Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2022 | Apr. 30, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2022 | |
Document Transition Report | false | |
Entity File Number | 1-07183 | |
Entity Registrant Name | TEJON RANCH CO. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 77-0196136 | |
Entity Address, Address Line One | P.O. Box 1000 | |
Entity Address, City or Town | Tejon Ranch | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 93243 | |
City Area Code | 661 | |
Local Phone Number | 248-3000 | |
Title of 12(b) Security | Common Stock, $0.50 par value | |
Trading Symbol | TRC | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock Shares Outstanding | 26,481,691 | |
Entity Central Index Key | 0000096869 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
Current Fiscal Year End Date | --12-31 |
UNAUDITED CONSOLIDATED STATEMEN
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Costs and Expenses: | ||
Total expenses | $ 15,808 | $ 12,108 |
Operating income (loss) | 5,212 | (1,054) |
Other Income: | ||
Investment income | 17 | 7 |
Other income, net | 918 | 64 |
Total other income | 935 | 71 |
Income (loss) from operations before equity in earnings of unconsolidated joint ventures | 6,147 | (983) |
Equity in earnings (losses) of unconsolidated joint ventures, net | 1,213 | (59) |
Income (loss) before income tax expense | 7,360 | (1,042) |
Income tax expense | 3,046 | 21 |
Net income (loss) | 4,314 | (1,063) |
Net income (loss) attributable to non-controlling interest | 7 | (8) |
Net income (loss) attributable to common stockholders | $ 4,307 | $ (1,055) |
Net income (loss) per share attributable to common stockholders, basic (in dollars per share) | $ 0.16 | $ (0.04) |
Net income (loss) per share attributable to common stockholders, diluted (in dollars per share) | $ 0.16 | $ (0.04) |
Operating Segments | ||
Revenues: | ||
Total revenues | $ 21,020 | $ 11,054 |
Operating Segments | Real estate - commercial/industrial | ||
Revenues: | ||
Total revenues | 7,349 | 2,228 |
Costs and Expenses: | ||
Total expenses | 2,736 | 1,552 |
Other Income: | ||
Equity in earnings (losses) of unconsolidated joint ventures, net | 1,213 | (59) |
Operating Segments | Real estate - resort/residential | ||
Costs and Expenses: | ||
Total expenses | 423 | 553 |
Operating Segments | Mineral resources | ||
Revenues: | ||
Total revenues | 11,968 | 7,176 |
Costs and Expenses: | ||
Total expenses | 7,157 | 5,047 |
Operating income (loss) | 4,811 | 2,129 |
Operating Segments | Farming | ||
Revenues: | ||
Total revenues | 655 | 607 |
Costs and Expenses: | ||
Total expenses | 1,762 | 1,478 |
Operating income (loss) | (1,107) | (871) |
Operating Segments | Ranch operations | ||
Revenues: | ||
Total revenues | 1,048 | 1,043 |
Costs and Expenses: | ||
Total expenses | 1,315 | 1,187 |
Operating income (loss) | (267) | (144) |
Corporate expenses | ||
Costs and Expenses: | ||
Total expenses | $ 2,415 | $ 2,291 |
UNAUDITED CONSOLIDATED STATEM_2
UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | ||
Net income (loss) | $ 4,314 | $ (1,063) |
Other comprehensive (loss) gain: | ||
Unrealized loss on available-for-sale securities | (68) | (10) |
Unrealized gain on interest rate swap | 2,553 | 2,203 |
Other comprehensive gain before taxes | 2,485 | 2,193 |
Expense for income taxes related to other comprehensive income items | (695) | (613) |
Other comprehensive gain | 1,790 | 1,580 |
Comprehensive income | 6,104 | 517 |
Comprehensive income (loss) attributable to non-controlling interests | 7 | (8) |
Comprehensive income attributable to common stockholders | $ 6,097 | $ 525 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Current Assets: | ||
Cash and cash equivalents | $ 36,705 | $ 36,195 |
Marketable securities - available-for-sale | 19,537 | 10,983 |
Accounts receivable | 3,275 | 6,473 |
Inventories | 8,270 | 5,702 |
Prepaid expenses and other current assets | 4,235 | 3,619 |
Total current assets | 72,022 | 62,972 |
Real estate and improvements - held for lease, net | 17,207 | 17,301 |
Real estate development (includes $113,014 at March 31, 2022 and $112,063 at December 31, 2021, attributable to Centennial Founders, LLC, Note 15) | 321,449 | 319,030 |
Property and equipment, net | 51,426 | 50,699 |
Investments in unconsolidated joint ventures | 37,348 | 43,418 |
Net investment in water assets | 50,982 | 50,997 |
Other assets | 1,594 | 1,619 |
TOTAL ASSETS | 552,028 | 546,036 |
Current Liabilities: | ||
Trade accounts payable | 4,271 | 4,545 |
Accrued liabilities and other | 3,047 | 3,451 |
Deferred income | 2,543 | 1,907 |
Income Taxes Payable | 4,591 | 1,217 |
Current maturities of long-term debt | 4,531 | 4,475 |
Total current liabilities | 18,983 | 15,595 |
Long-term debt, less current portion | 47,001 | 48,155 |
Long-term deferred gains | 7,839 | 8,409 |
Deferred tax liability | 3,596 | 2,898 |
Other liabilities | 11,727 | 14,468 |
Total liabilities | 89,146 | 89,525 |
Commitments and contingencies | ||
Tejon Ranch Co. Stockholders’ Equity | ||
Issued and outstanding shares - 26,473,349 at March 31, 2022 and 26,400,921 at December 31, 2021 | 13,237 | 13,200 |
Additional paid-in capital | 345,166 | 344,936 |
Accumulated other comprehensive loss | (5,032) | (6,822) |
Retained earnings | 94,142 | 89,835 |
Total Tejon Ranch Co. Stockholders’ Equity | 447,513 | 441,149 |
Non-controlling interest | 15,369 | 15,362 |
Total equity | 462,882 | 456,511 |
TOTAL LIABILITIES AND EQUITY | $ 552,028 | $ 546,036 |
CONSOLIDATED BALANCE SHEETS (PA
CONSOLIDATED BALANCE SHEETS (PARENTHETICAL) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Real estate development | $ 321,449 | $ 319,030 |
Common stock, par value per share (in dollars per share) | $ 0.50 | $ 0.50 |
Common stock, authorized shares (in shares) | 30,000,000 | 30,000,000 |
Common stock, issued shares (in shares) | 26,473,349 | 26,400,921 |
Common stock, outstanding shares (in shares) | 26,473,349 | 26,400,921 |
Centennial | ||
Real estate development | $ 113,014 | $ 112,063 |
UNAUDITED CONSOLIDATED STATEM_3
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | ||
Operating Activities | |||
Net income (loss) | $ 4,314 | $ (1,063) | |
Adjustments to reconcile net income (loss) to net cash used by operating activities: | |||
Depreciation and amortization | 967 | 965 | |
Amortization of premium/discount of marketable securities | 40 | 11 | |
Equity in earnings of unconsolidated joint ventures, net | (1,213) | 59 | |
Non-cash retirement plan (benefit) expense | 26 | (25) | |
Profit from water sales | [1] | (734) | 0 |
Profit from land sales | [2] | (3,589) | 0 |
Gain on sale of property plant and equipment | (925) | (36) | |
Deferred income taxes | 0 | 0 | |
Stock compensation expense | 1,219 | 1,276 | |
Excess tax shortfall from stock-based compensation | 3 | 155 | |
Distribution of earnings from unconsolidated joint ventures | 4,931 | 163 | |
Changes in operating assets and liabilities: | |||
Receivables, inventories, prepaids and other assets, net | 553 | 946 | |
Current liabilities | 2,392 | 1,263 | |
Net cash provided by operating activities | 7,984 | 3,714 | |
Investing Activities | |||
Maturities and sales of marketable securities | 7,967 | 900 | |
Funds invested in marketable securities | (16,629) | (5,715) | |
Real estate and equipment expenditures | (4,432) | (5,218) | |
Proceeds from sale of real estate/assets | 0 | 45 | |
Investment in unconsolidated joint ventures | 0 | (500) | |
Distribution of equity from unconsolidated joint ventures | 2,631 | 462 | |
Proceeds from water sales | 1,723 | 0 | |
Investments in water assets | (941) | (1,653) | |
Net proceeds from land sales | 4,438 | 0 | |
Net cash used in investing activities | (5,243) | (11,679) | |
Financing Activities | |||
Repayments of long-term debt | (1,109) | (1,066) | |
Taxes on vested stock grants | (1,122) | (966) | |
Net cash used in financing activities | (2,231) | (2,032) | |
Increase (decrease) in cash and cash equivalents | 510 | (9,997) | |
Cash, cash equivalents, and restricted cash at beginning of period | 37,398 | 55,320 | |
Cash, cash equivalents, and restricted cash at end of period | 37,908 | 45,323 | |
Reconciliation to amounts on consolidated balance sheets: | |||
Cash and cash equivalents | 36,705 | 45,323 | |
Restricted cash (Shown in Other Assets) | 1,203 | 0 | |
Total cash, cash equivalents, and restricted cash | 37,908 | 45,323 | |
Non-cash investing activities | |||
Accrued capital expenditures included in current liabilities | (850) | (1,076) | |
Accrued long-term water assets included in current liabilities | $ (374) | $ 262 | |
[1] | In determining the classification of cash inflows and outflows related to water asset activity, the Company’s practices are supported by Accounting Standards Codification (“ASC”) 230-10-45-22, which provides that “Certain cash receipts and payments have aspects of more than one class of cash flows…. If so, the appropriate classification shall depend on the activity that is likely to be the predominant source of cash flows for the item.” Also, at the 2006 American Institution of Certified Public Accountants Conference on Current SEC and PCAOB Developments, the Securities and Exchange Commission, or SEC staff discussed that an entity should be consistent in how it classifies cash outflows and inflows related to an asset’s purchase and sale and noted that when cash flow classification is unclear, registrants must use judgment and analysis that considers the nature of the activity and the predominant source of cash flow for these items. Given the nature of our water assets and the aforementioned authoritative guidance, the Company estimates the appropriate classification of water assets purchased based on the timing of the sale of the water. Water purchased in prior periods that was classified as investing was sold for $1.7 million in 2022, this cash inflow is appropriately classified in the Company’s investing activities. The profit of $0.7 million related to the water purchased in prior periods is appropriately being deducted from operating activities for the current period. The Company has and will continue to apply this methodology to water asset transactions that meet this fact pattern. | ||
[2] | In determining the classification of cash inflows and outflows related to land development costs, the Company’s practices are supported by Accounting Standards Codification (“ASC”) 230-10-45-22, which provides that “Certain cash receipts and payments have aspects of more than one class of cash flows…. If so, the appropriate classification shall depend on the activity that is likely to be the predominant source of cash flows for the item.” Also, at the 2006 American Institution of Certified Public Accountants Conference on Current SEC and PCAOB Developments, the Securities and Exchange Commission, or SEC staff discussed that an entity should be consistent in how it classifies cash outflows and inflows related to an asset’s purchase and sale and noted that when cash flow classification is unclear, registrants must use judgment and analysis that considers the nature of the activity and the predominant source of cash flow for these items. Given the nature of our land development costs and the aforementioned authoritative guidance, the Company estimates the appropriate classification of land development costs based on the timing of the sale of land. Land development costs incurred during prior periods that were classified as investing were sold for $4.7 million in 2022, this cash inflow is appropriately classified in the Company’s investing activities. The profit of $3.6 million related to land development costs incurred in prior periods is appropriately being deducted from operating activities for the current period. The Company has and will continue to apply this methodology to land sale transactions that meet this fact pattern. |
