' |
Total expenses | 3,290 | 3,056 | 9,544 | 8,994 |
Real estate - resort/residential | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' |
Total revenues | 410 | 132 | 881 | 267 |
Costs and Expenses: | ' | ' | ' | ' |
Total expenses | 804 | 1,430 | 2,378 | 3,585 |
Mineral resources | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' |
Total revenues | 2,424 | 3,447 | 8,055 | 11,232 |
Costs and Expenses: | ' | ' | ' | ' |
Total expenses | 152 | 33 | 377 | 190 |
Farming | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' |
Total revenues | 9,452 | 9,797 | 15,038 | 14,534 |
Costs and Expenses: | ' | ' | ' | ' |
Total expenses | 6,224 | 5,003 | 9,660 | 8,224 |
Corporate expenses | ' | ' | ' | ' |
Costs and Expenses: | ' | ' | ' | ' |
Total expenses | $2,913 | $2,590 | $7,402 | $9,437 |
Unaudited_Consolidated_Stateme1
Unaudited Consolidated Statements of Comprehensive Income (Loss) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Statement of Other Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net income | $2,303 | $3,952 | $4,936 | $4,295 |
Other comprehensive income (loss): | ' | ' | ' | ' |
Unrealized gains (losses) on available for sale securities | 99 | 193 | -353 | 344 |
Equity in other comprehensive income of unconsolidated joint venture | 0 | 33 | 0 | 152 |
Other comprehensive income (loss) before taxes | 99 | 226 | -353 | 496 |
(Provisions) benefit for income taxes related to other comprehensive income (loss) items | -40 | -90 | 141 | -198 |
Other comprehensive income (loss) | 59 | 136 | -212 | 298 |
Total comprehensive income | 2,362 | 4,088 | 4,724 | 4,593 |
Total comprehensive income (loss) attributable to non-controlling interests | 11 | -69 | -55 | -119 |
Total comprehensive income attributable to common stockholders | $2,351 | $4,157 | $4,779 | $4,712 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current Assets: | ' | ' |
Cash and cash equivalents | $9,082 | $7,219 |
Marketable securities - available-for-sale | 64,487 | 65,049 |
Accounts receivable | 10,341 | 8,768 |
Inventories | 6,555 | 3,839 |
Prepaid expenses and other current assets | 3,798 | 4,881 |
Deferred tax assets | 1,180 | 997 |
Total current assets | 95,443 | 90,753 |
Property and equipment - net of depreciation (includes $74,426 at September 30, 2013 and $72,115 at December 31, 2012, attributable to Centennial Founders LLC, Note 12) | 143,284 | 146,590 |
Investments in unconsolidated joint ventures | 62,000 | 54,022 |
Long-term water assets | 30,349 | 28,565 |
Long-term deferred tax assets | 5,166 | 5,376 |
Other assets | 2,151 | 2,550 |
TOTAL ASSETS | 338,393 | 327,856 |
Current Liabilities: | ' | ' |
Trade accounts payable | 1,855 | 3,845 |
Accrued liabilities and other | 4,252 | 2,132 |
Income taxes payable | 835 | 0 |
Deferred income | 1,147 | 1,195 |
Current portion of long-term debt | 231 | 41 |
Total current liabilities | 8,320 | 7,213 |
Long-term debt, less current portion | 4,519 | 212 |
Long-term deferred gains | 2,248 | 2,248 |
Other liabilities | 7,382 | 6,508 |
Pension liability | 2,929 | 3,416 |
Total liabilities | 25,398 | 19,597 |
Commitments and contingencies | ' | ' |
Tejon Ranch Co. Stockholders’ Equity | ' | ' |
Common stock, $.50 par value per share: Authorized shares - 30,000,000 Issued and outstanding shares - 20,140,872 at September 30, 2013 and 20,085,865 at December 31, 2012 | 10,070 | 10,043 |
Additional paid-in capital | 205,032 | 198,117 |
Accumulated other comprehensive loss | -5,330 | -5,118 |
Retained earnings | 63,611 | 65,550 |
Total Tejon Ranch Co. Stockholders’ Equity | 273,383 | 268,592 |
Non-controlling interest | 39,612 | 39,667 |
Total equity | 312,995 | 308,259 |
TOTAL LIABILITIES AND EQUITY | $338,393 | $327,856 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Property and equipment, net | $143,284 | $146,590 |
Common stock, par value | $0.50 | $0.50 |
Common stock, Authorized shares | 30,000,000 | 30,000,000 |
Common stock, Issued shares | 20,140,872 | 20,085,865 |
Common stock, outstanding shares | 20,140,872 | 20,085,865 |
Centennial Founders, LLC | ' | ' |
Property and equipment, net | $74,426 | $72,115 |
Unaudited_Consolidated_Stateme2
Unaudited Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Operating Activities | ' | ' |
Net income | $4,936 | $4,295 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ' | ' |
Depreciation and amortization | 2,836 | 3,656 |
Amortization of premium/discount of marketable securities | 682 | 638 |
Equity in earnings of unconsolidated joint ventures, net | -2,920 | -1,648 |
Non-cash retirement plan expense | 487 | 313 |
Gains on sales of real estate/assets | -50 | -606 |
Deferred income taxes | 210 | 0 |
Amortization of stock compensation expense | 401 | 4,184 |
Distribution of earnings from unconsolidated joint ventures | 0 | 7,200 |
Changes in operating assets and liabilities: | ' | ' |
Receivables, inventories and other assets, net | -2,260 | -5,458 |
Current liabilities, net | 703 | -1,088 |
Net cash provided by operating activities | 5,025 | 11,486 |
Investing Activities | ' | ' |
Maturities and sales of marketable securities | 20,364 | 14,266 |
Funds invested in marketable securities | -20,837 | -13,831 |
Property and equipment expenditures | -15,789 | -15,777 |
Investment in long term term water assets | -2,315 | 0 |
Investment in unconsolidated joint ventures | -2,899 | -5,404 |
Distribution of equity from unconsolidated joint ventures | 0 | 1,012 |
Reimbursement of outlet center costs | 512 | 0 |
Reimbursement proceeds from community facilities district | 14,139 | 0 |
Other | -200 | -776 |
Net cash used in investing activities | -7,025 | -20,510 |
Financing Activities | ' | ' |
Borrowings of short-term debt | 0 | 1,500 |
Repayments of short-term debt | 0 | -1,500 |
Borrowings of long-term debt | 4,750 | 0 |
Repayments of long-term debt | -253 | -28 |
Proceeds from exercise of stock options | 211 | 158 |
Taxes on vested stock grants | -845 | -2,270 |
Net cash provided by (used in) financing activities | 3,863 | -2,140 |
Increase (decrease) in cash and cash equivalents | 1,863 | -11,164 |
Cash and cash equivalents at beginning of year | 7,219 | 18,372 |
Cash and cash equivalents at end of period | 9,082 | 7,208 |
Supplemental cash flow information | ' | ' |
Accrued capital expenditures included in current liabilities | 73 | 31 |
Sale of assets accounted as direct finance leases | $0 | $913 |
Unaudited_Consolidated_Stateme3
Unaudited Consolidated Statements of Equity (USD $) | Total | Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | Total Tejon Ranch Co.’s Stockholders' Equity | Noncontrolling Interest |
In Thousands, except Share data, unless otherwise specified | |||||||
Beginning Balance, Value at Dec. 31, 2011 | $300,439 | $9,988 | $194,273 | ($4,756) | $61,109 | $260,614 | $39,825 |
Beginning Balance (in shares) at Dec. 31, 2011 | ' | 19,975,706 | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Net income | 4,283 | ' | ' | ' | 4,441 | 4,441 | -158 |
Other comprehensive income | -362 | ' | ' | -362 | ' | -362 | ' |
Exercise of stock options (shares) | ' | 13,641 | ' | ' | ' | ' | ' |
Exercise of stock options and related tax benefit of $3 for nine months ended September 30, 2013 and $8 for the 12 months ended December 31, 2012 | 370 | 7 | 363 | ' | ' | 370 | ' |
Restricted stock issuance (in shares) | ' | 179,172 | ' | ' | ' | ' | ' |
Restricted stock issuance | 0 | 89 | -89 | ' | ' | 0 | ' |
Stock compensation | 5,832 | ' | 5,832 | ' | ' | 5,832 | ' |
Shares withheld for taxes (in shares) | ' | -82,654 | ' | ' | ' | ' | ' |
Shares withheld for taxes | -2,303 | -41 | -2,262 | ' | ' | -2,303 | ' |
Ending Balance, Value at Dec. 31, 2012 | 308,259 | 10,043 | 198,117 | -5,118 | 65,550 | 268,592 | 39,667 |
Ending Balance (in shares) at Dec. 31, 2012 | ' | 20,085,865 | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Net income | 4,936 | ' | ' | ' | 4,991 | 4,991 | -55 |
Other comprehensive income | -212 | ' | ' | -212 | ' | -212 | ' |
Exercise of stock options (shares) | ' | 7,567 | ' | ' | ' | ' | ' |
Exercise of stock options and related tax benefit of $3 for nine months ended September 30, 2013 and $8 for the 12 months ended December 31, 2012 | 211 | 4 | 207 | ' | ' | 211 | ' |
Restricted stock issuance (in shares) | ' | 75,749 | ' | ' | ' | ' | ' |
Restricted stock issuance | 0 | 37 | -37 | ' | ' | 0 | ' |
Stock compensation | 646 | ' | 646 | ' | ' | 646 | ' |
Shares withheld for taxes (in shares) | ' | -28,309 | ' | ' | ' | ' | ' |
Shares withheld for taxes | -845 | -14 | -831 | ' | ' | -845 | ' |
Warrants issued as dividends (3,000,000 warrants) | ' | ' | 6,930 | ' | -6,930 | ' | ' |
Ending Balance, Value at Sep. 30, 2013 | $312,995 | $10,070 | $205,032 | ($5,330) | $63,611 | $273,383 | $39,612 |
Ending Balance (in shares) at Sep. 30, 2013 | ' | 20,140,872 | ' | ' | ' | ' | ' |
Unaudited_Consolidated_Stateme4
Unaudited Consolidated Statements of Equity (Parenthetical) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Statement of Stockholders' Equity [Abstract] | ' | ' |
Exercise of stock options, tax benefit | $3 | $8 |
Warrant issued | 3,000 | ' |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
BASIS OF PRESENTATION | ' |
BASIS OF PRESENTATION | |
The summarized information of Tejon Ranch Co. and its subsidiaries, (collectively, the “Company”), furnished pursuant to the instructions to Part I of Form 10-Q is unaudited and reflects all adjustments which are, in the opinion of the Company’s management, necessary for a fair statement of the results for the interim period. All such adjustments are of a normal recurring nature. The Company has reclassified certain prior period amounts in the consolidated statements of operations, and cash flows to conform to the current year presentation. We have evaluated subsequent events through the date of issuance of our consolidated financial statements. | |
The periods ending September 30, 2013 and 2012 include the consolidation of Centennial Founders, LLC’s statement of operations within the resort /residential segment and statements of cash flows. The Company’s September 30, 2013 and December 31, 2012 balance sheets and statements of equity are presented on a consolidated basis including the consolidation of Centennial Founders, LLC. | |
The Company has identified four reportable segments: commercial/industrial real estate development; resort/residential real estate development; mineral resources; and farming. The Company determined that the mineral resources segment should be reported, as a result of an evaluation of the Company's operations during the fourth quarter of 2012. Mineral resources collects royalty income from oil and gas leases, rock and aggregate leases, and from a cement company. Information for the Company’s reported segments is presented in its consolidated statements of operations. The Company’s reporting segments follow the same accounting policies used for the Company’s consolidated financial statements. Management evaluates a segment’s performance based upon a number of factors including pretax results. | |
The results of the period reported herein are not indicative of the results to be expected for the full year due to the seasonal nature of the Company’s agricultural activities and timing of real estate sales and leasing activities. Historically, the Company’s largest percentages of farming revenues are recognized during the third and fourth quarters of the fiscal year. | |
For further information and a summary of significant accounting policies, refer to the Consolidated Financial Statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012. |
Equity
Equity | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Stockholders' Equity Note [Abstract] | ' | |||||||||||
EQUITY | ' | |||||||||||
EQUITY | ||||||||||||
Earnings Per Share (EPS) | ||||||||||||
Net income (loss) per share is based upon the weighted average number of shares of common stock outstanding during the period. Diluted net income per share is based upon the weighted average number of shares of common stock outstanding and the weighted average number of shares outstanding assuming the issuance of common stock upon exercise of stock options, warrants to purchase common stock, and vesting of stock grants per U.S. generally accepted accounting principles, or GAAP. | ||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||
30-Sep | 30-Sep | |||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||
Weighted average number of shares outstanding: | ||||||||||||
Common stock | 20,140,473 | 20,074,233 | 20,125,792 | 20,030,396 | ||||||||
Common stock equivalents-stock options, grants | 45,489 | 18,821 | 40,864 | 58,695 | ||||||||
Diluted shares outstanding | 20,185,962 | 20,093,054 | 20,166,656 | 20,089,091 | ||||||||
Warrants | ||||||||||||
