Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Jun. 30, 2014 | Jul. 31, 2014 | |
Entity Information [Line Items] | ' | ' |
Entity Registrant Name | 'TEJON RANCH CO | ' |
Entity Central Index Key | '0000096869 | ' |
Trading Symbol | 'TRC | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Jun-14 | ' |
Amendment Flag | 'false | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock Shares Outstanding | ' | 20,591,480 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Revenues: | ' | ' | ' | ' |
Total revenues | $8,008 | $7,475 | $15,153 | $17,235 |
Costs and Expenses: | ' | ' | ' | ' |
Total expenses | 8,211 | 6,308 | 17,349 | 15,978 |
Operating income (loss) | -203 | 1,167 | -2,196 | 1,257 |
Other Income: | ' | ' | ' | ' |
Income from water sales | 177 | 0 | 3,179 | 0 |
Investment income | 185 | 238 | 383 | 513 |
Other income | 20 | 14 | 47 | 17 |
Total other income | 382 | 252 | 3,609 | 530 |
Income from operations before equity in earnings of unconsolidated joint ventures | 179 | 1,419 | 1,413 | 1,787 |
Equity in earnings of unconsolidated joint ventures, net | 1,148 | 1,270 | 1,586 | 1,679 |
Income before income tax expense | 1,327 | 2,689 | 2,999 | 3,466 |
Income tax expense | 479 | 686 | 1,020 | 833 |
Net income | 848 | 2,003 | 1,979 | 2,633 |
Net loss attributable to non-controlling interest | -26 | -81 | -8 | -66 |
Net income attributable to common stockholders | 874 | 2,084 | 1,987 | 2,699 |
Net income per share attributable to common stockholders, basic, in dollars per share | $0.04 | $0.10 | $0.10 | $0.13 |
Net income per share attributable to common stockholders, diluted, in dollars per share | $0.04 | $0.10 | $0.10 | $0.13 |
Real estate - commercial/industrial | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' |
Total revenues | 2,553 | 2,825 | 5,495 | 5,547 |
Costs and Expenses: | ' | ' | ' | ' |
Total expenses | 3,336 | 3,141 | 6,647 | 6,254 |
Other Income: | ' | ' | ' | ' |
Equity in earnings of unconsolidated joint ventures, net | ' | ' | 1,621 | 1,720 |
Real estate- resort/residential | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' |
Total revenues | 228 | 234 | 587 | 471 |
Costs and Expenses: | ' | ' | ' | ' |
Total expenses | 918 | 1,265 | 1,573 | 1,574 |
Mineral resources | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' |
Total revenues | 2,441 | 2,765 | 4,705 | 5,631 |
Costs and Expenses: | ' | ' | ' | ' |
Total expenses | 152 | 65 | 227 | 225 |
Farming | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' |
Total revenues | 2,786 | 1,651 | 4,366 | 5,586 |
Costs and Expenses: | ' | ' | ' | ' |
Total expenses | 1,197 | 1,179 | 2,870 | 3,436 |
Corporate expenses | ' | ' | ' | ' |
Costs and Expenses: | ' | ' | ' | ' |
Total expenses | $2,608 | $658 | $6,032 | $4,489 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Comprehensive income attributable to common stockholders | ' | ' | ' | ' |
Net income | $848 | $2,003 | $1,979 | $2,633 |
Other comprehensive income (loss): | ' | ' | ' | ' |
Unrealized gains (losses) on available for sale securities | -1 | -409 | 11 | -452 |
Benefit plan adjustments | 0 | 0 | -474 | 0 |
Benefit plan reclassification for losses included in net income | 0 | 0 | 407 | 0 |
Other comprehensive loss before taxes | -1 | -409 | -56 | -452 |
(Provisions) benefit for income taxes related to other comprehensive loss items | 0 | 164 | 186 | 181 |
Other comprehensive income (loss) | -1 | -245 | 130 | -271 |
Comprehensive income | 847 | 1,758 | 2,109 | 2,362 |
Comprehensive loss attributable to non-controlling interests | -26 | -81 | -8 | -66 |
Comprehensive income attributable to common stockholders | $873 | $1,839 | $2,117 | $2,428 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current Assets: | ' | ' |
Cash and cash equivalents | $1,898 | $9,031 |
Marketable securities - available-for-sale | 52,844 | 55,436 |
Accounts receivable | 4,958 | 7,108 |
Inventories | 8,570 | 3,510 |
Prepaid expenses and other current assets | 7,675 | 7,707 |
Deferred tax assets | 637 | 452 |
Total current assets | 76,582 | 83,244 |
Property and equipment - net of depreciation (includes $76,113 at June 30, 2014 and $74,726 at December 31, 2013, attributable to Centennial Founders LLC, Note 12) | 154,373 | 146,542 |
Investments in unconsolidated joint ventures | 73,722 | 62,604 |
Long-term water assets | 46,025 | 46,754 |
Long-term deferred tax assets | 1,591 | 1,592 |
Other assets | 1,721 | 2,143 |
TOTAL ASSETS | 354,014 | 342,879 |
Current Liabilities: | ' | ' |
Trade accounts payable | 2,699 | 5,028 |
Accrued liabilities and other | 2,545 | 2,647 |
Deferred income | 792 | 865 |
Short-term debt and current maturities of long-term debt | 10,439 | 234 |
Total current liabilities | 16,475 | 8,774 |
Long-term debt, less current portion | 4,338 | 4,459 |
Long-term deferred gains | 2,248 | 2,248 |
Other liabilities | 6,511 | 6,518 |
Pension liability | 1,053 | 693 |
Total liabilities | 30,625 | 22,692 |
Commitments and contingencies | ' | ' |
Tejon Ranch Co. Stockholders’ Equity | ' | ' |
Common stock, $.50 par value per share: Authorized shares - 30,000,000, Issued and outstanding shares - 20,586,758 at June 30, 2014 and 20,563,023 at December 31, 2013 | 10,293 | 10,282 |
Additional paid-in capital | 211,930 | 210,848 |
Accumulated other comprehensive loss | -3,203 | -3,333 |
Retained earnings | 64,772 | 62,785 |
Total Tejon Ranch Co. Stockholders’ Equity | 283,792 | 280,582 |
Non-controlling interest | 39,597 | 39,605 |
Total equity | 323,389 | 320,187 |
TOTAL LIABILITIES AND EQUITY | $354,014 | $342,879 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Property and equipment - net of depreciation | $154,373 | $146,542 |
Common stock, par value per share | $0.50 | $0.50 |
Common stock, authorized shares | 30,000,000 | 30,000,000 |
Common stock, issued shares | 20,586,758 | 20,563,023 |
Common stock, outstanding shares | 20,586,758 | 20,563,023 |
Centennial Founders, LLC | ' | ' |
Property and equipment - net of depreciation | $76,113 | $74,726 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Operating Activities | ' | ' |
Net income | $1,979 | $2,633 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ' | ' |
Depreciation and amortization | 2,449 | 1,767 |
Amortization of premium/discount of marketable securities | 392 | 459 |
Equity in earnings of unconsolidated joint ventures | -1,586 | -1,679 |
Non-cash retirement plan expense | 851 | 325 |
Stock compensation expense | 1,562 | -568 |
Changes in operating assets and liabilities: | ' | ' |
Receivables, inventories and other assets, net | 521 | 643 |
Current liabilities, net | -4,040 | -948 |
Net cash provided by operating activities | 2,128 | 2,632 |
Investing Activities | ' | ' |
Maturities and sales of marketable securities | 8,352 | 14,066 |
Funds invested in marketable securities | -6,142 | -14,844 |
Property and equipment expenditures | -11,479 | -10,653 |
Reimbursement of outlet center costs | 0 | 512 |
Reimbursement proceeds from Communities Facilities District | 0 | 14,139 |
Investment in unconsolidated joint ventures | -9,532 | -1,375 |
Investments in long-term water assets | -482 | -437 |
Other | 453 | -127 |
Net cash provided by (used in) investing activities | -18,830 | 1,281 |
Financing Activities | ' | ' |
Borrowings of short-term debt | 14,700 | 0 |
Repayments of short-term debt | -4,500 | -20 |
Repayments of long-term debt | -116 | 0 |
Proceeds from exercise of stock options | 0 | 211 |
Taxes on vested stock grants | -515 | -845 |
Net cash provided by (used in) financing activities | 9,569 | -654 |
Increase (decrease) in cash and cash equivalents | -7,133 | 3,259 |
Cash and cash equivalents at beginning of year | 9,031 | 7,219 |
Cash and cash equivalents at end of period | 1,898 | 10,478 |
Supplemental cash flow information | ' | ' |
Accrued capital expenditures included in current liabilities | $1,183 | $1,122 |
Consolidated_Statements_of_Equ
Consolidated Statements of Equity (USD $) | Total | Total Tejon Ranch Co.'s Stockholders Equity | Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | Noncontrolling Interest |
In Thousands, except Share data, unless otherwise specified | |||||||
Beginning Balance, value at Dec. 31, 2012 | $308,259 | $268,592 | $10,043 | $198,117 | ($5,118) | $65,550 | $39,667 |
Beginning Balance (in shares) at Dec. 31, 2012 | ' | ' | 20,085,865 | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | 4,103 | 4,165 | ' | ' | ' | 4,165 | -62 |
Other comprehensive income | 1,785 | 1,785 | ' | ' | 1,785 | ' | ' |
Exercise of stock options (in shares) | ' | ' | 7,567 | ' | ' | ' | ' |
Exercise of stock options and related tax benefit of $3 in 2013, $8 in 2012 and $634 in 2011 | 211 | 211 | 4 | 207 | ' | ' | ' |
Restricted stock issuance (in shares) | ' | ' | 391,555 | ' | ' | ' | ' |
Restricted stock issuance | 0 | 0 | 196 | -196 | ' | ' | ' |
Common stock issued for water purchase (in shares) | ' | ' | 251,876 | ' | ' | ' | ' |
Common stock issued for water purchase | 9,370 | 9,370 | 126 | 9,244 | ' | ' | ' |
Stock compensation | 1,223 | 1,223 | ' | 1,223 | ' | ' | ' |
Shares withheld for taxes (in shares) | ' | ' | -173,840 | ' | ' | ' | ' |
Shares withheld for taxes | -4,764 | -4,764 | -87 | -4,677 | ' | ' | ' |
Warrants issued as dividends (3,000,000 warrants) | ' | ' | ' | 6,930 | ' | -6,930 | ' |
Ending Balance, value at Dec. 31, 2013 | 320,187 | 280,582 | 10,282 | 210,848 | -3,333 | 62,785 | 39,605 |
Ending Balance (in shares) at Dec. 31, 2013 | ' | ' | 20,563,023 | ' | ' | ' | ' |
Beginning Balance, value at Sep. 30, 2013 | ' | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Common stock issued for water purchase (in shares) | ' | ' | 251,876 | ' | ' | ' | ' |
Ending Balance, value at Dec. 31, 2013 | 320,187 | 280,582 | 10,282 | 210,848 | -3,333 | 62,785 | 39,605 |
Ending Balance (in shares) at Dec. 31, 2013 | ' | ' | 20,563,023 | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | 1,979 | 1,987 | ' | ' | ' | 1,987 | -8 |
Other comprehensive income | 130 | 130 | ' | ' | 130 | ' | ' |
Restricted stock issuance (in shares) | ' | ' | 38,794 | ' | ' | ' | ' |
Restricted stock issuance | 0 | 0 | 19 | -19 | ' | ' | ' |
Stock compensation | 1,608 | 1,608 | ' | 1,608 | ' | ' | ' |
Shares withheld for taxes (in shares) | ' | ' | -15,059 | ' | ' | ' | ' |
Shares withheld for taxes | -515 | -515 | -8 | -507 | ' | ' | ' |
Ending Balance, value at Jun. 30, 2014 | $323,389 | $283,792 | $10,293 | $211,930 | ($3,203) | $64,772 | $39,597 |
Ending Balance (in shares) at Jun. 30, 2014 | ' | ' | 20,586,758 | ' | ' | ' | ' |
Consolidated_Statements_of_Equ1
Consolidated Statements of Equity (Parenthetical) (USD $) | 6 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Statement of Stockholders' Equity [Abstract] | ' | ' |
Exercise of stock options, tax benefit | ' | $3 |
Warrants issued as dividends | 3,000,000 | ' |
Basis_of_Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Basis of Presentation | ' |
BASIS OF PRESENTATION | |
The summarized information of Tejon Ranch Co. and its subsidiaries, (the Company, Tejon, we, us and our), 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. We have evaluated subsequent events through the date of issuance of our consolidated financial statements. | |
The periods ending June 30, 2014 and 2013 include the consolidation of Centennial Founders, LLC’s statement of operations within the resort /residential real estate development segment and statements of cash flows. The Company’s June 30, 2014 and December 31, 2013 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. 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, 2013. |
Equity
Equity | 6 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Stockholders' Equity Note [Abstract] | ' | |||||||||||
Equity | ' | |||||||||||
EQUITY | ||||||||||||
Earnings Per Share (EPS) | ||||||||||||
Basic net income (loss) per share attributable to common stockholders is based upon the weighted-average number of shares of common stock outstanding during the year. Diluted net income (loss) per share attributable to common stockholders is based upon the weighted-average number of shares of common stock outstanding and the weighted-average number of shares outstanding assuming the issuance of common stock upon exercise of warrants to purchase common stock, and the vesting of restricted stock grants per ASC 260, “Earnings Per Share.” | ||||||||||||
Three Months Ended | Six Months Ended | |||||||||||
30-Jun | 30-Jun | |||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||
Weighted average number of shares outstanding: | ||||||||||||
Common stock | 20,586,190 | 20,136,188 | 20,577,280 | 20,118,152 | ||||||||
Common stock equivalents-stock options, grants | 35,406 | 16,323 | 40,323 | 17,039 | ||||||||
Diluted shares outstanding | 20,621,596 | 20,152,511 | 20,617,603 | 20,135,191 | ||||||||
Warrants | ||||||||||||