UNAUDITED CONSOLIDATED STATEM_4
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022USD ($) | ||
Statement of Cash Flows [Abstract] | ||
Proceeds from sale of other investments | $ 1,723 | |
Profit from water sales | 734 | [1] |
Proceeds from water sales, investing | 4,700 | |
Profit from land sales | $ (3,589) | [2] |
[1] | In determining the classification of cash inflows and outflows related to water asset activity, the Company’s practices are supported by Accounting Standards Codification (“ASC”) 230-10-45-22, which provides that “Certain cash receipts and payments have aspects of more than one class of cash flows…. If so, the appropriate classification shall depend on the activity that is likely to be the predominant source of cash flows for the item.” Also, at the 2006 American Institution of Certified Public Accountants Conference on Current SEC and PCAOB Developments, the Securities and Exchange Commission, or SEC staff discussed that an entity should be consistent in how it classifies cash outflows and inflows related to an asset’s purchase and sale and noted that when cash flow classification is unclear, registrants must use judgment and analysis that considers the nature of the activity and the predominant source of cash flow for these items. Given the nature of our water assets and the aforementioned authoritative guidance, the Company estimates the appropriate classification of water assets purchased based on the timing of the sale of the water. Water purchased in prior periods that was classified as investing was sold for $1.7 million in 2022, this cash inflow is appropriately classified in the Company’s investing activities. The profit of $0.7 million related to the water purchased in prior periods is appropriately being deducted from operating activities for the current period. The Company has and will continue to apply this methodology to water asset transactions that meet this fact pattern. | |
[2] | In determining the classification of cash inflows and outflows related to land development costs, the Company’s practices are supported by Accounting Standards Codification (“ASC”) 230-10-45-22, which provides that “Certain cash receipts and payments have aspects of more than one class of cash flows…. If so, the appropriate classification shall depend on the activity that is likely to be the predominant source of cash flows for the item.” Also, at the 2006 American Institution of Certified Public Accountants Conference on Current SEC and PCAOB Developments, the Securities and Exchange Commission, or SEC staff discussed that an entity should be consistent in how it classifies cash outflows and inflows related to an asset’s purchase and sale and noted that when cash flow classification is unclear, registrants must use judgment and analysis that considers the nature of the activity and the predominant source of cash flow for these items. Given the nature of our land development costs and the aforementioned authoritative guidance, the Company estimates the appropriate classification of land development costs based on the timing of the sale of land. Land development costs incurred during prior periods that were classified as investing were sold for $4.7 million in 2022, this cash inflow is appropriately classified in the Company’s investing activities. The profit of $3.6 million related to land development costs incurred in prior periods is appropriately being deducted from operating activities for the current period. The Company has and will continue to apply this methodology to land sale transactions that meet this fact pattern. |
UNAUDITED CONSOLIDATED STATEM_5
UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY AND NONCONTROLLING INTERESTS - USD ($) $ in Thousands | Total | Total Stockholders' Equity | Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive (Loss) Income | Retained Earnings | Noncontrolling Interest |
Beginning balance (in shares) at Dec. 31, 2020 | 26,276,830 | ||||||
Beginning balance, value at Dec. 31, 2020 | $ 445,331 | $ 429,963 | $ 13,137 | $ 342,059 | $ (9,720) | $ 84,487 | $ 15,368 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income (loss) | (1,063) | (1,055) | (1,055) | (8) | |||
Other comprehensive income | 1,580 | 1,580 | 1,580 | ||||
Restricted stock issuance (in shares) | 117,943 | ||||||
Restricted stock issuance | 0 | $ 59 | (59) | ||||
Stock compensation | 1,266 | 1,266 | 1,266 | ||||
Shares withheld for taxes and tax benefit of vested shares (in shares) | (58,658) | ||||||
Shares withheld for taxes and tax benefit of vested shares | (966) | (966) | $ (29) | (937) | |||
Ending balance (in shares) at Mar. 31, 2021 | 26,336,115 | ||||||
Ending balance, value at Mar. 31, 2021 | 446,148 | 430,788 | $ 13,167 | 342,329 | (8,140) | 83,432 | 15,360 |
Beginning balance (in shares) at Dec. 31, 2021 | 26,400,921 | ||||||
Beginning balance, value at Dec. 31, 2021 | 456,511 | 441,149 | $ 13,200 | 344,936 | (6,822) | 89,835 | 15,362 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income (loss) | 4,314 | 4,307 | 4,307 | 7 | |||
Other comprehensive income | 1,790 | 1,790 | 1,790 | ||||
Restricted stock issuance (in shares) | 136,288 | ||||||
Restricted stock issuance | 0 | $ 68 | (68) | ||||
Stock compensation | 1,389 | 1,389 | 1,389 | ||||
Shares withheld for taxes and tax benefit of vested shares (in shares) | (63,860) | ||||||
Shares withheld for taxes and tax benefit of vested shares | (1,122) | (1,122) | $ (31) | (1,091) | |||
Ending balance (in shares) at Mar. 31, 2022 | 26,473,349 | ||||||
Ending balance, value at Mar. 31, 2022 | $ 462,882 | $ 447,513 | $ 13,237 | $ 345,166 | $ (5,032) | $ 94,142 | $ 15,369 |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
BASIS OF PRESENTATION | BASIS OF PRESENTATION The summarized information of Tejon Ranch Co. and its subsidiaries (the Company or Tejon), provided pursuant to Part I, Item 1 of Form 10-Q, is unaudited and reflects all adjustments which are, in the opinion of the Company’s management, necessary for a fair statement of the results for the interim period. All such adjustments are of a normal recurring nature. The Company has evaluated subsequent events through the date of issuance of its consolidated financial statements. The periods ended March 31, 2022 and December 31, 2021 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 March 31, 2022 and December 31, 2021 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 reportable segments are presented in its Consolidated Statements of Operations. The Company’s reportable segments follow the same accounting policies used for the Company’s consolidated financial statements. The Company uses segment profit or loss and equity in earnings of unconsolidated joint ventures as the primary measures 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, water activities, 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. Please refer to Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations for further discussion. 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, 2021. Restricted Cash Restricted cash is included in Prepaid expenses and other current assets within the Consolidated Balance Sheets and primarily relate to funds held in escrow. The Company had $1,203,000 of restricted cash as of March 31, 2022. Recent Accounting Pronouncements |
EQUITY
EQUITY | 3 Months Ended |
Mar. 31, 2022 | |
Stockholders' Equity Note [Abstract] | |
EQUITY | EQUITY Earnings Per Share (EPS) Basic net income (loss) per share attributable to common stockholders is based upon the weighted-average number of shares of common stock outstanding during the year. Diluted net income (loss) per share attributable to common stockholders is based upon the weighted average number of shares of common stock outstanding and the weighted average number of shares outstanding assuming the issuance of common stock upon exercise of stock options, warrants to purchase common stock, and the vesting of restricted stock grants per ASC Topic 260, “Earnings Per Share.” Three Months Ended March 31, 2022 2021 Weighted average number of shares outstanding: Common stock 26,431,989 26,313,722 Common stock equivalents 47,507 57,010 Diluted shares outstanding 26,479,496 26,370,732 |
MARKETABLE SECURITIES
MARKETABLE SECURITIES | 3 Months Ended |
Mar. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
MARKETABLE SECURITIES | MARKETABLE SECURITIES ASC Topic 320, “Investments – Debt and Equity Securities,” requires that an enterprise classify all debt securities as either held-to-maturity, trading or available-for-sale. The Company classifies its securities as available-for-sale and therefore is required to adjust securities to fair value at each reporting date. All costs and both realized and unrealized gains and losses on securities are determined on a specific identification basis. The following is a summary of available-for-sale securities at: ($ in thousands) March 31, 2022 December 31, 2021 Marketable Securities: Fair Value Cost Fair Value Cost Fair Value Certificates of deposit with unrealized losses for less than 12 months $ — $ — $ 401 $ 400 with unrealized gains 649 649 — — Total Certificates of deposit Level 1 649 649 401 400 U.S. Treasury and agency notes with unrealized losses for less than 12 months 4,637 4,616 1,360 1,358 Total U.S. Treasury and agency notes Level 2 4,637 4,616 1,360 1,358 Corporate notes with unrealized losses for less than 12 months 12,081 12,033 9,231 9,225 with unrealized losses for more than 12 months 595 589 — — with unrealized gains 1,500 1,500 — — Total Corporate notes Level 2 14,176 14,122 9,231 9,225 Municipal notes with unrealized losses for less than 12 months 152 150 — — Total Municipal notes Level 2 152 150 — — $ 19,614 $ 19,537 $ 10,992 $ 10,983 ASC Topic 326, "Financial Instruments - Credit Losses," requires the Company to use an allowance approach when recognizing credit loss for available-for-sale debt securities, measured as the difference between the security's amortized cost basis and the amount expected to be collected over the security's lifetime. Under this approach, at each reporting date, the Company records impairment related to credit losses through earnings offset with an allowance for credit losses, or ACL. At March 31, 2022, the Company has not recorded any credit losses. At March 31, 2022, the fair market value of marketable securities was $77,000 below their cost basis. The Company’s gross unrealized holding gains equaled zero and gross unrealized holding losses equaled $77,000. As of March 31, 2022, the adjustment to accumulated other comprehensive loss reflected a decline in market value of $68,000, including estimated taxes of $19,000. The Company elected to exclude applicable accrued interest from both the fair value and the amortized cost basis of the available-for-sale debt securities, and separately present the accrued interest receivable balance per ASC Topic 326. The accrued interest receivables balance totaled $71,000 as of March 31, 2022, and was included within the Prepaid expenses and other current assets line