Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2016 | Oct. 31, 2016 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | TEJON RANCH CO | |
Entity Central Index Key | 96,869 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2016 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock Shares Outstanding | 20,789,496 | |
Trading Symbol | TRC |
Unaudited Consolidated Statemen
Unaudited Consolidated Statements of Operations - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Revenues: | ||||
Total revenues | $ 13,079,000 | $ 11,946,000 | $ 32,881,000 | $ 35,579,000 |
Costs and Expenses: | ||||
Total expenses | 14,988,000 | 15,487,000 | 37,714,000 | 39,402,000 |
Operating loss | (1,909,000) | (3,541,000) | (4,833,000) | (3,823,000) |
Other Income: | ||||
Investment income | 112,000 | 116,000 | 350,000 | 413,000 |
Other income | 32,000 | 125,000 | 120,000 | 180,000 |
Total other income | 144,000 | 241,000 | 470,000 | 593,000 |
(Loss) from operations before equity in earnings of unconsolidated joint ventures | (1,765,000) | (3,300,000) | (4,363,000) | (3,230,000) |
Equity in earnings of unconsolidated joint ventures, net | 2,353,000 | 2,055,000 | 5,650,000 | 4,861,000 |
Income (loss) before income tax expense | 588,000 | (1,245,000) | 1,287,000 | 1,631,000 |
Income tax expense (benefit) | 271,000 | (434,000) | 503,000 | 464,000 |
Net income (loss) | 317,000 | (811,000) | 784,000 | 1,167,000 |
Net loss attributable to non-controlling interest | (7,000) | (23,000) | (61,000) | (68,000) |
Net income (loss) attributable to common stockholders | $ 324,000 | $ (788,000) | $ 845,000 | $ 1,235,000 |
Net income (loss) per share attributable to common stockholders, basic, in dollars per share | $ 0.02 | $ (0.04) | $ 0.04 | $ 0.06 |
Net income (loss) per share attributable to common stockholders, diluted, in dollars per share | $ 0.02 | $ (0.04) | $ 0.04 | $ 0.06 |
Real estate - commercial/industrial | ||||
Other Income: | ||||
Equity in earnings of unconsolidated joint ventures, net | $ 2,353,000 | $ 2,055,000 | $ 5,650,000 | $ 4,861,000 |
Income (loss) before income tax expense | 2,827,000 | 2,557,000 | 7,044,000 | 6,167,000 |
Mineral resources | ||||
Other Income: | ||||
(Loss) from operations before equity in earnings of unconsolidated joint ventures | 458,000 | 716,000 | 5,892,000 | 7,151,000 |
Ranch operations | ||||
Other Income: | ||||
(Loss) from operations before equity in earnings of unconsolidated joint ventures | (960,000) | (1,227,000) | (2,010,000) | (1,941,000) |
Operating Segments | Real estate - commercial/industrial | ||||
Revenues: | ||||
Total revenues | 2,221,000 | 2,101,000 | 6,534,000 | 6,190,000 |
Costs and Expenses: | ||||
Total expenses | 1,747,000 | 1,599,000 | 5,140,000 | 4,884,000 |
Operating Segments | Real estate - resort/residential | ||||
Revenues: | ||||
Total revenues | 0 | |||
Costs and Expenses: | ||||
Total expenses | 323,000 | 558,000 | 1,252,000 | 1,885,000 |
Operating Segments | Mineral resources | ||||
Revenues: | ||||
Total revenues | 1,125,000 | 1,322,000 | 13,052,000 | 14,174,000 |
Costs and Expenses: | ||||
Total expenses | 667,000 | 606,000 | 7,160,000 | 7,023,000 |
Operating Segments | Farming | ||||
Revenues: | ||||
Total revenues | 9,319,000 | 8,076,000 | 11,042,000 | 12,470,000 |
Costs and Expenses: | ||||
Total expenses | 7,781,000 | 8,123,000 | 10,637,000 | 11,710,000 |
Operating Segments | Ranch operations | ||||
Revenues: | ||||
Total revenues | 414,000 | 447,000 | 2,253,000 | 2,745,000 |
Costs and Expenses: | ||||
Total expenses | 1,374,000 | 1,674,000 | 4,263,000 | 4,686,000 |
Corporate expenses | ||||
Costs and Expenses: | ||||
Total expenses | $ 3,096,000 | $ 2,927,000 | $ 9,262,000 | $ 9,214,000 |
Unaudited Consolidated Stateme3
Unaudited Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ 317 | $ (811) | $ 784 | $ 1,167 |
Other comprehensive income (loss): | ||||
Unrealized (loss) gain on available for sale securities | (57) | (21) | 184 | (78) |
Unrealized gain (loss) on interest rate swap | 578 | (1,991) | (2,729) | (1,591) |
Other comprehensive income (loss) before taxes | 521 | (2,012) | (2,545) | (1,669) |
Benefit (provision) from income taxes related to other comprehensive income (loss) items | (182) | 770 | 890 | 633 |
Other comprehensive income (loss) | 339 | (1,242) | (1,655) | (1,036) |
Comprehensive income (loss) | 656 | (2,053) | (871) | 131 |
Comprehensive (loss) attributable to non-controlling interests | (7) | (23) | (61) | (68) |
Comprehensive income (loss) attributable to common stockholders | $ 663 | $ (2,030) | $ (810) | $ 199 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
Current Assets: | ||
Cash and cash equivalents | $ 3,425,000 | $ 1,930,000 |
Marketable securities - available-for-sale | 27,617,000 | 32,815,000 |
Accounts receivable | 8,612,000 | 6,511,000 |
Inventories | 6,217,000 | 3,517,000 |
Prepaid expenses and other current assets | 5,261,000 | 4,120,000 |
Total current assets | 51,132,000 | 48,893,000 |
Real estate and improvements - held for lease, net | 23,420,000 | 21,942,000 |
Real estate development (includes $87,986 at September 30, 2016 and $84,194 at December 31, 2015, attributable to Centennial Founders, LLC, Note 15) | 245,728,000 | 235,466,000 |
Property and equipment, net | 45,896,000 | 44,469,000 |
Investments in unconsolidated joint ventures | 32,255,000 | 30,680,000 |
Long-term water assets | 42,751,000 | 43,806,000 |
Deferred tax assets | 4,794,000 | 4,659,000 |
Other assets | 2,863,000 | 2,004,000 |
TOTAL ASSETS | 448,839,000 | 431,919,000 |
Current Liabilities: | ||
Trade accounts payable | 3,522,000 | 3,252,000 |
Accrued liabilities and other | 4,166,000 | 3,492,000 |
Income taxes payable | 0 | 1,237,000 |
Deferred income | 2,418,000 | 1,525,000 |
Revolving line of credit | 11,000,000 | 0 |
Current maturities of long-term debt | 3,346,000 | 815,000 |
Total current liabilities | 24,452,000 | 10,321,000 |
Long-term debt, less current portion | 70,514,000 | 73,223,000 |
Long-term deferred gains | 3,811,000 | 3,816,000 |
Other liabilities | 16,431,000 | 13,251,000 |
Total liabilities | 115,208,000 | 100,611,000 |
Commitments and contingencies | ||
Tejon Ranch Co. Stockholders’ Equity | ||
Common stock, $.50 par value per share: Authorized shares - 30,000,000, Issued and outstanding shares - 20,741,867 at September 30, 2016 and 20,688,154 at December 31, 2015 | 10,371,000 | 10,344,000 |
Additional paid-in capital | 219,970,000 | 216,803,000 |
Accumulated other comprehensive loss | (8,557,000) | (6,902,000) |
Retained earnings | 72,234,000 | 71,389,000 |
Total Tejon Ranch Co. Stockholders’ Equity | 294,018,000 | 291,634,000 |
Non-controlling interest | 39,613,000 | 39,674,000 |
Total equity | 333,631,000 | 331,308,000 |
TOTAL LIABILITIES AND EQUITY | $ 448,839,000 | $ 431,919,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Real estate developments | $ 245,728 | $ 235,466 |
Common stock, par value per share (in dollars per share) | $ 0.50 | $ 0.50 |
Common stock, authorized shares | 30,000,000 | 30,000,000 |
Common stock, issued shares | 20,741,867 | 20,688,154 |
Common stock, outstanding shares | 20,741,867 | 20,688,154 |
Centennial | ||
Real estate developments | $ 87,986 | $ 84,194 |
Unaudited Consolidated Stateme6
Unaudited Consolidated Statements of Cash Flows - USD ($) | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Operating Activities | ||
Net income | $ 784,000 | $ 1,167,000 |
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | ||
Depreciation and amortization | 4,170,000 | 3,672,000 |
Amortization of premium/discount of marketable securities | 386,000 | 424,000 |
Equity in earnings of unconsolidated joint ventures | (5,650,000) | (4,861,000) |
Non-cash retirement plan expense | 725,000 | 761,000 |
Deferred income taxes | 755,000 | 989,000 |
Stock compensation expense | 3,297,000 | 2,914,000 |
Distribution of earnings from unconsolidated joint ventures | 4,500,000 | 0 |
Changes in operating assets and liabilities: | ||
Receivables, inventories and other assets, net | (6,622,000) | (3,572,000) |
Current liabilities | (932,000) | 47,000 |
Net cash provided by operating activities | 1,413,000 | 1,541,000 |
Investing Activities | ||
Maturities and sales of marketable securities | 9,010,000 | 23,276,000 |
Funds invested in marketable securities | (4,014,000) | (15,344,000) |
Property and equipment expenditures | (19,760,000) | (18,968,000) |
Communities Facilities District and other reimbursements | 4,650,000 | 4,971,000 |
Investment in unconsolidated joint ventures | (1,900,000) | (53,000) |
Distribution of equity from unconsolidated joint ventures | 1,600,000 | 1,100,000 |
Other | 0 | (20,000) |
Net cash used in investing activities | (10,414,000) | (5,038,000) |
Financing Activities | ||
Borrowings of short-term debt | 19,500,000 | 17,540,000 |
Repayments of short-term debt | (8,500,000) | (15,450,000) |
Repayments of long-term debt | (190,000) | (190,000) |
Taxes on vested stock grants | (314,000) | (529,000) |
Net cash provided by financing activities | 10,496,000 | 1,371,000 |
Increase (decrease) in cash and cash equivalents | 1,495,000 | (2,126,000) |
Cash and cash equivalents at beginning of period | 1,930,000 | 5,638,000 |
Cash and cash equivalents at end of period | 3,425,000 | 3,512,000 |
Supplemental cash flow information | ||
Accrued capital expenditures included in current liabilities | 1,253,000 | (153,000) |
Income taxes paid | $ 1,350,000 | $ 2,153,000 |
Unaudited Consolidated Stateme7
Unaudited Consolidated Statement of Changes in Equity and Noncontrolling Interests - 9 months ended Sep. 30, 2016 - USD ($) $ in Thousands | Total | Total Stockholders' Equity | Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | Noncontrolling Interest |
Beginning Balance (in shares) at Dec. 31, 2015 | 20,688,154 | ||||||
Beginning Balance, value at Dec. 31, 2015 | $ 331,308 | $ 291,634 | $ 10,344 | $ 216,803 | $ (6,902) | $ 71,389 | $ 39,674 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income (loss) | 784 | 845 | 845 | (61) | |||
Other comprehensive loss | (1,655) | (1,655) | (1,655) | ||||
Restricted stock issuance (in shares) | 76,710 | ||||||
Restricted stock issuance | 0 | 0 | $ 38 | (38) | |||
Stock compensation | 3,508 | 3,508 | 3,508 | ||||
Shares withheld for taxes and tax benefit of vested shares (in shares) | (22,997) | ||||||
Shares withheld for taxes and tax benefit of vested shares | (314) | (314) | $ (11) | (303) | |||
Ending Balance (in shares) at Sep. 30, 2016 | 20,741,867 | ||||||
Ending Balance, value at Sep. 30, 2016 | $ 333,631 | $ 294,018 | $ 10,371 | $ 219,970 | $ (8,557) | $ 72,234 | $ 39,613 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2016 | |
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 September 30, 2016 and 2015 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 September 30, 2016 and December 31, 2015 balance sheets and statements of changes in equity and noncontrolling interests are presented on a consolidated basis including the consolidation of Centennial Founders, LLC. The Company has identified five reportable segments: commercial/industrial real estate development, resort/residential real estate development, mineral resources, farming, and ranch operations. 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. We use segment profit or loss, along with equity in earnings of unconsolidated joint ventures, as the primary measure of profitability to evaluate operating performance and to allocate capital resources. 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. Reclassifications Certain prior year amounts have been reclassified for consistency with the current period presentation. These reclassifications had no effect on results of operations. Ranch Operations During the fourth quarter of 2015, the Company reclassified revenues and expenses comprised of grazing leases, game management and other ancillary services supporting the ranch, from commercial/industrial into a new segment called ranch operations. As a result, the Company reclassified prior period ranch operation revenues and expenses on the consolidated statements of income. For the nine months ended September 30, 2015 , revenues and expenses reclassified were $2,745,000 and $4,686,000 , respectively. For the quarter ended September 30, 2015 , revenues and expenses reclassified were $447,000 and $1,674,000 , respectively. 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, 2015 . Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update, or ASU, 2014-09, "Revenue from Contracts with Customers", which provides guidance for revenue recognition that supersedes existing revenue recognition guidance (but does not apply to nor supersede accounting guidance for lease contracts). The ASU’s core principle is that an entity will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The ASU also requires more detailed disclosures to enable users of financial statements to understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. The ASU is effective for reporting periods beginning after December 15, 2016, and should be applied retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially applying the ASU recognized at the date of initial application. In July 2015, the FASB affirmed its proposal to defer the effective date by one year. The new standard will become effective for the Company beginning with the first quarter of fiscal 2018. The Company is currently in the process of evaluating the impact of the adoption of this ASU on the Company’s consolidated financial statements. In February 2015, the FASB issued ASU 2015-02, “Consolidation (Topic 810): Amendments to the Consolidation Analysis,” which makes certain changes to both the variable interest model and the voting model, including changes to (1) the identification of variable interests (fees paid to a decision maker or service provider), (2) the variable interest entity characteristics for a limited partnership or similar entity, and (3) the primary beneficiary determination. ASU 2015-02 is effective for periods beginning after December 15, 2015. As a result of adopting this ASU, on January 1, 2016 we were not required to consolidate any legal entities that were previously unconsolidated or deconsolidate any legal entities that were previously consolidated. Therefore, upon adoption, we were not required to retrospectively adjust any prior period information or recognize a cumulative effect of the change in retained earnings as a result of the initial application of this update. In January 2016, the FASB issued ASU 2016-01, "Financial Statements - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities," which requires equity investments in unconsolidated entities (other than those accounted for using the equity method of accounting) to be measured at fair value with changes in fair value recognized in net income. There will no longer be an available-for-sale classification for equity securities with readily determinable fair values. The new guidance is effective for periods beginning after December 15, 2017, with early adoption permitted. The Company is currently in the process of evaluating the impact of the adoption of this ASU on the Company’s consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, "Leases." From the lessee's perspective, the new standard establishes a right-of-use (ROU) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement for a lessee. From the lessor's perspective, the new standard requires a lessor to classify leases as either sales-type, finance or operating. A lease will be treated as a sale if it transfers all of the risks and rewards, as well as control of the underlying asset, to the lessee. If risks and rewards are conveyed without the transfer of control, the lease is treated as a financing lease. If the lessor doesn’t convey risks and rewards or control, an operating lease results. ASU 2016-02 is effective for periods beginning after December 15, 2018. The Company is currently in the process of evaluating the impact of the adoption of this ASU on the Company’s consolidated financial statements. In August 2016, the FASB issued ASU No. 2016-15 “Statement of Cash Flows (Topic 230),” or ASU 2016-15. ASU 2016-15 is intended to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. The new guidance addresses the classification of various transactions including debt prepayment or debt extinguishment costs, settlement of zero-coupon debt instruments, contingent consideration payments made after a business combination, distributions received from equity method investments, beneficial interests in securitization transactions, and others. The Company is currently in the process of evaluating the impact of the adoption of this ASU on the Company’s consolidated financial statements. |
Equity
Equity | 9 Months Ended |
Sep. 30, 2016 | |
Stockholders' Equity Note [Abstract] | |
Equity | EQUITY Earnings Per Share (EPS) Basic net income 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 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 September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Weighted average number of shares outstanding: Common stock 20,732,767 20,669,348 20,719,900 20,658,750 Common stock equivalents-stock options, grants 128,334 79,544 125,940 70,969 Diluted shares outstanding 20,861,101 20,748,892 20,845,840 20,729,719 Warrants On August 7, 2013, the Company announced that its Board of Directors declared a dividend of 3,000,000 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 issued pursuant to a Warrant Agreement between the Company, Computershare, Inc. and Computershare Trust Company, N.A., as warrant agent. 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 $40.00 per share. The Warrants expired out of the money on August 31, 2016. |
Marketable Securities
Marketable Securities | 9 Months Ended |
Sep. 30, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Marketable Securities | MARKETABLE SECURITIES ASC 320, “Investments – Debt and Equity Securities” requires that an enterprise classify all debt securities as either held-to-maturity, trading or available-for-sale. The Company has elected to classify its securities as available-for-sale and therefore is required to adjust securities to fair value at each reporting date. All costs and both realized and unrealized gains and losses on securities are determined on a specific identification basis. The following is a summary of available-for-sale securities at: ($ in thousands) September 30, 2016 December 31, 2015 Marketable Securities: Fair Value Hierarchy Cost Estimated Fair Value Cost Estimated Fair Value Certificates of deposit with unrecognized losses for less than 12 months $ 40 $ 39 $ 4,810 $ 4,797 with unrecognized losses for more than 12 months — — 239 238 with unrecognized gains 5,969 5,995 2,800 2,805 Total Certificates of deposit Level 1 6,009 6,034 7,849 7,840 US Treasury and agency notes with unrecognized losses for less than 12 months — — 860 857 with unrecognized losses for more than 12 months — — — — with unrecognized gains 1,935 1,941 736 738 Total US Treasury and agency notes Level 2 1,935 1,941 1,596 1,595 Corporate notes with unrecognized losses for less than 12 months 5,595 5,575 14,638 14,516 with unrecognized losses for more than 12 months 1,461 1,439 2,080 2,061 with unrecognized gains 9,591 9,629 3,334 3,339 Total Corporate notes Level 2 16,647 16,643 20,052 19,916 Municipal notes with unrecognized losses for less than 12 months 811 802 1,742 1,725 with unrecognized losses for more than 12 months 360 356 301 298 with unrecognized gains 1,831 1,841 1,435 1,441 Total Municipal notes Level 2 3,002 2,999 3,478 3,464 $ 27,593 $ 27,617 $ 32,975 $ 32,815 We evaluate our securities for other-than-temporary impairment based on the specific facts and circumstances surrounding each security valued below its cost. Factors considered include the length of time the securities have been valued below cost, the financial condition of the issuer, industry reports related to the issuer, the severity of any decline, our intention not to sell the security, and our assessment as to whether it is not more likely than not that we will be required to sell the security before a recovery of its amortized cost basis. We then segregate the loss between the amounts representing a decrease in cash flows expected to be collected, or the credit loss, which is recognized through earnings, and the balance of the loss which is recognized through other comprehensive income. At September 30, 2016 , the fair market value of investment securities was $24,000 higher than their cost basis. As of September 30, 2016 , the adjustment to accumulated other comprehensive loss in consolidated equity for the temporary change in the value of securities reflected an increase in the market value of available-for-sale securities of $184,000 , which includes estimated taxes of $64,000 . As of September 30, 2016 , the Company’s gross unrealized holding income equaled $80,000 and gross unrealized holding losses equaled $56,000 . The following tables summarize the maturities, at par, of marketable securities as of: September 30, 2016 ($ in thousands) 2016 2017 2018 2019 Total Certificates of deposit $ 879 $ 531 $ 4,400 $ 169 $ 5,979 U.S. Treasury and agency notes — 1,234 579 138 1,951 Corporate notes — 5,207 7,723 3,240 16,170 Municipal notes — 840 1,705 415 2,960 $ 879 $ 7,812 $ 14,407 $ 3,962 $ 27,060 December 31, 2015 ($ in thousands) 2016 2017 2018 2019 Total Certificates of deposit $ 2,492 $ 631 $ 4,510 169 $ 7,802 U.S. Treasury and agency notes 100 759 579 188 1,626 Corporate notes 4,572 6,525 6,462 1,881 19,440 Municipal notes 995 940 1,455 — 3,390 $ 8,159 $ 8,855 $ 13,006 $ 2,238 $ 32,258 The Company’s investments in corporate notes are with companies that have an investment grade rating from Standard & Poor’s. |
Real Estate
Real Estate | 9 Months Ended |
Sep. 30, 2016 | |
Real Estate [Abstract] | |
Real Estate | REAL ESTATE ($ in thousands) September 30, 2016 December 31, 2015 Real estate development Mountain Village $ 125,176 $ 120,954 Centennial 87,986 84,194 Grapevine 22,404 18,285 Tejon Ranch Commerce Center 10,162 12,033 Real estate development 245,728 235,466 Real estate and improvements - held for lease, net Tejon Ranch Commerce Center 21,546 19,783 Rancho Santa Fe and Other 4,242 4,242 Real estate and improvements - held for lease 25,788 24,025 Less accumulated depreciation (2,368 ) (2,083 ) Real estate and improvements - held for lease, net $ 23,420 $ 21,942 |
Long-Term Water Assets
Long-Term Water Assets | 9 Months Ended |
Sep. 30, 2016 | |
Property, Plant and Equipment [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 incurred 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. 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. We also purchase water for 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, the remaining portion of which is held on our behalf by AVEK under an agreement where AVEK will return this water to us at a 1.5 to 1 factor. To date, 8,587 acre-feet of water has been returned and was placed in our Company water bank. We also have secured State Water Project, or SWP, entitlement under long-term SWP water contracts within the Tulare Lake Basin Water Storage District, or TLBWSD, and the Dudley-Ridge Water District, or DRWD, totaling 3,444 acre-feet of SWP entitlement annually, subject to annual SWP allocations. These contracts extend through 2035 and now have been transferred to AVEK for our use in the Antelope Valley. In 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 initial term of the water purchase agreement with Nickel runs to 2044 and includes a Company option to extend the contract for an additional 35 years . Purchase costs in 2016 were $695 per acre-foot. For future years, the purchase cost is subject to annual increases based on the greater of the consumer price index and 3% . The water purchased under the contract with Nickel is expected to 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. On August 6, 2015, Tejon Ranchcorp, or Ranchcorp, a wholly-owned subsidiary of Tejon Ranch Co., entered into a Water Supply Agreement with Pastoria Energy Facility, L.L.C., or PEF. PEF is the current lessee under the power plant lease. Pursuant to the Water Supply Agreement, beginning on January 1, 2016, PEF may purchase from Ranchcorp up to 2,000 acre feet of water and, from January 1, 2017 through July 31, 2030, with an option to extend the term, PEF may purchase from Ranchcorp up to 3,500 acre feet of water per year. PEF is under no obligation to purchase water from Ranchcorp in any year, but is required to pay Ranchcorp an annual option payment equal to 30% of the maximum annual payment. The price of the water under the Water Supply Agreement is $1,025 per acre foot of annual water, subject to 3% annual increases commencing January 1, 2017. The Water Supply Agreement contains other customary terms and conditions, including representations and warranties, which are typical for agreements of this type. The Company's commitments to sell water can be met through current water assets. During the nine months ended September 30, 2016 , we sold 7,285 acre feet of water totaling $9,601,000 with a cost of $5,925,000 , which was recorded in the mineral resources segment on the unaudited consolidated statements of operations. Water contracts with the Wheeler Ridge Maricopa Water Storage District, or WRMWSD, and the Tejon-Castac Water District, or TCWD, are also in place, but were entered into with each district at inception of the contract and not purchased later from third parties, and do not have a related financial carrying cost on the books of the Company. Therefore, there is no amortization expense related to these contracts. These contracts are also subject to annual SWP allocations. Water assets consist of the following: (in acre-feet, unaudited) September 30, 2016 December 31, 2015 Banked water and water for future delivery AVEK water bank 13,033 13,033 Company water bank 17,287 8,700 AVEK water for future delivery 2,362 2,362 Total Company and AVEK banked water 32,682 24,095 Transferable water* 9,061 14,786 Water Contracts - TLBWSD, DRWD 3,444 3,444 Water Contracts - Nickel Water 6,693 6,693 Total purchased water - third parties 51,880 49,018 WRMWSD - Contracts with Company 15,547 15,547 TCWD - Contracts with Company 5,749 5,749 TCWD - Banked water contracted to Company 33,390 34,496 Total purchased and contracted water sources in acre feet 106,566 104,810 *Any transferable water with AVEK that is used by the Company or returned by AVEK to the Company will be returned at a 1.5 to 1 factor giving the Company use of a total of 13,592 ( 9,061 x 1.5 ) acre feet as of September 30, 2016 . ($ in thousands) September 30, 2016 December 31, 2015 Banked water and water for future delivery $ 4,778 $ 4,779 Transferable water 9,076 9,117 Water contracts 30,248 31,261 Total long-term water assets 44,102 45,157 less: Current portion (1,351 ) (1,351 ) $ 42,751 $ 43,806 |
Accrued Liabilities and Other
Accrued Liabilities and Other | 9 Months Ended |
Sep. 30, 2016 | |
Payables and Accruals [Abstract] | |
Accrued Liabilities and Other | ACCRUED LIABILITIES AND OTHER Accrued liabilities and other consists of the following: ($ in thousands) September 30, 2016 December 31, 2015 Accrued vacation $ 832 $ 801 Accrued paid personal leave 565 585 Accrued bonus 1,717 1,549 Property tax payable 825 — Other 227 557 $ 4,166 $ 3,492 |
Line of Credit and Long-Term De
Line of Credit and Long-Term Debt | 9 Months Ended |
Sep. 30, 2016 | |
Debt Disclosure [Abstract] | |