On August 7, 2013, the Company announced that its Board of Directors declared a dividend of warrants, or the Warrants, to purchase shares of Company common stock, par value $0.50 per share, or 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 entitles the holder to purchase one share of Common Stock at an initial exercise price of $40.00 per share. The Warrants will be exercisable through August 31, 2016, subject to the Company's right to accelerate the expiration date under certain circumstances when the Warrants are in-the-money. Each holder of Common Stock as of the Record Date received a number of Warrants equal to the number of shares held multiplied by 0.14771, rounded to the nearest whole number. No cash or other consideration was paid in respect of any fractional Warrants that were rounded down. As a result, the Company issued an aggregate of 3,000,000 Warrants. These Warrants were issued pursuant to a Warrant Agreement, dated as of August 7, 2013, between the Company, Computershare, Inc. and Computershare Trust Company, N.A., as warrant agent. The Warrants are currently anti-dilutive and have not been included in the EPS calculation. |
Marketable_Securities
Marketable Securities | 6 Months Ended | |||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | |||||||||||||||||||||||
Marketable Securities | ' | |||||||||||||||||||||||
MARKETABLE SECURITIES | ||||||||||||||||||||||||
ASC 320 “Investments – Debt and Equity Securities” requires that an enterprise classify all debt securities as either held-to-maturity, trading or available-for-sale. The Company has elected to classify its securities as available-for-sale and therefore is required to adjust securities to fair value at each reporting date. All costs and both realized and unrealized gains and losses on securities are determined on a specific identification basis. The following is a summary of available-for-sale securities at: | ||||||||||||||||||||||||
($ in thousands) | June 30, 2014 | December 31, 2013 | ||||||||||||||||||||||
Marketable Securities: | Fair | Cost | Estimated | Cost | Estimated | |||||||||||||||||||
Value | Fair | Fair | ||||||||||||||||||||||
Hierarchy | Value | Value | ||||||||||||||||||||||
Certificates of deposit | ||||||||||||||||||||||||
with unrecognized losses for less than 12 months | $ | 1,290 | $ | 1,282 | $ | 1,690 | $ | 1,677 | ||||||||||||||||
with unrecognized losses for more than 12 months | 459 | 455 | 110 | 110 | ||||||||||||||||||||
with unrecognized gains | 6,530 | 6,560 | 6,298 | 6,334 | ||||||||||||||||||||
Total Certificates of deposit | Level 1 | 8,279 | 8,297 | 8,098 | 8,121 | |||||||||||||||||||
US Treasury and agency notes | ||||||||||||||||||||||||
with unrecognized losses for less than 12 months | 3,434 | 3,427 | 4,672 | 4,664 | ||||||||||||||||||||
with unrecognized losses for more than 12 months | 1,322 | 1,319 | 1,699 | 1,694 | ||||||||||||||||||||
with unrecognized gains | 5,851 | 5,889 | 3,713 | 3,760 | ||||||||||||||||||||
Total US Treasury and agency notes | Level 2 | 10,607 | 10,635 | 10,084 | 10,118 | |||||||||||||||||||
Corporate notes | ||||||||||||||||||||||||
with unrecognized losses for less than 12 months | 3,010 | 2,990 | 7,270 | 7,192 | ||||||||||||||||||||
with unrecognized losses for more than 12 months | 1,338 | 1,334 | 530 | 523 | ||||||||||||||||||||
with unrecognized gains | 23,338 | 23,524 | 21,945 | 22,173 | ||||||||||||||||||||
Total Corporate notes | Level 2 | 27,686 | 27,848 | 29,745 | 29,888 | |||||||||||||||||||
Municipal notes | ||||||||||||||||||||||||
with unrecognized losses for less than 12 months | 419 | 417 | 1,688 | 1,677 | ||||||||||||||||||||
with unrecognized losses for more than 12 months | 315 | 311 | 318 | 316 | ||||||||||||||||||||
with unrecognized gains | 5,291 | 5,336 | 5,267 | 5,316 | ||||||||||||||||||||
Total Municipal notes | Level 2 | 6,025 | 6,064 | 7,273 | 7,309 | |||||||||||||||||||
$ | 52,597 | $ | 52,844 | $ | 55,200 | $ | 55,436 | |||||||||||||||||
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 June 30, 2014, the fair market value of investment securities exceeded the cost basis by $247,000. The cost basis includes any other-than-temporary impairments that have been recorded for the securities. None have been recorded at June 30, 2014. The Company has determined that any unrealized losses in the portfolio are temporary as of June 30, 2014. 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 June 30, 2014, the adjustment to accumulated other comprehensive income (loss) in consolidated equity for the temporary change in the value of securities reflects an increase in the market value of available-for-sale securities of $11,000, which includes estimated taxes of $4,000. | ||||||||||||||||||||||||
As of June 30, 2014, the Company’s gross unrealized holding gains equal $299,000 and gross unrealized holding losses equal $52,000. | ||||||||||||||||||||||||
The following tables summarize the maturities, at par, of marketable securities by year ($ in thousands): | ||||||||||||||||||||||||
At June 30, 2014 | 2014 | 2015 | 2016 | 2017 | 2018 | Total | ||||||||||||||||||
Certificates of deposit | $ | 1,166 | $ | 4,213 | $ | 1,501 | $ | 831 | $ | 509 | $ | 8,220 | ||||||||||||
U.S. Treasury and agency notes | 4,481 | 3,836 | 600 | 1,209 | 523 | $ | 10,649 | |||||||||||||||||
Corporate notes | 1,919 | 9,937 | 6,704 | 6,798 | 1,264 | $ | 26,622 | |||||||||||||||||
Municipal notes | 1,485 | 2,205 | 1,235 | 790 | 125 | $ | 5,840 | |||||||||||||||||
$ | 9,051 | $ | 20,191 | $ | 10,040 | $ | 9,628 | $ | 2,421 | $ | 51,331 | |||||||||||||
At December 31, 2013 | 2014 | 2015 | 2016 | 2017 | Total | |||||||||||||||||||
Certificates of deposit | $ | 1,627 | $ | 4,213 | $ | 1,501 | $ | 681 | $ | 8,022 | ||||||||||||||
U.S. Treasury and agency notes | 5,485 | 3,336 | 600 | 692 | $ | 10,113 | ||||||||||||||||||
Corporate notes | 6,729 | 10,037 | 6,704 | 5,174 | $ | 28,644 | ||||||||||||||||||
Municipal notes | 3,325 | 2,205 | 1,235 | 295 | $ | 7,060 | ||||||||||||||||||
$ | 17,166 | $ | 19,791 | $ | 10,040 | $ | 6,842 | $ | 53,839 | |||||||||||||||
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 | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Long Term Water Assets [Abstract] | ' | |||||||
Long Term Water Assets | ' | |||||||
LONG TERM WATER ASSETS | ||||||||
Long term water assets consist of water and water contracts held for future use or sale. The water is held at cost which includes the price paid for the water and the cost to pump and deliver the water. A portion of our 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. | ||||||||
In recent years we have also been purchasing water for our future use or sale. In 2008 we purchased 8,393 acre-feet of transferable water and in 2009 we purchased an additional 6,393 acre-feet of transferable water, all of which is currently held on our behalf by AVEK. We also have secured State Water Project, or SWP, entitlement under long-term SWP water contracts within the Tulare Lake Basin Water Storage District and the Dudley-Ridge Water District, totaling 3,444 acre-feet of SWP entitlement annually, subject to SWP allocations. These contracts extend through 2035 and now have been transferred to AVEK for our use in the Antelope Valley. On November 6, 2013, the Company acquired from DMB Pacific, or DMB, a contract to purchase water that obligates 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, which calculated to be 251,876 shares of Common Stock. | ||||||||
This Nickel water purchase 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 limited water supply 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 purchase cost of water in 2014 was $656 per acre-foot. Purchase costs in 2015 and beyond are subject to annual cost increases based on the greater of the consumer price index and 3%. | ||||||||
The water purchased under the contract with Nickel will ultimately be used in the development of the Company’s land for commercial/industrial development, residential development, and farming. Interim uses may include the sale of portions of this water to third party users on an annual basis until this water is fully allocated to Company uses, as just described. | ||||||||
During the first six months of 2014, we sold 6,250 acre feet of water totaling $7,702,000 with a cost of $4,523,000, which are recorded in income (expense) from water sales on the Unaudited Consolidated Statements of Operations. | ||||||||
Water contracts with the Wheeler Ridge Maricopa Water Storage District, or WRMWSD, and the Tejon-Castac Water District, or TCWD, are also in place, but were entered into with each district at inception of the contract and not purchased later from third parties, and do not have a related financial value on the books of the Company. Therefore there is no amortization expense related to these contracts. Water assets consist of the following: | ||||||||
(in acre feet, unaudited) | 30-Jun-14 | 31-Dec-13 | ||||||
Banked water and water for future delivery | ||||||||
AVEK water bank | 13,461 | 12,280 | ||||||
Company water bank | 8,700 | 8,818 | ||||||
AVEK water for future delivery | 2,362 | 2,362 | ||||||
Total Company and AVEK banked water | 24,523 | 23,460 | ||||||
Transferable water with AVEK* | 14,786 | 14,786 | ||||||
Water Contracts | 10,137 | 10,137 | ||||||
Total purchased water - third parties | 49,446 | 48,383 | ||||||
WRMWSD - Contracts with Company | 15,547 | 15,547 | ||||||
TCWD - Contracts with Company | 5,749 | 5,479 | ||||||
TCWD - Banked water contracted to Company | 37,552 | 42,685 | ||||||
Total purchased and contracted water sources in acre feet | 108,294 | 112,094 | ||||||
*Any transferable water with AVEK that is used by the Company or returned by AVEK to the Company will be returned at a 1.5 to 1 factor giving the Company use of a total of 22,179 acre feet. | ||||||||
($ in thousands) | June 30, 2014 | 31-Dec-13 | ||||||
Banked water and water for future delivery | $ | 4,779 | $ | 4,779 | ||||
Transferable water | 9,309 | 8,988 | ||||||
Water Contracts (net of accumulated amortization of $3,512 and $2,837 at June 30, 2014 and December 2013, respectively) | 33,288 | 33,804 | ||||||
Total long-term assets | 47,376 | 47,571 | ||||||
less: Current portion | (1,351 | ) | (817 | ) | ||||
$ | 46,025 | $ | 46,754 | |||||
Accrued_Liabilities_and_Other
Accrued Liabilities and Other | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Payables and Accruals [Abstract] | ' | |||||||
Accrued Liabilities and Other | ' | |||||||
ACCRUED LIABILITIES AND OTHER | ||||||||
Accrued liabilities and other consists of the following: | ||||||||
($ in thousands) | June 30, 2014 | 31-Dec-13 | ||||||
Accrued vacation | $ | 742 | $ | 673 | ||||
Accrued paid personal leave | 591 | 619 | ||||||
Accrued bonus | 896 | 677 | ||||||
Other | 316 | 678 | ||||||
$ | 2,545 | $ | 2,647 | |||||
Shortterm_and_Longterm_Debt
Short-term and Long-term Debt | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Short-term and Long-term Debt | ' | |||||||
SHORT-TERM AND LONG-TERM DEBT | ||||||||
The carrying value of our outstanding debt consists of the following: | ||||||||
($ in thousands) | June 30, 2014 | 31-Dec-13 | ||||||
Note payable to a bank | $ | 4,577 | $ | 4,693 | ||||
Revolving line of credit | 10,200 | — | ||||||
Total short-term and long-term debt | 14,777 | 4,693 | ||||||
Less short-term debt and current maturities of long-term debt | (10,439 | ) | (234 | ) | ||||
$ | 4,338 | $ | 4,459 | |||||
The outstanding long-term debt is being used to provide long-term financing for commercial retail development within the Tejon Ranch Commerce Center -West, or TRCC-West. The balance of the long-term debt instrument listed above approximates the fair value of the instrument. | ||||||||
We also have a long-term revolving line of credit of $30,000,000 that, as of June 30, 2014 had an outstanding balance of $10,200,000 and at December 31, 2013, had no outstanding balance. At the Company’s option, the interest rate on this line of credit can float at 1.75% over a selected LIBOR rate or can be fixed at 1.50% above LIBOR for a fixed rate term. During the term of this credit facility (which matures in December 2016), 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 $225,000,000 and liquid assets of not less than $25,000,000, including the amount then available for borrowing under the line of credit. At June 30, 2014 our tangible net worth was $327,966,000 and liquid assets were $74,542,000 including available line of credit of $19,800,000. A portion of our farm acreage secures this line of credit. |
Stock_Compensation_Restricted_
Stock Compensation - Restricted Stock and Performance Share Grants | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||
Stock Compensation - Restricted Stock and Performance Share Grants | ' | ||||||||
STOCK COMPENSATION - RESTRICTED STOCK AND PERFORMANCE SHARE GRANTS | |||||||||
The Company’s stock incentive plans provide for the making of awards to employees based upon 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 performance milestones. | |||||||||
The following is a summary of the Company's performance share grants with performance conditions for the six months ended June 30, 2014: | |||||||||
Performance Share Grants with Performance Conditions | |||||||||
Below threshold performance | — | ||||||||
Threshold performance | 79,961 | ||||||||
Target performance | 152,418 | ||||||||
Maximum performance | 250,517 | ||||||||