item of the Consolidated Balance Sheets. The Company elected not to measure an allowance for credit losses on accrued interest receivable as an allowance on possible uncollectible accrued interest is not warranted. U.S. Treasury and agency notes The unrealized losses on the Company's investments in U.S. Treasury and agency notes at March 31, 2022 and December 31, 2021 were caused by relative changes in interest rates since the time of purchase. The contractual cash flows for these securities are guaranteed by U.S. government agencies. The unrealized losses on these debt security holdings are a function of changes in investment spreads and interest rate movements and not changes in credit quality. As of March 31, 2022 and December 31, 2021, the Company did not intend to sell these securities and it is not more-likely-than-not that the Company would be required to sell these securities before recovery of their cost basis. Therefore, these investments did not require an ACL as of March 31, 2022 and December 31, 2021. Corporate notes The contractual terms of those investments do not permit the issuers to settle the securities at a price less than the amortized cost basis of the investments. The unrealized losses on corporate notes are a function of changes in investment spreads and interest rate movements and not changes in credit quality. The Company expects to recover the entire amortized cost basis of these securities. As of March 31, 2022 and December 31, 2021, the Company did not intend to sell these securities and it is not more-likely-than-not that the Company would be required to sell these securities before recovery of their cost basis. Therefore, these investments did not require an ACL as of March 31, 2022 and December 31, 2021. The following tables summarize the maturities, at par, of marketable securities as of: March 31, 2022 ($ in thousands) 2022 2023 Total Certificates of deposit $ 649 $ — $ 649 U.S. Treasury and agency notes 3,618 1,000 4,618 Corporate notes 7,527 6,575 14,102 $ 11,794 $ 7,575 $ 19,369 December 31, 2021 ($ in thousands) 2022 2023 Total Certificates of deposit $ 400 $ — $ 400 U.S. Treasury and agency notes 855 500 1,355 Corporate notes 8,925 250 9,175 $ 10,180 $ 750 $ 10,930 The Company’s investments in corporate notes are with companies that have an investment grade rating from Standard & Poor’s as of March 31, 2022. |
REAL ESTATE
REAL ESTATE | 3 Months Ended |
Mar. 31, 2022 | |
Real Estate [Abstract] | |
REAL ESTATE | REAL ESTATE Our accumulated real estate development costs by project consisted of the following: ($ in thousands) March 31, 2022 December 31, 2021 Real estate development Mountain Village $ 151,409 $ 150,668 Centennial 113,014 112,063 Grapevine 38,149 37,922 Tejon Ranch Commerce Center 18,877 18,377 Real estate development $ 321,449 $ 319,030 Real estate and improvements - held for lease Tejon Ranch Commerce Center $ 20,590 $ 20,595 Less accumulated depreciation (3,383) (3,294) Real estate and improvements - held for lease, net $ 17,207 $ 17,301 |
LONG-TERM WATER ASSETS
LONG-TERM WATER ASSETS | 3 Months Ended |
Mar. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
LONG-TERM WATER ASSETS | LONG-TERM WATER ASSETS Long-term water assets consist of water and water contracts held for future use or sale. The water is held at cost, which includes the price paid for the water and the cost to pump and deliver the water from the California aqueduct into the water bank. Water is currently held in a water bank on Company land in southern Kern County and by the Tejon-Castac Water District (TCWD) in the Kern Water Banks. The Company has secured State Water Project, or SWP, entitlements under long-term SWP water contracts within the Tulare Lake Basin Water Storage District, or Tulare Lake Basin, and the Dudley-Ridge Water District, or Dudley-Ridge, totaling 3,444 acre-feet of SWP entitlement annually, subject to SWP allocations. These contracts extend through 2035 and have been transferred to the Antelope Valley East Kern Water Agency, or AVEK, for the Company's use in the Antelope Valley. In 2013, the Company acquired a contract to purchase water that obligates the Company to purchase 6,693 acre-feet of water each year from 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. The purchase cost of water in 2022 is $861 per acre-foot. The purchase cost is subject to annual cost increases based on the greater of the consumer price index or 3%. Water assets will ultimately be sold to water districts servicing the Company’s commercial/industrial and resort/residential real estate developments, and for the Company's own use in its agricultural operations. Interim uses may include the sale of the temporary “right-of-use” of portions of this water to third-party users on an annual basis until this water is fully allocated to Company uses, as previously described. Water revenues and cost of sales were as follows ($ in thousands): March 31, 2022 March 31, 2021 Acre-Feet Sold 6,970 5,881 Revenues $ 10,157 $ 6,252 Cost of sales 6,345 4,351 Profit $ 3,812 $ 1,901 The costs assigned to water assets held for future use were as follows ($ in thousands): March 31, 2022 December 31, 2021 Banked water and water for future delivery $ 23,855 $ 25,020 Transferable water 4,370 2,879 Total water held for future use at cost $ 28,225 $ 27,899 Intangible Water Assets The Company’s carrying amounts of its purchased water contracts were as follows ($ in thousands): March 31, 2022 December 31, 2021 Costs Accumulated Depreciation Costs Accumulated Depreciation Dudley-Ridge water rights $ 11,581 $ (5,428) $ 11,581 $ (5,307) Nickel water rights 18,740 (5,408) 18,740 (5,247) Tulare Lake Basin water rights 6,479 (3,207) 6,479 (3,148) $ 36,800 $ (14,043) $ 36,800 $ (13,702) Net cost of purchased water contracts 22,757 23,098 Total cost water held for future use 28,225 27,899 Net investments in water assets $ 50,982 $ 50,997 Water contracts with the Wheeler Ridge Maricopa Water Storage District, or WRMWSD, and TCWD are also in place, but were entered into with each district at the inception of the respective contracts, were not purchased later from third parties, and do not have a related financial value on the books of the Company. Therefore, there is no amortization expense related to these contracts. Total water resources, including both recurring and one-time usage, are: (in acre-feet, unaudited) March 31, 2022 December 31, 2021 Water held for future use TCWD - Banked water owned by the Company 55,227 56,189 Company water bank 50,349 50,349 Water available for banking, sales, or internal use 5,504 4,203 Total water held for future use 111,080 110,741 Purchased water contracts Water Contracts (Dudley-Ridge, Nickel and Tulare) 10,137 10,137 WRMWSD - Contracts with the Company 15,547 15,547 TCWD - Contracts with the Company 5,749 5,749 Total purchased water contracts 31,433 31,433 Total water held for future use and purchased water contracts 142,513 142,174 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, in 2015. PEF is a current lessee of the Company in a land lease for the operation of a power plant. Pursuant to the Water Supply Agreement, PEF may purchase from the Company up to 3,500 acre-feet of water per year until July 31, 2030, with an option to extend the term. PEF is under no obligation to purchase water from the Company in any year but is required to pay the Company an annual option payment equal to 30% of the maximum annual payment. The price of the water under the Water Supply Agreement for 2022 is $1,224 per acre-foot, subject to 3% annual increases over the life of the contract. The Water Supply Agreement contains other customary terms and conditions, including representations and warranties that are typical for agreements of this type. The Company's commitments to sell water can be met through current water assets. |
ACCRUED LIABILITIES AND OTHER
ACCRUED LIABILITIES AND OTHER | 3 Months Ended |
Mar. 31, 2022 | |
Payables and Accruals [Abstract] | |
ACCRUED LIABILITIES AND OTHER | ACCRUED LIABILITIES AND OTHER Accrued liabilities and other consisted of the following: ($ in thousands) March 31, 2022 December 31, 2021 Accrued vacation $ 801 $ 782 Accrued paid personal leave 364 356 Accrued bonus 530 2,062 Property tax payable 1 1,317 — Other 35 251 $ 3,047 $ 3,451 1 California property taxes are accrued throughout the year and are paid every April and December. |
LINE OF CREDIT AND LONG-TERM DE
LINE OF CREDIT AND LONG-TERM DEBT | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
LINE OF CREDIT AND LONG-TERM DEBT | LINE OF CREDIT AND LONG-TERM DEBT Debt consisted of the following: ($ in thousands) March 31, 2022 December 31, 2021 Notes payable $ 51,674 $ 52,784 Less: line-of-credit and current maturities of long-term debt (4,531) (4,475) Less: deferred loan costs (142) (154) Long-term debt, less current portion $ 47,001 $ 48,155 |
OTHER LIABILITIES
OTHER LIABILITIES | 3 Months Ended |
Mar. 31, 2022 | |
Other Liabilities Disclosure [Abstract] | |
OTHER LIABILITIES | OTHER LIABILITIES Other liabilities consisted of the following: ($ in thousands) March 31, 2022 December 31, 2021 Pension liability $ 136 $ 185 Interest rate swap liability (Note 10) 535 3,088 Supplemental executive retirement plan liability 7,789 7,847 Excess joint venture distributions and other 3,267 3,348 Total $ 11,727 $ 14,468 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 | 3 Months Ended |
Mar. 31, 2022 | |
Share-based Payment Arrangement [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 share price, or as Performance Condition Grants; and performance share grants that include threshold, target, and maximum achievement levels based on the achievement of specific performance measures, or Performance Milestone Grants. Performance Condition Grants with market-based conditions are based on the achievement of a target share price. The share price used to calculate vesting for market-based awards is determined using a Monte Carlo simulation. Failure to achieve the target share price will result in the forfeiture of shares. Forfeiture of share awards with service conditions or performance-based restrictions will result in a reversal of previously recognized share-based compensation expense. Forfeiture of share awards with market-based restrictions do not result in a reversal of previously recognized share-based compensation expense. The following is a summary of the Company’s Performance Condition Grants as of the three months ended March 31, 2022: Performance Condition Grants Threshold performance — Target performance 453,747 Maximum performance 342,411 The following is a summary of the Company’s stock grant activity, both time and performance share grants, assuming target achievement for outstanding performance grants for the three months ended March 31, 2022: March 31, 2022 Stock Grants Outstanding Beginning of Period at Target Achievement 683,645 New Stock Grants/Additional Shares due to Achievement in Excess of Target 60,078 Vested Grants (128,893) Expired/Forfeited Grants (14,291) Stock Grants Outstanding End of Period at Target Achievement 600,539 The following is a summary of the assumptions used to determine the price for the Company’s market-based Performance Condition Grants for the three months ended March 31, 2022: ($ in thousands except for share prices) Grant date 12/12/2019 03/11/2020 12/11/2020 03/18/2021 12/16/2021 03/17/2022 Vesting end 12/31/2022 12/31/2022 12/31/2023 03/18/2024 