Line of Credit and Long-Term Debt | LINE OF CREDIT AND LONG-TERM DEBT Debt consists of the following: ($ in thousands) September 30, 2016 December 31, 2015 Revolving line of credit $ 11,000 $ — Term Note 70,000 70,000 Promissory note 4,025 4,215 Total short-term and long-term debt 85,025 74,215 Less: line-of-credit and current maturities of long-term debt (14,346 ) (815 ) Less: deferred loan costs (165 ) (177 ) Long-term debt, less current portion $ 70,514 $ 73,223 On October 13, 2014, the Company, through its wholly-owned subsidiary Ranchcorp, as borrower, entered into an Amended and Restated Credit Agreement, a Term Note and a Revolving Line of Credit Note, with Wells Fargo, or collectively the Credit Facility. The Credit Facility amended and restated the Company's existing credit facility dated as of November 5, 2010 and extended on December 4, 2013. The Credit Facility added a $70,000,000 Term Note, to the existing $30,000,000 revolving line of credit, or RLC. Funds from the Term Note were used to finance the Company's purchase of DMB TMV LLC’s interest in Tejon Mountain Village LLC. Any future borrowings under the RLC will be used for ongoing working capital requirements and other general corporate purposes. To maintain availability of funds under the RLC, undrawn amounts under the RLC will accrue a commitment fee of 10 basis points per annum. The Company's ability to borrow additional funds in the future under the RLC is subject to compliance with certain financial covenants and making certain representations and warranties. As of September 30, 2016 and December 31, 2015 , the RLC had an outstanding balance of $11,000,000 and $0 , respectively. At the Company’s option, the interest rate on this line of credit can float at 1.50% over a selected LIBOR or can be fixed at 1.50% above LIBOR for a fixed rate term. During the term of the Credit Facility (which matures in September 2019 ), we can borrow at any time and partially or wholly repay any outstanding borrowings and then re-borrow, as necessary. The interest rate per annum applicable to the Term Note is LIBOR (as defined in the Term Note) plus a margin of 170 basis points. The interest rate for the term of the note has been fixed through the use of an interest rate swap at a rate of 4.11% . The Term Note requires interest only payments for the first two years of the term and thereafter requires monthly amortization payments pursuant to a schedule set forth in the Term Note, with the final outstanding principal amount due October 5, 2024. The Company may make voluntary prepayments on the Term Note at any time without penalty (excluding any applicable LIBOR or interest rate swap breakage costs). Each optional prepayment will be applied to reduce the most remote principal payment then unpaid. The Credit Facility is secured by the Company's farmland and farm assets, which include equipment, crops and crop receivables and the power plant lease and lease site, and related accounts and other rights to payment and inventory. The Credit Facility requires compliance with three financial covenants: (a) total liabilities divided by tangible net worth not greater than 0.75 to 1.0 at each quarter end; (b) a debt service coverage ratio not less than 1.25 to 1.00 as of each quarter end on a rolling four quarter basis; and (c) maintain liquid assets equal to or greater than $20,000,000 . At September 30, 2016 and December 31, 2015 , we were in compliance with all financial covenants. During the third quarter of 2013, we entered into a promissory note agreement with CMFG Life Insurance Company, to pay a principal amount of $4,750,000 with principal and interest due monthly starting on October 1, 2013. The interest rate on this promissory note is 4.25% per annum, with monthly principal and interest payments of $102,700 ending on September 1, 2028. The proceeds from this promissory note were used to eliminate debt that had been previously used to provide long-term financing for a building being leased to Starbucks and provide additional working capital for future investment. The current balance on the note is $4,025,000 . The balance of this long-term debt instrument listed above approximates the fair value of the instrument. |
Other Liabilities
Other Liabilities | 9 Months Ended |
Sep. 30, 2016 | |
Other Liabilities Disclosure [Abstract] | |
Other Liabilities | OTHER LIABILITIES Other liabilities consist of the following: ($ in thousands) September 30, 2016 December 31, 2015 Pension liability (See Note 13) $ 2,488 $ 2,263 Interest rate swap liability (See Note 10) 5,634 2,905 Supplemental executive retirement plan liability (See Note 13) 8,106 7,999 Other 203 84 Total $ 16,431 $ 13,251 For the captions presented in the table above, please refer to the respective Notes to Unaudited Consolidated Financial Statements for further detail. |
Stock Compensation - Restricted
Stock Compensation - Restricted Stock and Performance Share Grants | 9 Months Ended |
Sep. 30, 2016 | |
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 a service condition or through the achievement of performance-related objectives. The Company has issued three types of stock grant awards under these plans: restricted stock with service condition vesting; performance share grants that only vest upon the achievement of specified performance conditions, such as corporate cash flow goals, or Performance Condition Grants; and performance share grants that include threshold, target, and maximum achievement levels based on the achievement of specific performance milestones, or Performance Milestone Grants. The Company has also granted performance share grants that contain both performance-based and market-based conditions. Compensation cost for these awards is recognized based on either the achievement of the performance-based conditions, if they are considered probable, or if they are not considered probable, on the achievement of the market-based condition. Failure to satisfy the threshold performance conditions will result in the forfeiture of shares. Forfeiture of share awards with service conditions or performance-based restrictions results in a reversal of previously recognized share-based compensation expense. Forfeiture of share awards with market-based restrictions does not result in a reversal of previously recognized share-based compensation expense. The following is a summary of the Company's performance share grants with performance conditions for the nine months ended September 30, 2016 : Performance Share Grants with Performance Conditions Below threshold performance — Threshold performance 211,698 Target performance 389,357 Maximum performance 587,930 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: September 30, 2016 December 31, 2015 Stock grants outstanding beginning of the year at target achievement 272,353 237,045 New stock grants/additional shares due to maximum achievement 257,753 114,221 Vested grants (51,028 ) (52,436 ) Expired/forfeited grants (524 ) (26,477 ) Stock grants outstanding September 30, 2016 at target achievement 478,554 272,353 The unamortized costs associated with nonvested stock grants and the weighted-average period over which it is expected to be recognized as of September 30, 2016 were $3,739,716 and 20 months , respectively. The fair value of restricted stock with time-based vesting features is based upon the Company’s share price on the date of grant and is expensed over the service period. Fair value of performance share grants that cliff vest based on the achievement of performance conditions is based on the share price of the Company’s stock on the day of grant once the Company determines that it is probable that the award will vest. This fair value is expensed over the service period applicable to these grants. For performance share grants that contain a range of shares from zero to maximum we determine, based on historic and projected results, the probability of (1) achieving the performance objective, and (2) the level of achievement. Based on this information, we determine the fair value of the award and measure the expense over the service period related to these grants. Because the ultimate vesting of all performance share grants is tied to the achievement of a performance condition, we estimate whether the performance condition will be met and over what period of time. Ultimately, we adjust compensation cost according to the actual outcome of the performance condition. Under the Non-Employee Director Stock Incentive Plan, or NDSI Plan, each non-employee director receives his or her annual compensation in stock. The stock is granted at the end of each quarter based on the quarter ending stock price. The following table summarizes stock compensation costs for the Company's Employee 1998 Stock Incentive Plan, or the Employee Plan, and NDSI Plan for the following periods: ($ in thousands) Nine Months Ended September 30, Employee Plan: 2016 2015 Expensed $ 2,747 $ 2,321 Capitalized 211 121 2,958 2,442 NDSI Plan - Expensed 550 593 Total Stock Compensation Costs $ 3,508 $ 3,035 |
Interest Rate Swap Liability
Interest Rate Swap Liability | 9 Months Ended |
Sep. 30, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Interest Rate Swap Liability | INTEREST RATE SWAP LIABILITY During October 2014, the Company entered into an interest rate swap agreement to hedge cash flows tied to changes in the underlying floating interest rate tied to LIBOR for the Term Note as discussed in Note 7 (Line of Credit and Long-Term Debt) The ineffective portion of the change in fair value of our interest rate swap agreement is required to be recognized directly in earnings. During the quarter ended September 30, 2016 , our interest rate swap agreement was 100% effective; because of this, no hedge ineffectiveness was recognized in earnings. Changes in fair value, including accrued interest and adjustments for non-performance risk, on the effective portion of our interest rate swap agreements that are designated and that qualify as cash flow hedges are classified in accumulated other comprehensive income. Amounts classified in accumulated other comprehensive income are subsequently reclassified into earnings in the period during which the hedged transactions affect earnings. As of September 30, 2016 , the fair value of our interest rate swap agreement aggregating a liability balance was classified in other liabilities. We had the following outstanding interest rate swap agreement designated as a cash flow hedge of interest rate risk as of September 30, 2016 ($ in thousands): Effective Date Maturity Date Fair Value Hierarchy Weighted Average Interest Rate Fair Value Notional Amount October 15, 2014 October 5, 2024 Level 2 4.11% $(5,634) $70,000 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES For the nine months ended September 30, 2016 , the Company's income tax expense was $503,000 compared to an income tax expense of $464,000 for the nine months ended September 30, 2015 . These represent effective income tax rates of approximately 39% and 28% for the nine months ended September 30, 2016 and, 2015 , respectively. As of September 30, 2016 , we did not have income taxes payable. The Company classifies interest and penalties incurred on tax payments as income tax expense. During the nine months ended September 30, 2016 , the Company made $1,350,000 of income tax payments for the 2015 tax year. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES In 2016 , the Company paid $8,529,000 for water contracts. Water contract payments consist of SWP, contracts with WRMWDS, TCWD, TLBWSD, DRWD and the Nickel water contract. The SWP contracts run through 2035 and the Nickel water contract runs to 2044, with an option to extend an additional 35 years. As discussed in Note 5 (Long-Term Water Assets), 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 annually through the term of the contract. The Company is obligated to make payments of approximately $800,000 per year to the Tejon Ranch Conservancy as prescribed in the Conservation Agreement we entered into with five major environmental organizations in 2008. 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. These amounts are recorded in real estate development for the Centennial and Mountain Village at Tejon Ranch, or MV, projects. Our obligation under this commitment terminates at the end of 2021 . 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 $55,000,000 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 $65,000,000 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 landowner 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. As of September 30, 2016 , there were no additional improvement funds remaining from the West CFD bonds. During the first quarter of 2016, the East CFD reimbursed the Company approximately $4,162,000 for public infrastructure. After this payment, there is $13,923,000 in funds remaining in the East CFD improvement fund. There were no reimbursement payments made to the Company during the second or third quarters of 2016. During 2016, the Company paid approximately $1,292,425 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. This amount could change in the future based on the amount of bonds outstanding and the amount of taxes paid by new owners of land and new lease tenants. The assessment of each individual property sold or leased is not determinable at this time because it is based on the current tax rate and the assessed value of the property at the time of sale or on its assessed value at the time it is leased to a third-party. Accordingly, the Company is not currently required to recognize an obligation. 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 Ranchcorp's Tehachapi Uplands Multiple Species Habitat Conservation Plan, or TUMSHCP, and USFWS's issuance of an Incidental Take Permit, or ITP, to Ranchcorp for the take of federally listed species. The foregoing approvals authorize, among other things, removal of California condor habitat associated with Ranchcorp's potential future development of MV. 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 Ranchcorp will incur any damages from such a lawsuit. 