The following is a summary of the Company’s stock grant activity, both time and performance share grants, assuming target achievement for outstanding performance share grants for the following periods: | |||||||||
June 30, 2014 | December 31, 2013 | ||||||||
Stock Grants Outstanding Beginning of the Year at Target Achievement | 265,701 | 688,041 | |||||||
New Stock Grants/Additional shares due to maximum achievement | 138,485 | 192,348 | |||||||
Vested Grants | (29,194 | ) | (361,886 | ) | |||||
Expired/Forfeited Grants | (128,265 | ) | (252,802 | ) | |||||
Stock Grants Outstanding June 30, 2014 at Target Achievement | 246,727 | 265,701 | |||||||
The following is a summary of the Company’s performance- and time-based share grants for the following periods: | |||||||||
June 30, 2014 | December 31, 2013 | ||||||||
Performance Share Grants | 152,418 | 177,044 | |||||||
Time Based Grants | 94,309 | 88,657 | |||||||
Stock Grants Outstanding June 30, 2014 at Target Achievement | 246,727 | 265,701 | |||||||
The unamortized cost associated with nonvested stock grants and the weighted-average period over which it is expected to be recognized as of June 30, 2014 was $5,404,000 and 28 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 share 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 share 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 share 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. | |||||||||
Beginning in the second half of 2013, the Compensation Committee of the Board of Directors, or the Board, conducted a compensation study prepared by an outside consultant that was completed during the first quarter of 2014. One of the outcomes of the compensation study was that the Board elected to modify selected outstanding and unvested performance share grants, or the existing performance milestone grants, and issue new milestone performance grants. The Company has assessed that it is probable that these new performance milestones will be met. | |||||||||
As discussed above, the performance share grant approved by the Board in March 2014, included the modification of existing performance milestone grants totaling 133,890 restricted stock units and the issuance of new performance share grants totaling 89,837 restricted stock units. The restricted stock units of the modified existing performance milestone grants have been accounted for as probable-to-probable modification since the Company has determined that achieving the existing performance milestones was probable. The unamortized total cost relating to these probable-to-probable modified performance share grants is being recognized ratably over the new requisite service period. The impact of modifying the existing performance stock grants is an annual expense of $1,109,000 over the service period. The values for the 2014 performance grants, including the new milestone grants, are fixed at threshold, target and maximum performance, meaning that the amount of shares at vesting will vary depending on the stock price at that time. The total value for these grants at maximum performance is $5,789,000. These grants cannot be settled in cash and there are sufficient registered shares in the equity compensation plans to meet the delivery requirements. | |||||||||
Under the Non-Employee Director Stock Incentive Plan, or NDSI Plan, each non-employee director receives his or her annual compensation in stock. The stock is granted at the end of each quarter based on the quarter ending stock price. | |||||||||
The following table summarizes stock compensation costs for the Company's Employee 1998 Stock Incentive Plan, or the Employee Plan, and NDSI Plan for the following periods: | |||||||||
Six Months Ended | Six Months Ended | ||||||||
Employee Plan: | June 30, | June 30, | |||||||
2014 | 2013 | ||||||||
Expensed | $ | 1,148,000 | $ | (952,000 | ) | ||||
Capitalized | 46,000 | 208,000 | |||||||
1,194,000 | (744,000 | ) | |||||||
NDSI Plan | 414,000 | 384,000 | |||||||
$ | 1,608,000 | $ | (360,000 | ) | |||||
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, the then current CEO announced his plans to retire at the end of 2013. Based upon his announcement and plans, $2,271,000 of stock compensation expense was reversed in corporate expenses as the shares were forfeited upon leaving the company. |
Income_Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
INCOME TAXES | |
For the six months ended June 30, 2014, the Company incurred a net income tax expense of $1,020,000 compared to a net income tax expense of $833,000 for the six months ended June 30, 2013. These represent effective income tax rates of approximately 34% and 24% for the six months ended June 30, 2014 and, 2013, respectively. The effective tax rate for the first six months of 2014 is based on forecasted annual pre-tax income for 2014 and lower estimated oil depletion allowances as a result of the decrease in oil revenues compared to the same period in 2013. As of June 30, 2014, our balance sheet reflects an income tax receivable of $2,160,000 which is included in prepaid expenses and other current assets. | |
The Company classifies interest and penalties incurred on tax payments as income tax expenses. During the first six months ended June 30, 2014, the Company had $13,600 income tax payments for the 2014 tax year. |
Commitments_and_Contingencies
Commitments and Contingencies | 6 Months Ended | |
Jun. 30, 2014 | ||
Commitments and Contingencies Disclosure [Abstract] | ' | |
Commitments and Contingencies | ' | |
COMMITMENTS AND CONTINGENCIES | ||
The Company's land is subject to water contracts with minimum future annual payments of approximately $7,765,000 per year, based on payments due in 2014. These estimated water contract payments consist of SWP, contracts with Wheeler Ridge Maricopa Water Storage District, Tejon-Castac Water District, or TCWD, Tulare Water Storage, and Dudley-Ridge Water Storage District. These SWP contracts for the supply of future water run through 2035. The Tulare Water Storage and Dudley-Ridge Water Storage District SWP contracts have now been transferred to AVEK, for our use in the Antelope Valley. Future payments related to these contracts will be paid to AVEK beginning in 2014 and future years. As discussed in the Company's Annual Report on Form 10-K for the year ended December 31, 2013 in Part I, Item 2 - Properties - Water Operations, we purchased the assignment of a contract to purchase water in late 2013. The assigned water contract is with Nickel Family, LLC, and obligates us to purchase 6,693 acre-feet of water starting in 2014 and running through 2044. | ||
The Company is obligated to make payments of approximately $800,000 per year to the Tejon Ranch Conservancy as prescribed in the Conservation Agreement. Our advances to the Tejon Ranch Conservancy are dependent on the occurrence of certain events and their timing, and are therefore subject to change in amount and period. | ||
The Company exited a consulting contract during the second quarter of 2014 related to the Grapevine Development and is obligated to pay an earned incentive fee at the time of successful receipt of project entitlements and at a value measurement date five-years after entitlements have been achieved for Grapevine. The final amount of the incentive fees will not be finalized until the future payment dates. The Company believes that net savings from exiting the contract over this future time period will more than offset the incentive payment costs. | ||
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 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 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 improvement funds remaining from the West CFD bonds and there are approximately $4,967,000 in improvement funds within the East CFD bonds for reimbursement of cost during 2014 and future years. During 2013, the Company paid approximately $886,000 in special taxes. As development continues to occur at TRCC, new owners of land and new lease tenants, through triple net leases, will bear an increasing portion of the assessed special tax. As this happens, the Company’s obligation is correspondingly reduced. This amount could change in the future based on the amount of bonds outstanding and the amount of taxes paid by others. | ||
In July 2014, the Company received a copy of a Notice of Intent to Sue, or Notice, dated July 17, 2014 indicating that the Center for Biological Diversity, the Wishtoyo Foundation and Dee Dominguez intend to initiate a lawsuit against the U.S. Fish and Wildlife Service, or USFWS, under the federal Endangered Species Act challenging USFWS's approval of Tejon Ranchcorp's Tehachapi Uplands Multiple Species Habitat Conservation Plan, or TUMSHCP, and USFWS's issuance of an Incidental Take Permit, or ITP, to Tejon Ranchcorp for the take of federally listed species. The foregoing approvals authorize, among other things, removal of California condor habitat associated with Tejon Ranchcorp's potential future development of Tejon Mountain Village. No lawsuit has been filed at this time. It is not possible to predict whether any lawsuit will actually be filed or whether the Company or Tejon Ranchcorp will incur any damages from such a lawsuit. | ||
Tejon Mountain Village | ||
On November 10, 2009, a suit was filed in the U.S. District Court for the Eastern District of California (Fresno division) by David Laughing Horse Robinson, or the 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 Tejon Mountain Village, or 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, or the County, and Ken Salazar, in his capacity as U.S. Secretary of the Interior. | ||
The Company and other defendants filed motions to dismiss the 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 Ken Salazar. 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, Judge McAuliffe issued an order dismissing all claims in the 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 the 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 the plaintiff an extension until March 19, 2012 to file his third amended complaint. | ||
The plaintiff filed his third amended complaint on March 19, 2012. The defendants filed motions to dismiss all claims in the third amended complaint without further leave to amend on April 30, 2012. The plaintiff thereafter substituted in new counsel and with leave of court filed his opposition papers on June 8, 2012. The 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 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, or the 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 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, the 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. The County and DOJ both filed their answering briefs on September 17, 2013. Both the Company and the County (but not the DOJ) included in their answering briefs the argument that the Court of Appeal lacks jurisdiction to hear the appeal because the plaintiff did not show the required extraordinary good cause for his failure to file his opening briefs. The plaintiff filed a short reply brief on November 4, 2013. The matter is now fully briefed. The Ninth Circuit initially scheduled an oral argument to occur on Wednesday, May 14, 2014 but counsel for Robinson filed a motion to continue the argument due to a scheduling conflict. So far as the Company is aware, the Ninth Circuit has not yet set a revised oral argument date. In the meantime, the Company continues to believe that a negative outcome of this case is remote and the monetary impact of an adverse result, if any, 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 near the Centennial project. 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 fifth phase of the trial commenced in February, 2014, and concerned 1) whether the United States has a federal reserved water right to basin groundwater, and 2) the rights to return flows from imported water. The court heard evidence on the federal reserve right but continued the trial on the return flow issues while most of the parties to the adjudication discussed a settlement, including rights to return flows. The sixth phase of the trial concerning claims of prescriptive water rights is scheduled to commence in August, 2014, at which time the court will also consider preliminary approval of the proposed settlement. Because the settlement remains tentative and given the complex nature of the adjudication, at this time it is difficult to ascertain what the outcome of the court proceedings will be or whether an alternative 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. | ||
Water Bank Lawsuits | ||