On August 7, 2013, Tejon Ranch Co. (the “Company”) announced that its Board of Directors declared a dividend of warrants (the “Warrants”) to purchase shares of Company common stock, par value $0.50 per share (“Common Stock”) to holders of record of Common Stock as of August 21, 2013 (the “Record Date”). The Warrants were distributed to shareholders on August 28, 2013. Each Warrant will entitle the holder to purchase one share of Common Stock at an initial exercise price of $40.00 per share. The Warrants will be exercisable through August 31, 2016, subject to the Company's right to accelerate the expiration date under certain circumstances when the Warrants are in-the-money. Each holder of Common Stock as of the Record Date received a number of Warrants equal to the number of shares held multiplied by 0.14771, rounded to the nearest whole number. No cash or other consideration will be payable in respect of any fractional Warrants that are rounded down. The Company issued an aggregate of 3,000,000 Warrants. The Company issued the Warrants pursuant to a Warrant Agreement, dated as of August 7, 2013, between the Company, Computershare, Inc. and Computershare Trust Company, N.A., as warrant agent (the “Warrant Agreement”). |
Marketable_Securities
Marketable Securities | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | |||||||||||||||||||||||
MARKETABLE SECURITIES | ' | |||||||||||||||||||||||
MARKETABLE SECURITIES | ||||||||||||||||||||||||
The Company classifies its securities as available-for-sale and therefore is required to adjust securities to fair value at each reporting date. All costs and both realized and unrealized gains and losses on securities are determined on a specific identification basis. | ||||||||||||||||||||||||
The following is a summary of available-for-sale securities at: | ||||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | |||||||||||||||||||||||
($ in thousands) | Fair | Cost | Estimated | Cost | Estimated | |||||||||||||||||||
Value | Fair | Fair | ||||||||||||||||||||||
Hierarchy | Value | Value | ||||||||||||||||||||||
Certificates of deposit | ||||||||||||||||||||||||
with unrecognized losses for less than 12 months | $ | 1,717 | $ | 1,707 | $ | 1,578 | $ | 1,571 | ||||||||||||||||
with unrecognized losses for more than 12 months | 111 | 111 | 508 | 507 | ||||||||||||||||||||
with unrecognized gains | 7,006 | 7,050 | 5,586 | 5,628 | ||||||||||||||||||||
Total Certificates of deposit | Level 1 | 8,834 | 8,868 | 7,672 | 7,706 | |||||||||||||||||||
US Treasury and agency notes | ||||||||||||||||||||||||
with unrecognized losses for less than 12 months | 5,853 | 5,841 | 3,057 | 3,024 | ||||||||||||||||||||
with unrecognized losses for more than 12 months | 3,948 | 3,930 | 874 | 873 | ||||||||||||||||||||
with unrecognized gains | 5,957 | 6,001 | 12,175 | 12,267 | ||||||||||||||||||||
Total US Treasury and agency notes | Level 2 | 15,758 | 15,772 | 16,106 | 16,164 | |||||||||||||||||||
Corporate notes | ||||||||||||||||||||||||
with unrecognized losses for less than 12 months | 9,155 | 9,049 | 1,993 | 1,971 | ||||||||||||||||||||
with unrecognized losses for more than 12 months | 316 | 315 | 201 | 200 | ||||||||||||||||||||
with unrecognized gains | 22,082 | 22,338 | 29,210 | 29,653 | ||||||||||||||||||||
Total Corporate notes | Level 2 | 31,553 | 31,702 | 31,404 | 31,824 | |||||||||||||||||||
Municipal notes | ||||||||||||||||||||||||
with unrecognized losses for less than 12 months | 1,378 | 1,360 | 1,961 | 1,948 | ||||||||||||||||||||
with unrecognized losses for more than 12 months | 1,045 | 1,040 | 620 | 613 | ||||||||||||||||||||
with unrecognized gains | 5,689 | 5,745 | 6,702 | 6,794 | ||||||||||||||||||||
Total Municipal notes | Level 2 | 8,112 | 8,145 | 9,283 | 9,355 | |||||||||||||||||||
$ | 64,257 | $ | 64,487 | $ | 64,465 | $ | 65,049 | |||||||||||||||||
We evaluate our securities for other-than-temporary impairment based on the specific facts and circumstances surrounding each security valued below its cost. Factors considered include the length of time the securities have been valued below cost, the financial condition of the issuer, industry reports related to the issuer, the severity of any decline, our intention not to sell the security, and our assessment as to whether it is not more likely than not that we will be required to sell the security before a recovery of its amortized cost basis. We then segregate the loss between the amounts representing a decrease in cash flows expected to be collected, or the credit loss, which is recognized through earnings, and the balance of the loss which is recognized through other comprehensive income. | ||||||||||||||||||||||||
At September 30, 2013, the fair market value of investment securities exceeded the cost basis by $230,000. The cost basis includes any other-than-temporary impairments that have been recorded for the securities. None have been recorded at September 30, 2013. The Company has determined that any unrealized losses in the portfolio are temporary as of September 30, 2013. The Company believes that market factors such as, changes in interest rates, liquidity discounts, and premiums required by market participants rather than an adverse change in cash flows or a fundamental weakness in credit quality of the issuer have led to the temporary declines in value. In the future based on changes in the economy, credit markets, financial condition of issuers, or market interest rates, this could change. | ||||||||||||||||||||||||
As of September 30, 2013, the adjustment to accumulated other comprehensive income (loss) in consolidated equity for the temporary change in the value of securities reflects a decrease in the market value of available-for-sale securities of $212,000, which is net of estimated taxes of $142,000. | ||||||||||||||||||||||||
As of September 30, 2013, the Company’s gross unrealized holding gains equal $400,000 and gross unrealized holding losses equal $170,000. | ||||||||||||||||||||||||
The following tables summarize the maturities, at par, of marketable securities by year: | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
At September 30, 2013 | 2013 | 2014 | 2015 | 2016 | 2017 | Total | ||||||||||||||||||
Certificates of deposit | $ | 965 | $ | 1,627 | $ | 4,213 | $ | 1,501 | $ | 437 | $ | 8,743 | ||||||||||||
U.S. Treasury and agency notes | 890 | 6,787 | 5,168 | 2,350 | 592 | 15,787 | ||||||||||||||||||
Corporate notes | 1,752 | 6,729 | 10,137 | 6,604 | 5,074 | 30,296 | ||||||||||||||||||
Municipal notes | 450 | 3,675 | 2,205 | 1,235 | 295 | 7,860 | ||||||||||||||||||
$ | 4,057 | $ | 18,818 | $ | 21,723 | $ | 11,690 | $ | 6,398 | $ | 62,686 | |||||||||||||
(in thousands) | ||||||||||||||||||||||||
At December 31, 2012 | 2013 | 2014 | 2015 | 2016 | Total | |||||||||||||||||||
Certificates of deposit | $ | 1,268 | $ | 1,627 | $ | 4,316 | $ | 301 | $ | 7,512 | ||||||||||||||
U.S. Treasury and agency notes | 6,285 | 7,248 | 2,633 | 11 | 16,177 | |||||||||||||||||||
Corporate notes | 10,916 | 6,729 | 9,420 | 3,325 | 30,390 | |||||||||||||||||||
Municipal notes | 2,305 | 4,340 | 1,960 | 400 | 9,005 | |||||||||||||||||||
$ | 20,774 | $ | 19,944 | $ | 18,329 | $ | 4,037 | $ | 63,084 | |||||||||||||||
The Company’s investments in corporate notes are with companies that have an investment grade rating from Standard & Poor’s. |
Long_Term_Water_Assets
Long Term Water Assets | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Long Term Water Assets [Abstract] | ' | |||||||
LONG TERM WATER ASSETS | ' | |||||||
LONG TERM WATER ASSETS | ||||||||
Long term assets consist of water and water contracts held for future use or sale. The water is held at cost which includes the price paid for the water and the cost to pump and deliver the water from the California aqueduct into the water bank. Water is currently held in a water bank on Company land in southern Kern County. Company banked water costs also include costs related to the right to receive additional acre feet of water in the future from the Antelope Valley East Kern Water Agency, or AVEK. The Company has also banked water within an AVEK owned water bank. | ||||||||
The Company also owns additional transferable water and holds State Water Project, or SWP contracts with the Tulare Water Storage and Dudley-Ridge Water Storage Districts to supply water through 2035. These contracts are being amortized using the straight line method over that period. Annual amortization for the next five years will be $708,000 per year. Water contracts with the Wheeler Ridge Maricopa Water Storage District, or WRMWSD, and the Tejon-Castac Water District, or TCWD, are also in place, but were entered into with each district at inception of the contract and not purchased later from third parties, and do not have a related financial value on the books of the Company. Therefore there is no amortization expense related to these contracts. Annual costs associated with these contracts are expensed each quarter. | ||||||||
Purchased water assets consist of the following: | ||||||||
(in acre feet) | September 30, 2013 | December 31, 2012 | ||||||
Banked water and water for future delivery | ||||||||
AVEK water bank | 12,280 | 11,478 | ||||||
Company water bank | 8,818 | 8,700 | ||||||
AVEK water for future delivery | 2,362 | 2,362 | ||||||
Total Company and AVEK banked water | 23,460 | 22,540 | ||||||
Transferable water with AVEK* | 14,786 | 14,786 | ||||||
SWP contracts | 3,444 | 3,444 | ||||||
Total purchased water - third parties | 41,690 | 40,770 | ||||||
WRMWSD - Contracts with Company | 15,547 | 15,547 | ||||||
TCWD - Contracts with Company | 5,479 | 5,479 | ||||||
TCWD - Banked water contracted to Company | 38,943 | 38,943 | ||||||
Total purchased and contracted water sources in acre feet | 101,659 | 100,739 | ||||||
($ in thousands) | September 30, 2013 | December 31, 2012 | ||||||
Banked water and water for future delivery - Company and AVEK | $ | 4,779 | $ | 4,448 | ||||
Transferable water | 10,862 | 8,988 | ||||||
SWP Contracts (net of accumulated amortization of $2,552 and $2,021 at September 30, 2013 and December 31 2012, respectively) | 15,416 | 15,837 | ||||||
Total water assets | 31,057 | 29,273 | ||||||
Less: current portion | (708 | ) | (708 | ) | ||||
Long-term water assets | $ | 30,349 | $ | 28,565 | ||||
*Any transferable water with AVEK that is used by the Company or returned by AVEK to the Company will be returned at a 1.5 to 1 factor giving the Company use of a total of 22,179 acre feet. |
Accrued_Liabilities_and_Other
Accrued Liabilities and Other | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Payables and Accruals [Abstract] | ' | |||||||
ACCRUED LIABILITIES AND OTHER | ' | |||||||
ACCRUED LIABILITIES AND OTHER | ||||||||
Accrued liabilities and other consists of the following: | ||||||||
($ in thousands) | September 30, 2013 | December 31, 2012 | ||||||
Accrued vacation | $ | 689 | $ | 674 | ||||
Accrued paid personal leave | 631 | 662 | ||||||
Accrued bonus | 1,721 | 573 | ||||||
Property tax payable | 510 | — | ||||||
Other | 701 | 223 | ||||||
$ | 4,252 | $ | 2,132 | |||||
ShortTerm_and_LongTerm_Debt
Short-Term and Long-Term Debt | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
SHORT-TERM AND LONG-TERM DEBT | ' | |||||||
SHORT-TERM AND LONG TERM DEBT | ||||||||
Long-term debt consists of the following: | ||||||||
($ in thousands) | September 30, 2013 | December 31, 2012 | ||||||
Note payable to a financial institution | $ | 4,750 | $ | 253 | ||||
Less current portion | (231 | ) | (41 | ) | ||||
$ | 4,519 | $ | 212 | |||||
During the third quarter of 2013, we entered into a promissory note agreement to pay a principal amount of $4,750,000 with principal and interest due monthly starting on October 1, 2013. The interest rate on this promissory note is 4.25% per annum, with principal and interest payments ending on September 1, 2028. The proceeds from this promissory note were used to eliminate debt that had been previously used to provide long-term financing for a building being leased to Starbucks and provide additional working capital for future investment. The balance of the long-term debt instrument listed above approximates the fair value of the instrument. | ||||||||
We have a long-term revolving line of credit of $30,000,000 that, as of September 30, 2013, had no outstanding balance. At the Company’s option, the interest rate on this line of credit can float at 2.50% over a selected LIBOR rate or can be fixed at 2.25% above LIBOR for a fixed rate term. During the term of this credit facility (which matures in December 2013), we can borrow at any time and partially or wholly repay any outstanding borrowings and then re-borrow, as necessary. Under the terms of the line of credit, we must maintain tangible net worth, defined as total equity, including noncontrolling interest, plus debt less intangible assets, of not less than $175,000,000 and liquid assets of not less than $25,000,000. At September 30, 2013 our tangible net worth was $317,745,000 and liquid assets were $73,569,000. A portion of our farm acreage secures this line of credit. |
Stock_Compensation
Stock Compensation | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Share-based Compensation [Abstract] | ' | ||||||||
STOCK COMPENSATION | ' | ||||||||
STOCK COMPENSATION | |||||||||