12/16/2024 03/17/2025 Share price at target achievement $18.80 $16.36 $17.07 $20.02 $21.58 $20.43 Expected volatility 17.28% 18.21% 29.25% 30.30% 31.29% 31.54% Risk-free interest rate 1.69% 0.58% 0.19% 0.33% 0.92% 2.13% Simulated Monte Carlo share price $11.95 $5.87 $15.59 $18.82 $21.48 $21.75 Shares granted 6,327 81,716 3,628 10,905 3,536 13,338 Total fair value of award $76 $480 $57 $205 $76 $290 The unamortized cost associated with unvested stock grants and the weighted average period over which it is expected to be recognized as of March 31, 2022 were $3,031,000 and 12 months, respectively. The fair value of restricted stock with time-based vesting features is based upon the Company’s share price on the date of grant and is expensed over the service period. The fair value of performance grants that cliff vest based on the achievement of performance conditions is based on the share price of the Company’s stock on the day of grant once the Company determines that it is probable that the award will vest. This fair value is expensed over the service period applicable to these grants. For performance grants that contain a range of shares from zero to a maximum, the Company determined, based on historic and projected results, the probability of (1) achieving the performance objective and (2) the level of achievement. Based on this information, the Company determines the fair value of the award and measures the expense over the service period related to these grants. Because the ultimate vesting of all performance grants is tied to the achievement of a performance condition, the Company estimates whether the performance condition will be met and over what period of time. Ultimately, the Company will adjust stock compensation costs according to the actual outcome of the performance condition. Under the Non-Employee Director Stock Incentive Plan, or NDSI Plan, each non-employee director receives a portion of his or her annual compensation in stock. The stock is granted at the end of each quarter based on the quarter-end stock price. The following table summarizes stock compensation costs for the Company's 1998 Stock Incentive Plan, or the Employee Plan, and NDSI Plan for the following periods: ($ in thousands) Three Months Ended March 31, Employee Plan: 2022 2021 Expensed $ 1,067 $ 1,146 Capitalized 170 (10) 1,237 1,136 NDSI Plan - Expensed 152 130 Total Stock Compensation Costs $ 1,389 $ 1,266 |
INTEREST RATE SWAP
INTEREST RATE SWAP | 3 Months Ended |
Mar. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
INTEREST RATE SWAP | INTEREST RATE SWAP In October 2014, the Company entered into an interest rate swap agreement to reduce its exposure to fluctuations in the floating interest rate tied to the London Inter-Bank Offered Rate, or LIBOR, under the term note with Wells Fargo, or the Term Note, as discussed within the Capital Structure and Financial Condition section of Management's Discussion and Analysis of Financial Condition and Results of Operations. On June 21, 2019, the Company amended the interest rate swap agreement to continue to hedge a portion of its exposure to interest rate risk from the Term Note, and, subsequently, the Amended Term Note. The original hedging relationship was de-designated, and the amended interest rate swap was re-designated simultaneously. The amended interest rate swap qualified as an effective cash flow hedge at the initial assessment, based upon a regression analysis, and is recorded at fair value. During the quarter ended March 31, 2022, the interest rate swap agreement was deemed highly effective. Changes in fair value, including accrued interest and adjustments for non-performance risk, that qualify as cash flow hedges are classified in accumulated other comprehensive income, or AOCI. Amounts classified in AOCI are subsequently reclassified into earnings in the period during which the hedged transactions affect earnings. As of March 31, 2022, the fair value of the interest rate swap agreement was less than its cost basis and as such is recorded within Other Liabilities on the Consolidated Balance Sheets. The Company had the following outstanding interest rate swap agreement designated as an interest rate cash flow hedge as of March 31, 2022 and December 31, 2021 ($ in thousands): March 31, 2022 Effective Date Maturity Date Fair Value Hierarchy Weighted Average Interest Pay Rate Fair Value Notional Amount July 5, 2019 June 5, 2029 Level 2 4.16% $(535) $49,790 December 31, 2021 Effective Date Maturity Date Fair Value Hierarchy Weighted Average Interest Pay Rate Fair Value Notional Amount July 5, 2019 June 5, 2029 Level 2 4.16% $(3,088) $50,837 |
INCOME TAXES
INCOME TAXES | 3 Months Ended |
Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXESThe Company’s provision for income taxes as of March 31, 2022 has been calculated by applying an estimate of the annual effective tax rate for the full year to “ordinary” income or loss (pre-tax income or loss excluding unusual or infrequently occurring discrete items). For the three months ended March 31, 2022, the Company’s income tax expense was $3,046,000 compared to $21,000 for the three months ended March 31, 2021. Effective tax rates were 41% and -2% for the three months ended March 31, 2022 and 2021, respectively. As of March 31, 2022, the Company had income tax payables of $4,591,000. The Company classifies interest and penalties incurred on tax payments as income tax expense.For the three months ended March 31, 2022, the Company’s effective tax rate was above statutory tax rates as a result of permanent differences related to Section 162(m) limitations and discrete tax expense associated with stock compensation. The Section 162(m) compensation deduction limitations occurred as a result of changes in tax law arising from the 2017 Tax Cuts Jobs Act. The discrete item was triggered when stock grants were issued to participants at a price less than the original grant price, causing a deferred tax shortfall. The shortfall recognized represents the reversal of excess deferred tax assets recognized in prior periods. The recognition of the shortfall is not anticipated to have an impact on the Company's current income tax payable. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Water Contracts The Company has secured water contracts that are encumbered by the Company's land. These water contracts require minimum annual payments, for which $12,066,000 is expected to be paid in 2022. These estimated water contract payments consist of SWP contracts with WRMWSD, TCWD, Tulare Lake Basin, Dudley-Ridge, and the Nickel water contract. The SWP contracts run through 2035 and the Nickel water contract runs through 2044, with an option to extend an additional 35 years. Contractual obligations for future water payments were $277,288,000 as of March 31, 2022. Conservancy Payments As of March 31, 2022, the Company has fulfilled its financial obligations to the Tejon Ranch Conservancy as prescribed in the Conservation Agreement that was entered into with five major environmental organizations in 2008. Contracts The Company exited a consulting contract during the second quarter of 2014 related to the Grapevine Development, or Grapevine project, and is obligated to pay an earned incentive fee at the time of its successful receipt of litigated project entitlements and at a value measurement date five-years after litigated entitlements have been achieved for Grapevine. The final amount of the incentive fee will not be finalized until the future payment dates. The Company believes as of March 31, 2022, the net savings resulting from exiting the contract during this future time period will more than offset the incentive payment costs. Community Facilities Districts 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. For the development of the Tejon Ranch Commerce Center, or TRCC, 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 $75,965,000 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 $44,035,000 of additional bond debt authorized by TRPFFA that can be sold in the future. In connection with the sale of the bonds, there is a standby letter of credit for $4,393,000 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 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 $68,000. 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 costs related to the TRCC-West development. As of March 31, 2022, there were no additional improvement funds remaining from the West CFD bonds. There are $15,647,940 of additional improvement funds remaining within the East CFD bonds for reimbursement of public infrastructure costs during future years. During fiscal 2022, the Company expects to pay approximately $3,247,000 in special taxes. As development continues to occur at TRCC, new owners of land and new lease tenants, through triple net leases, will bear an increasing portion of the assessed special tax. This amount could change in the future based on the amount of bonds outstanding and the amount of taxes paid by others. The tax assessment of each individual property sold or leased is not determinable at this time because it is based on the current tax rate of the property at the time of sale or at the time it is leased to a third-party. Accordingly, the Company was not required to recognize an obligation on March 31, 2022. 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. The Company's former tenant Lafarge Corporation, or Lafarge, and current tenant National, remediated these environmental conditions consistent with the RWQCB orders and continue to maintain monitoring activities. As of March 31, 2022, 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 remediation of environmental conditions is included within the scope of the National or Lafarge indemnity obligations. If the Company were required to remediate any environmental conditions at its own cost, it is unlikely that the amount of any such expenditure by the Company at this point in time would be material and there is no reasonable likelihood of continuing risk from this matter. Centennial On April 30, 2019, the Los Angeles County Board of Supervisors granted final entitlement approval for the Centennial project. On May 15, 2019, Climate Resolve filed an action in Los Angeles Superior Court (the Climate Resolve Action), pursuant to CEQA and the California Planning and Zoning Law, against the County of Los Angeles and the Los Angeles County Board of Supervisors (collectively, LA County) concerning LA County’s granting of approvals for the Centennial project, including certification of the final environmental impact report and related findings (Centennial EIR); approval of associated general plan amendments; adoption of associated zoning; adoption of the Centennial Specific Plan; approval of a subdivision map for financing purposes; and adoption of a development agreement, among other approvals (collectively, the Centennial Approvals). Separately, on May 28, 2019, CBD and the California Native Plant Society (CNPS) filed an action in Los Angeles County Superior Court (the CBD/CNPS Action) against LA County; like the Climate Resolve Action, the CBD/CNPS Action also challenges the Centennial Approvals. The Company, its wholly owned subsidiary Tejon Ranchcorp, and Centennial Founders, LLC are named as real parties-in-interest in both the Climate Resolve Action and the CBD/CNPS Action. The Climate Resolve Action and the CBD/CNPS Action collectively allege that LA County failed