On June 3, 2010, the Central Delta and South Delta Water Agencies and several environmental groups, including the Center for Biological Diversity, 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 SWP 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. Another lawsuit was filed in Sacramento by two districts boarding the Kern Water Bank, namely Rosedale Rio Bravo and Buena Vista Water Storage Districts (Rosedale), which is before the same court, asserting that the remedial EIR did not adequately evaluate potential impacts arising from future operations of the Kern Water Bank, but this lawsuit did not name the Company, only 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 limitation and doctrine of laches. The substantive hearing on the challenges to the EIR was held on January 31, 2014. On March 5, 2014 the court issued a lengthy decision, rejecting all of Central Delta’s California Environmental Quality Act claims, except the claims of Rosedale’s that Central Delta essentially joined claiming the EIR was deficient in that it did not adequately evaluate future impacts on groundwater resulting from operation of the Kern Water Bank. Therefore DWR will be required to prepare a supplemental EIR on the issue of local groundwater impacts. On September 5, 2014 the court will hold a hearing on the remedy for the deficient EIR. We are uncertain as to whether this could result in some curtailment in future Kern Water Bank Authority operations. The monetary value of a potential adverse outcome on the claims likewise cannot be estimated at this time. |
Retirement_Plans
Retirement Plans | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
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 $600,000 to the plan during 2014. | |||||||||
Plan assets consist of equity, debt and short-term money market investment funds. The plan’s current investment policy targets 65% equities, 25% debt and 10% money market funds. Equity and debt investment percentages are allowed to fluctuate around the respective targets to take advantage of market conditions. As an example, equities could fluctuate from 78% to 52% of plan assets. At June 30, 2014, the investment mix was approximately 61% equity, 35% debt, and 4% money market funds. At December 31, 2013, the investment mix was approximately 54% equity, 30% debt and 16% money market funds. Equity investments consist of a combination of individual equity securities plus value funds, growth funds, large cap funds and international stock funds. Debt investments consist of U.S. Treasury securities and investment grade corporate debt. The weighted-average discount rate used in determining the periodic pension cost is 5.0% in 2014 and 2013. The expected long-term rate of return on plan assets is 7.5% in 2014 and 2013. The long-term rate of return on plan assets is based on the historical returns within the plan and expectations for future returns. | |||||||||
The expected total pension and retirement expense for the Benefit Plan was as follows: | |||||||||
Six Months Ended | |||||||||
30-Jun | |||||||||
($ in thousands) | 2014 | 2013 | |||||||
Cost components: | |||||||||
Service cost-benefits earned during the period | $ | (180 | ) | $ | (142 | ) | |||
Interest cost on projected benefit obligation | (202 | ) | (188 | ) | |||||
Expected return on plan assets | 272 | 228 | |||||||
Net amortization and deferral | (533 | ) | (96 | ) | |||||
Total net periodic pension cost | $ | (643 | ) | $ | (198 | ) | |||
During the first quarter of 2014, the Pension Trust purchased annuities for eligible, retired participants of the defined benefit plan. The retirement benefits payments were of a size that met the requirement for settlement accounting within the pension plan. Based on the projected benefit obligation and the fair value of plan assets before and after the payment of benefits we realized a $392,000 increase in minimum pension liability and an increase in expense of $407,000 above our normal periodic pension cost. | |||||||||
The Company has a Supplemental Executive Retirement Plan, or SERP, to restore to executives designated by the Compensation Committee of the Board of Directors the full benefits under the pension plan that would otherwise be restricted by certain limitations now imposed under the Internal Revenue Code. The SERP is currently unfunded. The pension and retirement expense for the SERP was as follows: | |||||||||
Six Months Ended | |||||||||
30-Jun | |||||||||
($ in thousands) | 2014 | 2013 | |||||||
Cost components: | |||||||||
Service cost-benefits earned during the period | $ | (160 | ) | $ | (86 | ) | |||
Interest cost on projected benefit obligation | (110 | ) | (108 | ) | |||||
Net amortization and deferral | (114 | ) | (144 | ) | |||||
Total net periodic pension cost | $ | (384 | ) | $ | (338 | ) |
Business_Segments
Business Segments | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Segment Reporting [Abstract] | ' | ||||||||
Business Segments | ' | ||||||||
BUSINESS SEGMENTS | |||||||||
We currently operate in four business segments: commercial/industrial real estate development; resort/residential real estate development; mineral resources; and farming. | |||||||||
The revenue components of the commercial/industrial real estate segment for the six months ended June 30 are as follows: | |||||||||
(In thousands) | 2014 | 2013 | |||||||
Commercial leases | $ | 2,785 | $ | 3,401 | |||||
Grazing leases | 713 | 748 | |||||||
All other land management ancillary services | 1,997 | 1,398 | |||||||
Total revenue | 5,495 | 5,547 | |||||||
Equity in earnings of unconsolidated joint ventures | 1,621 | 1,720 | |||||||
Revenues and equity in earnings of unconsolidated joint ventures | $ | 7,116 | $ | 7,267 | |||||
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. Land management ancillary services include development fees, wildlife management, landscape and property maintenance, and building management services. | |||||||||
The resort/residential real estate development segment produces revenues from farming activities, such as hay sales, within the Centennial Founders, LLC joint venture and is actively involved in the land entitlement and pre-development process. | |||||||||
The revenue components of the resort/residential real estate development segment for the six months ended June 30 are as follows: | |||||||||
(In thousands) | 2014 | 2013 | |||||||
Hay sales - Centennial operations | $ | 404 | $ | 307 | |||||
Management fees | 180 | 156 | |||||||
Other | 3 | 8 | |||||||
Total revenue | 587 | 471 | |||||||
Equity in earnings (losses) of unconsolidated joint ventures | (35 | ) | (41 | ) | |||||
Revenues and equity in earnings of unconsolidated joint ventures | $ | 552 | $ | 430 | |||||
The mineral resources segment receives oil and mineral and mining royalties from exploration and development companies that extract or mine the natural resources from our land. The revenue components of the mineral resources segment for the six months ended June 30 are as follows: | |||||||||
($ in thousands) | 2014 | 2013 | |||||||
Oil and gas | $ | 3,522 | $ | 4,418 | |||||
Rock aggregate | 592 | 296 | |||||||
Cement | 479 | 375 | |||||||
Land lease for oil exploration | 112 | 542 | |||||||
Total revenue | $ | 4,705 | $ | 5,631 | |||||
The farming segment produces revenues from the sale of wine grapes, almonds and pistachios. |
Investment_in_Unconsolidated_a
Investment in Unconsolidated and Consolidated Joint Ventures | 6 Months Ended | ||||||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | ||||||||||||||||||||||||||||
Investment in Unconsolidated and Consolidated Joint Ventures | ' | ||||||||||||||||||||||||||||
INVESTMENT IN UNCONSOLIDATED AND CONSOLIDATED JOINT VENTURES | |||||||||||||||||||||||||||||
The Company maintains investments in joint ventures. The Company accounts for its investments in unconsolidated joint ventures using the equity method of accounting unless the venture is a variable interest entity, or VIE, and meets the requirements for consolidation. The Company’s investment in its unconsolidated joint ventures at June 30, 2014 was $73,722,000. The equity in the income of the unconsolidated joint ventures was $1,586,000 for the six months ended June 30, 2014. The unconsolidated joint ventures have not been consolidated as of June 30, 2014, 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. The Company has 50% voting rights and shares 60% of profit and losses in this joint venture. It houses multiple commercial eating establishments as well as diesel and gasoline operations in TRCC. 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 and has significant decision making authority regarding key business components such as fuel inventory and pricing at the facility. At June 30, 2014, the Company had an equity investment balance of $13,045,000 in this joint venture. | ||||||||||||||||||||||||||||
• | Tejon Mountain Village LLC - Prior to the Company's acquisition of full ownership of the entity on July 15, 2014, Tejon Mountain Village LLC, or TMV LLC, was an unconsolidated joint venture between the Company and DMB TMV LLC, which is owned by DMB Pacific LLC, formed to obtain all necessary government entitlement approvals and to develop the Tejon Mountain Village project. Prior to the acquisition, the Company had 50% voting rights and shared 50% of profit and losses in this venture. The joint venture agreement provided that cash distributions would follow defined distribution levels and be distributed quarterly to the Company and DMB in an amount proportional to capital contributed at each distribution level, some of which were not equal. For additional information please refer to the filed TMV LLC agreement and amendments listed as exhibits under Part II, Item 6 of this report and the description of this agreement in our Form 10K/A for fiscal year ended December 31, 2013. At June 30, 2014, the Company’s equity investment balance in this joint venture was $44,851,000 which includes $1,013,000 of Company contributions during the first six months of June 30, 2014, which helped to fund the joint venture's planning activities. On July 15, 2014, the Company acquired full ownership of TMV LLC. See Note 13 (Subsequent Events) of the Notes to Unaudited Consolidated Financial Statements for further detail regarding the Company's acquisition of full ownership of TMV LLC. | ||||||||||||||||||||||||||||
• | 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 Five-West Parcel joint venture currently has an outstanding loan with a balance of $11,000,000. The note is due in 2015 and is fully secured by the building as well as guarantees from each partner. We do not believe the bank will call on the guarantees provided. 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 an approximately 326,000 leasable 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 of land in TRCC. During the second quarter of 2013, we contributed land and other assets at an agreed value of $10,558,000 for our capital contribution ($2,159,000 at cost) and Rockefeller matched our capital contribution with cash. Rockefeller also reimbursed the Company for $335,000 in outlet center marketing costs, which were offset against the Company's equity in losses for the TRCC/Rock Outlet Center LLC joint venture. During the fourth quarter of 2013, the TRCC/Rock Outlet Center LLC joint venture entered into a construction line of credit agreement with a financial institution for $52,000,000 that, as of June 30, 2014, had an outstanding balance of $18,460,000. The Company and Rockefeller both guarantee the payment and performance of this construction line of credit which is secured by the constructed real property of the outlet center. | |||||||||||||||||||||||||||||
At June 30, 2014, the Company’s combined equity investment balance in the three Rockefeller joint ventures was $15,826,000 which includes $8,500,000 of Company contributions during 2014, which helped to fund development of the outlet center. | |||||||||||||||||||||||||||||
• | Centennial Founders, LLC – Centennial Founders, LLC is a joint venture with Pardee Homes (TRI Pointe Homes), Lewis Investment Company, and Standard Pacific Corp. that was organized to pursue the entitlement and development of land that the Company owns in Los Angeles County. Based on the Second Amended and Restated Limited Company Agreement of Centennial Founders, LLC and the change in control and funding that resulted from the amended agreement, Centennial Founders, LLC qualified as a VIE, beginning in the third quarter of 2009 and the Company was determined to be the primary beneficiary. As a result, Centennial Founders, LLC has been consolidated into our financial statements beginning in that quarter. Our partners retained a noncontrolling interest in the joint venture. At June 30, 2014 the Company had a 73.55% ownership position in Centennial Founders, LLC. | ||||||||||||||||||||||||||||
The Company’s investment balance in its unconsolidated joint ventures differs from its respective capital accounts in the respective joint ventures. The differential represents the difference between the cost basis of assets contributed by the Company and the agreed upon contribution value of the assets contributed. | |||||||||||||||||||||||||||||
Unaudited condensed balance sheet information of the Company’s unconsolidated and consolidated joint ventures as of June 30, 2014 and December 31, 2013 and unaudited condensed statements of operations for the six months ended June 30, 2014 and June 30, 2013 are as follows: | |||||||||||||||||||||||||||||
Statement of Operations for the six months ended June 30, 2014 | |||||||||||||||||||||||||||||