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 orders in the late 1990s with respect to environmental conditions on the property currently leased to National. One order directs the Company's former tenant Lafarge Corporation (or Lafarge), the current tenant National, and the Company to clean up groundwater contamination on the leased property. Lafarge and National installed a groundwater cleanup system in 2003 and that system continues to operate. National and Lafarge have consolidated, closed, and capped cement kiln dust piles located on land leased from the Company. A second order directs National, Lafarge, and the Company to maintain and monitor the effectiveness of the cap. The Company is not aware of any failure by Lafarge or National to comply with directives of the RWQCB. Under current and prior leases, National and Lafarge are obligated to indemnify the Company for costs and liabilities arising out of their use of the leased premises. The Company believes that the matters described above are included within the scope of the National or Lafarge indemnity obligations. If 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 and there is no reasonable likelihood of continuing risk from this matter. 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 the first half of 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. In February 2015, more than 140 parties representing more than 99% of the current water use within the adjudication boundary agreed to a settlement. On March 4, 2015, the settling parties, including Tejon, submitted a Stipulation for Entry of Judgment and Physical Solution to the court for approval. On December 23, 2015, the court entered Judgment approving the Stipulation for Entry of Judgment and Physical Solution. The Company’s water supply plan for the Centennial project anticipated reliance on, among other sources, a certain quantity of groundwater underlying the Company’s lands in the Antelope Valley. The Company’s allocation in the Judgment is consistent with that amount. Prior to the Judgment becoming final, on February 19 and 22, 2016, several parties, including the Willis Class and Phelan Pinon Hills CSD, filed notices of appeal from the Judgment. Notwithstanding the appeals, the parties with assistance from the Court have begun establishment of the Watermaster and administration of the Physical Solution, consistent with the Judgment. Summary and Status of Kern 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 (collectively, “Central Delta”), filed a complaint in the Sacramento County Superior Court against the California Department of Water Resources, or 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 the Kern County Water Agency and in turn to the Kern Water Bank Authority, or 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 Central Delta in Kern County Superior Court on July 2, 2010, 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. This lawsuit has since been moved to the Sacramento County Superior Court. Another lawsuit was filed in Kern County Superior Court on June 3, 2010, by two districts adjacent to the KWB, namely Rosedale Rio Bravo and Buena Vista Water Storage Districts, or Rosedale, asserting that the remedial EIR did not adequately evaluate potential impacts arising from operations of the KWB, 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. This lawsuit has since been moved to the Sacramento County Superior Court. In an initial favorable ruling on January 25, 2013, the court determined that the challenges to the validity of the Monterey Amendments, including the transfer of the KWB, were not timely and were barred by the statutes of limitation, the doctrine of laches, and by the annual validating statute. The substantive hearing on the challenges to the EIR was held on January 31, 2014. On March 5, 2014 the court issued a decision, rejecting all of Central Delta’s California Environmental Quality Act, or CEQA, claims, except the Rosedale claim, joined by Central Delta, that the EIR did not adequately evaluate future impacts from operation of the KWB, in particular potential impacts on groundwater and water quality. On November 24, 2014, the court issued a writ of mandate that requires DWR to prepare a revised EIR regarding the Monterey Amendments evaluating the potential operational impacts of the KWB. The writ authorizes the continued operation of the KWB pending completion of the revised EIR subject to certain conditions including those described in an interim operating plan negotiated between the KWBA and Rosedale. The writ of mandate, as revised by the court, requires DWR to certify the revised EIR and file the return to the writ of mandate by September 28, 2016. On September 20, 2016 the Director of DWR (a) certified the Revised EIR as in compliance with CEQA, (b) adopted findings, a statement of overriding considerations, and a mitigation, monitoring and reporting program as required by CEQA, (c) made a new finding pertaining to carrying out the Monterey Amendments through continued use and operation of the KWB by the KWBA, and (d) caused a notice of determination to be filed with the Office of Planning and Resources of the State of California on September 22, 2016. On September 28, 2016, DWR filed with the Superior Court its return to the writ of mandate. The Superior Court has not scheduled a hearing on DWR’s return to the writ of mandate. To the extent that there may be an adverse outcome of the claims, the monetary value cannot be estimated at this time. On November 24, 2014, the court entered a judgment in the Central Delta case (1) dismissing the challenges to the validity of the Monterey Amendments and the transfer of the KWB in their entirety and (2) granting in part, and denying, in part, the CEQA petition for writ of mandate. Central Delta has appealed the judgment and the KWBA and certain other parties have filed a cross-appeal with regard to certain defenses to the CEQA cause of action. The appeals are pending in the California Court of Appeal. On December 3, 2014, the court entered judgment in the Rosedale case (i) in favor of Rosedale in the CEQA cause of action, and (ii) dismissing the declaratory relief cause of action. No appeal of the Rosedale judgment has been filed. Proceedings Incidental to Business From time to time, we are involved in other proceedings incidental to our business, including actions relating to employee claims, environmental law issues, real estate disputes, contractor disputes and grievance hearings before labor regulatory agencies. The outcome of these other proceedings is not predictable. However, based on current circumstances, we do not believe that the ultimate resolution of these other proceedings, after considering available defenses and any insurance coverage or indemnification rights, will have a material adverse effect on our financial position, results of operations or cash flows either individually or in the aggregate. |
Retirement Plans
Retirement Plans | 9 Months Ended |
Sep. 30, 2016 | |
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 $450,000 to the plan during 2016 . Plan assets consist of equity, debt and short-term money market investment funds. The plan’s current investment policy targets 65% equities, 25% debt and 10% money market funds. Equity and debt investment percentages are allowed to fluctuate plus or minus 20% to take advantage of market conditions. As an example, equities could fluctuate from 78% to 52% of plan assets. At September 30, 2016 , the investment mix was approximately 60% equity, 34% debt, and 6% money market funds. At December 31, 2015 , the investment mix was approximately 61% equity, 33% debt and 6% money market funds. Equity investments consist of a combination of individual equity securities plus value funds, growth funds, large cap funds and international stock funds. Debt investments consist of U.S. Treasury securities and investment grade corporate debt. The weighted-average discount rate used in determining the periodic pension cost is 4.6% in 2016 and 2015 . The expected long-term rate of return on plan assets is 7.5% in 2016 and 2015 . The long-term rate of return on plan assets is based on the historical returns within the plan and expectations for future returns. The expected total pension and retirement expense for the Benefit Plan was as follows: Nine Months Ended September 30, ($ in thousands) 2016 2015 Cost components: Service cost-benefits earned during the period $ (167 ) $ (199 ) Interest cost on projected benefit obligation (305 ) (350 ) Expected return on plan assets 387 462 Net amortization and deferral (138 ) (213 ) Total net periodic pension cost $ (223 ) $ (300 ) 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: Nine Months Ended September 30, ($ in thousands) 2016 2015 Cost components: Interest cost on projected benefit obligation (242 ) (208 ) Net amortization and deferral (257 ) (253 ) Total net periodic pension cost $ (499 ) $ (461 ) |
Business Segments
Business Segments | 9 Months Ended |
Sep. 30, 2016 | |
Segment Reporting [Abstract] | |
Business Segments | BUSINESS SEGMENTS We currently operate in five business segments: commercial/industrial real estate development, resort/residential real estate development, mineral resources, farming, and ranch operations. Commercial lease revenue consists of land and building leases to tenants at our commercial retail and industrial developments, base and percentage rents from our Pastoria Energy Facility power plant lease, communication tower rents, and payments from easement leases. The revenue components of the commercial/industrial real estate development segment were as follows: Three Months Ended September 30, Nine Months Ended September 30, ($ in thousands) 2016 2015 2016 2015 Pastoria Energy Facility Lease $ 967 $ 963 $ 2,698 $ 2,755 Commercial leases 881 766 2,687 2,167 Communication leases 205 196 599 588 Landscaping and other 168 176 550 680 Commercial/industrial revenues 2,221 2,101 6,534 6,190 Equity in earnings from unconsolidated joint ventures 2,353 2,055 5,650 4,861 Total commercial/industrial revenues and equity in earnings from unconsolidated joint ventures 4,574 4,156 12,184 11,051 Operating income from commercial/industrial and unconsolidated joint ventures $ 2,827 $ 2,557 $ 7,044 $ 6,167 The resort/residential real estate development segment is actively involved in the land entitlement and development process internally and through a joint venture. The segment incurs costs and expenses related to its development activities, but currently generates no revenue. The segment produced losses of $1,252,000 and $1,885,000 for the nine months ended September 30, 2016 and 2015, respectively. The segment produced losses of $323,000 and $558,000 for the quarters ended September 30, 2016 and 2015, respectively. The mineral resources segment receives oil and mineral royalties in addition to periodic reimbursable costs from lessors. The segment also generates revenues through water sales. The revenue components of the mineral resources segment were as follows: Three Months Ended September 30, Nine Months Ended September 30, ($ in thousands) 2016 2015 2016 2015 Oil and gas $ 394 $ 640 $ 1,163 $ 2,333 Water sales — — 9,601 10,165 Rock aggregate 306 282 813 629 Cement 367 373 996 916 Land lease for oil exploration 25 27 151 131 Reimbursable costs 33 — 328 — Total mineral resources revenues 1,125 1,322 13,052 14,174 Income from mineral resources $ 458 $ 716 $ 5,892 $ 7,151 The farming segment produces revenues from the sale of almonds, pistachios, wine grapes, and hay. The revenue components of the farming segment were as follows: Three Months Ended September 30, Nine Months Ended September 30, ($ in thousands) 2016 2015 2016 2015 Almonds $ 1,310 $ 3,687 $ 2,654 $ 7,066 Pistachios 5,745 2,136 6,003 2,899 Wine grapes 1,961 1,986 1,961 1,986 Hay and other 303 267 424 519 Total farming revenues 9,319 8,076 11,042 12,470 (Loss) income from farming $ 1,538 $ (47 ) $ 405 $ 760 Ranch operations consists of game management, ranch and property maintenance, and ancillary land uses such as grazing leases and filming. Within game management, we offer a wide variety of guided big game hunts including trophy Rocky Mountain elk, deer, turkey and wild pig. The revenue components of the ranch operations segment were as follows: Three Months Ended September 30, Nine Months Ended September 30, ($ in thousands) 2016 2015 2016 2015 Game management $ 258 $ 327 $ 1,110 $ 1,444 Grazing (8 ) 27 765 938 Filming and other 164 93 378 363 Total ranch operations revenues 414 447 2,253 2,745 (Loss) income from ranch operations $ (960 ) $ (1,227 ) $ (2,010 ) $ (1,941 ) |
Investment in Unconsolidated an
Investment in Unconsolidated and Consolidated Joint Ventures | 9 Months Ended |