The Company’s stock incentive plans provide for the making of awards to employees based upon time-based criteria or through the achievement of performance-related objectives. The Company has issued three types of stock grant awards under these plans: restricted stock with time-based vesting, performance share grants that only vest upon the achievement of specified performance conditions, such as corporate cash flow goals, and performance share grants that include threshold, target, and maximum achievement levels based on the achievement of specific real estate development performance milestones. The payouts at each performance goal are as follows: | |||||||||
Performance Share Grants with Performance Conditions (in shares) | |||||||||
Below threshold performance | — | ||||||||
Threshold performance | 82,878 | ||||||||
Target performance | 407,757 | ||||||||
Maximum performance | 595,575 | ||||||||
The following is a summary of the Company’s stock grant activity assuming target achievement for outstanding performance grants for the following periods: | |||||||||
September 30, 2013 | December 31, 2012 | ||||||||
Stock Grants Outstanding Beginning of the Year | 688,041 | 744,508 | |||||||
New Stock Grants/Estimated additional shares maximum performance | 96,087 | 113,643 | |||||||
Vested Grants | (62,997 | ) | (170,110 | ) | |||||
Expired/Forfeited Grants | (221,552 | ) | — | ||||||
Stock Grants Outstanding September 30, 2013 | 499,579 | 688,041 | |||||||
The unamortized cost associated with nonvested stock grants and the weighted-average period over which it is expected to be recognized as of September 30, 2013 was $4,138,000 and 30 months, respectively. The fair value of restricted stock with time-based vesting features is based upon the Company’s share price on the date of grant and is expensed over the service period. Fair value of performance grants that cliff vest based on the achievement of performance conditions is based on the share price of the Company’s stock on the day of grant once the Company determines that it is probable that the award will vest. This fair value is expensed over the service period applicable to these grants. For performance grants that contain a range of shares from zero to maximum we determine, based on historic and projected results, the probability of (1) achieving the performance objective, and (2) the level of achievement. Based on this information, we determine the fair value of the award and measure the expense over the service period related to these grants. Because the ultimate vesting of all performance grants is tied to the achievement of a performance condition, we estimate whether the performance condition will be met and over what period of time. Ultimately, we adjust compensation cost according to the actual outcome of the performance condition. Under the Non-Employee Director Stock Incentive Plan, or NDSI Plan, each non-employee director receives his or her annual compensation in stock. | |||||||||
The following table summarizes stock compensation costs for the Company's 1998 Stock Incentive Plan, or Employee 1998 Plan, and the NDSI Plan for the following periods: | |||||||||
Nine Months Ended | Nine Months Ended | ||||||||
Employee 1998 Plan: | September 30, | September 30, | |||||||
2013 | 2012 | ||||||||
Expensed | $ | 17,000 | $ | 3,898,000 | |||||
Capitalized | 245,000 | 281,000 | |||||||
262,000 | 4,179,000 | ||||||||
NDSI Plan | 384,000 | 286,000 | |||||||
$ | 646,000 | $ | 4,465,000 | ||||||
During the first quarter of 2013 an executive officer of the Company resigned, which led to the Company reversing $485,000 of previously recognized stock compensation expense as the shares were forfeited upon leaving the Company. During the second quarter of 2013 our Chief Executive Officer and President, Robert A. Stine, announced he would retire at the end of 2013. Based on this announcement, we adjusted the service period related to his performance grants, which resulted in shares being forfeited and the reversal of $2,271,000 previously recognized stock compensation expense. |
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2013 | |
Income Tax Disclosure [Abstract] | ' |
INCOME TAXES | ' |
INCOME TAXES | |
For the nine months ended September 30, 2013, the Company incurred a net income tax expense of $1,752,000 compared to a net income tax expense of $1,461,000 for the nine months ended September 30, 2012. These represent effective income tax rates of approximately 28% and 25% for the nine months ended September 30, 2013 and, 2012, respectively. The effective tax rate for the first nine months of 2013 is calculated based on the year to date net income for 2013 adjusted for estimated permanent tax differences such as depletion allowances. During 2013, depletion allowances have decreased due to lower oil and gas revenues compared to 2012. As of September 30, 2013, our balance sheet reflects an income tax payable of $835,000. | |
The Company classifies interest and penalties incurred on tax payments as income tax expenses. During the first nine months ended September 30, 2013, the Company made income tax payments of $115,000 for the 2013 tax year. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended | |
Sep. 30, 2013 | ||
Commitments and Contingencies Disclosure [Abstract] | ' | |
COMMITMENTS AND CONTINGENCIES | ' | |
COMMITMENTS AND CONTINGENCIES | ||
A total of 5,488 acres of the Company’s land is subject to water contracts with the WRMWSD, requiring minimum future annual payments through the life of the contract which is 2035. The estimated future minimum annual payments are $2,500,000 before any potential credits are received, whether or not water is available or is used. These payments are expensed each quarter through our farming operations. | ||
The Tejon Ranch Public Facilities Financing Authority, or TRPFFA, is a joint powers authority formed by Kern County and TCWD, to finance public infrastructure within the Company’s Kern County developments. TRPFFA has created two Community Facilities Districts, or CFDs, the West CFD and the East CFD. The West CFD has placed liens on 420 acres of the Company’s land to secure payment of special taxes related to $28,620,000 of bond debt sold by TRPFFA for Tejon Ranch Commerce Center, or TRCC-West. The East CFD has placed liens on 1,931 acres of the Company’s land to secure payments of special taxes related to $39,750,000 of bond debt sold by TRPFFA for TRCC-East. At TRCC-West, the West CFD has no additional bond debt approved for issuance. At TRCC-East, the East CFD has approximately $80,250,000 of additional bond debt authorized by TRPFFA that can be sold in the future. | ||
In connection with the sale of bonds there is a standby letter of credit for $5,426,000 related to the issuance of East CFD bonds. The standby letter of credit is in place to provide additional credit enhancement and cover approximately two years worth of interest on the outstanding bonds. This letter of credit will not be drawn upon unless the Company, as the largest land owner in the CFD, fails to make its property tax payments. The Company believes that the letter of credit will never be drawn upon. The letter of credit is for two years beginning in January 2013 and will be renewed in two-year intervals as necessary. The annual cost related to the letter of credit is approximately $83,000. | ||
The Company is obligated, as a landowner in each CFD, to pay its share of the special taxes assessed each year. The secured lands include both the TRCC-West and TRCC-East developments. Proceeds from the sale of West CFD bonds went to reimburse the Company for public infrastructure related to the TRCC West development. At this time there are no additional reimbursement funds remaining from the West CFD bonds and there is approximately $8,900,000 of funds available for reimbursement of cost within the East CFD bonds. During the second quarter of 2013, $14,139,000 of funds were reimbursed to the Company. During 2012, the Company paid approximately $606,000 in special taxes. We anticipate we will pay approximately $886,000 in special taxes during 2013. As development continues to occur at TRCC, new owners of land and new lease tenants, through triple net leases, will bear an increasing portion of the assessed special tax. As this happens, the Company’s obligation is correspondingly reduced. The amount of special taxes paid by the Company could change in the future based on the amount of bonds outstanding and the amount of taxes paid by others. | ||
Tejon Mountain Village | ||
On November 10, 2009, an additional suit was filed in the U.S. District Court for the Eastern District of California (Fresno Division) by David Laughing Horse Robinson ("plaintiff") an alleged representative of the federally-unrecognized "Kawaiisu Tribe" alleging, inter alia, that the Company does not hold legal title to the land within the TMV development that it seeks to develop. The grounds for the federal lawsuit were the subject of a United States Supreme Court decision in 1924 where the United States Supreme Court found against the Indian tribes. The suit named as defendants the Company, two affiliates (Tejon Mountain Village, LLC and Tejon Ranchcorp), the County of Kern, and Ken Salazar, in his capacity as U.S. Secretary of the Interior. | ||
The Company and other defendants filed motions to dismiss plaintiff's complaint for failure to state a claim and lack of jurisdiction. On January 24, 2011, the Company received a ruling by Judge Wanger dismissing all claims against the Company, TMV, the County and the federal defendants. However, the judge did grant a limited right by the plaintiff to amend certain causes of action in the complaint. | ||
During April, 2011, the plaintiff filed his second amended complaint against the Company, alleging similar items as in the original suit. The plaintiff filed new materials during July, 2011 related to his second amended complaint. Thereafter, the case was reassigned to Magistrate Judge McAuliffe. On January 18, 2012, the Judge McAuliffe issued an order dismissing all claims in plaintiff's second amended complaint for failure to state a cause of action and/or for lack of jurisdiction, but allowing the plaintiff one more opportunity to state certain land claims provided plaintiff file an amended complaint on or before February 17, 2012. The court also indicated that it was considering dismissing the case due to the lack of federal recognition of the "Kawaiisu Tribe". The court then granted plaintiff an extension until March 19, 2012 to file his third amended complaint. | ||
Plaintiff filed his third amended complaint on March 19, 2012. Defendants filed motions to dismiss all claims in the third amended complaint without further leave to amend on April 30, 2012. Plaintiff thereafter substituted in new counsel and with leave of court filed his opposition papers on June 8, 2012. Defendants filed their reply papers on June 22, 2012. Oral argument of the motions to dismiss the third amended complaint was conducted on July 20, 2012. On August 7, 2012, the court issued its Order dismissing all of Robinson's claims without leave to amend and with prejudice, on grounds of lack of jurisdiction and failure to state a claim. | ||
On September 24, 2012, Robinson (through another new counsel) filed a timely notice of appeal to the U.S. Court of Appeals for the Ninth Circuit. On September 26, 2012, the Court of Appeals issued its time schedule order calling for briefing to be completed by February, 2013. Robinson's brief was due to be filed on January 2, 2013 On February 26, 2013, the Ninth Circuit issued an order dismissing the appeal for failure to prosecute including failure to file an opening brief. Forty-five days later, Robinson's counsel filed a motion to reinstate the appeal. As an excuse Robinson’s new counsel offered that he overlooked the court of appeal's briefing schedule order and assumed that state court procedure would be followed. The motion to reinstate the appeal was accompanied by a proposed opening brief. In response, the Company and the County of Kern filed oppositions to the motion to reinstate the appeal. Despite objections by the Company and the County (in which the U.S. Department of Justice ("DOJ") did not join), the Ninth Circuit granted Robinson's motion to reinstate, rejected the appeal of that reinstatement decision by the County and the Company, and set a due date of July 7, 2013 (Sunday) for the opposition briefs of the Company and the County to be filed. Thereafter, the DOJ and the County exercised their right to obtain an automatic 30-day extension to August 6, 2013, and the Company filed an unopposed motion (which the Ninth Circuit granted) extending the Company's date for its opposition brief to August 6, 2013 as well. Thereafter, DOJ requested and obtained further extensions of time to file its answering brief, first to August 27, 2013, and finally to September 17, 2013. The Company filed its answering brief and supplemental excerpts of record on August 27, 2013. Kern County and DOJ both filed their answering briefs on September 17, 2013. Both the Company and Kern County (but not DOJ) included in their answering briefs the argument that the Court of Appeal lacks jurisdiction to hear the appeal because Robinson did not show the required extraordinary good cause for his failure to file his opening briefs. Robinson is entitled to file optional reply briefs and has obtained an extension of time to November 12, 2013, to do so. In the meantime, the Company continues to believe that a negative outcome of this case is remote at this time and the monetary impact of an adverse result, if any, also cannot be estimated at this time. | ||