UNCONSOLIDATED | CONSOLIDATED | ||||||||||||||||||||||||||||
($ in thousands) | Petro Travel | Five West Parcel | 18-19 West | TRCC/Rock Outlet Center | Tejon Mountain Village | Total | Centennial-VIE | ||||||||||||||||||||||
Plaza | LLC | ||||||||||||||||||||||||||||
Holdings | |||||||||||||||||||||||||||||
Revenues | $ | 54,658 | $ | 1,710 | $ | 31 | $ | 480 | $ | — | $ | 56,879 | $ | 407 | |||||||||||||||
Net income (loss) | $ | 2,555 | $ | 136 | $ | 19 | $ | 20 | $ | (70 | ) | $ | 2,660 | $ | (32 | ) | |||||||||||||
Partner’s share of net income (loss) | $ | 1,021 | $ | 68 | $ | 10 | $ | 10 | $ | (35 | ) | $ | 1,074 | $ | (8 | ) | |||||||||||||
Equity in earnings (losses) | $ | 1,534 | $ | 68 | $ | 9 | $ | 10 | $ | (35 | ) | $ | 1,586 | $ | — | ||||||||||||||
Balance Sheet Information as of June 30, 2014 | |||||||||||||||||||||||||||||
UNCONSOLIDATED | CONSOLIDATED | ||||||||||||||||||||||||||||
($ in thousands) | Petro Travel | Five West Parcel | 18-19 West LLC | TRCC/Rock Outlet Center | Tejon Mountain Village | Total | Centennial-VIE | ||||||||||||||||||||||
Plaza | |||||||||||||||||||||||||||||
Holdings | |||||||||||||||||||||||||||||
Current assets | $ | 16,788 | $ | 1,866 | $ | 25 | $ | 1,860 | $ | 365 | $ | 20,904 | $ | 256 | |||||||||||||||
Property and equipment, net | 44,686 | 15,924 | 4,573 | 53,040 | 101,393 | 219,616 | 76,355 | ||||||||||||||||||||||
Other assets | 189 | 257 | — | 8,129 | — | 8,575 | — | ||||||||||||||||||||||
Long-term debt | (16,213 | ) | (11,000 | ) | — | (18,460 | ) | — | (45,673 | ) | — | ||||||||||||||||||
Other liabilities | (3,043 | ) | (22 | ) | — | (6,903 | ) | (280 | ) | (10,248 | ) | (293 | ) | ||||||||||||||||
Net assets | $ | 42,407 | $ | 7,025 | $ | 4,598 | $ | 37,666 | $ | 101,478 | $ | 193,174 | $ | 76,318 | |||||||||||||||
Statement of Operations for the six months ended June 30, 2013 | |||||||||||||||||||||||||||||
UNCONSOLIDATED | CONSOLIDATED | ||||||||||||||||||||||||||||
($ in thousands) | Petro Travel | Five | 18-19 | TRCC/Rock Outlet Center | Tejon Mountain Village | Total | Centennial | ||||||||||||||||||||||
Plaza | West | West | |||||||||||||||||||||||||||
Holdings | Parcel | ||||||||||||||||||||||||||||
Revenues | $ | 55,364 | $ | 1,673 | $ | 31 | $ | — | $ | — | $ | 57,068 | $ | 314 | |||||||||||||||
Net income (loss) | $ | 2,394 | $ | 47 | $ | 25 | $ | (176 | ) | $ | (83 | ) | $ | 2,207 | $ | (232 | ) | ||||||||||||
Partner’s share of net income (loss) | $ | 958 | $ | 23 | $ | 12 | $ | (88 | ) | $ | (42 | ) | $ | 863 | $ | (66 | ) | ||||||||||||
Equity in earnings (losses) | $ | 1,436 | $ | 24 | $ | 13 | $ | 247 | $ | (41 | ) | $ | 1,679 | $ | — | ||||||||||||||
Balance Sheet Information as of December 31, 2013 | |||||||||||||||||||||||||||||
UNCONSOLIDATED | CONSOLIDATED | ||||||||||||||||||||||||||||
($ in thousands) | Petro Travel | Five West Parcel | 18-19 West | TRCC/Rock Outlet Center | Tejon Mountain Village | Total | Centennial-VIE | ||||||||||||||||||||||
Plaza | LLC | ||||||||||||||||||||||||||||
Holdings | |||||||||||||||||||||||||||||
Current assets | $ | 14,886 | $ | 813 | $ | 10 | $ | 2,428 | $ | 99,690 | $ | 117,827 | $ | 86 | |||||||||||||||
Property and equipment, net | 43,897 | 16,980 | 4,514 | 24,633 | — | 90,024 | 74,968 | ||||||||||||||||||||||
Other assets | 208 | 438 | — | 2,161 | — | 2,807 | — | ||||||||||||||||||||||
Long-term debt | (16,602 | ) | (11,000 | ) | — | — | — | (27,602 | ) | — | |||||||||||||||||||
Other liabilities | (2,687 | ) | (343 | ) | — | (8,577 | ) | (168 | ) | (11,775 | ) | (204 | ) | ||||||||||||||||
Net assets | $ | 39,702 | $ | 6,888 | $ | 4,524 | $ | 20,645 | $ | 99,522 | $ | 171,281 | $ | 74,850 | |||||||||||||||
Subsequent_Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
SUBSEQUENT EVENTS | |
On July 15, 2014, Tejon Ranchcorp, or TRC, a wholly-owned subsidiary of the Company entered into a Membership Interest Purchase Agreement, or Agreement, with DMB TMV, LLC, or DMB TMV, pursuant to which DMB TMV agreed to sell its membership interest in TMV LLC to TRC for $70,000,000 in cash, the Purchase Price. The transaction contemplated by the Agreement closed simultaneously with the signing of the Agreement on July 15, 2014. From May 19, 2006 until the closing of the transaction contemplated by the Agreement, TRC and DMB TMV were co-owners and co-managers of TMV LLC, a joint venture formed by the parties to pursue the entitlement and development of the project commonly known as Tejon Mountain Village. | |
Pursuant to the Agreement, TRC paid DMB TMV an initial payment of $10,000,000 in cash on July 15, 2014 and both parties executed an Assignment and Assumption of Membership Interest pursuant to which DMB TMV transferred 100% of its membership interest in TMV LLC to TRC. TRC is required to pay DMB TMV the remaining $60,000,000 of the Purchase Price on or before October 13, 2014, but has a one-time right to extend the final payment due date by thirty days. In the event TRC fails to pay the remaining $60,000,000 of the Purchase Price before the final payment due date (as such date may be extended), any agreements and the transactions contemplated thereby will be void, DMB TMV will continue to be a member of TMV LLC and DMB TMV will have the right to retain the initial payment of $10,000,000. | |
The Agreement contains customary representations, warranties and covenants by TRC and DMB TMV, including indemnification obligations. | |
A copy of the Agreement is filed as an exhibit to the Current Report on Form 8-K that was filed on July 16, 2014. The foregoing description of the Agreement and the transactions contemplated thereby does not purport to be complete and is qualified in its entirety by reference to the filed Agreement. |
Equity_Tables
Equity (Tables) | 6 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Stockholders' Equity Note [Abstract] | ' | |||||||||||
Schedule of weighted average number of shares outstanding | ' | |||||||||||
Diluted net income (loss) per share attributable to common stockholders is based upon the weighted-average number of shares of common stock outstanding and the weighted-average number of shares outstanding assuming the issuance of common stock upon exercise of warrants to purchase common stock, and the vesting of restricted stock grants per ASC 260, “Earnings Per Share.” | ||||||||||||
Three Months Ended | Six Months Ended | |||||||||||
30-Jun | 30-Jun | |||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||
Weighted average number of shares outstanding: | ||||||||||||
Common stock | 20,586,190 | 20,136,188 | 20,577,280 | 20,118,152 | ||||||||
Common stock equivalents-stock options, grants | 35,406 | 16,323 | 40,323 | 17,039 | ||||||||
Diluted shares outstanding | 20,621,596 | 20,152,511 | 20,617,603 | 20,135,191 | ||||||||
Marketable_Securities_Tables
Marketable Securities (Tables) | 6 Months Ended | |||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | |||||||||||||||||||||||
Summary of available-for-sale securities | ' | |||||||||||||||||||||||
The following is a summary of available-for-sale securities at: | ||||||||||||||||||||||||
($ in thousands) | June 30, 2014 | December 31, 2013 | ||||||||||||||||||||||
Marketable Securities: | Fair | Cost | Estimated | Cost | Estimated | |||||||||||||||||||
Value | Fair | Fair | ||||||||||||||||||||||
Hierarchy | Value | Value | ||||||||||||||||||||||
Certificates of deposit | ||||||||||||||||||||||||
with unrecognized losses for less than 12 months | $ | 1,290 | $ | 1,282 | $ | 1,690 | $ | 1,677 | ||||||||||||||||
with unrecognized losses for more than 12 months | 459 | 455 | 110 | 110 | ||||||||||||||||||||
with unrecognized gains | 6,530 | 6,560 | 6,298 | 6,334 | ||||||||||||||||||||
Total Certificates of deposit | Level 1 | 8,279 | 8,297 | 8,098 | 8,121 | |||||||||||||||||||
US Treasury and agency notes | ||||||||||||||||||||||||
with unrecognized losses for less than 12 months | 3,434 | 3,427 | 4,672 | 4,664 | ||||||||||||||||||||
with unrecognized losses for more than 12 months | 1,322 | 1,319 | 1,699 | 1,694 | ||||||||||||||||||||
with unrecognized gains | 5,851 | 5,889 | 3,713 | 3,760 | ||||||||||||||||||||
Total US Treasury and agency notes | Level 2 | 10,607 | 10,635 | 10,084 | 10,118 | |||||||||||||||||||
Corporate notes | ||||||||||||||||||||||||
with unrecognized losses for less than 12 months | 3,010 | 2,990 | 7,270 | 7,192 | ||||||||||||||||||||
with unrecognized losses for more than 12 months | 1,338 | 1,334 | 530 | 523 | ||||||||||||||||||||
with unrecognized gains | 23,338 | 23,524 | 21,945 | 22,173 | ||||||||||||||||||||
Total Corporate notes | Level 2 | 27,686 | 27,848 | 29,745 | 29,888 | |||||||||||||||||||
Municipal notes | ||||||||||||||||||||||||
with unrecognized losses for less than 12 months | 419 | 417 | 1,688 | 1,677 | ||||||||||||||||||||
with unrecognized losses for more than 12 months | 315 | 311 | 318 | 316 | ||||||||||||||||||||
with unrecognized gains | 5,291 | 5,336 | 5,267 | 5,316 | ||||||||||||||||||||
Total Municipal notes | Level 2 | 6,025 | 6,064 | 7,273 | 7,309 | |||||||||||||||||||
$ | 52,597 | $ | 52,844 | $ | 55,200 | $ | 55,436 | |||||||||||||||||
Summary of maturities, at par, of marketable securities by year | ' | |||||||||||||||||||||||
The following tables summarize the maturities, at par, of marketable securities by year ($ in thousands): | ||||||||||||||||||||||||
At June 30, 2014 | 2014 | 2015 | 2016 | 2017 | 2018 | Total | ||||||||||||||||||
Certificates of deposit | $ | 1,166 | $ | 4,213 | $ | 1,501 | $ | 831 | $ | 509 | $ | 8,220 | ||||||||||||
U.S. Treasury and agency notes | 4,481 | 3,836 | 600 | 1,209 | 523 | $ | 10,649 | |||||||||||||||||
Corporate notes | 1,919 | 9,937 | 6,704 | 6,798 | 1,264 | $ | 26,622 | |||||||||||||||||
Municipal notes | 1,485 | 2,205 | 1,235 | 790 | 125 | $ | 5,840 | |||||||||||||||||
$ | 9,051 | $ | 20,191 | $ | 10,040 | $ | 9,628 | $ | 2,421 | $ | 51,331 | |||||||||||||
At December 31, 2013 | 2014 | 2015 | 2016 | 2017 | Total | |||||||||||||||||||
Certificates of deposit | $ | 1,627 | $ | 4,213 | $ | 1,501 | $ | 681 | $ | 8,022 | ||||||||||||||
U.S. Treasury and agency notes | 5,485 | 3,336 | 600 | 692 | $ | 10,113 | ||||||||||||||||||
Corporate notes | 6,729 | 10,037 | 6,704 | 5,174 | $ | 28,644 | ||||||||||||||||||
Municipal notes | 3,325 | 2,205 | 1,235 | 295 | $ | 7,060 | ||||||||||||||||||
$ | 17,166 | $ | 19,791 | $ | 10,040 | $ | 6,842 | $ | 53,839 | |||||||||||||||
Long_Term_Water_Assets_Tables
Long Term Water Assets (Tables) | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Long Term Water Assets [Abstract] | ' | |||||||
Components of water assets | ' | |||||||
Water assets consist of the following: | ||||||||
(in acre feet, unaudited) | 30-Jun-14 | 31-Dec-13 | ||||||
Banked water and water for future delivery | ||||||||
AVEK water bank | 13,461 | 12,280 | ||||||
Company water bank | 8,700 | 8,818 | ||||||
AVEK water for future delivery | 2,362 | 2,362 | ||||||
Total Company and AVEK banked water | 24,523 | 23,460 | ||||||
Transferable water with AVEK* | 14,786 | 14,786 | ||||||
Water Contracts | 10,137 | 10,137 | ||||||
Total purchased water - third parties | 49,446 | 48,383 | ||||||
WRMWSD - Contracts with Company | 15,547 | 15,547 | ||||||
TCWD - Contracts with Company | 5,749 | 5,479 | ||||||
TCWD - Banked water contracted to Company | 37,552 | 42,685 | ||||||
Total purchased and contracted water sources in acre feet | 108,294 | 112,094 | ||||||
*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. | ||||||||
($ in thousands) | June 30, 2014 | 31-Dec-13 | ||||||
Banked water and water for future delivery | $ | 4,779 | $ | 4,779 | ||||
Transferable water | 9,309 | 8,988 | ||||||
Water Contracts (net of accumulated amortization of $3,512 and $2,837 at June 30, 2014 and December 2013, respectively) | 33,288 | 33,804 | ||||||
Total long-term assets | 47,376 | 47,571 | ||||||
less: Current portion | (1,351 | ) | (817 | ) | ||||
$ | 46,025 | $ | 46,754 | |||||
Accrued_Liabilities_and_Other_
Accrued Liabilities and Other (Tables) | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Payables and Accruals [Abstract] | ' | |||||||
Schedule of Accrued Liabilities | ' | |||||||
Accrued liabilities and other consists of the following: | ||||||||
($ in thousands) | June 30, 2014 | 31-Dec-13 | ||||||
Accrued vacation | $ | 742 | $ | 673 | ||||
Accrued paid personal leave | 591 | 619 | ||||||
Accrued bonus | 896 | 677 | ||||||
Other | 316 | 678 | ||||||
$ | 2,545 | $ | 2,647 | |||||
Shortterm_and_Longterm_Debt_Ta
Short-term and Long-term Debt (Tables) | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Components of long-term debt | ' | |||||||
($ in thousands) | June 30, 2014 | 31-Dec-13 | ||||||
Note payable to a bank | $ | 4,577 | $ | 4,693 | ||||
Revolving line of credit | 10,200 | — | ||||||
Total short-term and long-term debt | 14,777 | 4,693 | ||||||
Less short-term debt and current maturities of long-term debt | (10,439 | ) | (234 | ) | ||||
$ | 4,338 | $ | 4,459 | |||||
Stock_Compensation_Restricted_1
Stock Compensation - Restricted Stock and Performance Share Grants (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||