Sep. 30, 2016 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investment in Unconsolidated and Consolidated Joint Ventures | INVESTMENT IN UNCONSOLIDATED AND CONSOLIDATED 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 or is a voting interest entity and is controlled by the Company. The Company’s investment in its unconsolidated joint ventures at September 30, 2016 was $32,255,000 . The equity in earnings of unconsolidated joint ventures was $2,353,000 and $5,650,000 for the three and nine months ended September 30, 2016 , respectively. 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 September 30, 2016 , the Company had an equity investment balance of $16,566,000 in this joint venture. • Majestic Realty Co. – Majestic Realty Co., or Majestic, is a privately-held developer and owner of master planned business parks in the United States. The Company partnered with Majestic to form two 50/50 joint ventures to acquire, develop, manage, and operate industrial real estate at TRCC. The partners have equal voting rights and equally share in the profit and loss of the joint venture. At September 30, 2016 , the Company's investment in these joint ventures was $1,888,000 , which includes our outside basis. ◦ In August 2016, we partnered with Majestic to form TRC-MRC 2, LLC to acquire, lease, and maintain a fully occupied warehouse at TRCC-West. The partnership acquired the 651,909 square foot building for $24,773,000 and was largely financed through a $21,080,000 promissory note guaranteed by both partners. The note matures in September 2020 and currently has an outstanding principal balance, less loan fees, of $20,926,000 . ◦ In September 2016, TRC-MRC 1, LLC was formed to develop and operate an approximately 480,480 square foot industrial building at TRCC-East. The joint venture is currently in the initial planning and design phase of the industrial building. • Rockefeller Joint Ventures – The Company has three joint ventures with Rockefeller Group Development Corporation or Rockefeller. At September 30, 2016 , the Company’s combined equity investment balance in these three joint ventures was $13,801,000 . ◦ 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 to Dollar General which has now been extended to April 2022, and includes an option to extend for an additional three years. For operating revenue, please see the following table. The Five West Parcel joint venture currently has an outstanding term loan with a balance of $10,385,000 that matures on May 5, 2022. The Company and Rockefeller guarantee the performance of the debt. 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. Both of these joint ventures are being accounted for under the equity method due to both members having significant participating rights in the management of the ventures. ◦ The third joint venture is the TRCC/Rock Outlet Center LLC joint venture that was formed during the second quarter of 2013 to develop, own, and manage a net leasable 326,000 square foot outlet center on land at TRCC-East. The cost of the outlet center was approximately $87,000,000 and was funded through a construction loan for up to 60% of the costs and the remaining 40% was through equity contributions from the two members. The Company controls 50% of the voting interests of TRCC/Rock Outlet Center LLC, thus it does not control by voting interest alone. The Company is the named managing member, as such we considered the presumption that a managing member controls the limited liability company. The managing member's responsibilities relate to the routine day-to-day activities of TRCC/Rock Outlet Center LLC. However, all operating decisions during development and operations, including the setting and monitoring of the budget, leasing, marketing, financing and selection of the contractor for any of the project's construction, are jointly made by both members of the joint venture. Therefore, the Company concluded that both members have significant participating rights that are sufficient to overcome the presumption of the Company controlling the joint venture through it being named the managing member. Therefore, the investment in TRCC/Rock Outlet Center LLC is being accounted for under the equity method. The TRCC/Rock Outlet Center LLC joint venture is separate from the aforementioned agreement to potentially develop up to 500 acres of land in TRCC. 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 September 30, 2016 , had an outstanding balance of $51,378,000 . The Company and Rockefeller guarantee the performance of the debt. • Centennial Founders, LLC – Centennial Founders, LLC is a joint venture with TRI Pointe Homes (formerly Pardee Homes), Lewis Investment Company, and CalAtlantic Group Inc. (formerly Standard Pacific Corp.) that was organized to pursue the entitlement and development of land that the Company owns in Los Angeles County. Based on the Second Amended and Restated Limited Liability Company Agreement of Centennial Founders, LLC and the change in control and funding that resulted from the amended agreement, Centennial Founders, LLC qualified as a VIE, beginning in the third quarter of 2009 and the Company was determined to be the primary beneficiary. As a result, Centennial Founders, LLC has been consolidated into our financial statements beginning in that quarter. Our partners retained a noncontrolling interest in the joint venture. At September 30, 2016 the Company had a 76.32% ownership position in Centennial Founders, LLC. The Company’s investment balance in its unconsolidated joint ventures differs from its respective capital accounts in the respective joint ventures. The differential represents the difference between the cost basis of assets contributed by the Company and the agreed upon contribution value of the assets contributed. Unaudited condensed balance sheet information of the Company’s unconsolidated and consolidated joint ventures as of September 30, 2016 and December 31, 2015 and unaudited condensed statements of operations for the nine months ended September 30, 2016 and 2015 are as follows: Statement of Operations for the nine months ended September 30, 2016 Unconsolidated Consolidated ($ in thousands) Petro Travel Plaza Holdings Majestic Rockefeller Total Centennial-VIE Revenues $ 76,277 $ 228 $ 9,222 $ 85,727 $ 311 Net income (loss) 9,067 (163 ) 583 9,487 (298 ) Partner’s share of net income (loss) 3,627 (82 ) 292 3,837 (17 ) Equity in earnings (loss) $ 5,440 $ (81 ) $ 291 $ 5,650 $ — Statement of Operations for the nine months ended September 30, 2015 Unconsolidated Consolidated ($ in thousands) Petro Travel Plaza Holdings Majestic Rockefeller Total Centennial-VIE Revenues $ 78,483 $ — $ 9,281 $ 87,764 $ 205 Net income (loss) 8,119 — (20 ) 8,099 (175 ) Partner’s share of net income (loss) 3,248 — (10 ) 3,238 (45 ) Equity in earnings (loss) $ 4,871 $ — $ (10 ) $ 4,861 $ — Balance Sheet Information as of September 30, 2016 Unconsolidated Consolidated ($ in thousands) Petro Travel Plaza Holdings Majestic Rockefeller Total Centennial-VIE Current assets $ 10,960 $ 219 $ 8,759 $ 19,938 $ 32 Real Estate 54,977 25,893 81,507 162,377 84,784 Other assets 166 (1,340 ) 18,154 16,980 3 Long-term debt (15,274 ) (20,926 ) (61,763 ) (97,963 ) — Other liabilities (2,552 ) (319 ) (1,418 ) (4,289 ) (590 ) Net assets $ 48,277 $ 3,527 $ 45,239 $ 97,043 $ 84,229 Balance Sheet Information as of December 31, 2015 Unconsolidated Consolidated ($ in thousands) Petro Travel Plaza Holdings Majestic Rockefeller Total Centennial-VIE Current assets $ 12,013 $ — $ 8,033 $ 20,046 $ 230 Real Estate 52,296 — 83,163 135,459 81,742 Other assets 264 — 20,011 20,275 9 Long-term debt (14,973 ) — (62,282 ) (77,255 ) — Other liabilities (2,890 ) — (1,181 ) (4,071 ) (754 ) Net assets $ 46,710 $ — $ 47,744 $ 94,454 $ 81,227 |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | RELATED PARTY TRANSACTIONS TCWD is a not-for-profit governmental entity, organized on December 28, 1965, pursuant to Division 13 of the Water Code, State of California. TCWD is a landowner voting district, which requires an elector, or voter, to be an owner of land located within the district. TCWD was organized to provide the water needs for future municipal and industrial development. The Company is the largest landowner and taxpayer within TCWD. The Company has a water service contract with TCWD that entitles us to receive all of TCWD’s State Water Project entitlement and all of TCWD’s banked water. TCWD is also entitled to make assessments of all taxpayers within the district, to the extent funds are required to cover expenses and to charge water users within the district for the use of water. From time to time, we transact with TCWD in the ordinary course of business. |
Equity (Tables)
Equity (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Stockholders' Equity Note [Abstract] | |
Schedule of weighted average number of shares outstanding | Diluted net income 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 September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Weighted average number of shares outstanding: Common stock 20,732,767 20,669,348 20,719,900 20,658,750 Common stock equivalents-stock options, grants 128,334 79,544 125,940 70,969 Diluted shares outstanding 20,861,101 20,748,892 20,845,840 20,729,719 |
Marketable Securities (Tables)
Marketable Securities (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
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) September 30, 2016 December 31, 2015 Marketable Securities: Fair Value Hierarchy Cost Estimated Fair Value Cost Estimated Fair Value Certificates of deposit with unrecognized losses for less than 12 months $ 40 $ 39 $ 4,810 $ 4,797 with unrecognized losses for more than 12 months — — 239 238 with unrecognized gains 5,969 5,995 2,800 2,805 Total Certificates of deposit Level 1 6,009 6,034 7,849 7,840 US Treasury and agency notes with unrecognized losses for less than 12 months — — 860 857 with unrecognized losses for more than 12 months — — — — with unrecognized gains 1,935 1,941 736 738 Total US Treasury and agency notes Level 2 1,935 1,941 1,596 1,595 Corporate notes with unrecognized losses for less than 12 months 5,595 5,575 14,638 14,516 with unrecognized losses for more than 12 months 1,461 1,439 2,080 2,061 with unrecognized gains 9,591 9,629 3,334 3,339 Total Corporate notes Level 2 16,647 16,643 20,052 19,916 Municipal notes with unrecognized losses for less than 12 months 811 802 1,742 1,725 with unrecognized losses for more than 12 months 360 356 301 298 with unrecognized gains 1,831 1,841 1,435 1,441 Total Municipal notes Level 2 3,002 2,999 3,478 3,464 $ 27,593 $ 27,617 $ 32,975 $ 32,815 |
Summary of maturities, at par, of marketable securities by year | The following tables summarize the maturities, at par, of marketable securities as of: September 30, 2016 ($ in thousands) 2016 2017 2018 2019 Total Certificates of deposit $ 879 $ 531 $ 4,400 $ 169 $ 5,979 U.S. Treasury and agency notes — 1,234 579 138 1,951 Corporate notes — 5,207 7,723 3,240 16,170 Municipal notes — 840 1,705 415 2,960 $ 879 $ 7,812 $ 14,407 $ 3,962 $ 27,060 December 31, 2015 ($ in thousands) 2016 2017 2018 2019 Total Certificates of deposit $ 2,492 $ 631 $ 4,510 169 $ 7,802 U.S. Treasury and agency notes 100 759 579 188 1,626 Corporate notes 4,572 6,525 6,462 1,881 19,440 Municipal notes 995 940 1,455 — 3,390 $ 8,159 $ 8,855 $ 13,006 $ 2,238 $ 32,258 |
Real Estate (Tables)
Real Estate (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Real Estate [Abstract] | |
Schedule of Real Estate | ($ in thousands) September 30, 2016 December 31, 2015 Real estate development Mountain Village $ 125,176 $ 120,954 Centennial 87,986 84,194 Grapevine 22,404 18,285 Tejon Ranch Commerce Center 10,162 12,033 Real estate development 245,728 235,466 Real estate and improvements - held for lease, net Tejon Ranch Commerce Center 21,546 19,783 Rancho Santa Fe and Other 4,242 4,242 Real estate and improvements - held for lease 25,788 24,025 Less accumulated depreciation (2,368 ) (2,083 ) Real estate and improvements - held for lease, net $ 23,420 $ 21,942 |
Long-Term Water Assets (Tables)
Long-Term Water Assets (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Property, Plant and Equipment [Abstract] | |
Components of water assets | Water assets consist of the following: (in acre-feet, unaudited) September 30, 2016 December 31, 2015 Banked water and water for future delivery AVEK water bank 13,033 13,033 Company water bank 17,287 8,700 AVEK water for future delivery 2,362 2,362 Total Company and AVEK banked water 32,682 24,095 Transferable water* 9,061 14,786 Water Contracts - TLBWSD, DRWD 3,444 3,444 Water Contracts - Nickel Water 6,693 6,693 Total purchased water - third parties 51,880 49,018 WRMWSD - Contracts with Company 15,547 15,547 TCWD - Contracts with Company 5,749 5,749 TCWD - Banked water contracted to Company 33,390 34,496 Total purchased and contracted water sources in acre feet 106,566 104,810 *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 13,592 ( 9,061 x 1.5 ) acre feet as of September 30, 2016 . ($ in thousands) September 30, 2016 December 31, 2015 Banked water and water for future delivery $ 4,778 $ 4,779 Transferable water 9,076 9,117 Water contracts 30,248 31,261 Total long-term water assets 44,102 45,157 less: Current portion (1,351 ) (1,351 ) $ 42,751 $ 43,806 |
Accrued Liabilities and Other (
Accrued Liabilities and Other (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Liabilities | Accrued liabilities and other consists of the following: ($ in thousands) September 30, 2016 December 31, 2015 Accrued vacation $ 832 $ 801 Accrued paid personal leave 565 585 Accrued bonus 1,717 1,549 Property tax payable 825 — Other 227 557 $ 4,166 $ 3,492 |
Line of Credit and Long-Term 29
Line of Credit and Long-Term Debt (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Debt Disclosure [Abstract] | |
Components of long-term debt | Debt consists of the following: ($ in thousands) September 30, 2016 December 31, 2015 Revolving line of credit $ 11,000 $ — Term Note 70,000 70,000 Promissory note 4,025 4,215 Total short-term and long-term debt 85,025 74,215 Less: line-of-credit and current maturities of long-term debt (14,346 ) (815 ) Less: deferred loan costs (165 ) (177 ) Long-term debt, less current portion $ 70,514 $ 73,223 |
Other Liabilities (Tables)
Other Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Other Liabilities Disclosure [Abstract] | |
Other Liabilities | Other liabilities consist of the following: ($ in thousands) September 30, 2016 December 31, 2015 Pension liability (See Note 13) $ 2,488 $ 2,263 Interest rate swap liability (See Note 10) 5,634 2,905 Supplemental executive retirement plan liability (See Note 13) 8,106 7,999 Other 203 84 Total $ 16,431 $ 13,251 |
Stock Compensation - Restrict31
Stock Compensation - Restricted Stock and Performance Share Grants (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
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 nine months ended September 30, 2016 : Performance Share Grants with Performance Conditions Below threshold performance — Threshold performance 211,698 Target performance 389,357 Maximum performance 587,930 |
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: September 30, 2016 December 31, 2015 Stock grants outstanding beginning of the year at target achievement 272,353 237,045 New stock grants/additional shares due to maximum achievement 257,753 114,221 Vested grants (51,028 ) (52,436 ) Expired/forfeited grants (524 ) (26,477 ) Stock grants outstanding September 30, 2016 at target achievement 478,554 272,353 |