to properly follow the procedures and requirements of CEQA and the California Planning and Zoning Law. The Climate Resolve Action and the CBD/CNPS Action have been deemed “related” and have been consolidated for adjudication before the judge presiding over the Climate Resolve Action. The Climate Resolve Action and CBD/CNPS Action seek to invalidate the Centennial Approvals and require LA County to revise the environmental documentation related to the Centennial project. The court held three consolidated hearings for the CBD/CNPS Action and Climate Resolve Action on September 30, 2020, November 13, 2020, and January 8, 2021. On April 5, 2021 the court issued its decision denying the petition for writ of mandate by CBD/CNPS and granting the petition for writ of mandate filed by Climate Resolve. In granting Climate Resolve’s petition, the court found three specific areas where the EIR for the project was lacking. The court ruled that California’s Cap-and-Trade Program cannot be used as a compliance pathway for mitigating greenhouse gas (GHG) impacts for the project and therefore further ruled that additional analysis will be required related to all feasible mitigation of GHG impacts. The court also found that the EIR must provide additional analysis and explanation of how wildland fire risk on lands outside of the project site, posed by on-site ignition sources, is mitigated to less than significant. On April 19, 2021 CBD filed a motion for reconsideration with the court on the denial of their petition for writ of mandate to be granted prevailing party status in the Climate Resolve Action (“Motion for Reconsideration”). The hearing on the Motion for Reconsideration originally scheduled for August 13, 2021, was rescheduled to December 1, 2021. On November 30, 2021, the Company together with Ranchcorp and Centennial, entered into a Settlement Agreement with Climate Resolve. Pursuant to the Settlement Agreement, the Company has agreed: (1) to make Centennial a net zero greenhouse gas (“GHG”) emissions project through various on-site and off-site measures, including but not limited to installing electric vehicle chargers and establishing and funding incentive programs for the purchase of electric vehicles; (2) to fund certain on-site and off-site fire protection and prevention measures; and (3) to provide annual public reports and create an organization to monitor progress towards these commitments. The foregoing is only a summary of the material terms of the Settlement Agreement and does not purport to be a complete description of the rights and obligations of the parties thereunder and is qualified in its entirety by reference to the Settlement Agreement, a full copy of which is attached hereto this Annual Report (10-K). In exchange, Climate Resolve filed a request for dismissal of the Climate Resolve Action with prejudice from the Los Angeles County Superior Court. On December 3 , 2021, the Los Angeles Superior Court granted and entered Climate Resolve’s dismissal with prejudice concluding the Climate Resolve Action. On December 1, 2021, the Los Angeles Superior Court continued CBD/CNPS Motion for Reconsideration to January 14, 2022, directing CBD/CNPS to evaluate the Settlement Agreement reached in the Climate Resolve Action to address issues surrounding remedies should CBD be granted prevailing party status in the Climate Resolve Action, and to evaluate the potential to settle or otherwise address CBD’s objections to the Centennial project. To that end, the Company met and conferred twice on January 4, 2022 and January 20, 2022. On January 14, the Los Angeles County Superior Court heard CBD/CNPS Motion for Reconsideration and issued its decision granting CBD/CNPS prevailing party status in the Climate Resolve Action. The Los Angeles County Superior Court set a tentative hearing date of February 25, 2022 concerning the entry of final judgment and awarding of appropriate remedies. Upon mutual request of the parties and approval by the Court, the February 25, 2022 hearing date has been extended twice, originally to March 30, 2022, and then again to May 13, 2022. Prior to and subsequent of final judgment being entered, appellate litigation may follow. To the extent there may be an adverse outcome of the claims still pending as described above, the monetary value cannot be estimated at this time. Proceedings Incidental to Business From time to time, the Company is involved in other proceedings incidental to its business, including actions relating to employee claims, 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, the Company does not believe that the ultimate resolution of these other proceedings will have a material adverse effect on the Company’s financial position, results of operations or cash flows, either individually or in the aggregate. |
RETIREMENT PLANS
RETIREMENT PLANS | 3 Months Ended |
Mar. 31, 2022 | |
Retirement Benefits [Abstract] | |
RETIREMENT PLANS | RETIREMENT PLANS The Company sponsors a defined benefit retirement plan, or Benefit Plan, that covers eligible employees hired prior to February 1, 2007. 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). In April 2017, the Company froze the Benefit Plan as it relates to future benefit accruals for participants. The Company expects to contribute $165,000 to the Benefit Plan in 2022. Benefit Plan assets consist of equity, debt and short-term money market investment funds. The Benefit Plan’s current investment policy changed during the third quarter of 2018. The policy's strategy seeks to minimize the volatility of the funding ratio. This objective will result in a prescribed asset mix between "return seeking" assets (e.g., stocks) and a bond portfolio (e.g., long duration bonds) according to a pre-determined customized investment strategy based on the Benefit Plan's funded status as the primary input. This path will be used as a reference point as to the mix of assets, which by design will de-emphasize the return seeking portion as the funded status improves. At March 31, 2022, the investment mix was approximately 20% equity, 79% debt, and 1% money market funds. At December 31, 2021, the investment mix was approximately 35% equity, 64% debt, and 1% money market funds. Equity investments comprise of value, growth, large cap, small cap and international stock funds. Debt investments consist of U.S. Treasury securities and investment grade corporate debt. A weighted average discount rate of 2.8% was used in determining the net periodic pension cost for fiscal 2022 and 2021. The assumed expected long-term rate of return on plan assets is 7.3% for both fiscal 2022 and 2021. The long-term rate of return on Benefit Plan assets is based on the historical returns within the plan and expectations for future returns. Total pension and retirement earnings for the Benefit Plan was as follows: Three Months Ended March 31, ($ in thousands) 2022 2021 Earnings (cost) components: Interest cost $ (78) $ (73) Expected return on plan assets 138 188 Net amortization and deferral (12) (18) Total net periodic pension earnings $ 48 $ 97 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. In April 2017, the Company froze the SERP as it relates to the accrual of additional benefits. The pension and retirement expense for the SERP was as follows: Three Months Ended March 31, ($ in thousands) 2022 2021 Cost components: Interest cost $ (46) $ (41) Net amortization and other (29) (31) Total net periodic pension expense $ (75) $ (72) |
REPORTING SEGMENTS AND RELATED
REPORTING SEGMENTS AND RELATED INFORMATION | 3 Months Ended |
Mar. 31, 2022 | |
Segment Reporting [Abstract] | |
REPORTING SEGMENTS AND RELATED INFORMATION | REPORTING SEGMENTS AND RELATED INFORMATION The Company currently operates in five reporting segments: commercial/industrial real estate development, resort/residential real estate development, mineral resources, farming, and ranch operations. For further details of the revenue components within each reporting segment, see Results of Operations by Segment in Item 2, "Management's Discussion and Analysis of Financial Condition and Results of Operations." Real estate - Commercial/Industrial Commercial/Industrial real estate development segment revenues consist of land sale revenues, leases of land and/or building space to tenants at the Company's commercial retail and industrial developments, base and percentage rents from the PEF power plant lease, communication tower rents, land sales, and payments from easement leases. Refer to Note 15 for discussion of unconsolidated joint ventures. The following table summarizes revenues, expenses and operating income from this segment for the periods ended: Three Months Ended March 31, ($ in thousands) 2022 2021 Commercial/industrial revenues $ 7,349 $ 2,228 Equity in earnings of unconsolidated joint ventures 1,213 (59) Commercial/industrial revenues and equity in earnings of unconsolidated joint ventures 8,562 2,169 Commercial/industrial expenses 2,736 1,552 Operating results from commercial/industrial and unconsolidated joint ventures $ 5,826 $ 617 Real Estate - Resort/Residential The Resort/Residential real estate development segment is actively involved in pursuing land entitlement and development processes both internally and through joint ventures. The segment incurs costs and expenses related to land management activities on land held for future development, but currently generates no revenue. The segment generated losses of $423,000 and $553,000 for the three months ended March 31, 2022 and 2021, respectively. Mineral Resources The Mineral Resources segment revenues include water sales and oil and mineral royalties from exploration and development companies that extract or mine natural resources from the Company's land. The following table summarizes revenues, expenses and operating results from this segment for the periods ended: Three Months Ended March 31, ($ in thousands) 2022 2021 Mineral resources revenues $ 11,968 $ 7,176 Mineral resources expenses 7,157 5,047 Operating results from mineral resources $ 4,811 $ 2,129 Farming The Farming segment revenues include the sale of almonds, pistachios, wine grapes, and hay. The following table summarizes revenues, expenses and operating results from this segment for the periods ended: Three Months Ended March 31, ($ in thousands) 2022 2021 Farming revenues $ 655 $ 607 Farming expenses 1,762 1,478 Operating results from farming $ (1,107) $ (871) Ranch Operations The Ranch Operations segment consists of game management revenues and ancillary land uses such as grazing leases and on-location filming. The following table summarizes revenues, expenses and operating results from this segment for the periods ended: Three Months Ended March 31, ($ in thousands) 2022 2021 Ranch operations revenues $ 1,048 $ 1,043 Ranch operations expenses 1,315 1,187 Operating results from ranch operations $ (267) $ (144) |
INVESTMENT IN UNCONSOLIDATED AN
INVESTMENT IN UNCONSOLIDATED AND CONSOLIDATED JOINT VENTURES | 3 Months Ended |
Mar. 31, 2022 | |
Equity Method Investments and Joint Ventures [Abstract] | |