Summary of performance share grants with performance conditions | ' | ||||||||
The following is a summary of the Company's performance share grants with performance conditions for the six months ended June 30, 2014: | |||||||||
Performance Share Grants with Performance Conditions | |||||||||
Below threshold performance | — | ||||||||
Threshold performance | 79,961 | ||||||||
Target performance | 152,418 | ||||||||
Maximum performance | 250,517 | ||||||||
Summary of stock grant activity | ' | ||||||||
The following is a summary of the Company’s stock grant activity, both time and performance share grants, assuming target achievement for outstanding performance share grants for the following periods: | |||||||||
June 30, 2014 | December 31, 2013 | ||||||||
Stock Grants Outstanding Beginning of the Year at Target Achievement | 265,701 | 688,041 | |||||||
New Stock Grants/Additional shares due to maximum achievement | 138,485 | 192,348 | |||||||
Vested Grants | (29,194 | ) | (361,886 | ) | |||||
Expired/Forfeited Grants | (128,265 | ) | (252,802 | ) | |||||
Stock Grants Outstanding June 30, 2014 at Target Achievement | 246,727 | 265,701 | |||||||
Schedule of Share-based Payment Award, Performance and Time-based Share Grants | ' | ||||||||
The following is a summary of the Company’s performance- and time-based share grants for the following periods: | |||||||||
June 30, 2014 | December 31, 2013 | ||||||||
Performance Share Grants | 152,418 | 177,044 | |||||||
Time Based Grants | 94,309 | 88,657 | |||||||
Stock Grants Outstanding June 30, 2014 at Target Achievement | 246,727 | 265,701 | |||||||
Summary of stock compensation costs for Employee and NDSI Plans | ' | ||||||||
The following table summarizes stock compensation costs for the Company's Employee 1998 Stock Incentive Plan, or the Employee Plan, and NDSI Plan for the following periods: | |||||||||
Six Months Ended | Six Months Ended | ||||||||
Employee Plan: | June 30, | June 30, | |||||||
2014 | 2013 | ||||||||
Expensed | $ | 1,148,000 | $ | (952,000 | ) | ||||
Capitalized | 46,000 | 208,000 | |||||||
1,194,000 | (744,000 | ) | |||||||
NDSI Plan | 414,000 | 384,000 | |||||||
$ | 1,608,000 | $ | (360,000 | ) | |||||
Retirement_Plans_Tables
Retirement Plans (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Pension plan | ' | ||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ||||||||
Components of net periodic pension cost | ' | ||||||||
The expected total pension and retirement expense for the Benefit Plan was as follows: | |||||||||
Six Months Ended | |||||||||
30-Jun | |||||||||
($ in thousands) | 2014 | 2013 | |||||||
Cost components: | |||||||||
Service cost-benefits earned during the period | $ | (180 | ) | $ | (142 | ) | |||
Interest cost on projected benefit obligation | (202 | ) | (188 | ) | |||||
Expected return on plan assets | 272 | 228 | |||||||
Net amortization and deferral | (533 | ) | (96 | ) | |||||
Total net periodic pension cost | $ | (643 | ) | $ | (198 | ) | |||
SERP | ' | ||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ||||||||
Components of net periodic pension cost | ' | ||||||||
The pension and retirement expense for the SERP was as follows: | |||||||||
Six Months Ended | |||||||||
30-Jun | |||||||||
($ in thousands) | 2014 | 2013 | |||||||
Cost components: | |||||||||
Service cost-benefits earned during the period | $ | (160 | ) | $ | (86 | ) | |||
Interest cost on projected benefit obligation | (110 | ) | (108 | ) | |||||
Net amortization and deferral | (114 | ) | (144 | ) | |||||
Total net periodic pension cost | $ | (384 | ) | $ | (338 | ) |
Business_Segments_Tables
Business Segments (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Real estate - commercial/industrial | ' | ||||||||
Segment Reporting Information [Line Items] | ' | ||||||||
Components of segment revenues | ' | ||||||||
The revenue components of the commercial/industrial real estate segment for the six months ended June 30 are as follows: | |||||||||
(In thousands) | 2014 | 2013 | |||||||
Commercial leases | $ | 2,785 | $ | 3,401 | |||||
Grazing leases | 713 | 748 | |||||||
All other land management ancillary services | 1,997 | 1,398 | |||||||
Total revenue | 5,495 | 5,547 | |||||||
Equity in earnings of unconsolidated joint ventures | 1,621 | 1,720 | |||||||
Revenues and equity in earnings of unconsolidated joint ventures | $ | 7,116 | $ | 7,267 | |||||
Real estate - resort/residential | ' | ||||||||
Segment Reporting Information [Line Items] | ' | ||||||||
Components of segment revenues | ' | ||||||||
The revenue components of the resort/residential real estate development segment for the six months ended June 30 are as follows: | |||||||||
(In thousands) | 2014 | 2013 | |||||||
Hay sales - Centennial operations | $ | 404 | $ | 307 | |||||
Management fees | 180 | 156 | |||||||
Other | 3 | 8 | |||||||
Total revenue | 587 | 471 | |||||||
Equity in earnings (losses) of unconsolidated joint ventures | (35 | ) | (41 | ) | |||||
Revenues and equity in earnings of unconsolidated joint ventures | $ | 552 | $ | 430 | |||||
Mineral resources | ' | ||||||||
Segment Reporting Information [Line Items] | ' | ||||||||
Components of segment revenues | ' | ||||||||
The revenue components of the mineral resources segment for the six months ended June 30 are as follows: | |||||||||
($ in thousands) | 2014 | 2013 | |||||||
Oil and gas | $ | 3,522 | $ | 4,418 | |||||
Rock aggregate | 592 | 296 | |||||||
Cement | 479 | 375 | |||||||
Land lease for oil exploration | 112 | 542 | |||||||
Total revenue | $ | 4,705 | $ | 5,631 | |||||
Investment_in_Unconsolidated_a1
Investment in Unconsolidated and Consolidated Joint Ventures (Tables) | 6 Months Ended | ||||||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | ||||||||||||||||||||||||||||
Condensed statements of operations and balance sheet information of consolidated and unconsolidated joint ventures | ' | ||||||||||||||||||||||||||||
ondensed balance sheet information of the Company’s unconsolidated and consolidated joint ventures as of June 30, 2014 and December 31, 2013 and unaudited condensed statements of operations for the six months ended June 30, 2014 and June 30, 2013 are as follows: | |||||||||||||||||||||||||||||
Statement of Operations for the six months ended June 30, 2014 | |||||||||||||||||||||||||||||
UNCONSOLIDATED | CONSOLIDATED | ||||||||||||||||||||||||||||
($ in thousands) | Petro Travel | Five West Parcel | 18-19 West | TRCC/Rock Outlet Center | Tejon Mountain Village | Total | Centennial-VIE | ||||||||||||||||||||||
Plaza | LLC | ||||||||||||||||||||||||||||
Holdings | |||||||||||||||||||||||||||||
Revenues | $ | 54,658 | $ | 1,710 | $ | 31 | $ | 480 | $ | — | $ | 56,879 | $ | 407 | |||||||||||||||
Net income (loss) | $ | 2,555 | $ | 136 | $ | 19 | $ | 20 | $ | (70 | ) | $ | 2,660 | $ | (32 | ) | |||||||||||||
Partner’s share of net income (loss) | $ | 1,021 | $ | 68 | $ | 10 | $ | 10 | $ | (35 | ) | $ | 1,074 | $ | (8 | ) | |||||||||||||
Equity in earnings (losses) | $ | 1,534 | $ | 68 | $ | 9 | $ | 10 | $ | (35 | ) | $ | 1,586 | $ | — | ||||||||||||||
Balance Sheet Information as of June 30, 2014 | |||||||||||||||||||||||||||||
UNCONSOLIDATED | CONSOLIDATED | ||||||||||||||||||||||||||||
($ in thousands) | Petro Travel | Five West Parcel | 18-19 West LLC | TRCC/Rock Outlet Center | Tejon Mountain Village | Total | Centennial-VIE | ||||||||||||||||||||||
Plaza | |||||||||||||||||||||||||||||
Holdings | |||||||||||||||||||||||||||||
Current assets | $ | 16,788 | $ | 1,866 | $ | 25 | $ | 1,860 | $ | 365 | $ | 20,904 | $ | 256 | |||||||||||||||
Property and equipment, net | 44,686 | 15,924 | 4,573 | 53,040 | 101,393 | 219,616 | 76,355 | ||||||||||||||||||||||
Other assets | 189 | 257 | — | 8,129 | — | 8,575 | — | ||||||||||||||||||||||
Long-term debt | (16,213 | ) | (11,000 | ) | — | (18,460 | ) | — | (45,673 | ) | — | ||||||||||||||||||
Other liabilities | (3,043 | ) | (22 | ) | — | (6,903 | ) | (280 | ) | (10,248 | ) | (293 | ) | ||||||||||||||||
Net assets | $ | 42,407 | $ | 7,025 | $ | 4,598 | $ | 37,666 | $ | 101,478 | $ | 193,174 | $ | 76,318 | |||||||||||||||
Statement of Operations for the six months ended June 30, 2013 | |||||||||||||||||||||||||||||
UNCONSOLIDATED | CONSOLIDATED | ||||||||||||||||||||||||||||
($ in thousands) | Petro Travel | Five | 18-19 | TRCC/Rock Outlet Center | Tejon Mountain Village | Total | Centennial | ||||||||||||||||||||||
Plaza | West | West | |||||||||||||||||||||||||||
Holdings | Parcel | ||||||||||||||||||||||||||||
Revenues | $ | 55,364 | $ | 1,673 | $ | 31 | $ | — | $ | — | $ | 57,068 | $ | 314 | |||||||||||||||
Net income (loss) | $ | 2,394 | $ | 47 | $ | 25 | $ | (176 | ) | $ | (83 | ) | $ | 2,207 | $ | (232 | ) | ||||||||||||
Partner’s share of net income (loss) | $ | 958 | $ | 23 | $ | 12 | $ | (88 | ) | $ | (42 | ) | $ | 863 | $ | (66 | ) | ||||||||||||
Equity in earnings (losses) | $ | 1,436 | $ | 24 | $ | 13 | $ | 247 | $ | (41 | ) | $ | 1,679 | $ | — | ||||||||||||||
Balance Sheet Information as of December 31, 2013 | |||||||||||||||||||||||||||||
UNCONSOLIDATED | CONSOLIDATED | ||||||||||||||||||||||||||||
($ in thousands) | Petro Travel | Five West Parcel | 18-19 West | TRCC/Rock Outlet Center | Tejon Mountain Village | Total | Centennial-VIE | ||||||||||||||||||||||
Plaza | LLC | ||||||||||||||||||||||||||||
Holdings | |||||||||||||||||||||||||||||
Current assets | $ | 14,886 | $ | 813 | $ | 10 | $ | 2,428 | $ | 99,690 | $ | 117,827 | $ | 86 | |||||||||||||||
Property and equipment, net | 43,897 | 16,980 | 4,514 | 24,633 | — | 90,024 | 74,968 | ||||||||||||||||||||||
Other assets | 208 | 438 | — | 2,161 | — | 2,807 | — | ||||||||||||||||||||||
Long-term debt | (16,602 | ) | (11,000 | ) | — | — | — | (27,602 | ) | — | |||||||||||||||||||
Other liabilities | (2,687 | ) | (343 | ) | — | (8,577 | ) | (168 | ) | (11,775 | ) | (204 | ) | ||||||||||||||||
Net assets | $ | 39,702 | $ | 6,888 | $ | 4,524 | $ | 20,645 | $ | 99,522 | $ | 171,281 | $ | 74,850 | |||||||||||||||
Equity_Earnings_Per_Share_EPS_
Equity - Earnings Per Share (EPS) (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Weighted Average Number of Shares Outstanding, Diluted [Abstract] | ' | ' | ' | ' |
Common stock | 20,586,190 | 20,136,188 | 20,577,280 | 20,118,152 |
Common stock equivalents-stock options, grants | 35,406 | 16,323 | 40,323 | 17,039 |
Diluted shares outstanding | 20,621,596 | 20,152,511 | 20,617,603 | 20,135,191 |
Equity_Equity_Method_Investmen
Equity - Equity Method Investments (Details) (USD $) | 0 Months Ended | ||
Aug. 07, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Common stock, par value per share | $0.50 | $0.50 | $0.50 |
Ratio of Common Stock to Warrant | 0.14771 | ' | ' |
Warrant [Member] | ' | ' | ' |
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_Summary_
Marketable Securities - Summary of Available-for-sale Securities (Details) (USD $) | 6 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Summary of available-for-sale securities | ' | ' |
Available-for-sale securities, Cost | $52,597 | $55,200 |
Available-for-sale securities, Estimated Fair Value | 52,844 | 55,436 |
Level 1 | Certificates of deposit | ' | ' |
Summary of available-for-sale securities | ' | ' |
Unrecognized losses for less than 12 months, Cost | 1,290 | 1,690 |
Unrecognized losses for less than 12 months, Estimated Fair value | 1,282 | 1,677 |
Unrecognized losses for more than 12 months, Cost | 459 | 110 |
Unrecognized losses for more than 12 months, Estimated Fair value | 455 | 110 |
Unrecognized gains, Cost | 6,530 | 6,298 |
Unrecognized gains, Estimated Fair value | 6,560 | 6,334 |
Available-for-sale securities, Cost | 8,279 | 8,098 |
Available-for-sale securities, Estimated Fair Value | 8,297 | 8,121 |
Level 2 | U.S. Treasury and agency notes | ' | ' |
Summary of available-for-sale securities | ' | ' |
Unrecognized losses for less than 12 months, Cost | 3,434 | 4,672 |
Unrecognized losses for less than 12 months, Estimated Fair value | 3,427 | 4,664 |
Unrecognized losses for more than 12 months, Cost | 1,322 | 1,699 |
Unrecognized losses for more than 12 months, Estimated Fair value | 1,319 | 1,694 |
Unrecognized gains, Cost | 5,851 | 3,713 |
Unrecognized gains, Estimated Fair value | 5,889 | 3,760 |
Available-for-sale securities, Cost | 10,607 | 10,084 |
Available-for-sale securities, Estimated Fair Value | 10,635 | 10,118 |
Level 2 | Corporate notes | ' | ' |
Summary of available-for-sale securities | ' | ' |
Unrecognized losses for less than 12 months, Cost | 3,010 | 7,270 |
Unrecognized losses for less than 12 months, Estimated Fair value | 2,990 | 7,192 |
Unrecognized losses for more than 12 months, Cost | 1,338 | 530 |
Unrecognized losses for more than 12 months, Estimated Fair value | 1,334 | 523 |
Unrecognized gains, Cost | 23,338 | 21,945 |
Unrecognized gains, Estimated Fair value | 23,524 | 22,173 |
Available-for-sale securities, Cost | 27,686 | 29,745 |
Available-for-sale securities, Estimated Fair Value | 27,848 | 29,888 |
Level 2 | Municipal notes | ' | ' |
Summary of available-for-sale securities | ' | ' |
Unrecognized losses for less than 12 months, Cost | 419 | 1,688 |