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: ($ in thousands) Nine Months Ended September 30, Employee Plan: 2016 2015 Expensed $ 2,747 $ 2,321 Capitalized 211 121 2,958 2,442 NDSI Plan - Expensed 550 593 Total Stock Compensation Costs $ 3,508 $ 3,035 |
Interest Rate Swap Liability (T
Interest Rate Swap Liability (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Interest Rate Derivatives | We had the following outstanding interest rate swap agreement designated as a cash flow hedge of interest rate risk as of September 30, 2016 ($ in thousands): Effective Date Maturity Date Fair Value Hierarchy Weighted Average Interest Rate Fair Value Notional Amount October 15, 2014 October 5, 2024 Level 2 4.11% $(5,634) $70,000 |
Retirement Plans (Tables)
Retirement Plans (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Pension plan | |
Defined Benefit Plan Disclosure [Line Items] | |
Components of net periodic pension cost | The expected total pension and retirement expense for the Benefit Plan was as follows: Nine Months Ended September 30, ($ in thousands) 2016 2015 Cost components: Service cost-benefits earned during the period $ (167 ) $ (199 ) Interest cost on projected benefit obligation (305 ) (350 ) Expected return on plan assets 387 462 Net amortization and deferral (138 ) (213 ) Total net periodic pension cost $ (223 ) $ (300 ) |
SERP | |
Defined Benefit Plan Disclosure [Line Items] | |
Components of net periodic pension cost | The pension and retirement expense for the SERP was as follows: Nine Months Ended September 30, ($ in thousands) 2016 2015 Cost components: Interest cost on projected benefit obligation (242 ) (208 ) Net amortization and deferral (257 ) (253 ) Total net periodic pension cost $ (499 ) $ (461 ) |
Business Segments (Tables)
Business Segments (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Real estate - commercial/industrial | |
Segment Reporting Information [Line Items] | |
Components of segment revenues | The revenue components of the commercial/industrial real estate development segment were as follows: Three Months Ended September 30, Nine Months Ended September 30, ($ in thousands) 2016 2015 2016 2015 Pastoria Energy Facility Lease $ 967 $ 963 $ 2,698 $ 2,755 Commercial leases 881 766 2,687 2,167 Communication leases 205 196 599 588 Landscaping and other 168 176 550 680 Commercial/industrial revenues 2,221 2,101 6,534 6,190 Equity in earnings from unconsolidated joint ventures 2,353 2,055 5,650 4,861 Total commercial/industrial revenues and equity in earnings from unconsolidated joint ventures 4,574 4,156 12,184 11,051 Operating income from commercial/industrial and unconsolidated joint ventures $ 2,827 $ 2,557 $ 7,044 $ 6,167 |
Mineral resources | |
Segment Reporting Information [Line Items] | |
Components of segment revenues | The revenue components of the mineral resources segment were as follows: Three Months Ended September 30, Nine Months Ended September 30, ($ in thousands) 2016 2015 2016 2015 Oil and gas $ 394 $ 640 $ 1,163 $ 2,333 Water sales — — 9,601 10,165 Rock aggregate 306 282 813 629 Cement 367 373 996 916 Land lease for oil exploration 25 27 151 131 Reimbursable costs 33 — 328 — Total mineral resources revenues 1,125 1,322 13,052 14,174 Income from mineral resources $ 458 $ 716 $ 5,892 $ 7,151 |
Farming Segment | |
Segment Reporting Information [Line Items] | |
Components of segment revenues | The revenue components of the farming segment were as follows: Three Months Ended September 30, Nine Months Ended September 30, ($ in thousands) 2016 2015 2016 2015 Almonds $ 1,310 $ 3,687 $ 2,654 $ 7,066 Pistachios 5,745 2,136 6,003 2,899 Wine grapes 1,961 1,986 1,961 1,986 Hay and other 303 267 424 519 Total farming revenues 9,319 8,076 11,042 12,470 (Loss) income from farming $ 1,538 $ (47 ) $ 405 $ 760 |
Ranch operations | |
Segment Reporting Information [Line Items] | |
Components of segment revenues | The revenue components of the ranch operations segment were as follows: Three Months Ended September 30, Nine Months Ended September 30, ($ in thousands) 2016 2015 2016 2015 Game management $ 258 $ 327 $ 1,110 $ 1,444 Grazing (8 ) 27 765 938 Filming and other 164 93 378 363 Total ranch operations revenues 414 447 2,253 2,745 (Loss) income from ranch operations $ (960 ) $ (1,227 ) $ (2,010 ) $ (1,941 ) |
Investment in Unconsolidated 35
Investment in Unconsolidated and Consolidated Joint Ventures (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Condensed statements of operations and balance sheet information of consolidated and unconsolidated joint ventures | Unaudited condensed balance sheet information of the Company’s unconsolidated and consolidated joint ventures as of September 30, 2016 and December 31, 2015 and unaudited condensed statements of operations for the nine months ended September 30, 2016 and 2015 are as follows: Statement of Operations for the nine months ended September 30, 2016 Unconsolidated Consolidated ($ in thousands) Petro Travel Plaza Holdings Majestic Rockefeller Total Centennial-VIE Revenues $ 76,277 $ 228 $ 9,222 $ 85,727 $ 311 Net income (loss) 9,067 (163 ) 583 9,487 (298 ) Partner’s share of net income (loss) 3,627 (82 ) 292 3,837 (17 ) Equity in earnings (loss) $ 5,440 $ (81 ) $ 291 $ 5,650 $ — Statement of Operations for the nine months ended September 30, 2015 Unconsolidated Consolidated ($ in thousands) Petro Travel Plaza Holdings Majestic Rockefeller Total Centennial-VIE Revenues $ 78,483 $ — $ 9,281 $ 87,764 $ 205 Net income (loss) 8,119 — (20 ) 8,099 (175 ) Partner’s share of net income (loss) 3,248 — (10 ) 3,238 (45 ) Equity in earnings (loss) $ 4,871 $ — $ (10 ) $ 4,861 $ — Balance Sheet Information as of September 30, 2016 Unconsolidated Consolidated ($ in thousands) Petro Travel Plaza Holdings Majestic Rockefeller Total Centennial-VIE Current assets $ 10,960 $ 219 $ 8,759 $ 19,938 $ 32 Real Estate 54,977 25,893 81,507 162,377 84,784 Other assets 166 (1,340 ) 18,154 16,980 3 Long-term debt (15,274 ) (20,926 ) (61,763 ) (97,963 ) — Other liabilities (2,552 ) (319 ) (1,418 ) (4,289 ) (590 ) Net assets $ 48,277 $ 3,527 $ 45,239 $ 97,043 $ 84,229 Balance Sheet Information as of December 31, 2015 Unconsolidated Consolidated ($ in thousands) Petro Travel Plaza Holdings Majestic Rockefeller Total Centennial-VIE Current assets $ 12,013 $ — $ 8,033 $ 20,046 $ 230 Real Estate 52,296 — 83,163 135,459 81,742 Other assets 264 — 20,011 20,275 9 Long-term debt (14,973 ) — (62,282 ) (77,255 ) — Other liabilities (2,890 ) — (1,181 ) (4,071 ) (754 ) Net assets $ 46,710 $ — $ 47,744 $ 94,454 $ 81,227 |
Basis of Presentation (Details)
Basis of Presentation (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2015USD ($) | Sep. 30, 2016segment | Sep. 30, 2015USD ($) | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Number of reportable segments | segment | 5 | ||
Ranch operations | Revenue | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Prior period reclassification adjustment | $ 447 | $ 2,745 | |
Ranch operations | Expense | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Prior period reclassification adjustment | $ (1,674) | $ (4,686) |
Equity - Earnings Per Share (EP
Equity - Earnings Per Share (EPS) (Details) - $ / shares | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | Aug. 07, 2013 | |
Weighted average number of shares outstanding: | ||||||
Common stock | 20,732,767 | 20,669,348 | 20,719,900 | 20,658,750 | ||
Common stock equivalents-stock options, grants | 128,334 | 79,544 | 125,940 | 70,969 | ||
Diluted shares outstanding | 20,861,101 | 20,748,892 | 20,845,840 | 20,729,719 | ||
Class of Stock [Line Items] | ||||||
Common stock, par value per share (in dollars per share) | $ 0.50 | $ 0.50 | $ 0.50 | $ 0.50 | ||
Warrant | ||||||
Class of Stock [Line Items] | ||||||
Aggregate number of warrants | 3,000,000 | |||||
Number of securities called by warrants | 1 | |||||
Exercise price (in dollars per share) | $ 40 |
Marketable Securities - Summary
Marketable Securities - Summary of Available-for-sale Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Summary of available-for-sale securities | ||
Available-for-sale securities, Cost | $ 27,593 | $ 32,975 |
Available-for-sale securities, Estimated Fair Value | 27,617 | 32,815 |
Level 1 | Certificates of deposit | ||
Summary of available-for-sale securities | ||
Unrecognized losses for less than 12 months, Cost | 40 | 4,810 |
Unrecognized losses for more than 12 months, Cost | 0 | 239 |
Unrecognized gains, Cost | 5,969 | 2,800 |
Available-for-sale securities, Cost | 6,009 | 7,849 |
Unrecognized losses for less than 12 months, Estimated Fair Value | 39 | 4,797 |
Unrecognized losses for more than 12 months, Estimated Fair Value | 0 | 238 |
Unrecognized gains, Estimated Fair value | 5,995 | 2,805 |
Available-for-sale securities, Estimated Fair Value | 6,034 | 7,840 |
Level 2 | U.S. Treasury and agency notes | ||
Summary of available-for-sale securities | ||
Unrecognized losses for less than 12 months, Cost | 0 | 860 |
Unrecognized losses for more than 12 months, Cost | 0 | 0 |
Unrecognized gains, Cost | 1,935 | 736 |
Available-for-sale securities, Cost | 1,935 | 1,596 |
Unrecognized losses for less than 12 months, Estimated Fair Value | 0 | 857 |
Unrecognized losses for more than 12 months, Estimated Fair Value | 0 | 0 |
Unrecognized gains, Estimated Fair value | 1,941 | 738 |
Available-for-sale securities, Estimated Fair Value | 1,941 | 1,595 |
Level 2 | Corporate notes | ||
Summary of available-for-sale securities | ||
Unrecognized losses for less than 12 months, Cost | 5,595 | 14,638 |
Unrecognized losses for more than 12 months, Cost | 1,461 | 2,080 |
Unrecognized gains, Cost | 9,591 | 3,334 |
Available-for-sale securities, Cost | 16,647 | 20,052 |
Unrecognized losses for less than 12 months, Estimated Fair Value | 5,575 | 14,516 |
Unrecognized losses for more than 12 months, Estimated Fair Value | 1,439 | 2,061 |
Unrecognized gains, Estimated Fair value | 9,629 | 3,339 |
Available-for-sale securities, Estimated Fair Value | 16,643 | 19,916 |
Level 2 | Municipal notes | ||
Summary of available-for-sale securities | ||
Unrecognized losses for less than 12 months, Cost | 811 | 1,742 |
Unrecognized losses for more than 12 months, Cost | 360 | 301 |
Unrecognized gains, Cost | 1,831 | 1,435 |
Available-for-sale securities, Cost | 3,002 | 3,478 |
Unrecognized losses for less than 12 months, Estimated Fair Value | 802 | 1,725 |
Unrecognized losses for more than 12 months, Estimated Fair Value | 356 | 298 |
Unrecognized gains, Estimated Fair value | 1,841 | 1,441 |
Available-for-sale securities, Estimated Fair Value | $ 2,999 | $ 3,464 |
Marketable Securities - Additio
Marketable Securities - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Investments, Debt and Equity Securities [Abstract] | ||||
Fair market value of investment securities exceeds cost basis | $ 24 | $ 24 | ||
Changes in unrealized gains on available for sale securities, taxes | (57) | $ (21) | 184 | $ (78) |
Estimated taxes of change in value of available-for-sale securities | 64 | |||
Gross unrealized holding gains | 80 | 80 | ||
Gross unrealized holding losses | $ (56) | $ (56) |
Marketable Securities - Availab
Marketable Securities - Available-for-sale Securities by Maturities (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Summary of maturities, at par, of marketable securities | ||
2,016 | $ 879 | $ 8,159 |
2,017 | 7,812 | 8,855 |
2,018 | 14,407 | 13,006 |
2,019 | 3,962 | 2,238 |
Total | 27,060 | 32,258 |
Certificates of deposit | ||
Summary of maturities, at par, of marketable securities | ||
2,016 | 879 | 2,492 |
2,017 | 531 | 631 |
2,018 | 4,400 | 4,510 |
2,019 | 169 | 169 |
Total | 5,979 | 7,802 |
U.S. Treasury and agency notes | ||
Summary of maturities, at par, of marketable securities | ||
2,016 | 0 | 100 |
2,017 | 1,234 | 759 |
2,018 | 579 | 579 |
2,019 | 138 | 188 |
Total | 1,951 | 1,626 |
Corporate notes | ||
Summary of maturities, at par, of marketable securities | ||
2,016 | 0 | 4,572 |
2,017 | 5,207 | 6,525 |
2,018 | 7,723 | 6,462 |
2,019 | 3,240 | 1,881 |
Total | 16,170 | 19,440 |
Municipal notes | ||
Summary of maturities, at par, of marketable securities | ||
2,016 | 0 | 995 |
2,017 | 840 | 940 |
2,018 | 1,705 | 1,455 |
2,019 | 415 | 0 |
Total | $ 2,960 | $ 3,390 |
Real Estate (Details)
Real Estate (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Property, Plant and Equipment [Line Items] | ||
Real estate developments | $ 245,728 | $ 235,466 |
Real estate and improvements - held for lease | 25,788 | 24,025 |
Less accumulated depreciation | (2,368) | (2,083) |
Real estate and improvements - held for lease, net | 23,420 | 21,942 |
Mountain Village | ||
Property, Plant and Equipment [Line Items] | ||
Real estate developments | 125,176 | 120,954 |
Centennial | ||
Property, Plant and Equipment [Line Items] | ||
Real estate developments | 87,986 | 84,194 |
Grapevine | ||
Property, Plant and Equipment [Line Items] | ||
Real estate developments | 22,404 | 18,285 |
Tejon Ranch Commerce Center | ||
Property, Plant and Equipment [Line Items] | ||
Real estate developments | 10,162 | 12,033 |
Real estate and improvements - held for lease | 21,546 | 19,783 |
Rancho Santa Fe and Other | ||
Property, Plant and Equipment [Line Items] | ||
Real estate and improvements - held for lease | $ 4,242 | $ 4,242 |
Long-Term Water Assets - Additi
Long-Term Water Assets - Additional Information (Details) | Aug. 06, 2015USD ($)acre ft | Sep. 30, 2016USD ($)$ / acre ftacre ft | Dec. 31, 2013acre ft | Dec. 31, 2015acre ft | Dec. 31, 2009acre ft | Dec. 31, 2008acre ft |
Long Lived Assets Held For Sale [Line Items] | ||||||
Long-term water assets (volume) | 51,880 | 49,018 | ||||
Water assets sales price | $ | $ 9,601,000 | |||||
Water sold (volume) | 7,285 | |||||
Cost of purchased water | $ | $ 5,925,000 | |||||