National Cement | ||
The Company leases land to National Cement Company of California Inc., or National, for the purpose of manufacturing Portland cement from limestone deposits on the leased acreage. The California Regional Water Quality Control Board, or RWQCB, for the Lahontan Region issued several orders in the late 1990s with respect to environmental conditions on the property currently leased to National: | ||
-1 | Groundwater plume of chlorinated hydrocarbon compounds. This order directs the Company’s former tenant Lafarge Corporation, or Lafarge, the current tenant National, and the Company to, among other things, clean up groundwater contamination on the leased property. In 2003, Lafarge and National installed a groundwater pump-and-treat system to clean up the groundwater. The Company is advised that Lafarge and National continue to operate the cleanup system and will continue to do so over the near-term. | |
-2 | Cement kiln dust. National and Lafarge have consolidated, closed and capped cement kiln dust piles located on land leased from the Company. An order of the RWQCB directs National, Lafarge and the Company to maintain and monitor the effectiveness of the cap. Maintenance of the cap and groundwater monitoring remain as on-going activities. | |
-3 | Former industrial waste landfills. This order requires Lafarge, National and the Company to complete the cleanup of groundwater associated with the former industrial waste landfills. The Company is advised that the cleanup is complete. Lafarge continues to monitor the groundwater. | |
-4 | Diesel fuel. An order of the RWQCB directs Lafarge, National and the Company to clean up contamination from a diesel fuel tank and pipeline. The Company is advised that Lafarge and National have substantially completed the groundwater cleanup and that groundwater monitoring remains an on-going activity. | |
To date, the Company is not aware of any failure by Lafarge or National to comply with the orders or informal requests of the RWQCB. Under current and prior leases, National and Lafarge are obligated to indemnify the Company for costs and liabilities arising directly or indirectly out of their use of the leased premises. The Company believes that all of the matters described above are included within the scope of the National or Lafarge indemnity obligations and that Lafarge and National have sufficient resources to perform any reasonably likely obligations relating to these matters. If they do not and the Company is required to perform the work at its own cost, it is unlikely that the amount of any such expenditure by the Company would be material. | ||
Antelope Valley Groundwater Cases | ||
On November 29, 2004, a conglomerate of public water suppliers filed a cross-complaint in the Los Angeles Superior Court seeking a judicial determination of the rights to groundwater within the Antelope Valley basin, including the groundwater underlying the Company’s land. Four phases of a multi-phase trial have been completed. Upon completion of the third phase, the court ruled that the groundwater basin is currently in overdraft and established a current total sustainable yield. The fourth phase of trial occurred in first half 2013 and resulted in confirmation of each party’s groundwater pumping for 2011 and 2012. The next phase of trial is anticipated to occur in the 1st or 2nd quarter of 2014 and may address a number of issues, including whether prescription of rights to groundwater has occurred. At this time, it is difficult to ascertain whether a settlement agreement will be reached and what effect, if any, this case may have on the Centennial project or the Company’s remaining lands in the Antelope Valley. Because the water supply plan for the Centennial project includes several sources of water in addition to groundwater underlying the Company’s lands, and because the creation of an efficient market for local water rights is frequently an outcome of adjudication proceedings, the Company remains hopeful that sufficient water to supply the Company's needs will continue to be available for its use regardless of the outcome of this case. | ||
State Water Resources Control Board Lawsuit | ||
On May 12, 2010, the California Attorney General, on behalf of the State Water Resources Control Board, filed a complaint in the Alameda County Superior Court for civil penalties and a permanent injunction against a number of TravelCenters of America LLC, or TA, facilities in the Central Valley of California. The travel centers in the Petro Travel Plaza Holdings LLC, or TA/Petro, were also included in the complaint. The lawsuit alleges violations of various reporting, operating and monitoring regulations related to operation and maintenance of underground storage tanks. In addition to the TA/Petro entity and its respective member entities, the lawsuit also names the Company and Tejon Industrial Corporation as defendants. The Company has tendered defense of the lawsuit to TA, under the “defend and indemnify” clause in the TA/Petro LLC's operating agreement, and has also secured the services of an outside law firm to work with TA's outside counsel under a joint defense agreement. On September 16, 2011, the Company and Tejon Industrial Corp. were dismissed from the lawsuit, without prejudice. The parties remaining are currently engaged in discussions regarding a negotiated resolution, and the Company understands that a settlement of the claims asserted in the litigation is likely. If such a settlement is reached, the Company does not anticipate a material adverse impact on the Company. | ||
Water Bank Lawsuits | ||
On June 3, 2010, the Central Delta and South Delta Water Agencies and several environmental groups, including CBD, filed a complaint in the Sacramento County Superior Court against the California Department of Water Resources (DWR), Kern County Water Agency and a number of “real parties in interest,” including the Company and TCWD. The lawsuit challenges certain amendments to the State Water Project contracts that were originally approved in 1995, known as the “Monterey Amendments.” The original Environmental Impact Report, or EIR, for the Monterey Amendments was determined to be insufficient in an earlier lawsuit.The current lawsuit principally (i) challenges the adequacy of the remedial EIR that DWR prepared as a result of the original lawsuit and (ii) challenges the validity of the Monterey Amendments on various grounds, including the transfer of the Kern Water Bank, or KWB, from DWR to Kern County Water Agency and in turn to the Kern Water Bank Authority (KWBA), whose members are various Kern and Kings County interests, including TCWD, which TCWD has a 2% interest in the KWBA. A parallel lawsuit was also filed by the same plaintiffs in Sacramento Superior Court against Kern County Water Agency, also naming the Company and TCWD as real parties in interest, which has been stayed pending the outcome of the other action against DWR. The Company is named on the ground that it “controls” TCWD. TCWD has a contract right for water stored in the KWB and rights to recharge and withdraw water. Counsel for the Company is pursuing a dismissal of the Company from these lawsuits. In an initial favorable ruling on January 25, 2013, Judge Frawley determined that the challenges to the validity of the Monterey Amendments, including the transfer of the KWB, were not timely and barred by the statutes of litigation and doctrine of latches. The substantive hearing on the challenges to the EIR is scheduled for January 31, 2014. Given the preliminary nature of these lawsuits, the Company has an insufficient basis to address the merits or potential outcomes of the lawsuit. The monetary value of a potential adverse outcome on the claim likewise cannot be estimated at this time. |
Retirement_Plans
Retirement Plans | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||
RETIREMENT PLANS | ' | |||||||
RETIREMENT PLANS | ||||||||
The Company has a defined benefit plan that covers many of its employees, or the Benefit Plan. The benefits are based on years of service and the employee’s five-year final average salary. Contributions are intended to provide for benefits attributable to service both to date and expected to be provided in the future. The Company funds the plan in accordance with the Employee Retirement Income Security Act of 1974 (ERISA) and the Pension Protection Act. The Company anticipates contributing approximately $850,000 to the plan during 2013. | ||||||||
The Benefit Plan assets consist of equity, debt and short-term money market investment funds. The plan’s current investment policy targets 65% equities, 25% debt and 10% money market funds. Equity and debt investment percentages are allowed to fluctuate plus or minus 20% around the respective targets to take advantage of market conditions. As an example, equities can fluctuate from 78% to 52% of plan assets. At September 30, 2013, the investment mix was approximately 58% equity, 35% debt, and 7% money market funds. At December 31, 2012, the investment mix was approximately 71% equity, 26% debt and 3% money market funds. Equity investments consist of a combination of individual equity securities plus value funds, growth funds, large cap funds and international stock funds. Debt investments consist of U.S. Treasury securities and investment grade corporate debt. The weighted-average discount rate and rate of increase in future compensation levels used in determining the periodic pension cost is 4.0% in 2013 and 2012. The expected long-term rate of return on plan assets is 7.5% in 2013 and 2012. The long-term rate of return on plan assets is based on the historical returns within the plan and expectations for future returns. | ||||||||
The expected total pension and retirement expense for the Benefit Plan was as follows: | ||||||||
Nine Months Ended | ||||||||
(In thousands) | 2013 | 2012 | ||||||
Cost components: | ||||||||
Service cost-benefits earned during the period | $ | (213 | ) | $ | (188 | ) | ||
Interest cost on projected benefit obligation | (282 | ) | (288 | ) | ||||
Expected return on plan assets | 342 | 335 | ||||||
Net amortization and deferral | (144 | ) | (165 | ) | ||||
Total net periodic pension cost | $ | (297 | ) | $ | (306 | ) | ||
The Company has a Supplemental Executive Retirement Plan, or SERP, to restore to executives designated by the Compensation Committee of the Board of Directors the full benefits under the pension plan that would otherwise be restricted by certain limitations now imposed under the Internal Revenue Code. The SERP is currently unfunded. The expected total pension and retirement expense for SERP was as follows: | ||||||||
Nine Months Ended | ||||||||
(In thousands) | 2013 | 2012 | ||||||
Cost components: | ||||||||
Service cost-benefits earned during the period | $ | (129 | ) | $ | (129 | ) | ||
Interest cost on projected benefit obligation | (162 | ) | (162 | ) | ||||
Net amortization and deferral | (216 | ) | (48 | ) | ||||
Total net periodic pension cost | $ | (507 | ) | $ | (339 | ) |
Business_Segments
Business Segments | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Segment Reporting [Abstract] | ' | ||||||||
BUSINESS SEGMENTS | ' | ||||||||
BUSINESS SEGMENTS | |||||||||
The Company has identified four reportable segments: commercial/industrial real estate development; resort/residential real estate development; mineral resources; and farming. | |||||||||
The revenue components of our commercial/industrial real estate development segment for the nine months ended September 30 are as follows: | |||||||||
(In thousands) | 2013 | 2012 | |||||||
Commercial leases | $ | 5,078 | $ | 4,537 | |||||
Grazing leases | 1,090 | 958 | |||||||
Land Sale | — | 648 | |||||||
All other land management ancillary services | 2,221 | 1,366 | |||||||
$ | 8,389 | $ | 7,509 | ||||||
Commercial lease revenue consists of land and building leases to tenants at our commercial retail and industrial developments, base and percentage rents from our Calpine power plant lease, communication tower rents, and payments from easement leases. All other land management ancillary services include wildlife management, landscape and property maintenance, and building management services. During the first eight months of 2012, the Company’s game management operations were temporarily suspended in order to complete the development of a new sales program and operating procedures. Please refer to Form 8-K filed on January 20, 2012 regarding the Company’s game management and hunting operations. Game management reopened operations on September 1, 2012. | |||||||||