Unrecognized losses for less than 12 months, Estimated Fair value | 417 | 1,677 |
Unrecognized losses for more than 12 months, Cost | 315 | 318 |
Unrecognized losses for more than 12 months, Estimated Fair value | 311 | 316 |
Unrecognized gains, Cost | 5,291 | 5,267 |
Unrecognized gains, Estimated Fair value | 5,336 | 5,316 |
Available-for-sale securities, Cost | 6,025 | 7,273 |
Available-for-sale securities, Estimated Fair Value | $6,064 | $7,309 |
Marketable_Securities_Availabl
Marketable Securities - Available-for-sale Securities by Maturities (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Summary of maturities, at par, of marketable securities | ' | ' |
2014 | $9,051 | $17,166 |
2015 | 20,191 | 19,791 |
2016 | 10,040 | 10,040 |
2017 | 9,628 | 6,842 |
Available for Sale Securities Maturities, Year Five, at Par | 2,421 | ' |
Total | 51,331 | 53,839 |
Certificates of deposit | ' | ' |
Summary of maturities, at par, of marketable securities | ' | ' |
2014 | 1,166 | 1,627 |
2015 | 4,213 | 4,213 |
2016 | 1,501 | 1,501 |
2017 | 831 | 681 |
Available for Sale Securities Maturities, Year Five, at Par | 509 | ' |
Total | 8,220 | 8,022 |
U.S. Treasury and agency notes | ' | ' |
Summary of maturities, at par, of marketable securities | ' | ' |
2014 | 4,481 | 5,485 |
2015 | 3,836 | 3,336 |
2016 | 600 | 600 |
2017 | 1,209 | 692 |
Available for Sale Securities Maturities, Year Five, at Par | 523 | ' |
Total | 10,649 | 10,113 |
Corporate notes | ' | ' |
Summary of maturities, at par, of marketable securities | ' | ' |
2014 | 1,919 | 6,729 |
2015 | 9,937 | 10,037 |
2016 | 6,704 | 6,704 |
2017 | 6,798 | 5,174 |
Available for Sale Securities Maturities, Year Five, at Par | 1,264 | ' |
Total | 26,622 | 28,644 |
Municipal notes | ' | ' |
Summary of maturities, at par, of marketable securities | ' | ' |
2014 | 1,485 | 3,325 |
2015 | 2,205 | 2,205 |
2016 | 1,235 | 1,235 |
2017 | 790 | 295 |
Available for Sale Securities Maturities, Year Five, at Par | 125 | ' |
Total | $5,840 | $7,060 |
Marketable_Securities_Addition
Marketable Securities - Additional Information (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' |
Fair market value of investment securities exceeds cost basis | $247,000 | ' | $247,000 | ' |
Other-than-temporary impairments recorded for securities | 0 | ' | 0 | ' |
Changes in unrealized gains on available for sale securities, taxes | -1,000 | -409,000 | 11,000 | -452,000 |
Estimated taxes of change in value of available-for-sale securities | ' | ' | 4,000 | ' |
Gross unrealized holding gains | ' | ' | 299,000 | ' |
Gross unrealized holding losses | ' | ' | $52,000 | ' |
Long_Term_Water_Assets_Future_
Long Term Water Assets - Future Amortization (Details) (SWP contracts, USD $) | Jun. 30, 2014 |
In Thousands, unless otherwise specified | |
SWP contracts | ' |
Long Lived Assets Held For Sale [Line Items] | ' |
Water contract future amortization (Year 1) | $1,351 |
Water contract future amortization (Year 2) | 1,351 |
Water contract future amortization (Year 3) | 1,351 |
Water contract future amortization (Year 4) | 1,351 |
Water contract future amortization (Year 5) | $1,351 |
Long_Term_Water_Assets_Volume_
Long Term Water Assets - Volume of Water Assets (Details) (USD $) | 6 Months Ended | 12 Months Ended | 3 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | |||||||||||||||||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2009 | Dec. 31, 2008 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2009 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | ||
aft | aft | DMB | DMB | AVEK | AVEK | AVEK | AVEK | Affiliated Entity [Member] | Affiliated Entity [Member] | SWP contracts | Wheeler Ridge Maricopa Water Storage District | Wheeler Ridge Maricopa Water Storage District | Tejon-Castac Water District | Tejon-Castac Water District | Transferable water | Transferable water | Common Stock | Common Stock | Maximum | ||||
aft | aft | aft | aft | aft | aft | aft | aft | aft | aft | aft | aft | DMB | DMB | ||||||||||
aft | |||||||||||||||||||||||
Long-term Water Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Common stock issued for water purchase (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 251,876 | 251,876 | ' | ||
Long Term Water Assets, Contract Renewal Optional Term | ' | '35 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Cost of Purchased Water, Area | ' | ' | ' | 656 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Long Term Water Assets, Purchased, Annual Fee Increase, Percent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.00% | ||
Water Sold (Volume) | 6,250 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Water Assets Sales Price | $7,702 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Cost of Purchased Water | $4,523 | ' | ' | ' | $18,700 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Banked water and water for future delivery | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
AVEK water bank | ' | ' | ' | ' | ' | 13,461 | 12,280 | 6,393 | 8,393 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Company water bank | ' | ' | ' | ' | ' | 8,700 | 8,818 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
AVEK water for future delivery | ' | ' | ' | ' | ' | 2,362 | 2,362 | ' | ' | ' | ' | 3,444 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Banked water and water for future delivery | ' | ' | ' | ' | ' | 24,523 | 23,460 | ' | ' | ' | ' | ' | ' | ' | 37,552 | 42,685 | ' | ' | ' | ' | ' | ||
Transferable water with AVEK | ' | ' | ' | ' | ' | 14,786 | [1] | 14,786 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Water Contracts | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,137 | 10,137 | ' | 15,547 | 15,547 | 5,749 | 5,479 | ' | ' | ' | ' | ' | ||
Water assets | 49,446 | 48,383 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 22,179 | 6,693 | ' | ' | ' | ||
Total purchased and contracted water sources in acre feet | 108,294 | 112,094 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Transferable water with AVEK multiple | ' | ' | 1.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
[1] | 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. |
Long_Term_Water_Assets_Value_o
Long Term Water Assets - Value of Water Assets (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Components of water assets | ' | ' |
Total long-term assets | $47,376 | $47,571 |
less: Current portion | -1,351 | -817 |
Long-term water assets | 46,025 | 46,754 |
Banked water and water for future delivery | ' | ' |
Components of water assets | ' | ' |
Total long-term assets | 4,779 | 4,779 |
Transferable water | ' | ' |
Components of water assets | ' | ' |
Total long-term assets | 9,309 | 8,988 |
SWP contracts | ' | ' |
Components of water assets | ' | ' |
Total long-term assets | 33,288 | 33,804 |
Accumulated amortization | $3,175 | $2,837 |
Accrued_Liabilities_and_Other_1
Accrued Liabilities and Other (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Payables and Accruals [Abstract] | ' | ' |
Accrued vacation | $742 | $673 |
Accrued paid personal leave | 591 | 619 |
Accrued bonus | 896 | 677 |
Other | 316 | 678 |
Total | $2,545 | $2,647 |
Shortterm_and_Longterm_Debt_Co
Short-term and Long-term Debt - Components of Long-term Debt (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Long-term debt consists of: | ' | ' |
Long-term debt | $14,777 | $4,693 |
Less current portion | -10,439 | -234 |
Long-term debt, less current portion | 4,338 | 4,459 |
Long-term debt secured by leased building and land | 4,577 | ' |
Note payable to a bank | ' | ' |
Long-term debt consists of: | ' | ' |
Long-term debt | 4,577 | 4,693 |
Revolving line of credit | ' | ' |
Long-term debt consists of: | ' | ' |
Long-term debt | $10,200 | $0 |
Shortterm_and_Longterm_Debt_Li
Short-term and Long-term Debt - Line of Credit (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 |
Revolving line of credit | Revolving line of credit | Revolving line of credit | Revolving line of credit | Revolving line of credit | ||
Minimum | Selected LIBOR rate | LIBOR for a fixed rate term | ||||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' |
Line of credit amount | ' | $30,000,000 | ' | ' | ' | ' |
Line of credit outstanding balance | ' | 0 | 0 | ' | ' | ' |
Interest rate on line of credit, variable rate | ' | ' | ' | ' | 1.75% | 1.50% |
Minimum tangible net worth required | ' | ' | ' | 225,000,000 | ' | ' |
Liquid assets | ' | ' | ' | 25,000,000 | ' | ' |
Tangible net worth | ' | 327,966,000 | ' | ' | ' | ' |
Liquid Assets | $74,542,000 | $19,800,000 | ' | ' | ' | ' |
Stock_Compensation_Restricted_2
Stock Compensation - Restricted Stock and Performance Share Grants - Performance Share Grants (Details) | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | |||||
Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Performance share grants | Performance share grants | Performance share grants | Performance share grants | Time Based Grants [Member] | Time Based Grants [Member] | Restricted Stock and Performance Shares [Member] | Restricted Stock and Performance Shares [Member] | Restricted Stock and Performance Shares [Member] | |
Minimum | Maximum | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 152,418 | 177,044 | ' | ' | 94,309 | 88,657 | ' | ' | ' |
Below threshold performance | 0 | ' | ' | ' | ' | ' | ' | ' | ' |
Threshold and target performance | ' | ' | 79,961 | 152,418 | ' | ' | ' | ' | ' |
Maximum performance | ' | ' | ' | 250,517 | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | ' | ' | ' | ' | ' | ' | 246,727 | 265,701 | 688,041 |
Stock_Compensation_Restricted_3
Stock Compensation - Restricted Stock and Performance Share Grants - Summary of Stock Grant Activity (Details) (Stock Grants) | 6 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Stock Grants | ' | ' |
Summary of stock grant activity: | ' | ' |
Stock Grants Outstanding Beginning of the Year at Target Achievement | 265,701 | 688,041 |
New Stock Grants/Additional shares due to maximum achievement | 138,485 | 192,348 |
Vested Grants | -29,194 | -361,886 |
Expired/Forfeited Grants | -128,265 | -252,802 |
Stock Grants Outstanding June 30, 2014 at Target Achievement | 246,727 | ' |
Stock_Compensation_Restricted_4
Stock Compensation - Restricted Stock and Performance Share Grants - Additional Information (Details) (USD $) | 1 Months Ended | 6 Months Ended |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Jun. 30, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | ' | $5,404 |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | ' | '28 months |
Performance share grants | Restricted Stock Units (RSUs) | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Modifications in Period | 133,890 | ' |
New Stock Grants/Additional shares due to maximum achievement | 89,837 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Modifications, Annual Cost | ' | 1,109 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Modifications Aggregate Fair Value | ' | $5,789 |
Stock_Compensation_Restricted_5
Stock Compensation - Restricted Stock and Performance Share Grants - Compensation Costs (Details) (USD $) | 6 Months Ended | 3 Months Ended | 6 Months Ended | |||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Executive Officer | Executive Officer | 1998 Plan | 1998 Plan | NDSI Plan | NDSI Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Stock compensation costs, expensed | ' | ' | ($2,271) | ($485) | $1,148 | ($952) | $414 | $384 |
Stock compensation costs, capitalized | ' | ' | ' | ' | 46 | 208 | ' | ' |
Stock compensation costs | $1,608 | ($360) | ' | ' | $1,194 | ($744) | ' | ' |
Income_Taxes_Income_Tax_Rate_R
Income Taxes - Income Tax Rate Reconciliation (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' | ' |
Income tax expense | $479,000 | ' | $686,000 | $1,020,000 | $833,000 |
Effective Income Tax Rate | ' | ' | ' | 34.00% | 24.00% |
Income Taxes Receivable | 2,160,000 | ' | ' | 2,160,000 | ' |
Income Taxes Paid | ' | $13,600 | ' | ' | ' |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) (USD $) | 6 Months Ended |
Jun. 30, 2014 | |
Commitment and Contingencies Disclosure [Line Items] | ' |
Capital Leases, Future Minimum Payments Due | $7,765,000 |
Current Fiscal Year End Date | '--12-31 |
Letter of credit period | '2 years |
Letter of credit renewal period | '2 years |
Special taxes paid | 886,000 |
Percentage of Interest Rate Held | 2.00% |
Standby letter of credit | ' |
Commitment and Contingencies Disclosure [Line Items] | ' |
Letters of Credit Outstanding, Amount | 5,426,000 |
Annual cost related to letter of credit | 83,000 |
West CFD | ' |
Commitment and Contingencies Disclosure [Line Items] | ' |
Acres of land related to land liens | 420 |
Bond debt sold by TRPFFA | 28,620,000 |
Additional bond debt authorized to be sold in future | 0 |
Additional reimbursement funds | 0 |
East CFD | ' |
Commitment and Contingencies Disclosure [Line Items] | ' |
Acres of land related to land liens | 1,931 |
Letters of Credit Outstanding, Amount | 39,750,000 |
Additional bond debt authorized to be sold in future | 80,250,000 |
Additional reimbursement funds | $4,967,000 |
Retirement_Plans_Additional_In