Amortization expense | $ | $ 0 | |||||
AVEK | ||||||
Long Lived Assets Held For Sale [Line Items] | ||||||
AVEK water bank | 13,033 | 13,033 | 6,393 | 8,393 | ||
Transferable water with AVEK multiple | 1.5 | 1.5 | ||||
Water Returned (in acre feet) | 13,592 | 8,587 | ||||
AVEK water for future delivery | 2,362 | 2,362 | ||||
SWP water contracts | ||||||
Long Lived Assets Held For Sale [Line Items] | ||||||
AVEK water for future delivery | 3,444 | |||||
DMB | ||||||
Long Lived Assets Held For Sale [Line Items] | ||||||
Contract renewal optional term | 35 years | 35 years | ||||
Consumer price per acre | $ / acre ft | 695 | |||||
DMB | Maximum | ||||||
Long Lived Assets Held For Sale [Line Items] | ||||||
Annual fee increase, percent | 3.00% | |||||
DMB | Transferable water | ||||||
Long Lived Assets Held For Sale [Line Items] | ||||||
Long-term water assets (volume) | 6,693 | |||||
PEF | Transferable water | Ranchcorp | ||||||
Long Lived Assets Held For Sale [Line Items] | ||||||
Annual fee increase, percent | 3.00% | |||||
Annual option payment, percent | 30.00% | |||||
Water assets sales price | $ | $ 1,025 | |||||
PEF | Transferable water | Maximum | Ranchcorp | ||||||
Long Lived Assets Held For Sale [Line Items] | ||||||
Water assets, volume available for purchase in 2016 (up to) | 2,000 | |||||
Water assets, volume available for purchase from 2017-2030 (up to) | 3,500 |
Long-Term Water Assets - Volume
Long-Term Water Assets - Volume of Water Assets (Details) | Sep. 30, 2016acre ft | Dec. 31, 2015acre ft | Dec. 31, 2009acre ft | Dec. 31, 2008acre ft | |
Banked water and water for future delivery | |||||
Total purchased water - third parties | 51,880 | 49,018 | |||
Total purchased and contracted water sources in acre feet | 106,566 | 104,810 | |||
AVEK | |||||
Banked water and water for future delivery | |||||
AVEK water bank | 13,033 | 13,033 | 6,393 | 8,393 | |
Company water bank | 17,287 | 8,700 | |||
AVEK water for future delivery | 2,362 | 2,362 | |||
Banked water and water for future delivery | 32,682 | 24,095 | |||
Transferable water | [1] | 9,061 | 14,786 | ||
Water Returned (in acre feet) | 13,592 | 8,587 | |||
Transferable water with AVEK multiple | 1.5 | 1.5 | |||
TLBWSD, DRWD | |||||
Banked water and water for future delivery | |||||
Water contracts and purchased water | 3,444 | 3,444 | |||
Nickel Water | |||||
Banked water and water for future delivery | |||||
Water contracts and purchased water | 6,693 | 6,693 | |||
Wheeler Ridge Maricopa Water Storage District | |||||
Banked water and water for future delivery | |||||
Water contracts and purchased water | 15,547 | 15,547 | |||
Tejon-Castac Water District | |||||
Banked water and water for future delivery | |||||
Banked water and water for future delivery | 33,390 | 34,496 | |||
Water contracts and purchased water | 5,749 | 5,749 | |||
[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 13,592 (9,061 x 1.5) acre feet |
Long-Term Water Assets - Value
Long-Term Water Assets - Value of Water Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Components of water assets | ||
Total long-term assets | $ 44,102 | $ 45,157 |
less: Current portion | (1,351) | (1,351) |
Long-term water assets | 42,751 | 43,806 |
Banked water and water for future delivery | ||
Components of water assets | ||
Total long-term assets | 4,778 | 4,779 |
Transferable water | ||
Components of water assets | ||
Total long-term assets | 9,076 | 9,117 |
Water contracts | ||
Components of water assets | ||
Total long-term assets | $ 30,248 | $ 31,261 |
Accrued Liabilities and Other45
Accrued Liabilities and Other (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Payables and Accruals [Abstract] | ||
Accrued vacation | $ 832 | $ 801 |
Accrued paid personal leave | 565 | 585 |
Accrued bonus | 1,717 | 1,549 |
Property tax payable | 825 | 0 |
Other | 227 | 557 |
Total | $ 4,166 | $ 3,492 |
Line of Credit and Long-Term 46
Line of Credit and Long-Term Debt - Components of Debt (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Long-term debt consists of: | ||
Total short-term and long-term debt | $ 85,025 | $ 74,215 |
Less: line-of-credit and current maturities of long-term debt | (14,346) | (815) |
Less: deferred loan costs | (165) | (177) |
Long-term debt, less current portion | 70,514 | 73,223 |
Revolving line of credit | ||
Long-term debt consists of: | ||
Total short-term and long-term debt | 11,000 | 0 |
Term Note | ||
Long-term debt consists of: | ||
Total short-term and long-term debt | 70,000 | 70,000 |
Promissory note | ||
Long-term debt consists of: | ||
Total short-term and long-term debt | $ 4,025 | $ 4,215 |
Line of Credit and Long-Term 47
Line of Credit and Long-Term Debt - Line of Credit (Details) | Oct. 13, 2014 | Sep. 30, 2013USD ($) | Sep. 30, 2016USD ($)covenant | Dec. 31, 2015USD ($) |
Line of Credit Facility [Line Items] | ||||
Total short-term and long-term debt | $ 85,025,000 | $ 74,215,000 | ||
Selected LIBOR rate | ||||
Line of Credit Facility [Line Items] | ||||
Interest rate on line of credit, variable rate | 1.50% | |||
LIBOR for a fixed rate term | ||||
Line of Credit Facility [Line Items] | ||||
Interest rate on line of credit, variable rate | 1.50% | |||
Revolving line of credit | ||||
Line of Credit Facility [Line Items] | ||||
Total short-term and long-term debt | $ 11,000,000 | 0 | ||
Long-term debt | $ 0 | |||
Promissory note agreement | ||||
Line of Credit Facility [Line Items] | ||||
Long-term debt | 4,025,000 | |||
Debt instrument face amount | $ 4,750,000 | |||
Stated interest rate | 4.25% | |||
Periodic principal and interest payments | $ 102,700 | |||
Term Notes | ||||
Line of Credit Facility [Line Items] | ||||
Line of credit amount | $ 70,000,000 | |||
Interest pay rate | 4.11% | |||
Periodic payments, interest only period | 2 years | |||
Term Notes | Selected LIBOR rate | ||||
Line of Credit Facility [Line Items] | ||||
Interest rate on line of credit, variable rate | 1.70% | |||
Revolving line of credit | ||||
Line of Credit Facility [Line Items] | ||||
Line of credit amount | $ 30,000,000 | |||
Commitment fee percentage | 0.10% | |||
Number of debt covenants | covenant | 3 | |||
Minimum liquid assets | $ 20,000,000 | |||
Revolving line of credit | Maximum | ||||
Line of Credit Facility [Line Items] | ||||
Debt equity ratio | 0.75 | |||
Revolving line of credit | Minimum | ||||
Line of Credit Facility [Line Items] | ||||
Debt service coverage ratio | 1.25 |
Other Liabilities (Details)
Other Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Other Liabilities | ||
Interest rate swap liability | $ 5,634 | $ 2,905 |
Other | 203 | 84 |
Total | 16,431 | 13,251 |
Pension plan | ||
Other Liabilities | ||
Pension and supplemental executive retirement plan liability | 2,488 | 2,263 |
SERP | ||
Other Liabilities | ||
Pension and supplemental executive retirement plan liability | $ 8,106 | $ 7,999 |
Stock Compensation - Restrict49
Stock Compensation - Restricted Stock and Performance Share Grants - Additional Information (Details) | 9 Months Ended |
Sep. 30, 2016USD ($)award_type | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Number of types of stock grant awards | award_type | 3 |
Total compensation cost not yet recognized | $ | $ 3,739,716 |
Total compensation cost not yet recognized, period for recognition | 20 months |
Stock Compensation - Restrict50
Stock Compensation - Restricted Stock and Performance Share Grants - Performance Share Grants (Details) - Performance share grants | 9 Months Ended |
Sep. 30, 2016shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Below threshold performance ( in shares) | 0 |
Threshold performance (in shares) | 211,698 |
Target performance (in shares) | 389,357 |
Maximum performance (in shares) | 587,930 |
Stock Compensation - Restrict51
Stock Compensation - Restricted Stock and Performance Share Grants - Summary of Stock Grant Activity (Details) - Performance share grants - shares | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
Summary of stock grant activity: | ||
Stock grants outstanding beginning of the year at target achievement (in shares) | 272,353 | 237,045 |
New stock grants/additional shares due to maximum achievement (in shares) | 257,753 | 114,221 |
Vested grants (in shares) | (51,028) | (52,436) |
Expired/forfeited grants (in shares) | (524) | (26,477) |
Stock grants outstanding September 30, 2016 at target achievement (in shares) | 478,554 | 272,353 |
Stock Compensation - Restrict52
Stock Compensation - Restricted Stock and Performance Share Grants - Compensation Costs (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total Stock Compensation Costs | $ 3,508 | $ 3,035 |
1998 Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock compensation costs, expensed | 2,747 | 2,321 |
Stock compensation costs, capitalized | 211 | 121 |
Total Stock Compensation Costs | 2,958 | 2,442 |
NDSI Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock compensation costs, expensed | $ 550 | $ 593 |
Interest Rate Swap Liability (D
Interest Rate Swap Liability (Details) | 3 Months Ended |
Sep. 30, 2016USD ($) | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Hedge ineffectiveness | $ 0 |
Level 2 | Interest Rate Swap | |
Derivatives, Fair Value [Line Items] | |
Weighted Average Interest Rate | 4.11% |
Notional Amount | $ 70,000,000 |
Level 2 | Interest Rate Swap | Other Liabilities | |
Derivatives, Fair Value [Line Items] | |
Fair Value | $ (5,634,000) |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||||
Income tax expense | $ 271,000 | $ (434,000) | $ 503,000 | $ 464,000 | |
Effective income tax rate | 39.00% | 28.00% | |||
Income taxes payable | $ 0 | $ 0 | $ 1,237,000 | ||
Income taxes paid | $ 1,350,000 | $ 2,153,000 |
Commitments and Contingencies (
Commitments and Contingencies (Details) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Feb. 28, 2015participant | Sep. 30, 2016USD ($)aacre ft | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Sep. 30, 2016USD ($)afacilityacre ft | Sep. 30, 2015USD ($) | Dec. 31, 2013acre ft | Dec. 31, 2015acre ft | |
Loss Contingencies [Line Items] | ||||||||
Payments on water contracts | $ 8,529,000 | |||||||
Long-term water assets (volume) | acre ft | 51,880 | 51,880 | 49,018 | |||||
Estimated future payments | $ 800,000 | $ 800,000 | ||||||
Number of community facility districts | facility | 2 | |||||||
Letter of credit period | 2 years | |||||||
Letter of credit renewal period | 2 years | |||||||
Payments for (proceeds from) communities facilities district and other investing activities | $ 0 | $ 0 | $ (4,162,000) | $ 4,650,000 | $ 4,971,000 | |||
Special taxes paid | $ 1,292,000 | |||||||
Tejon-Castac Water District | Kern Water Bank Authority | ||||||||
Loss Contingencies [Line Items] | ||||||||
Percentage of interest rate held | 2.00% | 2.00% | ||||||
Antelope Valley Groundwater Cases | Settled Litigation | ||||||||
Loss Contingencies [Line Items] | ||||||||
Number of parties in agreement for settlement | participant | 140 | |||||||
Percentage of current water usage with the adjudication boundary (more than) | 99.00% | |||||||
West CFD | ||||||||
Loss Contingencies [Line Items] | ||||||||
Acres of land related to land liens | a | 420 | 420 | ||||||
Bond debt sold by TRPFFA | $ 28,620,000 | $ 28,620,000 | ||||||
Additional bond debt authorized to be sold in future | 0 | 0 | ||||||
Additional reimbursement funds | $ 0 | $ 0 | ||||||
East CFD | ||||||||
Loss Contingencies [Line Items] | ||||||||
Acres of land related to land liens | a | 1,931 | 1,931 | ||||||
Letters of credit outstanding amount | $ 55,000,000 | $ 55,000,000 | ||||||
Additional bond debt authorized to be sold in future | 65,000,000 | 65,000,000 | ||||||
Additional reimbursement funds | 13,923,000 | 13,923,000 | ||||||
Standby letter of credit | ||||||||
Loss Contingencies [Line Items] | ||||||||
Letters of credit outstanding amount | $ 5,426,000 | 5,426,000 | ||||||
Annual cost related to letter of credit | $ 83,000 | |||||||
DMB | ||||||||
Loss Contingencies [Line Items] | ||||||||
Contract renewal optional term | 35 years | 35 years | ||||||
Transferable water | DMB | ||||||||
Loss Contingencies [Line Items] | ||||||||
Long-term water assets (volume) | acre ft | 6,693 |
Retirement Plans - Additional I
Retirement Plans - Additional Information (Details) - Pension plan - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Service period | 5 years | ||
Estimated contribution to the pension plan | $ 450 | ||
Current investment policy targets: | |||
Current investment policy target percentage of fluctuation | 20.00% | ||
Assumptions used in determining periodic pension cost: | |||
Discount rate | 4.60% | 4.60% | |
Expected long-term rate of return on plan assets | 7.50% | 7.50% | |
Equities | |||
Current investment policy targets: | |||
Current investment policy target | 65.00% | ||
Current investment policy target, maximum | 78.00% | ||
Current investment policy target, minimum | 52.00% | ||
Current investment mix | 60.00% | 61.00% | |
Treasury/Corporate Notes | |||
Current investment policy targets: | |||
Current investment policy target | 25.00% | ||
Current investment mix | 34.00% | 33.00% | |
Money market funds | |||
Current investment policy targets: | |||
Current investment policy target | 10.00% | ||
Current investment mix | 6.00% | 6.00% |
Retirement Plans - Net Periodic
Retirement Plans - Net Periodic Pension Cost (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Pension plan | ||
Cost components: | ||
Service cost-benefits earned during the period | $ (167) | $ (199) |
Interest cost on projected benefit obligation | (305) | (350) |
Expected return on plan assets | 387 | 462 |
Net amortization and deferral | (138) | (213) |
Total net periodic pension cost | (223) | (300) |
SERP | ||
Cost components: | ||
Interest cost on projected benefit obligation | (242) | (208) |
Net amortization and deferral | (257) | (253) |
Total net periodic pension cost | $ (499) | $ (461) |
Business Segments - Additional