The resort/residential real estate development segment produces revenues from farming activities such as hay and alfalfa sales within the Centennial Founders, LLC and is actively involved in the land entitlement and pre-development process. The farming segment produces revenues from the sale of wine grapes, almonds and pistachios. | |||||||||
The mineral resources segment receives oil and mineral royalties from the exploration and development companies who extract or mine the natural resources from our land. The following table summarizes these activities: | |||||||||
Nine Months Ended | |||||||||
($ in thousands) | September 30, 2013 | September 30, 2012 | |||||||
Oil and gas | $ | 6,198 | $ | 9,137 | |||||
Rock aggregate | 639 | 944 | |||||||
Cement | 581 | 559 | |||||||
Land lease for oil exploration | 637 | 592 | |||||||
$ | 8,055 | $ | 11,232 | ||||||
Investment_in_Unconsolidated_a
Investment in Unconsolidated and Consolidated Joint Ventures | 9 Months Ended | |||||||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | |||||||||||||||||||||||||||
INVESTMENT IN UNCONSOLIDATED AND CONSOLIDATED JOINT VENTURES | ' | |||||||||||||||||||||||||||
INVESTMENTS IN UNCONSOLIDATED AND CONSOLIDATED JOINT VENTURES | ||||||||||||||||||||||||||||
The Company maintains investments in joint ventures. The Company accounts for its investments in unconsolidated joint ventures using the equity method of accounting unless the venture is a variable interest entity, or VIE, and meets the requirements for consolidation. The Company’s investment in its unconsolidated joint ventures at September 30, 2013 was $62,000,000. The equity in the income of the unconsolidated joint ventures was $2,920,000 for the nine months ended September 30, 2013. The unconsolidated joint ventures have not been consolidated as of September 30, 2013, because the Company does not control the investments. The Company’s current joint ventures are as follows: | ||||||||||||||||||||||||||||
• | Petro Travel Plaza Holdings LLC – TA/Petro is an unconsolidated joint venture with TravelCenters of America, LLC for the development and management of travel plazas and convenience stores. This is a 60%-owned joint venture which owns and operates travel plazas/commercial highway operations in TRCC. It houses multiple commercial eating establishments as well as diesel and gasoline operations. The Company does not control the investment due to its having only 50% voting rights, and because our partner in the joint venture is the managing partner and performs all of the day-to-day operations at the facility. At September 30, 2013, the Company had an equity investment balance of $10,296,000 in this joint venture. | |||||||||||||||||||||||||||
• | Tejon Mountain Village LLC – Tejon Mountain Village LLC, or TMV LLC, is an unconsolidated joint venture between the Company and DMB TMV LLC (a wholly owned subsidiary of DMB Associates, Inc.) formed to obtain all necessary government entitlement approvals and to develop the Tejon Mountain Village project. The Company owns a 50% interest in this venture. At September 30, 2013, the Company’s equity investment balance in this joint venture was $43,379,000. | |||||||||||||||||||||||||||
• | Rockefeller Joint Ventures – The Company has multiple joint ventures with Rockefeller Group Development Corporation or Rockefeller. Two joint ventures are for the development of buildings on approximately 91 acres and are part of an agreement for the potential development of up to 500 acres of land in TRCC including pursuing Foreign Trade Zone, or FTZ, designation and development of the property within the FTZ for warehouse distribution and light manufacturing. The Company owns a 50% interest in each of the joint ventures. Currently the Five West Parcel LLC joint venture owns and leases a 606,000 square foot building. The second of these joint ventures, 18-19 West LLC, was formed in August 2009 through the contribution of 61.5 acres of land by the Company, which is being held for future development. | |||||||||||||||||||||||||||
During the second quarter of 2013, we entered into a new joint venture with Rockefeller, the TRCC/Rock Outlet Center LLC joint venture, to develop, own, and manage a 326,000 square foot outlet center on land at TRCC-East. This outlet center is estimated to cost approximately $86 million to construct and will be funded through a construction loan for up to 60% of the costs and equity from the members. This joint venture is separate from the above agreement to develop up to 500 acres. During the second quarter of 2013, we contributed land and other assets at an agreed value of $10,558,000 for our capital contribution and Rockefeller matched our capital contribution with cash. | ||||||||||||||||||||||||||||
At September 30, 2013, the Company’s combined book value equity investment balance in these three joint ventures was $8,325,000. | ||||||||||||||||||||||||||||
• | Centennial Founders, LLC – Centennial Founders, LLC is a joint venture with Pardee Homes, Lewis Investment Company, and Standard Pacific Corp. that was organized to pursue the entitlement and development of land that the Company owns in Los Angeles County. Based on the Second Amended and Restated Limited Liability Company Agreement of Centennial Founders, LLC and the change in control and funding that resulted from the amended agreement, Centennial Founders, LLC qualified as a variable interest entity, beginning in the third quarter of 2009 and the Company was determined to be the primary beneficiary. As a result, Centennial Founders, LLC has been consolidated into our financial statements beginning in that quarter. Our partners retained a noncontrolling interest in the joint venture. At September 30, 2013 the Company had a 72.52% ownership position in Centennial Founders, LLC. | |||||||||||||||||||||||||||
The Company’s investment balance in its unconsolidated joint ventures differs from its capital accounts in the respective joint ventures. The differential represents the difference between the cost basis of assets contributed by the Company and the agreed-upon contribution value of the assets contributed. | ||||||||||||||||||||||||||||
Unaudited condensed balance sheet information of the Company’s unconsolidated and consolidated joint ventures as of September 30, 2013 and December 31, 2012 and condensed statements of operations for the nine months ended September 30, 2013 and September 30, 2012 are as follows: | ||||||||||||||||||||||||||||
($ in thousands) | UNCONSOLIDATED | CONSOLIDATED | ||||||||||||||||||||||||||
Statement of Operations for the nine months ended September 30, 2013 | Petro Travel | Five West | Tejon | 18-19 West | TRCC/Rock Outlet Center | Total | Centennial-VIE | |||||||||||||||||||||
Plaza | Parcel | Mountain | ||||||||||||||||||||||||||
Holdings | Village | |||||||||||||||||||||||||||
Gross revenues | $ | 86,662 | $ | 2,518 | $ | — | $ | 47 | $ | — | $ | 89,227 | $ | 628 | ||||||||||||||
Net income (loss) | $ | 4,515 | $ | 102 | $ | (104 | ) | $ | 42 | $ | (289 | ) | $ | 4,266 | $ | (196 | ) | |||||||||||
Partner’s share of net income (loss) | $ | 1,806 | $ | 51 | $ | (52 | ) | $ | 21 | $ | (145 | ) | $ | 1,681 | $ | (55 | ) | |||||||||||
Equity in income (losses) | $ | 2,709 | $ | 51 | $ | (52 | ) | $ | 21 | $ | 191 | $ | 2,920 | $ | — | |||||||||||||
Balance Sheet Information as of September 30, 2013 | ||||||||||||||||||||||||||||
Current assets | $ | 13,871 | $ | 2,000 | $ | 2,293 | $ | 35 | $ | 7,670 | $ | 25,869 | $ | 189 | ||||||||||||||
Property and equipment, net | 43,776 | 17,592 | 96,727 | 4,470 | 13,994 | 176,559 | 74,668 | |||||||||||||||||||||
Other assets | 217 | 536 | — | — | — | 753 | — | |||||||||||||||||||||
Long-term debt | (16,797 | ) | (11,000 | ) | — | — | — | (27,797 | ) | — | ||||||||||||||||||
Other liabilities | (2,855 | ) | (163 | ) | (483 | ) | (10 | ) | (838 | ) | (4,349 | ) | (654 | ) | ||||||||||||||
Net assets | $ | 38,212 | $ | 8,965 | $ | 98,537 | $ | 4,495 | $ | 20,826 | $ | 171,035 | $ | 74,203 | ||||||||||||||
($ in thousands) | UNCONSOLIDATED | CONSOLIDATED | ||||||||||||||||||||||||||
Statement of Operations for the nine months ended September 30, 2012 | Petro Travel | Five West | Tejon | 18-19 West | Total | Centennial-VIE | ||||||||||||||||||||||
Plaza | Parcel | Mountain | ||||||||||||||||||||||||||
Holdings | Village | |||||||||||||||||||||||||||
Gross revenues | $ | 92,564 | $ | 1,818 | $ | — | $ | 66 | $ | 94,448 | $ | 267 | ||||||||||||||||
Net income (loss) | $ | 3,388 | $ | (267 | ) | $ | (63 | ) | $ | 59 | $ | 3,117 | $ | (388 | ) | |||||||||||||
Partner’s share of net income (loss) | $ | 1,355 | $ | (134 | ) | $ | (32 | ) | $ | 30 | $ | 1,219 | $ | (119 | ) | |||||||||||||
Equity in income (losses) | $ | 1,783 | $ | (133 | ) | $ | (31 | ) | $ | 29 | $ | 1,648 | $ | (269 | ) | |||||||||||||
Balance Sheet Information as of December 31, 2012 | ||||||||||||||||||||||||||||
Current assets | $ | 9,577 | $ | 194 | $ | 218 | $ | 42 | $ | 10,031 | $ | 491 | ||||||||||||||||
Property and equipment, net | 44,196 | 19,025 | 92,846 | 4,412 | 160,479 | 72,356 | ||||||||||||||||||||||
Other assets | 246 | 683 | — | — | 929 | — | ||||||||||||||||||||||
Long-term debt | (17,358 | ) | (11,000 | ) | — | — | (28,358 | ) | — | |||||||||||||||||||
Other liabilities | (3,350 | ) | (39 | ) | (224 | ) | (1 | ) | (3,614 | ) | (1,099 | ) | ||||||||||||||||
Net assets | $ | 33,311 | $ | 8,863 | $ | 92,840 | $ | 4,453 | $ | 139,467 | $ | 71,748 | ||||||||||||||||
Subsequent_Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
SUBSEQUENT EVENTS | |
On November 6, 2013, the Company completed the acquisition of a water purchase agreement from DMB Pacific LLC, or DMB, that will allow the Company to purchase 6,693 acre feet of water each year from the Nickel Family, LLC, or Nickel, a California limited liability company that is located in Kern County. The aggregate purchase price was approximately $18,700,000 and was paid one-half in cash and one-half in shares of Company common stock. The number of shares of common stock delivered was determined based on the volume weighted average price of common stock for the ten trading days that ended two days prior to closing. | |
This purchase of water is similar to other transactions the Company has completed over the last several years as the Company has been building its water assets for internal needs as well as for investment purposes due to the tight water environment within California. | |
The initial term of the water purchase agreement with Nickel runs through 2044 and includes a Company option to extend the contract for an additional 35 years. The annual cost of water in 2014 under the contract is $656 per acre-foot, subject to annual cost increases based on the greater of the consumer price index and 3%. | |
The water purchased will ultimately be used in the development of the Company’s land for commercial/industrial development, residential development, and farming. Interim uses will include the sale of portions of this water to third party users on an annual basis until the water is fully used for the Company’s internal uses. |
Equity_Tables
Equity (Tables) | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Stockholders' Equity Note [Abstract] | ' | |||||||||||
Summaries of weighted average number of shares outstanding | ' | |||||||||||
Diluted net income per share is based upon the weighted average number of shares of common stock outstanding and the weighted average number of shares outstanding assuming the issuance of common stock upon exercise of stock options, warrants to purchase common stock, and vesting of stock grants per U.S. generally accepted accounting principles, or GAAP. | ||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||
30-Sep | 30-Sep | |||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||
Weighted average number of shares outstanding: | ||||||||||||
Common stock | 20,140,473 | 20,074,233 | 20,125,792 | 20,030,396 | ||||||||
Common stock equivalents-stock options, grants | 45,489 | 18,821 | 40,864 | 58,695 | ||||||||
Diluted shares outstanding | 20,185,962 | 20,093,054 | 20,166,656 | 20,089,091 | ||||||||
Marketable_Securities_Tables
Marketable Securities (Tables) | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | |||||||||||||||||||||||
Summary of available-for-sale securities | ' | |||||||||||||||||||||||
The following is a summary of available-for-sale securities at: | ||||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | |||||||||||||||||||||||
($ in thousands) | Fair | Cost | Estimated | Cost | Estimated | |||||||||||||||||||
Value | Fair | Fair | ||||||||||||||||||||||
Hierarchy | Value | Value | ||||||||||||||||||||||
Certificates of deposit | ||||||||||||||||||||||||
with unrecognized losses for less than 12 months | $ | 1,717 | $ | 1,707 | $ | 1,578 | $ | 1,571 | ||||||||||||||||
with unrecognized losses for more than 12 months | 111 | 111 | 508 | 507 | ||||||||||||||||||||
with unrecognized gains | 7,006 | 7,050 | 5,586 | 5,628 | ||||||||||||||||||||