INVESTMENT IN UNCONSOLIDATED AND CONSOLIDATED JOINT VENTURES | INVESTMENT IN UNCONSOLIDATED AND CONSOLIDATED JOINT VENTURES The Company maintains investments in joint ventures. The Company accounts for its investments in unconsolidated joint ventures using the equity method of accounting unless the venture is a variable interest entity, or VIE, and meets the requirements for consolidation. The Company’s investment in its unconsolidated joint ventures as of March 31, 2022 was $37,348,000. Equity in earnings from unconsolidated joint ventures was $1,213,000 for the three months ended March 31, 2022. The unconsolidated joint ventures have not been consolidated as of March 31, 2022, because the Company does not control the investments. The Company’s current joint ventures are as follows: • Petro Travel Plaza Holdings LLC – Petro Travel Plaza Holdings LLC, or Petro, is an unconsolidated joint venture with TravelCenters of America that develops and manages travel plazas, gas stations, convenience stores, and fast-food restaurants throughout TRCC. The Company has 50% of the voting rights but participates in 60% of all profits and losses. The Company does not control the investment due to having only 50% of the voting rights. The Company's partner is the managing partner and performs all of the day-to-day operations and has significant decision-making authority over key business components such as fuel inventory and pricing at the facilities. The Company's investment in this joint venture was $24,076,000 as of March 31, 2022. • Majestic Realty Co. – Majestic Realty Co., or Majestic, is a privately-held developer and owner of real estate projects throughout the United States. The Company has formed six 50/50 joint ventures with Majestic 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 ventures. The Company and Majestic guarantee the performance of all outstanding debt. ◦ On March 29, 2022, TRC-MRC 5 LLC was formed to pursue the development, construction, lease-up, and management of an approximately 446,400 square foot industrial building located within TRCC-East. ◦ In February 2022, we formed TRC-MRC Multi I, LLC, to pursue the development, construction, lease-up, and management of a approximately 495 multi-family rental units located within TRCC-East. ◦ On March 25, 2021, TRC-MRC 4 LLC was formed to pursue the development, construction, lease-up, and management of a 629,274 square foot industrial building located within TRCC-East. Construction of the building has begun with completion expected in 2022. The construction is being financed by a $47,500,000 construction loan that had an outstanding balance of $24,039,000 as of March 31, 2022. The construction loan is individually and collectively guaranteed by the Company and Majestic. In 2021, the Company contributed land with a fair value of $8,464,000 to TRC-MRC 4, LLC. The total cost of the land was $2,895,000. The Company recognized profit of $2,785,000 and deferred profit of $2,785,000 after applying the five-step revenue recognition model in accordance with ASC Topic 606 — Revenue From Contracts With Customers and ASC Topic 323, Investments — Equity Method and Joint Ventures. The Company's investment in this joint venture was $4,668,000 as of March 31, 2022. ◦ In November 2018, TRC-MRC 3, LLC was formed to pursue the development, construction, leasing, and management of a 579,040 square foot industrial building located within TRCC-East. TRC-MRC 3, LLC qualified as a VIE from inception, but the Company is not the primary beneficiary; therefore, it does not consolidate TRC-MRC 3, LLC in its financial statements. The construction of the building was completed in the fourth quarter of 2019, and the joint venture has leased 100% of the rentable space to two tenants. In March 2019, the joint venture entered into a promissory note with a financial institution to finance the construction of the building. The note matures on May 1, 2030 and had an outstanding principal balance of $35,120,000 as of March 31, 2022. On April 1, 2019, the Company contributed land with a fair value of $5,854,000 to TRC-MRC 3, LLC in accordance with the limited liability agreement. The Company's investment in this joint venture was $713,000 as of March 31, 2022. ◦ In August 2016, the Company 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, which was largely financed through a promissory note guaranteed by both partners. The promissory note was refinanced on June 1, 2018 with a $25,240,000 promissory note. The note matures on July 1, 2028 and has an outstanding principal balance of $23,097,000 as of March 31, 2022. The building is 100% leased as of March 31, 2022. Since its inception, the Company has received excess distributions resulting in a deficit balance in its investment of $1,498,000. In accordance with the applicable accounting guidance, the Company reclassified excess distributions to Other Liabilities within the Consolidated Balance Sheets. The Company expects to continue to record equity in earnings as a debit to the investment account and if it were to become positive, the Company would reclassify the liability to an asset. If it becomes obvious that any excess distribution may not be returned (upon joint venture liquidation or otherwise), the Company will immediately recognize the liability as income. ◦ 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 building is 100% leased as of March 31, 2022. Since its inception, the Company has received excess distributions resulting in a deficit balance in its investment of $1,764,000. In accordance with the applicable accounting guidance, the Company reclassified excess distributions to Other Liabilities within the Consolidated Balance Sheets. The Company expects to continue to record equity in earnings as a debit to the investment account and if it were to become positive, the Company will reclassify the liability to an asset. If it becomes obvious that any excess distribution may not be returned (upon joint venture liquidation or otherwise), the Company will immediately recognize the liability as income. The joint venture refinanced its construction loan in December 2018 with a mortgage loan. The original balance of the mortgage loan was $25,030,000, of which $23,250,000 was outstanding as of March 31, 2022. During the first quarter we received notice from a tenant of plans to vacate their current space, concurrently, we received a request from a second tenant wanting to move into a larger space. These two events will free up approximately 240,000 square feet of space during the second quarter . • Rockefeller Joint Ventures – The Company has two active joint ventures with Rockefeller Group Development Corporation, or Rockefeller. At March 31, 2022, the Company’s combined equity investment balance in these two joint ventures was $7,891,000. ◦ 18-19 West LLC was formed in August 2009 through the contribution of 61.5 acres of land by the Company that is being held for future development. The Company owns a 50% interest in this joint venture, and the joint venture is being accounted for under the equity method due to both members having significant participating rights in the management of the venture. In 2021, a third-party purchased the land from the joint venture for $15,213,000. The cash proceeds from the sale were distributed to the partners in the first quarter of 2022 and we expect to dissolve the entity in late 2022. ◦ TRCC/Rock Outlet Center LLC was formed in 2013 to develop, own, and manage a net leasable 326,000 square foot outlet center on land at TRCC-East. The Company controls 50% of the voting interests of TRCC/Rock Outlet Center LLC; thus, it does not control the joint venture by voting interest alone. The Company is the named managing member. The managing member’s responsibilities relate to the routine day-to-day activities of TRCC/Rock Outlet Center LLC. However, all operating decisions, including the setting and monitoring of the budget, leasing, marketing, financing, and selection of the contractor for any 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. As a result, the investment in TRCC/Rock Outlet Center LLC is being accounted for under the equity method. On September 7, 2021, the TRCC/Rock Outlet Center LLC joint venture successfully extended the maturity date of its term note with a financial institution from September 5, 2021 to May 31, 2024. In connection with the loan extension, the joint venture also reduced the outstanding amount by $4,600,000. As of March 31, 2022, the outstanding balance of the term note was $28,516,000. The Company and Rockefeller guarantee the performance of the debt. • Centennial Founders, LLC – Centennial Founders, LLC, CFL, is a joint venture with TRI Pointe Homes to pursue the entitlement and development of land that the Company owns in Los Angeles County. As of March 31, 2022, the Company owned 93.13% of CFL. The Company’s investment balance in its unconsolidated joint ventures differs from its respective capital accounts in the respective joint ventures. The difference represents the difference between the cost basis of assets contributed by the Company and the agreed upon fair value of the assets contributed. Unaudited condensed statement of operations for the three months ended March 31, 2022 and condensed balance sheet information of the Company’s unconsolidated joint ventures as of March 31, 2022 and December 31, 2021 are as follows: Three Months Ended March 31, 2022 2021 2022 2021 2022 2021 Joint Venture TRC ($ in thousands) Revenues Earnings (Loss) Equity in Earnings (Loss) Petro Travel Plaza Holdings, LLC $ 38,328 $ 23,821 $ 1,934 $ 243 $ 1,161 $ 146 Five West Parcel, LLC — — — — — — 18-19 West, LLC — 2 — (35) — (17) TRCC/Rock Outlet Center, LLC 1 1,564 1,275 (414) (689) (207) (344) TRC-MRC 1, LLC 839 847 19 87 9 43 TRC-MRC 2, LLC 1,025 1,015 344 336 172 168 TRC-MRC 3, LLC 1,018 971 158 (109) 79 (55) TRC-MRC 4, LLC — — (1) — (1) — Total $ 42,774 $ 27,931 $ 2,040 $ (167) $ 1,213 $ (59) Centennial Founders, LLC $ 121 $ 129 $ 97 $ 111 Consolidated (1) Revenues for TRCC/Rock Outlet Center are presented net of non-cash tenant allowance amortization of $0.3 million and $0.3 million as of the three months ended March 31, 2022 and March 31, 2021, respectively. March 31, 2022 December 31, 2021 Joint Venture TRC Joint Venture TRC ($ in thousands) Assets Debt Equity Equity Assets Debt Equity Equity Petro Travel Plaza Holdings, LLC $ 81,767 $ (14,657) $ 60,794 $ 24,076 $ 78,064 $ (14,848) $ 58,859 $ 22,915 18-19 West, LLC 430 — 430 — 14,965 — 14,895 6,877 TRCC/Rock Outlet Center, LLC 61,445 (28,516) 31,909 7,891 61,927 (28,783) 32,323 8,098 TRC-MRC 1, LLC 24,892 (23,250) 1,018 — 24,964 (23,400) 1,209 — TRC-MRC 2, LLC 20,800 (23,097) (3,926) — 20,497 (23,255) (5,657) — TRC-MRC 3, LLC 37,306 (35,120) 847 713 37,579 (35,324) (914) 859 TRC-MRC 4, LLC 33,424 (24,039) 9,340 4,668 25,671 (16,307) 9,319 4,669 Total $ 260,064 $ (148,679) $ 100,412 $ 37,348 $ 263,667 $ (141,917) $ 110,034 $ 43,418 Centennial Founders, LLC $ 101,789 $ — $ 101,408 *** $ 101,178 $ — $ 100,261 *** *** Centennial Founders, LLC is consolidated within the Company's financial statements. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 3 Months Ended |
Mar. 31, 2022 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONSTCWD 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, residential, and industrial development. The Company is the largest landowner and taxpayer within TCWD. The Company has a water service contract with TCWD that entitles it 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, the Company transacts with TCWD in the ordinary course of business.The Company has water contracts with WRMWSD for SWP water deliveries to its agricultural and municipal/industrial operations in the San Joaquin Valley. The terms of these contracts extend to 2035. Under the contracts, the Company is entitled to annual water for 5,496 acres of land, or 15,547 acre-feet of water, subject to SWP allocations. The Company's Executive Vice President and Chief Operating Officer/Chief Financial Officer is one of nine directors at WRMWSD. As of March 31, 2022, the Company paid $2,262,000 for these water contracts and related costs. |