Retirement Plans - Additional Information (Details) (Pension plan, USD $) | 3 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | |||||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 |
Equities | Equities | Treasury/Corporate Notes | Treasury/Corporate Notes | Money market funds | Money market funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated contribution to the pension plan in 2013 | ' | $600 | ' | ' | ' | ' | ' | ' | ' |
Current investment policy targets: | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current investment policy target | ' | ' | ' | 65.00% | ' | 25.00% | ' | 10.00% | ' |
Current investment policy target, maximum | ' | ' | ' | 78.00% | ' | ' | ' | ' | ' |
Current investment policy target, minimum | ' | ' | ' | 52.00% | ' | ' | ' | ' | ' |
Current investment mix | ' | ' | ' | 61.00% | 54.00% | 35.00% | 30.00% | 4.00% | 16.00% |
Assumptions used in determining periodic pension cost: | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Rate of increase in periodic pension costs | ' | 5.00% | 5.00% | ' | ' | ' | ' | ' | ' |
Weighted-average discount rate | ' | 5.00% | 5.00% | ' | ' | ' | ' | ' | ' |
Expected long-term rate of return on plan assets | ' | 7.50% | 7.50% | ' | ' | ' | ' | ' | ' |
Increase in pension liability due to annuity settlement | 392 | ' | ' | ' | ' | ' | ' | ' | ' |
Increase in expense due to annuity settlement | ($407) | ' | ' | ' | ' | ' | ' | ' | ' |
Retirement_Plans_Net_Periodic_
Retirement Plans - Net Periodic Pension Cost (Details) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Pension plan | ' | ' |
Cost components: | ' | ' |
Service cost-benefits earned during the period | ($180) | ($142) |
Interest cost on projected benefit obligation | -202 | -188 |
Expected return on plan assets | 272 | 228 |
Net amortization and deferral | -533 | -96 |
Total net periodic pension cost | -643 | -198 |
SERP | ' | ' |
Cost components: | ' | ' |
Service cost-benefits earned during the period | -160 | -86 |
Interest cost on projected benefit obligation | -110 | -108 |
Net amortization and deferral | -114 | -144 |
Total net periodic pension cost | ($384) | ($338) |
Business_Segments_Revenue_Comp
Business Segments - Revenue Components of Real Estate Segments (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Segment revenues | $8,008 | $7,475 | $15,153 | $17,235 |
Equity in earnings of unconsolidated joint ventures, net | 1,148 | 1,270 | 1,586 | 1,679 |
Mineral resources | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Segment revenues | 2,441 | 2,765 | 4,705 | 5,631 |
Mineral resources | Oil and Gas | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Segment revenues | ' | ' | 3,522 | 4,418 |
Mineral resources | Rock Aggregate | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Segment revenues | ' | ' | 592 | 296 |
Mineral resources | Cement | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Segment revenues | ' | ' | 479 | 375 |
Mineral resources | Land Lease for Oil Exploration | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Segment revenues | ' | ' | 112 | 542 |
Real estate - commercial/industrial | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Segment revenues | 2,553 | 2,825 | 5,495 | 5,547 |
Equity in earnings of unconsolidated joint ventures, net | ' | ' | 1,621 | 1,720 |
Revenues and Income (Loss) from Equity Method Investments | ' | ' | 7,116 | 7,267 |
Real estate - commercial/industrial | Commercial leases | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Segment revenues | ' | ' | 2,785 | 3,401 |
Real estate - commercial/industrial | Grazing leases | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Segment revenues | ' | ' | 713 | 748 |
Real estate - commercial/industrial | All other land management ancillary services | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Segment revenues | ' | ' | 1,997 | 1,398 |
Real estate - resort/residential | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Segment revenues | ' | 471 | 587 | ' |
Equity in earnings of unconsolidated joint ventures, net | ' | -41 | -35 | ' |
Revenues and Income (Loss) from Equity Method Investments | ' | 430 | 552 | ' |
Real estate - resort/residential | Hay sales - Centennial operations | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Segment revenues | ' | 307 | 404 | ' |
Real estate - resort/residential | Management fees | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Segment revenues | ' | 156 | 180 | ' |
Real estate - resort/residential | Other | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Segment revenues | ' | $8 | $3 | ' |
Investment_in_Unconsolidated_a2
Investment in Unconsolidated and Consolidated Joint Ventures - Investment Information (Details) (USD $) | 3 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 6 Months Ended | ||||||||||||||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |
joint_venture | Line of Credit | Petro Travel Plaza Holdings LLC | Petro Travel Plaza Holdings LLC | Petro Travel Plaza Holdings LLC | Tejon Mountain Village LLC | Tejon Mountain Village LLC | Tejon Mountain Village LLC | Rockefeller Joint Ventures | Rockefeller Joint Ventures | Five West Parcel LLC | Five West Parcel LLC | Five West Parcel LLC | 18-19 West LLC | 18-19 West LLC | 18-19 West LLC | TRCC-East [Member] | TRCC-East [Member] | TRCC/Rock Outlet Center | TRCC/Rock Outlet Center | TRCC/Rock Outlet Center | Centennial Founders, LLC | Centennial Founders, LLC | Centennial Founders, LLC | |||||
joint_venture | sqft | acre | acre | |||||||||||||||||||||||||
acre | ||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investments in unconsolidated joint ventures | $73,722,000 | ' | $73,722,000 | ' | $62,604,000 | ' | ' | ' | ' | ' | ' | ' | ' | $335,000 | ' | ' | ' | ' | ' | ' | $86,000,000 | ' | ' | $0 | ' | ' | ' | ' |
Equity in earnings (losses) | 1,148,000 | 1,270,000 | 1,586,000 | 1,679,000 | ' | ' | 1,534,000 | 1,436,000 | ' | -35,000 | -41,000 | ' | ' | ' | 68,000 | 24,000 | ' | 9,000 | 13,000 | ' | ' | ' | 10,000 | 247,000 | ' | 0 | 0 | ' |
Unconsolidated joint ventures, ownership interest | ' | ' | ' | ' | ' | ' | 60.00% | ' | ' | 50.00% | ' | ' | ' | ' | 50.00% | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unconsolidated joint ventures, voting rights | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of joint venture contracts | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of acres for development | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 91 | ' | ' | ' | ' | ' | ' | ' | 326,000 | ' | ' | ' | ' | ' | ' | ' |
Development of land in TRCC including pursuing Foreign Trade Zone | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consolidated joint venture, ownership interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 73.55% | ' | ' |
Area of building owned and leased | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 606,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt | -14,777,000 | ' | -14,777,000 | ' | -4,693,000 | ' | -16,213,000 | ' | -16,602,000 | 0 | ' | 0 | ' | ' | -11,000,000 | ' | -11,000,000 | 0 | ' | 0 | ' | ' | -18,460,000 | ' | 0 | 0 | ' | 0 |
Number of acres for development | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 61.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment in unconsolidated joint ventures | ' | ' | ' | ' | ' | ' | 13,045,000 | ' | ' | 44,851,000 | ' | ' | 15,826,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,558,000 | ' | ' | ' | ' |
Payments to Acquire Interest in Subsidiaries and Affiliates | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,013,000 | ' | ' | 8,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity Method Investment, Aggregate Cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,159,000 | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | ' | ' | ' | $52,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment_in_Unconsolidated_a3
Investment in Unconsolidated and Consolidated Joint Ventures - Condensed Statements of Operations and Balance Sheet Information (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
Statement of Operations | ' | ' | ' | ' | ' |
Equity in earnings (losses) | $1,148 | $1,270 | $1,586 | $1,679 | ' |
Balance Sheet Information | ' | ' | ' | ' | ' |
Current assets | 76,582 | ' | 76,582 | ' | 83,244 |
Property and equipment, net | 154,373 | ' | 154,373 | ' | 146,542 |
Long-term debt | -14,777 | ' | -14,777 | ' | -4,693 |
Unconsolidated Properties [Member] | ' | ' | ' | ' | ' |
Statement of Operations | ' | ' | ' | ' | ' |
Revenues | ' | ' | 56,879 | 57,068 | ' |
Net income (loss) | ' | ' | 2,660 | 2,207 | ' |
Partner’s share of net income (loss) | ' | ' | 1,074 | 863 | ' |
Equity in earnings (losses) | ' | ' | 1,586 | 1,679 | ' |
Balance Sheet Information | ' | ' | ' | ' | ' |
Current assets | 20,904 | ' | 20,904 | ' | 117,827 |
Property and equipment, net | 219,616 | ' | 219,616 | ' | 90,024 |
Other assets | 8,575 | ' | 8,575 | ' | 2,807 |
Long-term debt | -45,673 | ' | -45,673 | ' | -27,602 |
Other liabilities | -10,248 | ' | -10,248 | ' | -11,775 |
Net assets | 193,174 | ' | 193,174 | ' | 171,281 |
Petro Travel Plaza Holdings LLC | ' | ' | ' | ' | ' |
Statement of Operations | ' | ' | ' | ' | ' |
Revenues | ' | ' | 54,658 | 55,364 | ' |
Net income (loss) | ' | ' | 2,555 | 2,394 | ' |
Partner’s share of net income (loss) | ' | ' | 1,021 | 958 | ' |
Equity in earnings (losses) | ' | ' | 1,534 | 1,436 | ' |
Balance Sheet Information | ' | ' | ' | ' | ' |
Current assets | 16,788 | ' | 16,788 | ' | 14,886 |
Property and equipment, net | 44,686 | ' | 44,686 | ' | 43,897 |
Other assets | 189 | ' | 189 | ' | 208 |
Long-term debt | -16,213 | ' | -16,213 | ' | -16,602 |
Other liabilities | -3,043 | ' | -3,043 | ' | -2,687 |
Net assets | 42,407 | ' | 42,407 | ' | 39,702 |
Five West Parcel LLC | ' | ' | ' | ' | ' |
Statement of Operations | ' | ' | ' | ' | ' |
Revenues | ' | ' | 1,710 | 1,673 | ' |
Net income (loss) | ' | ' | 136 | 47 | ' |
Partner’s share of net income (loss) | ' | ' | 68 | 23 | ' |
Equity in earnings (losses) | ' | ' | 68 | 24 | ' |
Balance Sheet Information | ' | ' | ' | ' | ' |
Current assets | 1,866 | ' | 1,866 | ' | 813 |
Property and equipment, net | 15,924 | ' | 15,924 | ' | 16,980 |
Other assets | 257 | ' | 257 | ' | 438 |
Long-term debt | -11,000 | ' | -11,000 | ' | -11,000 |
Other liabilities | -22 | ' | -22 | ' | -343 |
Net assets | 7,025 | ' | 7,025 | ' | 6,888 |
18-19 West LLC | ' | ' | ' | ' | ' |
Statement of Operations | ' | ' | ' | ' | ' |
Revenues | ' | ' | 31 | 31 | ' |
Net income (loss) | ' | ' | 19 | 25 | ' |
Partner’s share of net income (loss) | ' | ' | 10 | 12 | ' |
Equity in earnings (losses) | ' | ' | 9 | 13 | ' |
Balance Sheet Information | ' | ' | ' | ' | ' |
Current assets | 25 | ' | 25 | ' | 10 |
Property and equipment, net | 4,573 | ' | 4,573 | ' | 4,514 |
Other assets | 0 | ' | 0 | ' | 0 |
Long-term debt | 0 | ' | 0 | ' | 0 |
Other liabilities | 0 | ' | 0 | ' | 0 |
Net assets | 4,598 | ' | 4,598 | ' | 4,524 |
TRCC/Rock Outlet Center | ' | ' | ' | ' | ' |
Statement of Operations | ' | ' | ' | ' | ' |
Revenues | ' | ' | 480 | 0 | ' |
Net income (loss) | ' | ' | 20 | -176 | ' |
Partner’s share of net income (loss) | ' | ' | 10 | -88 | ' |
Equity in earnings (losses) | ' | ' | 10 | 247 | ' |
Balance Sheet Information | ' | ' | ' | ' | ' |
Current assets | 1,860 | ' | 1,860 | ' | 2,428 |
Property and equipment, net | 53,040 | ' | 53,040 | ' | 24,633 |
Other assets | 8,129 | ' | 8,129 | ' | 2,161 |
Long-term debt | -18,460 | ' | -18,460 | ' | 0 |
Other liabilities | -6,903 | ' | -6,903 | ' | -8,577 |
Net assets | 37,666 | ' | 37,666 | ' | 20,645 |
Tejon Mountain Village LLC | ' | ' | ' | ' | ' |
Statement of Operations | ' | ' | ' | ' | ' |
Revenues | ' | ' | 0 | 0 | ' |
Net income (loss) | ' | ' | -70 | -83 | ' |
Partner’s share of net income (loss) | ' | ' | -35 | -42 | ' |
Equity in earnings (losses) | ' | ' | -35 | -41 | ' |
Balance Sheet Information | ' | ' | ' | ' | ' |
Current assets | 365 | ' | 365 | ' | 99,690 |
Property and equipment, net | 101,393 | ' | 101,393 | ' | 0 |
Other assets | 0 | ' | 0 | ' | 0 |
Long-term debt | 0 | ' | 0 | ' | 0 |
Other liabilities | -280 | ' | -280 | ' | -168 |
Net assets | 101,478 | ' | 101,478 | ' | 99,522 |
Centennial Founders, LLC | ' | ' | ' | ' | ' |
Statement of Operations | ' | ' | ' | ' | ' |
Revenues | ' | ' | 407 | 314 | ' |
Net income (loss) | ' | ' | -32 | -232 | ' |
Partner’s share of net income (loss) | ' | ' | -8 | -66 | ' |
Equity in earnings (losses) | ' | ' | 0 | 0 | ' |
Balance Sheet Information | ' | ' | ' | ' | ' |
Current assets | 256 | ' | 256 | ' | 86 |
Property and equipment, net | 76,355 | ' | 76,355 | ' | 74,968 |
Other assets | 0 | ' | 0 | ' | 0 |
Long-term debt | 0 | ' | 0 | ' | 0 |
Other liabilities | -293 | ' | -293 | ' | -204 |
Net assets | $76,318 | ' | $76,318 | ' | $74,850 |
Subsequent_Events_Details
Subsequent Events (Details) (Subsequent Event, TMV LLC, USD $) | 0 Months Ended |
Jul. 15, 2014 | |
Subsequent Event | TMV LLC | ' |
Subsequent Event [Line Items] | ' |
Purchase price | $70,000,000 |
Initial payment | 10,000,000 |
Percentage interest acquired | 100.00% |
Liabilities incurred | $60,000,000 |