Total Certificates of deposit | Level 1 | 8,834 | 8,868 | 7,672 | 7,706 | |||||||||||||||||||
US Treasury and agency notes | ||||||||||||||||||||||||
with unrecognized losses for less than 12 months | 5,853 | 5,841 | 3,057 | 3,024 | ||||||||||||||||||||
with unrecognized losses for more than 12 months | 3,948 | 3,930 | 874 | 873 | ||||||||||||||||||||
with unrecognized gains | 5,957 | 6,001 | 12,175 | 12,267 | ||||||||||||||||||||
Total US Treasury and agency notes | Level 2 | 15,758 | 15,772 | 16,106 | 16,164 | |||||||||||||||||||
Corporate notes | ||||||||||||||||||||||||
with unrecognized losses for less than 12 months | 9,155 | 9,049 | 1,993 | 1,971 | ||||||||||||||||||||
with unrecognized losses for more than 12 months | 316 | 315 | 201 | 200 | ||||||||||||||||||||
with unrecognized gains | 22,082 | 22,338 | 29,210 | 29,653 | ||||||||||||||||||||
Total Corporate notes | Level 2 | 31,553 | 31,702 | 31,404 | 31,824 | |||||||||||||||||||
Municipal notes | ||||||||||||||||||||||||
with unrecognized losses for less than 12 months | 1,378 | 1,360 | 1,961 | 1,948 | ||||||||||||||||||||
with unrecognized losses for more than 12 months | 1,045 | 1,040 | 620 | 613 | ||||||||||||||||||||
with unrecognized gains | 5,689 | 5,745 | 6,702 | 6,794 | ||||||||||||||||||||
Total Municipal notes | Level 2 | 8,112 | 8,145 | 9,283 | 9,355 | |||||||||||||||||||
$ | 64,257 | $ | 64,487 | $ | 64,465 | $ | 65,049 | |||||||||||||||||
Summary of maturities, at par, of marketable securities | ' | |||||||||||||||||||||||
The following tables summarize the maturities, at par, of marketable securities by year: | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
At September 30, 2013 | 2013 | 2014 | 2015 | 2016 | 2017 | Total | ||||||||||||||||||
Certificates of deposit | $ | 965 | $ | 1,627 | $ | 4,213 | $ | 1,501 | $ | 437 | $ | 8,743 | ||||||||||||
U.S. Treasury and agency notes | 890 | 6,787 | 5,168 | 2,350 | 592 | 15,787 | ||||||||||||||||||
Corporate notes | 1,752 | 6,729 | 10,137 | 6,604 | 5,074 | 30,296 | ||||||||||||||||||
Municipal notes | 450 | 3,675 | 2,205 | 1,235 | 295 | 7,860 | ||||||||||||||||||
$ | 4,057 | $ | 18,818 | $ | 21,723 | $ | 11,690 | $ | 6,398 | $ | 62,686 | |||||||||||||
(in thousands) | ||||||||||||||||||||||||
At December 31, 2012 | 2013 | 2014 | 2015 | 2016 | Total | |||||||||||||||||||
Certificates of deposit | $ | 1,268 | $ | 1,627 | $ | 4,316 | $ | 301 | $ | 7,512 | ||||||||||||||
U.S. Treasury and agency notes | 6,285 | 7,248 | 2,633 | 11 | 16,177 | |||||||||||||||||||
Corporate notes | 10,916 | 6,729 | 9,420 | 3,325 | 30,390 | |||||||||||||||||||
Municipal notes | 2,305 | 4,340 | 1,960 | 400 | 9,005 | |||||||||||||||||||
$ | 20,774 | $ | 19,944 | $ | 18,329 | $ | 4,037 | $ | 63,084 | |||||||||||||||
Long_Term_Water_Assets_Tables
Long Term Water Assets (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Long Term Water Assets [Abstract] | ' | |||||||
Components of water assets | ' | |||||||
Purchased water assets consist of the following: | ||||||||
(in acre feet) | September 30, 2013 | December 31, 2012 | ||||||
Banked water and water for future delivery | ||||||||
AVEK water bank | 12,280 | 11,478 | ||||||
Company water bank | 8,818 | 8,700 | ||||||
AVEK water for future delivery | 2,362 | 2,362 | ||||||
Total Company and AVEK banked water | 23,460 | 22,540 | ||||||
Transferable water with AVEK* | 14,786 | 14,786 | ||||||
SWP contracts | 3,444 | 3,444 | ||||||
Total purchased water - third parties | 41,690 | 40,770 | ||||||
WRMWSD - Contracts with Company | 15,547 | 15,547 | ||||||
TCWD - Contracts with Company | 5,479 | 5,479 | ||||||
TCWD - Banked water contracted to Company | 38,943 | 38,943 | ||||||
Total purchased and contracted water sources in acre feet | 101,659 | 100,739 | ||||||
($ in thousands) | September 30, 2013 | December 31, 2012 | ||||||
Banked water and water for future delivery - Company and AVEK | $ | 4,779 | $ | 4,448 | ||||
Transferable water | 10,862 | 8,988 | ||||||
SWP Contracts (net of accumulated amortization of $2,552 and $2,021 at September 30, 2013 and December 31 2012, respectively) | 15,416 | 15,837 | ||||||
Total water assets | 31,057 | 29,273 | ||||||
Less: current portion | (708 | ) | (708 | ) | ||||
Long-term water assets | $ | 30,349 | $ | 28,565 | ||||
*Any transferable water with AVEK that is used by the Company or returned by AVEK to the Company will be returned at a 1.5 to 1 factor giving the Company use of a total of 22,179 acre feet. |
Accrued_Liabilities_and_Other_
Accrued Liabilities and Other (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Payables and Accruals [Abstract] | ' | |||||||
Schedule of accrued liabilities | ' | |||||||
Accrued liabilities and other consists of the following: | ||||||||
($ in thousands) | September 30, 2013 | December 31, 2012 | ||||||
Accrued vacation | $ | 689 | $ | 674 | ||||
Accrued paid personal leave | 631 | 662 | ||||||
Accrued bonus | 1,721 | 573 | ||||||
Property tax payable | 510 | — | ||||||
Other | 701 | 223 | ||||||
$ | 4,252 | $ | 2,132 | |||||
ShortTerm_and_LongTerm_Debt_Ta
Short-Term and Long-Term Debt (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Components of Long-term debt | ' | |||||||
Long-term debt consists of the following: | ||||||||
($ in thousands) | September 30, 2013 | December 31, 2012 | ||||||
Note payable to a financial institution | $ | 4,750 | $ | 253 | ||||
Less current portion | (231 | ) | (41 | ) | ||||
$ | 4,519 | $ | 212 | |||||
Stock_Compensation_Tables
Stock Compensation (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Share-based Compensation [Abstract] | ' | ||||||||
Schedule of performance share awards granted, by performance conditions | ' | ||||||||
The payouts at each performance goal are as follows: | |||||||||
Performance Share Grants with Performance Conditions (in shares) | |||||||||
Below threshold performance | — | ||||||||
Threshold performance | 82,878 | ||||||||
Target performance | 407,757 | ||||||||
Maximum performance | 595,575 | ||||||||
Summary of stock grant activity | ' | ||||||||
The following is a summary of the Company’s stock grant activity assuming target achievement for outstanding performance grants for the following periods: | |||||||||
September 30, 2013 | December 31, 2012 | ||||||||
Stock Grants Outstanding Beginning of the Year | 688,041 | 744,508 | |||||||
New Stock Grants/Estimated additional shares maximum performance | 96,087 | 113,643 | |||||||
Vested Grants | (62,997 | ) | (170,110 | ) | |||||
Expired/Forfeited Grants | (221,552 | ) | — | ||||||
Stock Grants Outstanding September 30, 2013 | 499,579 | 688,041 | |||||||
Schedule of employee service share-based compensation, allocation of recognized period costs | ' | ||||||||
The following table summarizes stock compensation costs for the Company's 1998 Stock Incentive Plan, or Employee 1998 Plan, and the NDSI Plan for the following periods: | |||||||||
Nine Months Ended | Nine Months Ended | ||||||||
Employee 1998 Plan: | September 30, | September 30, | |||||||
2013 | 2012 | ||||||||
Expensed | $ | 17,000 | $ | 3,898,000 | |||||
Capitalized | 245,000 | 281,000 | |||||||
262,000 | 4,179,000 | ||||||||
NDSI Plan | 384,000 | 286,000 | |||||||
$ | 646,000 | $ | 4,465,000 | ||||||
Retirement_Plans_Tables
Retirement Plans (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||
Expected total pension and retirement expense | ' | |||||||
The expected total pension and retirement expense for SERP was as follows: | ||||||||
Nine Months Ended | ||||||||
(In thousands) | 2013 | 2012 | ||||||
Cost components: | ||||||||
Service cost-benefits earned during the period | $ | (129 | ) | $ | (129 | ) | ||
Interest cost on projected benefit obligation | (162 | ) | (162 | ) | ||||
Net amortization and deferral | (216 | ) | (48 | ) | ||||
Total net periodic pension cost | $ | (507 | ) | $ | (339 | ) | ||
The expected total pension and retirement expense for the Benefit Plan was as follows: | ||||||||
Nine Months Ended | ||||||||
(In thousands) | 2013 | 2012 | ||||||
Cost components: | ||||||||
Service cost-benefits earned during the period | $ | (213 | ) | $ | (188 | ) | ||
Interest cost on projected benefit obligation | (282 | ) | (288 | ) | ||||
Expected return on plan assets | 342 | 335 | ||||||
Net amortization and deferral | (144 | ) | (165 | ) | ||||
Total net periodic pension cost | $ | (297 | ) | $ | (306 | ) |
Business_Segments_Tables
Business Segments (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Segment Reporting [Abstract] | ' | ||||||||
Revenue components of commercial/industrial real estate segment | ' | ||||||||
The revenue components of our commercial/industrial real estate development segment for the nine months ended September 30 are as follows: | |||||||||
(In thousands) | 2013 | 2012 | |||||||
Commercial leases | $ | 5,078 | $ | 4,537 | |||||
Grazing leases | 1,090 | 958 | |||||||
Land Sale | — | 648 | |||||||
All other land management ancillary services | 2,221 | 1,366 | |||||||
$ | 8,389 | $ | 7,509 | ||||||
The mineral resources segment receives oil and mineral royalties from the exploration and development companies who extract or mine the natural resources from our land. The following table summarizes these activities: | |||||||||
Nine Months Ended | |||||||||
($ in thousands) | September 30, 2013 | September 30, 2012 | |||||||
Oil and gas | $ | 6,198 | $ | 9,137 | |||||
Rock aggregate | 639 | 944 | |||||||
Cement | 581 | 559 | |||||||
Land lease for oil exploration | 637 | 592 | |||||||
$ | 8,055 | $ | 11,232 | ||||||
Investment_in_Unconsolidated_a1
Investment in Unconsolidated and Consolidated Join Ventures (Tables) | 9 Months Ended | |||||||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | |||||||||||||||||||||||||||
Schedule of condensed income statement and balance sheet related to joint ventures | ' | |||||||||||||||||||||||||||
Unaudited condensed balance sheet information of the Company’s unconsolidated and consolidated joint ventures as of September 30, 2013 and December 31, 2012 and condensed statements of operations for the nine months ended September 30, 2013 and September 30, 2012 are as follows: | ||||||||||||||||||||||||||||
($ in thousands) | UNCONSOLIDATED | CONSOLIDATED | ||||||||||||||||||||||||||
Statement of Operations for the nine months ended September 30, 2013 | Petro Travel | Five West | Tejon | 18-19 West | TRCC/Rock Outlet Center | Total | Centennial-VIE | |||||||||||||||||||||
Plaza | Parcel | Mountain | ||||||||||||||||||||||||||
Holdings | Village | |||||||||||||||||||||||||||
Gross revenues | $ | 86,662 | $ | 2,518 | $ | — | $ | 47 | $ | — | $ | 89,227 | $ | 628 | ||||||||||||||
Net income (loss) | $ | 4,515 | $ | 102 | $ | (104 | ) | $ | 42 | $ | (289 | ) | $ | 4,266 | $ | (196 | ) | |||||||||||
Partner’s share of net income (loss) | $ | 1,806 | $ | 51 | $ | (52 | ) | $ | 21 | $ | (145 | ) | $ | 1,681 | $ | (55 | ) | |||||||||||
Equity in income (losses) | $ | 2,709 | $ | 51 | $ | (52 | ) | $ | 21 | $ | 191 | $ | 2,920 | $ | — | |||||||||||||
Balance Sheet Information as of September 30, 2013 | ||||||||||||||||||||||||||||
Current assets | $ | 13,871 | $ | 2,000 | $ | 2,293 | $ | 35 | $ | 7,670 | $ | 25,869 | $ | 189 | ||||||||||||||
Property and equipment, net | 43,776 | 17,592 | 96,727 | 4,470 | 13,994 | 176,559 | 74,668 | |||||||||||||||||||||
Other assets | 217 | 536 | — | — | — | 753 | — | |||||||||||||||||||||
Long-term debt | (16,797 | ) | (11,000 | ) | — | — | — | (27,797 | ) | — | ||||||||||||||||||
Other liabilities | (2,855 | ) | (163 | ) | (483 | ) | (10 | ) | (838 | ) | (4,349 | ) | (654 | ) | ||||||||||||||
Net assets | $ | 38,212 | $ | 8,965 | $ | 98,537 | $ | 4,495 | $ | 20,826 | $ | 171,035 | $ | 74,203 | ||||||||||||||
($ in thousands) | UNCONSOLIDATED | CONSOLIDATED | ||||||||||||||||||||||||||
Statement of Operations for the nine months ended September 30, 2012 | Petro Travel | Five West | Tejon | 18-19 West | Total | Centennial-VIE | ||||||||||||||||||||||
Plaza | Parcel | Mountain | ||||||||||||||||||||||||||
Holdings | Village | |||||||||||||||||||||||||||
Gross revenues | $ | 92,564 | $ | 1,818 | $ | — | $ | 66 | $ | 94,448 | $ | 267 | ||||||||||||||||
Net income (loss) | $ | 3,388 | $ | (267 | ) | $ | (63 | ) | $ | 59 | $ | 3,117 | $ | (388 | ) | |||||||||||||
Partner’s share of net income (loss) | $ | 1,355 | $ | (134 | ) | $ | (32 | ) | $ | 30 | $ | 1,219 | $ | (119 | ) | |||||||||||||
Equity in income (losses) | $ | 1,783 | $ | (133 | ) | $ | (31 | ) | $ | 29 | $ | 1,648 | $ | (269 | ) | |||||||||||||
Balance Sheet Information as of December 31, 2012 | ||||||||||||||||||||||||||||
Current assets | $ | 9,577 | $ | 194 | $ | 218 | $ | 42 | $ | 10,031 | $ | 491 | ||||||||||||||||
Property and equipment, net | 44,196 | 19,025 | 92,846 | 4,412 | 160,479 | 72,356 | ||||||||||||||||||||||
Other assets | 246 | 683 | — | — | 929 | — | ||||||||||||||||||||||
Long-term debt | (17,358 | ) | (11,000 | ) | — | — | (28,358 | ) | — | |||||||||||||||||||
Other liabilities | (3,350 | ) | (39 | ) | (224 | ) | (1 | ) | (3,614 | ) | (1,099 | ) | ||||||||||||||||
Net assets | $ | 33,311 | $ | 8,863 | $ | 92,840 | $ | 4,453 | $ | 139,467 | $ | 71,748 | ||||||||||||||||