BASIS OF PRESENTATION (Policies
BASIS OF PRESENTATION (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting PronouncementsNo new Accounting Standards Update, or ASU, is applicable to our consolidated financial statements as of March 31, 2022. |
EQUITY (Tables)
EQUITY (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Weighted Average Number of Shares Outstanding | Three Months Ended March 31, 2022 2021 Weighted average number of shares outstanding: Common stock 26,431,989 26,313,722 Common stock equivalents 47,507 57,010 Diluted shares outstanding 26,479,496 26,370,732 |
MARKETABLE SECURITIES (Tables)
MARKETABLE SECURITIES (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of Available-for-Sale Securities | The following is a summary of available-for-sale securities at: ($ in thousands) March 31, 2022 December 31, 2021 Marketable Securities: Fair Value Cost Fair Value Cost Fair Value Certificates of deposit with unrealized losses for less than 12 months $ — $ — $ 401 $ 400 with unrealized gains 649 649 — — Total Certificates of deposit Level 1 649 649 401 400 U.S. Treasury and agency notes with unrealized losses for less than 12 months 4,637 4,616 1,360 1,358 Total U.S. Treasury and agency notes Level 2 4,637 4,616 1,360 1,358 Corporate notes with unrealized losses for less than 12 months 12,081 12,033 9,231 9,225 with unrealized losses for more than 12 months 595 589 — — with unrealized gains 1,500 1,500 — — Total Corporate notes Level 2 14,176 14,122 9,231 9,225 Municipal notes with unrealized losses for less than 12 months 152 150 — — Total Municipal notes Level 2 152 150 — — $ 19,614 $ 19,537 $ 10,992 $ 10,983 |
Summary of Maturities, at Par, of Marketable Securities by Year | The following tables summarize the maturities, at par, of marketable securities as of: March 31, 2022 ($ in thousands) 2022 2023 Total Certificates of deposit $ 649 $ — $ 649 U.S. Treasury and agency notes 3,618 1,000 4,618 Corporate notes 7,527 6,575 14,102 $ 11,794 $ 7,575 $ 19,369 December 31, 2021 ($ in thousands) 2022 2023 Total Certificates of deposit $ 400 $ — $ 400 U.S. Treasury and agency notes 855 500 1,355 Corporate notes 8,925 250 9,175 $ 10,180 $ 750 $ 10,930 |
REAL ESTATE (Tables)
REAL ESTATE (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Real Estate [Abstract] | |
Schedule of Real Estate | Our accumulated real estate development costs by project consisted of the following: ($ in thousands) March 31, 2022 December 31, 2021 Real estate development Mountain Village $ 151,409 $ 150,668 Centennial 113,014 112,063 Grapevine 38,149 37,922 Tejon Ranch Commerce Center 18,877 18,377 Real estate development $ 321,449 $ 319,030 Real estate and improvements - held for lease Tejon Ranch Commerce Center $ 20,590 $ 20,595 Less accumulated depreciation (3,383) (3,294) Real estate and improvements - held for lease, net $ 17,207 $ 17,301 |
LONG-TERM WATER ASSETS (Tables)
LONG-TERM WATER ASSETS (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Water Revenues and Cost of Sales | Water revenues and cost of sales were as follows ($ in thousands): March 31, 2022 March 31, 2021 Acre-Feet Sold 6,970 5,881 Revenues $ 10,157 $ 6,252 Cost of sales 6,345 4,351 Profit $ 3,812 $ 1,901 |
Schedule of Tangible Water Assets | The costs assigned to water assets held for future use were as follows ($ in thousands): March 31, 2022 December 31, 2021 Banked water and water for future delivery $ 23,855 $ 25,020 Transferable water 4,370 2,879 Total water held for future use at cost $ 28,225 $ 27,899 |
Schedule of Finite-Lived Intangible Assets | The Company’s carrying amounts of its purchased water contracts were as follows ($ in thousands): March 31, 2022 December 31, 2021 Costs Accumulated Depreciation Costs Accumulated Depreciation Dudley-Ridge water rights $ 11,581 $ (5,428) $ 11,581 $ (5,307) Nickel water rights 18,740 (5,408) 18,740 (5,247) Tulare Lake Basin water rights 6,479 (3,207) 6,479 (3,148) $ 36,800 $ (14,043) $ 36,800 $ (13,702) Net cost of purchased water contracts 22,757 23,098 Total cost water held for future use 28,225 27,899 Net investments in water assets $ 50,982 $ 50,997 |
Schedule of Components of Water Assets | Total water resources, including both recurring and one-time usage, are: (in acre-feet, unaudited) March 31, 2022 December 31, 2021 Water held for future use TCWD - Banked water owned by the Company 55,227 56,189 Company water bank 50,349 50,349 Water available for banking, sales, or internal use 5,504 4,203 Total water held for future use 111,080 110,741 Purchased water contracts Water Contracts (Dudley-Ridge, Nickel and Tulare) 10,137 10,137 WRMWSD - Contracts with the Company 15,547 15,547 TCWD - Contracts with the Company 5,749 5,749 Total purchased water contracts 31,433 31,433 Total water held for future use and purchased water contracts 142,513 142,174 |
ACCRUED LIABILITIES AND OTHER (
ACCRUED LIABILITIES AND OTHER (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Liabilities and Other | Accrued liabilities and other consisted of the following: ($ in thousands) March 31, 2022 December 31, 2021 Accrued vacation $ 801 $ 782 Accrued paid personal leave 364 356 Accrued bonus 530 2,062 Property tax payable 1 1,317 — Other 35 251 $ 3,047 $ 3,451 1 California property taxes are accrued throughout the year and are paid every April and December. |
LINE OF CREDIT AND LONG-TERM _2
LINE OF CREDIT AND LONG-TERM DEBT (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Components of Long-term Debt | Debt consisted of the following: ($ in thousands) March 31, 2022 December 31, 2021 Notes payable $ 51,674 $ 52,784 Less: line-of-credit and current maturities of long-term debt (4,531) (4,475) Less: deferred loan costs (142) (154) Long-term debt, less current portion $ 47,001 $ 48,155 |
OTHER LIABILITIES (Tables)
OTHER LIABILITIES (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of Other Liabilities | Other liabilities consisted of the following: ($ in thousands) March 31, 2022 December 31, 2021 Pension liability $ 136 $ 185 Interest rate swap liability (Note 10) 535 3,088 Supplemental executive retirement plan liability 7,789 7,847 Excess joint venture distributions and other 3,267 3,348 Total $ 11,727 $ 14,468 |
STOCK COMPENSATION - RESTRICT_2
STOCK COMPENSATION - RESTRICTED STOCK AND PERFORMANCE SHARE GRANTS (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Summary of Performance Share Grants with Performance Conditions | The following is a summary of the Company’s Performance Condition Grants as of the three months ended March 31, 2022: Performance Condition Grants Threshold performance — Target performance 453,747 Maximum performance 342,411 |
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 grants for the three months ended March 31, 2022: March 31, 2022 Stock Grants Outstanding Beginning of Period at Target Achievement 683,645 New Stock Grants/Additional Shares due to Achievement in Excess of Target 60,078 Vested Grants (128,893) Expired/Forfeited Grants (14,291) Stock Grants Outstanding End of Period at Target Achievement 600,539 |
Summary of Assumptions Used to Determine The Price of Market-Based Performance Condition Grants | The following is a summary of the assumptions used to determine the price for the Company’s market-based Performance Condition Grants for the three months ended March 31, 2022: ($ in thousands except for share prices) Grant date 12/12/2019 03/11/2020 12/11/2020 03/18/2021 12/16/2021 03/17/2022 Vesting end 12/31/2022 12/31/2022 12/31/2023 03/18/2024 12/16/2024 03/17/2025 Share price at target achievement $18.80 $16.36 $17.07 $20.02 $21.58 $20.43 Expected volatility 17.28% 18.21% 29.25% 30.30% 31.29% 31.54% Risk-free interest rate 1.69% 0.58% 0.19% 0.33% 0.92% 2.13% Simulated Monte Carlo share price $11.95 $5.87 $15.59 $18.82 $21.48 $21.75 Shares granted 6,327 81,716 3,628 10,905 3,536 13,338 Total fair value of award $76 $480 $57 $205 $76 $290 |
Summary of Stock Compensation Costs for Employee and NDSI Plans | The following table summarizes stock compensation costs for the Company's 1998 Stock Incentive Plan, or the Employee Plan, and NDSI Plan for the following periods: ($ in thousands) Three Months Ended March 31, Employee Plan: 2022 2021 Expensed $ 1,067 $ 1,146 Capitalized 170 (10) 1,237 1,136 NDSI Plan - Expensed 152 130 Total Stock Compensation Costs $ 1,389 $ 1,266 |
INTEREST RATE SWAP (Tables)
INTEREST RATE SWAP (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Interest Rate Derivatives | The Company had the following outstanding interest rate swap agreement designated as an interest rate cash flow hedge as of March 31, 2022 and December 31, 2021 ($ in thousands): March 31, 2022 Effective Date Maturity Date Fair Value Hierarchy Weighted Average Interest Pay Rate Fair Value Notional Amount July 5, 2019 June 5, 2029 Level 2 4.16% $(535) $49,790 December 31, 2021 Effective Date Maturity Date Fair Value Hierarchy Weighted Average Interest Pay Rate Fair Value Notional Amount July 5, 2019 June 5, 2029 Level 2 4.16% $(3,088) $50,837 |
RETIREMENT PLANS (Tables)
RETIREMENT PLANS (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Retirement Benefits [Abstract] | |
Schedule of Components of Net Periodic Pension Cost | Total pension and retirement earnings for the Benefit Plan was as follows: Three Months Ended March 31, ($ in thousands) 2022 2021 Earnings (cost) components: Interest cost $ (78) $ (73) Expected return on plan assets 138 188 Net amortization and deferral (12) (18) Total net periodic pension earnings $ 48 $ 97 The pension and retirement expense for the SERP was as follows: Three Months Ended March 31, ($ in thousands) 2022 2021 Cost components: Interest cost $ (46) $ (41) Net amortization and other (29) (31) Total net periodic pension expense $ (75) $ (72) |
REPORTING SEGMENTS AND RELATE_2
REPORTING SEGMENTS AND RELATED INFORMATION (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Segment Reporting [Abstract] | |
Schedule of Components of Segment Revenues | The following table summarizes revenues, expenses and operating income from this segment for the periods ended: Three Months Ended March 31, ($ in thousands) 2022 2021 Commercial/industrial revenues $ 7,349 $ 2,228 Equity in earnings of unconsolidated joint ventures 1,213 (59) Commercial/industrial revenues and equity in earnings of unconsolidated joint ventures 8,562 2,169 Commercial/industrial expenses 2,736 1,552 Operating results from commercial/industrial and unconsolidated joint ventures $ 5,826 $ 617 Three Months Ended March 31, ($ in thousands) 2022 2021 Mineral resources revenues $ 11,968 $ 7,176 Mineral resources expenses 7,157 5,047 Operating results from mineral resources $ 4,811 $ 2,129 Three Months Ended March 31, ($ in thousands) 2022 2021 Farming revenues $ 655 $ 607 Farming expenses 1,762 1,478 Operating results from farming $ (1,107) $ (871) Three Months Ended March 31, ($ in thousands) 2022 2021 Ranch operations revenues $ 1,048 $ 1,043 Ranch operations expenses 1,315 1,187 Operating results from ranch operations $ (267) $ (144) |
INVESTMENT IN UNCONSOLIDATED _2