Business Segments - Additional Information (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2016USD ($)segment | Sep. 30, 2015USD ($) | |
Revenue from External Customer [Line Items] | ||||
Number of reportable segments | segment | 5 | |||
Total revenues | $ 13,079,000 | $ 11,946,000 | $ 32,881,000 | $ 35,579,000 |
Segment losses | 14,988,000 | 15,487,000 | 37,714,000 | 39,402,000 |
Operating Segments | Real estate - resort/residential | ||||
Revenue from External Customer [Line Items] | ||||
Total revenues | 0 | |||
Segment losses | $ 323,000 | $ 558,000 | $ 1,252,000 | $ 1,885,000 |
Business Segments - Revenue Com
Business Segments - Revenue Components of Real Estate Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Revenue from External Customer [Line Items] | ||||
Commercial/industrial revenues | $ 13,079 | $ 11,946 | $ 32,881 | $ 35,579 |
Equity in earnings of unconsolidated joint ventures, net | 2,353 | 2,055 | 5,650 | 4,861 |
Operating income from commercial/industrial and unconsolidated joint ventures | 588 | (1,245) | 1,287 | 1,631 |
Real estate - commercial/industrial | ||||
Revenue from External Customer [Line Items] | ||||
Equity in earnings of unconsolidated joint ventures, net | 2,353 | 2,055 | 5,650 | 4,861 |
Total commercial/industrial revenues and equity in earnings from unconsolidated joint ventures | 4,574 | 4,156 | 12,184 | 11,051 |
Operating income from commercial/industrial and unconsolidated joint ventures | 2,827 | 2,557 | 7,044 | 6,167 |
Operating Segments | Real estate - commercial/industrial | ||||
Revenue from External Customer [Line Items] | ||||
Commercial/industrial revenues | 2,221 | 2,101 | 6,534 | 6,190 |
Operating Segments | Real estate - commercial/industrial | Pastoria Energy Facility Lease | ||||
Revenue from External Customer [Line Items] | ||||
Commercial/industrial revenues | 967 | 963 | 2,698 | 2,755 |
Operating Segments | Real estate - commercial/industrial | Commercial leases | ||||
Revenue from External Customer [Line Items] | ||||
Commercial/industrial revenues | 881 | 766 | 2,687 | 2,167 |
Operating Segments | Real estate - commercial/industrial | Communication leases | ||||
Revenue from External Customer [Line Items] | ||||
Commercial/industrial revenues | 205 | 196 | 599 | 588 |
Operating Segments | Real estate - commercial/industrial | Landscaping and other | ||||
Revenue from External Customer [Line Items] | ||||
Commercial/industrial revenues | $ 168 | $ 176 | $ 550 | $ 680 |
Business Segments - Revenue C60
Business Segments - Revenue Components of Mineral Resources Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Revenue from External Customer [Line Items] | ||||
Commercial/industrial revenues | $ 13,079 | $ 11,946 | $ 32,881 | $ 35,579 |
Income (loss) | (1,765) | (3,300) | (4,363) | (3,230) |
Mineral resources | ||||
Revenue from External Customer [Line Items] | ||||
Income (loss) | 458 | 716 | 5,892 | 7,151 |
Operating Segments | Mineral resources | ||||
Revenue from External Customer [Line Items] | ||||
Commercial/industrial revenues | 1,125 | 1,322 | 13,052 | 14,174 |
Operating Segments | Mineral resources | Oil and gas | ||||
Revenue from External Customer [Line Items] | ||||
Commercial/industrial revenues | 394 | 640 | 1,163 | 2,333 |
Operating Segments | Mineral resources | Water sales | ||||
Revenue from External Customer [Line Items] | ||||
Commercial/industrial revenues | 0 | 0 | 9,601 | 10,165 |
Operating Segments | Mineral resources | Rock aggregate | ||||
Revenue from External Customer [Line Items] | ||||
Commercial/industrial revenues | 306 | 282 | 813 | 629 |
Operating Segments | Mineral resources | Cement | ||||
Revenue from External Customer [Line Items] | ||||
Commercial/industrial revenues | 367 | 373 | 996 | 916 |
Operating Segments | Mineral resources | Land lease for oil exploration | ||||
Revenue from External Customer [Line Items] | ||||
Commercial/industrial revenues | 25 | 27 | 151 | 131 |
Operating Segments | Mineral resources | Reimbursable costs | ||||
Revenue from External Customer [Line Items] | ||||
Commercial/industrial revenues | $ 33 | $ 0 | $ 328 | $ 0 |
Business Segments - Revenue C61
Business Segments - Revenue Components of Farming Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Revenue from External Customer [Line Items] | ||||
Commercial/industrial revenues | $ 13,079 | $ 11,946 | $ 32,881 | $ 35,579 |
Income (loss) | (1,765) | (3,300) | (4,363) | (3,230) |
Farming Segment | ||||
Revenue from External Customer [Line Items] | ||||
Income (loss) | 1,538 | (47) | 405 | 760 |
Operating Segments | Farming Segment | ||||
Revenue from External Customer [Line Items] | ||||
Commercial/industrial revenues | 9,319 | 8,076 | 11,042 | 12,470 |
Operating Segments | Farming Segment | Almonds | ||||
Revenue from External Customer [Line Items] | ||||
Commercial/industrial revenues | 1,310 | 3,687 | 2,654 | 7,066 |
Operating Segments | Farming Segment | Pistachios | ||||
Revenue from External Customer [Line Items] | ||||
Commercial/industrial revenues | 5,745 | 2,136 | 6,003 | 2,899 |
Operating Segments | Farming Segment | Wine Grapes | ||||
Revenue from External Customer [Line Items] | ||||
Commercial/industrial revenues | 1,961 | 1,986 | 1,961 | 1,986 |
Operating Segments | Farming Segment | Hay and other | ||||
Revenue from External Customer [Line Items] | ||||
Commercial/industrial revenues | $ 303 | $ 267 | $ 424 | $ 519 |
Business Segments - Revenue C62
Business Segments - Revenue Components of Ranch Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Revenue from External Customer [Line Items] | ||||
Total revenues | $ 13,079 | $ 11,946 | $ 32,881 | $ 35,579 |
Income (loss) | (1,765) | (3,300) | (4,363) | (3,230) |
Ranch operations | ||||
Revenue from External Customer [Line Items] | ||||
Income (loss) | (960) | (1,227) | (2,010) | (1,941) |
Operating Segments | Ranch operations | ||||
Revenue from External Customer [Line Items] | ||||
Total revenues | 414 | 447 | 2,253 | 2,745 |
Operating Segments | Ranch operations | Game management | ||||
Revenue from External Customer [Line Items] | ||||
Total revenues | 258 | 327 | 1,110 | 1,444 |
Operating Segments | Ranch operations | Grazing | ||||
Revenue from External Customer [Line Items] | ||||
Total revenues | (8) | 27 | 765 | 938 |
Operating Segments | Ranch operations | Filming and other | ||||
Revenue from External Customer [Line Items] | ||||
Total revenues | $ 164 | $ 93 | $ 378 | $ 363 |
Investment in Unconsolidated 63
Investment in Unconsolidated and Consolidated Joint Ventures - Investment Information (Details) | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2016USD ($)aft² | Aug. 31, 2016USD ($)ft² | Sep. 30, 2016USD ($)a | Sep. 30, 2015USD ($) | Jun. 30, 2013USD ($)ft²member | Sep. 30, 2016USD ($)aft²joint_venture | Sep. 30, 2015USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2013USD ($) | |
Schedule of Equity Method Investments [Line Items] | |||||||||
Investments in unconsolidated joint ventures | $ 32,255,000 | $ 32,255,000 | $ 32,255,000 | $ 30,680,000 | |||||
Equity in earnings (loss) | 2,353,000 | $ 2,055,000 | 5,650,000 | $ 4,861,000 | |||||
Summarized financial information, long-term debt | 97,963,000 | 97,963,000 | 97,963,000 | 77,255,000 | |||||
Promissory note agreement | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Debt instrument face amount | $ 4,750,000 | ||||||||
Line of Credit | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Summarized financial information, maximum borrowing capacity | $ 52,000,000 | $ 52,000,000 | $ 52,000,000 | ||||||
Petro Travel Plaza Holdings LLC | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Unconsolidated joint ventures, voting rights | 50.00% | ||||||||
Unconsolidated joint ventures, ownership interest | 60.00% | 60.00% | 60.00% | ||||||
Investment in unconsolidated joint ventures | $ 16,566,000 | $ 16,566,000 | $ 16,566,000 | ||||||
Summarized financial information, long-term debt | 15,274,000 | 15,274,000 | 15,274,000 | 14,973,000 | |||||
Majestic Realty Co. | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Investments in unconsolidated joint ventures | $ 24,773,000 | ||||||||
Investment in unconsolidated joint ventures | 1,888,000 | 1,888,000 | $ 1,888,000 | ||||||
Number of joint venture contracts | joint_venture | 2 | ||||||||
Area of building owned and leased | ft² | 651,909 | ||||||||
Summarized financial information, long-term debt | $ 20,926,000 | 0 | |||||||
Majestic Realty Co. | Promissory note agreement | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Debt instrument face amount | $ 21,080,000 | ||||||||
Rockefeller Joint Ventures | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Investment in unconsolidated joint ventures | 13,801,000 | 13,801,000 | $ 13,801,000 | ||||||
Number of joint venture contracts | joint_venture | 3 | ||||||||
Summarized financial information, long-term debt | $ 61,763,000 | $ 61,763,000 | $ 61,763,000 | $ 62,282,000 | |||||
Number of acres for development | a | 91 | ||||||||
Development of land in TRCC including pursuing foreign trade zone (up to) | a | 500 | 500 | 500 | ||||||
Five West Parcel | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Unconsolidated joint ventures, ownership interest | 50.00% | 50.00% | 50.00% | ||||||
Area of building owned and leased | ft² | 606,000 | ||||||||
Summarized financial information, long-term debt | $ 10,385,000 | $ 10,385,000 | $ 10,385,000 | ||||||
18-19 West LLC | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Unconsolidated joint ventures, ownership interest | 50.00% | 50.00% | 50.00% | ||||||
Number of acres for development | a | 61.5 | ||||||||
TRCC-East | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Area of building owned and leased | ft² | 480,480 | ||||||||
Number of acres for development | ft² | 326,000 | ||||||||
TRCC/Rock Outlet Center | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Investments in unconsolidated joint ventures | $ 87,000,000 | ||||||||
Unconsolidated joint ventures, voting rights | 50.00% | ||||||||
Summarized financial information, long-term debt | $ 51,378,000 | $ 51,378,000 | $ 51,378,000 | ||||||
Construction loan percent of costs | 60.00% | ||||||||
Equity contributions, percent | 40.00% | ||||||||
Number of members | member | 2 | ||||||||
Centennial | Primary Beneficiary | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Equity in earnings (loss) | $ 0 | $ 0 | |||||||
Consolidated joint venture, ownership interest | 76.32% | 76.32% | 76.32% | ||||||
Building Development | Rockefeller Joint Ventures | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Number of joint venture contracts | joint_venture | 2 |
Investment in Unconsolidated 64
Investment in Unconsolidated and Consolidated Joint Ventures - Condensed Statements of Operations and Balance Sheet Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Aug. 31, 2016 | Dec. 31, 2015 | |
Statement of Operations | ||||||
Revenues | $ 85,727 | $ 87,764 | ||||
Total revenues | $ 13,079 | $ 11,946 | 32,881 | 35,579 | ||
Net income (loss) | 9,487 | 8,099 | ||||
Net income (loss) | 317 | (811) | 784 | 1,167 | ||
Partner’s share of net income (loss) | 3,837 | 3,238 | ||||
Net income attributable to parent | 324 | (788) | 845 | 1,235 | ||
Equity in earnings (loss) | 5,650 | 4,861 | ||||
Equity in earnings of unconsolidated joint ventures, net | 2,353 | $ 2,055 | 5,650 | 4,861 | ||
Balance Sheet Information | ||||||
Current assets | 19,938 | 19,938 | $ 20,046 | |||
Current assets, consolidated | 51,132 | 51,132 | 48,893 | |||
Real Estate | 162,377 | 162,377 | 135,459 | |||
Real Estate, consolidated | 45,896 | 45,896 | 44,469 | |||
Other assets | 16,980 | 16,980 | 20,275 | |||
Long-term debt | (97,963) | (97,963) | (77,255) | |||
Other liabilities | (4,289) | (4,289) | (4,071) | |||
Net assets | 97,043 | 97,043 | 94,454 | |||
Petro Travel Plaza Holdings | ||||||
Statement of Operations | ||||||
Revenues | 76,277 | 78,483 | ||||
Net income (loss) | 9,067 | 8,119 | ||||
Partner’s share of net income (loss) | 3,627 | 3,248 | ||||
Equity in earnings (loss) | 5,440 | 4,871 | ||||
Balance Sheet Information | ||||||
Current assets | 10,960 | 10,960 | 12,013 | |||
Real Estate | 54,977 | 54,977 | 52,296 | |||
Other assets | 166 | 166 | 264 | |||
Long-term debt | (15,274) | (15,274) | (14,973) | |||
Other liabilities | (2,552) | (2,552) | (2,890) | |||
Net assets | 48,277 | 48,277 | 46,710 | |||
Majestic | ||||||
Statement of Operations | ||||||
Revenues | 228 | 0 | ||||
Net income (loss) | (163) | 0 | ||||
Partner’s share of net income (loss) | (82) | 0 | ||||
Equity in earnings (loss) | (81) | 0 | ||||
Balance Sheet Information | ||||||
Current assets | 219 | 219 | 0 | |||
Real Estate | 25,893 | 25,893 | 0 | |||
Other assets | (1,340) | (1,340) | 0 | |||
Long-term debt | $ (20,926) | 0 | ||||
Other liabilities | (319) | (319) | 0 | |||
Net assets | 3,527 | 3,527 | 0 | |||
Rockefeller | ||||||
Statement of Operations | ||||||
Revenues | 9,222 | 9,281 | ||||
Net income (loss) | 583 | (20) | ||||
Partner’s share of net income (loss) | 292 | (10) | ||||
Equity in earnings (loss) | 291 | (10) | ||||
Balance Sheet Information | ||||||
Current assets | 8,759 | 8,759 | 8,033 | |||
Real Estate | 81,507 | 81,507 | 83,163 | |||
Other assets | 18,154 | 18,154 | 20,011 | |||
Long-term debt | (61,763) | (61,763) | (62,282) | |||
Other liabilities | (1,418) | (1,418) | (1,181) | |||
Net assets | 45,239 | 45,239 | 47,744 | |||
Centennial-VIE | Primary Beneficiary | ||||||
Statement of Operations | ||||||
Total revenues | 311 | 205 | ||||
Net income (loss) | (298) | (175) | ||||
Net income attributable to parent | (17) | (45) | ||||
Equity in earnings of unconsolidated joint ventures, net | 0 | $ 0 | ||||
Balance Sheet Information | ||||||
Current assets, consolidated | 32 | 32 | 230 | |||
Real Estate, consolidated | 84,784 | 84,784 | 81,742 | |||
Other assets, consolidated | 3 | 3 | 9 | |||
Long-term debt, consolidated | 0 | 0 | 0 | |||
Other liabilities, consolidated | (590) | (590) | (754) | |||
Net assets, consolidated | $ 84,229 | $ 84,229 | $ 81,227 |