Basis_of_Presentation_Details
Basis of Presentation (Details) | 9 Months Ended |
Sep. 30, 2013 | |
segment | |
Basis of Presentation (Textual) [Abstract] | ' |
Number of reportable segments | 4 |
Equity_Details
Equity (Details) (USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | |||
Aug. 07, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Weighted average number of shares outstanding: | ' | ' | ' | ' | ' | ' |
Common stock | ' | 20,140,473 | 20,074,233 | 20,125,792 | 20,030,396 | ' |
Common stock equivalents-stock options, grants | ' | 45,489 | 18,821 | 40,864 | 58,695 | ' |
Diluted shares outstanding | ' | 20,185,962 | 20,093,054 | 20,166,656 | 20,089,091 | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' |
Common stock, par value | $0.50 | $0.50 | ' | $0.50 | ' | $0.50 |
Ratio of Common Stock to Warrant | 0.14771 | ' | ' | ' | ' | ' |
Warrant | ' | ' | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' |
Class of Warrant or Right, Exercise Price of Warrants or Rights | 40 | ' | ' | ' | ' | ' |
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 3,000,000 | ' | ' | ' | ' | ' |
Marketable_Securities_Availabl
Marketable Securities (Available-for-sale Securities) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Summary of available-for-sale securities | ' | ' |
Available-for-sale securities, Cost | $64,257 | $64,465 |
Available-for-sale securities, Estimated Fair Value | 64,487 | 65,049 |
Level 1 | Certificates of deposit | ' | ' |
Summary of available-for-sale securities | ' | ' |
Unrecognized losses for less than 12 months | 1,717 | 1,578 |
Unrecognized losses for less than 12 months, Estimated Fair value | 1,707 | 1,571 |
Unrecognized losses for more than 12 months, Cost | 111 | 508 |
Unrecognized losses for more than 12 months, Estimated Fair value | 111 | 507 |
Unrecognized gains, Cost | 7,006 | 5,586 |
Unrecognized gains, Estimated Fair value | 7,050 | 5,628 |
Available-for-sale securities, Cost | 8,834 | 7,672 |
Available-for-sale securities, Estimated Fair Value | 8,868 | 7,706 |
Level 2 | US Treasury and agency notes | ' | ' |
Summary of available-for-sale securities | ' | ' |
Unrecognized losses for less than 12 months | 5,853 | 3,057 |
Unrecognized losses for less than 12 months, Estimated Fair value | 5,841 | 3,024 |
Unrecognized losses for more than 12 months, Cost | 3,948 | 874 |
Unrecognized losses for more than 12 months, Estimated Fair value | 3,930 | 873 |
Unrecognized gains, Cost | 5,957 | 12,175 |
Unrecognized gains, Estimated Fair value | 6,001 | 12,267 |
Available-for-sale securities, Cost | 15,758 | 16,106 |
Available-for-sale securities, Estimated Fair Value | 15,772 | 16,164 |
Level 2 | Corporate notes | ' | ' |
Summary of available-for-sale securities | ' | ' |
Unrecognized losses for less than 12 months | 9,155 | 1,993 |
Unrecognized losses for less than 12 months, Estimated Fair value | 9,049 | 1,971 |
Unrecognized losses for more than 12 months, Cost | 316 | 201 |
Unrecognized losses for more than 12 months, Estimated Fair value | 315 | 200 |
Unrecognized gains, Cost | 22,082 | 29,210 |
Unrecognized gains, Estimated Fair value | 22,338 | 29,653 |
Available-for-sale securities, Cost | 31,553 | 31,404 |
Available-for-sale securities, Estimated Fair Value | 31,702 | 31,824 |
Level 2 | Municipal notes | ' | ' |
Summary of available-for-sale securities | ' | ' |
Unrecognized losses for less than 12 months | 1,378 | 1,961 |
Unrecognized losses for less than 12 months, Estimated Fair value | 1,360 | 1,948 |
Unrecognized losses for more than 12 months, Cost | 1,045 | 620 |
Unrecognized losses for more than 12 months, Estimated Fair value | 1,040 | 613 |
Unrecognized gains, Cost | 5,689 | 6,702 |
Unrecognized gains, Estimated Fair value | 5,745 | 6,794 |
Available-for-sale securities, Cost | 8,112 | 9,283 |
Available-for-sale securities, Estimated Fair Value | $8,145 | $9,355 |
Marketable_Securities_Textual_
Marketable Securities (Textual) (Details) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Marketable Securities (Textual) [Abstract] | ' |
Fair market value of investment securities exceeds cost basis | $230,000 |
Other-than-temporary impairments recorded for securities | 0 |
Changes in unrealized gains on available for sale securities, taxes | -212,000 |
Estimated taxes of change in value of available-for-sale securities | 142,000 |
Gross unrealized holding gains | 400,000 |
Gross unrealized holding losses | $170,000 |
Marketable_Securities_Maturiti
Marketable Securities (Maturities, at par) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Summary of maturities, at par, of marketable securities | ' | ' |
2013 | $4,057 | $20,774 |
2014 | 18,818 | 19,944 |
2015 | 21,723 | 18,329 |
2016 | 11,690 | 4,037 |
2017 | 6,398 | ' |
Total | 62,686 | 63,084 |
Certificates of deposit | ' | ' |
Summary of maturities, at par, of marketable securities | ' | ' |
2013 | 965 | 1,268 |
2014 | 1,627 | 1,627 |
2015 | 4,213 | 4,316 |
2016 | 1,501 | 301 |
2017 | 437 | ' |
Total | 8,743 | 7,512 |
US Treasury and agency notes | ' | ' |
Summary of maturities, at par, of marketable securities | ' | ' |
2013 | 890 | 6,285 |
2014 | 6,787 | 7,248 |
2015 | 5,168 | 2,633 |
2016 | 2,350 | 11 |
2017 | 592 | ' |
Total | 15,787 | 16,177 |
Corporate notes | ' | ' |
Summary of maturities, at par, of marketable securities | ' | ' |
2013 | 1,752 | 10,916 |
2014 | 6,729 | 6,729 |
2015 | 10,137 | 9,420 |
2016 | 6,604 | 3,325 |
2017 | 5,074 | ' |
Total | 30,296 | 30,390 |
Municipal notes | ' | ' |
Summary of maturities, at par, of marketable securities | ' | ' |
2013 | 450 | 2,305 |
2014 | 3,675 | 4,340 |
2015 | 2,205 | 1,960 |
2016 | 1,235 | 400 |
2017 | 295 | ' |
Total | $7,860 | $9,005 |
Long_Term_Water_Assets_Textual
Long Term Water Assets (Textual) (Details) (SWP Contracts, USD $) | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |
SWP Contracts | ' |
Long Term Water Assets (Textual) [Abstract] | ' |
Annual amortization (Year1) | $708 |
Annual amortization (Year2) | 708 |
Annual amortization (Year3) | 708 |
Annual amortization (Year4) | 708 |
Annual amortization (Year5) | $708 |
Long_Term_Water_Assets_Volume_
Long Term Water Assets (Volume of Water Assets) (Details) | Sep. 30, 2013 | Dec. 31, 2012 | |
acre_foot | |||
Banked water and water for future delivery | ' | ' | |
Company water bank | 8,818 | 8,700 | |
Total Company and AVEK banked water | 23,460 | 22,540 | |
Transferable water with AVEK | 1.5 | 14,786 | [1] |
Total purchased water - third parties | 41,690 | 40,770 | |
Total purchased and contracted water sources in acre feet | 101,659 | 100,739 | |
AVEK | ' | ' | |
Banked water and water for future delivery | ' | ' | |
AVEK water bank | 12,280 | 11,478 | |
AVEK water for future delivery | 2,362 | 2,362 | |
SWP Contracts | ' | ' | |
Banked water and water for future delivery | ' | ' | |
SWP and TCWD contracts | 3,444 | 3,444 | |
WRMWSD | ' | ' | |
Banked water and water for future delivery | ' | ' | |
SWP and TCWD contracts | 15,547 | 15,547 | |
TCWD | ' | ' | |
Banked water and water for future delivery | ' | ' | |
Total Company and AVEK banked water | 38,943 | 38,943 | |
SWP and TCWD contracts | 5,479 | 5,479 | |
[1] | ransferable water with AVEK that is used by the Company or returned by AVEK to the Company will be returned at a 1.5 to 1 factor giving the Company use of a total of 22,179 acre feet. |
Long_Term_Water_Assets_Details
Long Term Water Assets (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | |
In Thousands, unless otherwise specified | acre_foot | ||
Components of water assets | ' | ' | |
Total long-term assets | 31,057 | $29,273 | |
Less: current portion | -708 | -708 | |
Long-lived assets held-for-sale | 30,349 | 28,565 | |
Transferable water with AVEK | 1.5 | 14,786 | [1] |
Long-term Water Assets (Volume) | 41,690 | 40,770 | |
Banked water and water for future delivery | ' | ' | |
Components of water assets | ' | ' | |
Total long-term assets | 4,779 | 4,448 | |
Transferable water | ' | ' | |
Components of water assets | ' | ' | |
Total long-term assets | 10,862 | 8,988 | |
Long-term Water Assets (Volume) | 22,179 | ' | |
SWP Contracts | ' | ' | |
Components of water assets | ' | ' | |
Total long-term assets | 15,416 | 15,837 | |
Accumulated amortization | 2,552 | $2,021 | |
[1] | ransferable water with AVEK that is used by the Company or returned by AVEK to the Company will be returned at a 1.5 to 1 factor giving the Company use of a total of 22,179 acre feet. |
Accrued_Liabilities_and_Other_1
Accrued Liabilities and Other (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Payables and Accruals [Abstract] | ' | ' |
Accrued vacation | $689 | $674 |
Accrued paid personal leave | 631 | 662 |
Accrued bonus | 1,721 | 573 |
Property tax payable | 510 | 0 |
Other | 701 | 223 |
Total accrued liabilities and other | $4,252 | $2,132 |
ShortTerm_and_LongTerm_Debt_De
Short-Term and Long-Term Debt (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Debt Disclosure [Abstract] | ' | ' |
Note payable to a financial institution | $4,750 | $253 |
Less current portion | -231 | -41 |
Long-term debt, less current portion | $4,519 | $212 |
ShortTerm_and_LongTerm_Debt_De1
Short-Term and Long-Term Debt (Details Textual) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 |
Revolving line of credit | Revolving line of credit | Revolving line of credit | Revolving line of credit | |||
Minimum | Float over LIBOR | Fixed over LIBOR | ||||
Short-Term and Long-Term Debt (Textual) [Abstract] | ' | ' | ' | ' | ' | ' |
Face amount | $4,750,000 | ' | ' | ' | ' | ' |
Stated percentage | 4.25% | ' | ' | ' | ' | ' |
Line of credit amount | ' | ' | 30,000,000 | ' | ' | ' |
Standby letter of credit | ' | ' | 0 | ' | ' | ' |
Interest rate on line of credit | ' | ' | 'interest rate on this line of credit can float at 2.50% over a selected LIBOR rate or can be fixed at 2.25% above LIBOR for a fixed rate term. | ' | ' | ' |
Interest rate on line of credit, margin | ' | ' | ' | ' | 2.50% | 2.25% |
Credit facility maturity term | ' | ' | 'December 2013 | ' | ' | ' |
Minimum net worth required for debt compliance | ' | ' | ' | 175,000,000 | ' | ' |
Tangible net worth | ' | ' | 317,745,000 | ' | ' | ' |
Liquid assets, debt covenant | $95,443,000 | $90,753,000 | $73,569,000 | $25,000,000 | ' | ' |
Stock_Compensation_Performance
Stock Compensation - Performance Share Grants with Performance Conditions (Details) (Performance Shares) | 9 Months Ended |
Sep. 30, 2013 | |
Performance Share Grants with Performance Conditions [Abstract] | ' |
Below threshold performance | 0 |
Threshold and Target performance | 407,757 |
Minimum | ' |
Performance Share Grants with Performance Conditions [Abstract] | ' |
Threshold and Target performance | 82,878 |
Maximum | ' |
Performance Share Grants with Performance Conditions [Abstract] | ' |
Maximum performance | 595,575 |
Stock_Compensation_Stock_Grant
Stock Compensation - Stock Grant Activity (Details) (Restricted Stock and Performance Shares) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2013 | Dec. 31, 2012 | |
Restricted Stock and Performance Shares | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' | ' |
Stock Grants Outstanding Beginning of Period | 688,041 | 744,508 |
New Stock Grants/Estimated additional shares maximum performance | 96,087 | 113,643 |
Vested Grants | -62,997 | -170,110 |
Expired/Forfeited Grants | -221,552 | 0 |
Stock Grants Outstanding End of Period | 499,579 | 688,041 |
Stock_Compensation_Compensatio
Stock Compensation - Compensation Costs (Details) (USD $) | 9 Months Ended | 3 Months Ended | 9 Months Ended | |||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Mar. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Executive Officer | Chief Executive Officer | Employee 1998 Plan: | Employee 1998 Plan: | NDSI Plan | NDSI Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Unamortized cost associated with nonvested stock grants | $4,138 | ' | ' | ' | ' | ' | ' | ' |
Weighted average period of recognition | '30 months | ' | ' | ' | ' | ' | ' | ' |
Expensed | ' | ' | -485 | -2,271 | 17 | 3,898 | 384 | 286 |
Capitalized | ' | ' | ' | ' | 245 | 281 | ' | ' |
Compensation cost | $646 | $4,465 | ' | ' | $262 | $4,179 | ' | ' |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Income Taxes (Textual) [Abstract] | ' | ' | ' | ' | ' |
Income tax expense | $919 | $1,525 | $1,752 | $1,461 | ' |
Effective income tax rate | ' | ' | 28.00% | 25.00% | ' |
Income tax payable | 835 | ' | 835 | ' | 0 |
Income tax payments related to 2013 tax year | ' | ' | $115 | ' | ' |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) (USD $) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2013 | Dec. 31, 2012 | |
acre | ||
Commitments and Contingencies (Textual) [Abstract] | ' | ' |
Acres of land subject to water contracts | 5,488 | ' |
Estimated future minimum annual payments | $2,500,000 | ' |
Additional bond debt authorized to be sold in future | 4,750,000 | ' |
Letter of credit period | '2 years | ' |
Letter of credit renewal period | '2 years | ' |
Expected reimbursements in current fiscal year | 14,139,000 | ' |
Special taxes paid | 886,000 | 606,000 |
Interest rate held by TCWD in KWBA | 2.00% | ' |
West CFD | ' | ' |
Commitments and Contingencies (Textual) [Abstract] | ' | ' |
Acres of land released from land liens | 420 | ' |
Standby letter of credit | 28,620,000 | ' |
Additional bond debt authorized to be sold in future | 0 | ' |
Additional reimbursement funds | 0 | ' |
East CFD | ' | ' |
Commitments and Contingencies (Textual) [Abstract] | ' | ' |
Acres of land released from land liens | 1,931 | ' |
Standby letter of credit | 39,750,000 | ' |
Additional bond debt authorized to be sold in future | 80,250,000 | ' |
Additional reimbursement funds | 8,900,000 | ' |
Standby letter of credit | ' | ' |
Commitments and Contingencies (Textual) [Abstract] | ' | ' |
Standby letter of credit | 5,426,000 | ' |
Letter of credit | ' | ' |
Commitments and Contingencies (Textual) [Abstract] | ' | ' |
Annual cost related to letter of credit | $83,000 | ' |
Retirement_Plans_Details_Textu
Retirement Plans (Details Textual) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Retirement Plan (Textual) [Abstract] | ' | ' |
Contribution to ERISA plan | $850 | ' |
Equity and debt investment fluctuations by plus or minus | 20.00% | ' |
Weighted-average discount rate and rate of increase in periodic pension costs | 4.00% | 4.00% |
Expected long-term rate of return on plan assets | 7.50% | 7.50% |
Equities | ' | ' |
Retirement Plan (Textual) [Abstract] | ' | ' |
Current investment policy target | 65.00% | ' |
Target plan asset allocations range, maximum | 78.00% | ' |
Target plan asset allocations range, minimum | 52.00% | ' |
Investment mix target allocation | 58.00% | 71.00% |
Debt | ' | ' |
Retirement Plan (Textual) [Abstract] | ' | ' |
Current investment policy target | 25.00% | ' |
Investment mix target allocation | 35.00% | 26.00% |
Money market funds | ' | ' |
Retirement Plan (Textual) [Abstract] | ' | ' |
Current investment policy target | 10.00% | ' |
Investment mix target allocation | 7.00% | 3.00% |
Retirement_Plan_Details
Retirement Plan (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Benefit Plan | ' | ' |
Cost components: | ' | ' |
Service cost-benefits earned during the period | ($213) | ($188) |
Interest cost on projected benefit obligation | -282 | -288 |
Expected return on plan assets | 342 | 335 |
Net amortization and deferral | -144 | -165 |
Total net periodic pension cost | -297 | -306 |
SERP | ' | ' |
Cost components: | ' | ' |
Service cost-benefits earned during the period | -129 | -129 |
Interest cost on projected benefit obligation | -162 | -162 |
Net amortization and deferral | -216 | -48 |
Total net periodic pension cost | ($507) | ($339) |
Business_Segments_Details
Business Segments (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Real estate - commercial/industrial | ' | ' |
Revenue components of commercial/industrial real estate segment | ' | ' |
Revenue of commercial/industrial real estate segment | $8,389 | $7,509 |
Commercial leases | ' | ' |
Revenue components of commercial/industrial real estate segment | ' | ' |
Revenue of commercial/industrial real estate segment | 5,078 | 4,537 |
Grazing leases | ' | ' |
Revenue components of commercial/industrial real estate segment | ' | ' |
Revenue of commercial/industrial real estate segment | 1,090 | 958 |
Land Sale | ' | ' |
Revenue components of commercial/industrial real estate segment | ' | ' |
Revenue of commercial/industrial real estate segment | 0 | 648 |
All other land management ancillary services | ' | ' |
Revenue components of commercial/industrial real estate segment | ' | ' |
Revenue of commercial/industrial real estate segment | 2,221 | 1,366 |
Mineral resources | ' | ' |
Revenue components of commercial/industrial real estate segment | ' | ' |
Revenue of commercial/industrial real estate segment | 8,055 | 11,232 |
Oil and gas | ' | ' |
Revenue components of commercial/industrial real estate segment | ' | ' |
Revenue of commercial/industrial real estate segment | 6,198 | 9,137 |
Rock aggregate | ' | ' |
Revenue components of commercial/industrial real estate segment | ' | ' |
Revenue of commercial/industrial real estate segment | 639 | 944 |
Cement | ' | ' |
Revenue components of commercial/industrial real estate segment | ' | ' |
Revenue of commercial/industrial real estate segment | 581 | 559 |
Land lease for oil exploration | ' | ' |
Revenue components of commercial/industrial real estate segment | ' | ' |
Revenue of commercial/industrial real estate segment | $637 | $592 |
Investment_in_Unconsolidated_a2
Investment in Unconsolidated and Consolidated Joint Ventures (Textual) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 3 Months Ended | ||||||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Jun. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Jun. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2012 | Sep. 30, 2013 |
Petro Travel Plaza Holdings LLC | Petro Travel Plaza Holdings LLC | Tejon Mountain Village LLC | Rockefeller Joint Ventures | Rockefeller Joint Ventures | Rockefeller Joint Ventures | Five West Parcel LLC | 18-19 West LLC | TRCC-East | TRCC-East | Centennial Founders, LLC | ||||||
Investment | Maximum | Maximum | sqft | acre | sqft | |||||||||||
acre | acre | acre | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investments in unconsolidated joint ventures | $62,000 | ' | $62,000 | ' | $54,022 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $86,000 | ' |
Equity in earnings of unconsolidated joint ventures, net | 1,241 | 1,114 | 2,920 | 1,648 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minority investment in joint ventures | ' | ' | ' | ' | ' | 60.00% | 60.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ownership percentage | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment in joint ventures | ' | ' | ' | ' | ' | $10,296 | ' | $43,379 | $8,325 | ' | ' | ' | ' | ' | $10,558 | ' |
Percentage of ownership interest joint ventures | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | 50.00% | ' | ' | ' | 72.52% |
Number of acres for development | ' | ' | ' | ' | ' | ' | ' | ' | 91 | ' | ' | ' | ' | 326,000 | ' | ' |
Development of land in TRCC including pursuing Foreign Trade Zone | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500 | 500 | ' | ' | ' | ' | ' |
Area of building owned and leased | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 606,000 | ' | ' | ' | ' |
Number of acres for development | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 61.5 | ' | ' | ' |
Number of joint venture contracts | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' |
Investment_in_Unconsolidated_a3
Investment in Unconsolidated and Consolidated Joint Ventures (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Condensed balance sheet information and statements of operations of unconsolidated and consolidated joint ventures | ' | ' | ' | ' | ' |
Net income (loss) | $2,292,000 | $4,021,000 | $4,991,000 | $4,414,000 | ' |
Current assets | 95,443,000 | ' | 95,443,000 | ' | 90,753,000 |
Property and equipment, net | 143,284,000 | ' | 143,284,000 | ' | 146,590,000 |
Long-term debt | -4,750,000 | ' | -4,750,000 | ' | -253,000 |
Total | ' | ' | ' | ' | ' |
Condensed balance sheet information and statements of operations of unconsolidated and consolidated joint ventures | ' | ' | ' | ' | ' |
Gross revenues | ' | ' | 89,227,000 | 94,448,000 | ' |
Net income (loss) | ' | ' | 4,266,000 | 3,117,000 | ' |
Partner's share of net (income) | ' | ' | 1,681,000 | 1,219,000 | ' |
Equity in income (losses) | ' | ' | 2,920,000 | 1,648,000 | ' |
Current assets | 25,869,000 | ' | 25,869,000 | ' | 10,031,000 |
Property and equipment, net | 176,559,000 | ' | 176,559,000 | ' | 160,479,000 |
Other assets | 753,000 | ' | 753,000 | ' | 929,000 |
Long-term debt | -27,797,000 | ' | -27,797,000 | ' | -28,358,000 |
Other liabilities | -4,349,000 | ' | -4,349,000 | ' | -3,614,000 |
Net assets | 171,035,000 | ' | 171,035,000 | ' | 139,467,000 |
Petro Travel Plaza Holdings LLC | ' | ' | ' | ' | ' |
Condensed balance sheet information and statements of operations of unconsolidated and consolidated joint ventures | ' | ' | ' | ' | ' |
Gross revenues | ' | ' | 86,662,000 | 92,564,000 | ' |
Net income (loss) | ' | ' | 4,515,000 | 3,388,000 | ' |
Partner's share of net (income) | ' | ' | 1,806,000 | 1,355,000 | ' |
Equity in income (losses) | ' | ' | 2,709,000 | 1,783,000 | ' |
Current assets | 13,871,000 | ' | 13,871,000 | ' | 9,577,000 |
Property and equipment, net | 43,776,000 | ' | 43,776,000 | ' | 44,196,000 |
Other assets | 217,000 | ' | 217,000 | ' | 246,000 |
Long-term debt | -16,797,000 | ' | -16,797,000 | ' | -17,358,000 |
Other liabilities | -2,855,000 | ' | -2,855,000 | ' | -3,350,000 |
Net assets | 38,212,000 | ' | 38,212,000 | ' | 33,311,000 |
Five West Parcel LLC | ' | ' | ' | ' | ' |
Condensed balance sheet information and statements of operations of unconsolidated and consolidated joint ventures | ' | ' | ' | ' | ' |
Gross revenues | ' | ' | 2,518,000 | 1,818,000 | ' |
Net income (loss) | ' | ' | 102,000 | -267,000 | ' |
Partner's share of net (income) | ' | ' | 51,000 | -134,000 | ' |
Equity in income (losses) | ' | ' | 51,000 | -133,000 | ' |
Current assets | 2,000,000 | ' | 2,000,000 | ' | 194,000 |
Property and equipment, net | 17,592,000 | ' | 17,592,000 | ' | 19,025,000 |
Other assets | 536,000 | ' | 536,000 | ' | 683,000 |
Long-term debt | -11,000,000 | ' | -11,000,000 | ' | -11,000,000 |
Other liabilities | -163,000 | ' | -163,000 | ' | -39,000 |
Net assets | 8,965,000 | ' | 8,965,000 | ' | 8,863,000 |
Tejon Mountain Village LLC | ' | ' | ' | ' | ' |
Condensed balance sheet information and statements of operations of unconsolidated and consolidated joint ventures | ' | ' | ' | ' | ' |
Gross revenues | ' | ' | 0 | 0 | ' |
Net income (loss) | ' | ' | -104,000 | -63,000 | ' |
Partner's share of net (income) | ' | ' | -52,000 | -32,000 | ' |
Equity in income (losses) | ' | ' | -52,000 | -31,000 | ' |
Current assets | 2,293,000 | ' | 2,293,000 | ' | 218,000 |
Property and equipment, net | 96,727,000 | ' | 96,727,000 | ' | 92,846,000 |
Other assets | 0 | ' | 0 | ' | 0 |
Long-term debt | 0 | ' | 0 | ' | 0 |
Other liabilities | -483,000 | ' | -483,000 | ' | -224,000 |
Net assets | 98,537,000 | ' | 98,537,000 | ' | 92,840,000 |
18-19 West LLC | ' | ' | ' | ' | ' |
Condensed balance sheet information and statements of operations of unconsolidated and consolidated joint ventures | ' | ' | ' | ' | ' |
Gross revenues | ' | ' | 47,000 | 66,000 | ' |
Net income (loss) | ' | ' | 42,000 | 59,000 | ' |
Partner's share of net (income) | ' | ' | 21,000 | 30,000 | ' |
Equity in income (losses) | ' | ' | 21,000 | 29,000 | ' |
Current assets | 35,000 | ' | 35,000 | ' | 42,000 |
Property and equipment, net | 4,470,000 | ' | 4,470,000 | ' | 4,412,000 |
Other assets | 0 | ' | 0 | ' | 0 |
Long-term debt | 0 | ' | 0 | ' | 0 |
Other liabilities | -10,000 | ' | -10,000 | ' | -1,000 |
Net assets | 4,495,000 | ' | 4,495,000 | ' | 4,453,000 |
TRCC/Rock Outlet Center | ' | ' | ' | ' | ' |
Condensed balance sheet information and statements of operations of unconsolidated and consolidated joint ventures | ' | ' | ' | ' | ' |
Gross revenues | ' | ' | 0 | ' | ' |
Net income (loss) | ' | ' | -289,000 | ' | ' |
Partner's share of net (income) | ' | ' | -145,000 | ' | ' |
Equity in income (losses) | ' | ' | 191,000 | ' | ' |
Current assets | 7,670,000 | ' | 7,670,000 | ' | ' |
Property and equipment, net | 13,994,000 | ' | 13,994,000 | ' | ' |
Other assets | 0 | ' | 0 | ' | ' |
Long-term debt | 0 | ' | 0 | ' | ' |
Other liabilities | -838,000 | ' | -838,000 | ' | ' |
Net assets | 20,826,000 | ' | 20,826,000 | ' | ' |
Centennial Founders, LLC | ' | ' | ' | ' | ' |
Condensed balance sheet information and statements of operations of unconsolidated and consolidated joint ventures | ' | ' | ' | ' | ' |
Gross revenues | ' | ' | 628,000 | 267,000 | ' |
Net income (loss) | ' | ' | -196,000 | -388,000 | ' |
Partner's share of net (income) | ' | ' | -55,000 | -119,000 | ' |
Equity in income (losses) | ' | ' | 0 | -269,000 | ' |
Current assets | 189,000 | ' | 189,000 | ' | 491,000 |
Property and equipment, net | 74,668,000 | ' | 74,668,000 | ' | 72,356,000 |
Other assets | 0 | ' | 0 | ' | 0 |
Long-term debt | 0 | ' | 0 | ' | 0 |
Other liabilities | -654,000 | ' | -654,000 | ' | -1,099,000 |
Net assets | $74,203,000 | ' | $74,203,000 | ' | $71,748,000 |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Nov. 06, 2013 | Nov. 06, 2013 | Nov. 06, 2013 |
In Millions, unless otherwise specified | acre_foot | acre_foot | Subsequent Event | Subsequent Event | Common Stock |
Pacific | Pacific | Subsequent Event | |||
acre_foot | Maximum | Pacific | |||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' |
Long-term Water Assets (Volume) | 41,690 | 40,770 | 6,693 | ' | ' |
Cost of Purchased Water | ' | ' | $18.70 | ' | ' |
Stock Valuation, Weighted Average Price, Threshold Consecutive Trading Days | ' | ' | ' | ' | '10 days |
Optional renewal term | ' | ' | '35 years | ' | ' |
Cost of Purchased Water, Area | ' | ' | 656 | ' | ' |
Annual fee rate increase | ' | ' | ' | 3.00% | ' |