INVESTMENT IN UNCONSOLIDATED AND CONSOLIDATED JOINT VENTURES (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedule of Condensed Statements of Operations and Balance Sheet Information of Consolidated and Unconsolidated Joint Ventures | Unaudited condensed statement of operations for the three months ended March 31, 2022 and condensed balance sheet information of the Company’s unconsolidated joint ventures as of March 31, 2022 and December 31, 2021 are as follows: Three Months Ended March 31, 2022 2021 2022 2021 2022 2021 Joint Venture TRC ($ in thousands) Revenues Earnings (Loss) Equity in Earnings (Loss) Petro Travel Plaza Holdings, LLC $ 38,328 $ 23,821 $ 1,934 $ 243 $ 1,161 $ 146 Five West Parcel, LLC — — — — — — 18-19 West, LLC — 2 — (35) — (17) TRCC/Rock Outlet Center, LLC 1 1,564 1,275 (414) (689) (207) (344) TRC-MRC 1, LLC 839 847 19 87 9 43 TRC-MRC 2, LLC 1,025 1,015 344 336 172 168 TRC-MRC 3, LLC 1,018 971 158 (109) 79 (55) TRC-MRC 4, LLC — — (1) — (1) — Total $ 42,774 $ 27,931 $ 2,040 $ (167) $ 1,213 $ (59) Centennial Founders, LLC $ 121 $ 129 $ 97 $ 111 Consolidated (1) Revenues for TRCC/Rock Outlet Center are presented net of non-cash tenant allowance amortization of $0.3 million and $0.3 million as of the three months ended March 31, 2022 and March 31, 2021, respectively. March 31, 2022 December 31, 2021 Joint Venture TRC Joint Venture TRC ($ in thousands) Assets Debt Equity Equity Assets Debt Equity Equity Petro Travel Plaza Holdings, LLC $ 81,767 $ (14,657) $ 60,794 $ 24,076 $ 78,064 $ (14,848) $ 58,859 $ 22,915 18-19 West, LLC 430 — 430 — 14,965 — 14,895 6,877 TRCC/Rock Outlet Center, LLC 61,445 (28,516) 31,909 7,891 61,927 (28,783) 32,323 8,098 TRC-MRC 1, LLC 24,892 (23,250) 1,018 — 24,964 (23,400) 1,209 — TRC-MRC 2, LLC 20,800 (23,097) (3,926) — 20,497 (23,255) (5,657) — TRC-MRC 3, LLC 37,306 (35,120) 847 713 37,579 (35,324) (914) 859 TRC-MRC 4, LLC 33,424 (24,039) 9,340 4,668 25,671 (16,307) 9,319 4,669 Total $ 260,064 $ (148,679) $ 100,412 $ 37,348 $ 263,667 $ (141,917) $ 110,034 $ 43,418 Centennial Founders, LLC $ 101,789 $ — $ 101,408 *** $ 101,178 $ — $ 100,261 *** *** Centennial Founders, LLC is consolidated within the Company's financial statements. |
BASIS OF PRESENTATION (Details)
BASIS OF PRESENTATION (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022USD ($)segment | Mar. 31, 2021USD ($) | |
Accounting Policies [Abstract] | ||
Number of reportable segments | segment | 5 | |
Restricted cash (Shown in Other Assets) | $ | $ 1,203 | $ 0 |
EQUITY - Earnings Per Share (EP
EQUITY - Earnings Per Share (EPS) (Details) - shares | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Weighted average number of shares outstanding: | ||
Common stock (in shares) | 26,431,989 | 26,313,722 |
Common stock equivalents (in shares) | 47,507 | 57,010 |
Diluted shares outstanding (in shares) | 26,479,496 | 26,370,732 |
MARKETABLE SECURITIES - Summary
MARKETABLE SECURITIES - Summary of Available-for-sale Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Debt Securities, Available-for-sale [Line Items] | ||
Marketable Securities, with unrealized gains | $ 0 | |
Cost | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost | 19,614 | $ 10,992 |
Fair Value | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | 19,537 | 10,983 |
Certificates of deposit | Level 1 | Cost | ||
Debt Securities, Available-for-sale [Line Items] | ||
Marketable Securities, with unrealized losses for less than 12 months | 0 | 401 |
Marketable Securities, with unrealized gains | 649 | 0 |
Total Corporate notes | 649 | 401 |
Certificates of deposit | Level 1 | Fair Value | ||
Debt Securities, Available-for-sale [Line Items] | ||
Marketable Securities, with unrealized losses for less than 12 months | 0 | 400 |
Marketable Securities, with unrealized gains | 649 | 0 |
Total Corporate notes | 649 | 400 |
U.S. Treasury and agency notes | Level 2 | Cost | ||
Debt Securities, Available-for-sale [Line Items] | ||
Marketable Securities, with unrealized losses for less than 12 months | 4,637 | 1,360 |
Cost | 4,637 | 1,360 |
U.S. Treasury and agency notes | Level 2 | Fair Value | ||
Debt Securities, Available-for-sale [Line Items] | ||
Marketable Securities, with unrealized losses for less than 12 months | 4,616 | 1,358 |
Fair Value | 4,616 | 1,358 |
Corporate notes | Level 2 | Cost | ||
Debt Securities, Available-for-sale [Line Items] | ||
Marketable Securities, with unrealized losses for less than 12 months | 12,081 | 9,231 |
Marketable securities with unrecognized losses for more than 12 months | 595 | 0 |
Marketable Securities, with unrealized gains | 1,500 | 0 |
Cost | 14,176 | 9,231 |
Corporate notes | Level 2 | Fair Value | ||
Debt Securities, Available-for-sale [Line Items] | ||
Marketable Securities, with unrealized losses for less than 12 months | 12,033 | 9,225 |
Marketable securities with unrecognized losses for more than 12 months | 589 | 0 |
Marketable Securities, with unrealized gains | 1,500 | 0 |
Fair Value | 14,122 | 9,225 |
Municipal notes | Level 2 | Cost | ||
Debt Securities, Available-for-sale [Line Items] | ||
Marketable Securities, with unrealized losses for less than 12 months | 152 | 0 |
Total Corporate notes | 152 | 0 |
Municipal notes | Level 2 | Fair Value | ||
Debt Securities, Available-for-sale [Line Items] | ||
Marketable Securities, with unrealized losses for less than 12 months | 150 | 0 |
Total Corporate notes | $ 150 | $ 0 |
MARKETABLE SECURITIES - Additio
MARKETABLE SECURITIES - Additional Information (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Investments, Debt and Equity Securities [Abstract] | |
Fair market value of investment securities exceeds cost basis | $ (77) |
Gross unrealized holding gains | 0 |
Gross unrealized holding losses | 77 |
Securities available for sale | 68 |
Estimated tax of change in value of available-for-sale securities | 19 |
Accrued interest receivable balance | $ 71 |
MARKETABLE SECURITIES - Availab
MARKETABLE SECURITIES - Available-for-sale Securities by Maturities (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Summary of maturities, at par, of marketable securities | ||
2022 | $ 11,794 | $ 10,180 |
2023 | 7,575 | 750 |
Total | 19,369 | 10,930 |
Certificates of deposit | ||
Summary of maturities, at par, of marketable securities | ||
2022 | 649 | 400 |
2023 | 0 | 0 |
Total | 649 | 400 |
U.S. Treasury and agency notes | ||
Summary of maturities, at par, of marketable securities | ||
2022 | 3,618 | 855 |
2023 | 1,000 | 500 |
Total | 4,618 | 1,355 |
Corporate notes | ||
Summary of maturities, at par, of marketable securities | ||
2022 | 7,527 | 8,925 |
2023 | 6,575 | 250 |
Total | $ 14,102 | $ 9,175 |
REAL ESTATE (Details)
REAL ESTATE (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Property, Plant and Equipment [Line Items] | ||
Real estate development | $ 321,449 | $ 319,030 |
Less accumulated depreciation | (3,383) | (3,294) |
Real estate and improvements - held for lease, net | 17,207 | 17,301 |
Mountain Village | ||
Property, Plant and Equipment [Line Items] | ||
Real estate development | 151,409 | 150,668 |
Centennial | ||
Property, Plant and Equipment [Line Items] | ||
Real estate development | 113,014 | 112,063 |
Grapevine | ||
Property, Plant and Equipment [Line Items] | ||
Real estate development | 38,149 | 37,922 |
Tejon Ranch Commerce Center | ||
Property, Plant and Equipment [Line Items] | ||
Real estate development | 18,877 | 18,377 |
Tejon Ranch Commerce Center | $ 20,590 | $ 20,595 |
LONG-TERM WATER ASSETS - Additi
LONG-TERM WATER ASSETS - Additional Information (Details) | 3 Months Ended | |
Mar. 31, 2022$ / acre ftacre ft | Dec. 31, 2013acre ft | |
SWP Water Contracts | ||
Long Lived Assets Held-for-sale [Line Items] | ||
Avek water for future delivery (in acre-feet) | 3,444 | |
DMB | ||
Long Lived Assets Held-for-sale [Line Items] | ||
Contract renewal optional term | 35 years | |
Cost of purchased water (per acre-foot) | $ / acre ft | 861 | |
DMB | Maximum | ||
Long Lived Assets Held-for-sale [Line Items] | ||
Annual fee increase | 3.00% | |
DMB | Transferable water | ||
Long Lived Assets Held-for-sale [Line Items] | ||
Long-term water assets (in acre-feet) | 6,693 | |
PEF | Transferable water | Ranchcorp | ||
Long Lived Assets Held-for-sale [Line Items] | ||
Cost of purchased water (per acre-foot) | $ / acre ft | 1,224 | |
Annual fee increase | 3.00% | |
Water assets, volume available for purchase from 2017-2030 (up to) (in acre-feet) | 3,500 | |
Annual option payment | 30.00% |
LONG-TERM WATER ASSETS - Revenu
LONG-TERM WATER ASSETS - Revenues and Cost of Sales (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022USD ($)acre ft | Mar. 31, 2021USD ($)acre ft | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Acre-Feet Sold | acre ft | 6,970 | 5,881 |
Revenues | $ 10,157 | $ 6,252 |
Cost of sales | 6,345 | 4,351 |
Profit | $ 3,812 | $ 1,901 |
LONG-TERM WATER ASSETS - Tangib
LONG-TERM WATER ASSETS - Tangible Water Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Long Lived Assets Held-for-sale [Line Items] | ||
Total water held for future use at cost | $ 28,225 | $ 27,899 |
Banked water and water for future delivery | ||
Long Lived Assets Held-for-sale [Line Items] | ||
Total water held for future use at cost | 23,855 | 25,020 |
Transferable water | ||
Long Lived Assets Held-for-sale [Line Items] | ||
Total water held for future use at cost | $ 4,370 | $ 2,879 |
LONG-TERM WATER ASSETS - Intang
LONG-TERM WATER ASSETS - Intangible Water Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Finite-Lived Intangible Assets [Line Items] | ||
Costs | $ 36,800 | $ 36,800 |
Accumulated Depreciation | (14,043) | (13,702) |
Net cost of purchased water contracts | 22,757 | 23,098 |
Total cost water held for future use | 28,225 | 27,899 |
Net investments in water assets | 50,982 | 50,997 |
Contract-based intangible assets | Dudley-Ridge water rights | ||
Finite-Lived Intangible Assets [Line Items] | ||
Costs | 11,581 | 11,581 |
Accumulated Depreciation | (5,428) | (5,307) |
Contract-based intangible assets | Nickel water rights | ||
Finite-Lived Intangible Assets [Line Items] | ||
Costs | 18,740 | 18,740 |
Accumulated Depreciation | (5,408) | (5,247) |
Contract-based intangible assets | Tulare Lake Basin water rights | ||
Finite-Lived Intangible Assets [Line Items] | ||
Costs | 6,479 | 6,479 |
Accumulated Depreciation | $ (3,207) | $ (3,148) |
LONG-TERM WATER ASSETS - Volume
LONG-TERM WATER ASSETS - Volume of Water Assets (Details) - acre ft acre ft in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Water held for future use | ||
Total water held for future use | 111,080 | 110,741 |
Purchased water contracts | 10,137 | 10,137 |
Total purchased water contracts | 31,433 | 31,433 |
Total water held for future use and purchased water contracts | 142,513 | 142,174 |
Tejon-Castac Water District | ||
Water held for future use | ||
Total water held for future use | 55,227 | 56,189 |
Purchased water contracts | 5,749 | 5,749 |
Water held for future use | ||
Water held for future use | ||
Company water bank | 50,349 | 50,349 |
Water available for banking, sales, or internal use | 5,504 | 4,203 |
WRMWSD - Contracts with the Company | ||
Water held for future use | ||
Purchased water contracts | 15,547 | 15,547 |
ACCRUED LIABILITIES AND OTHER_2
ACCRUED LIABILITIES AND OTHER (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Payables and Accruals [Abstract] | ||
Accrued vacation | $ 801 | $ 782 |
Accrued paid personal leave | 364 | 356 |
Accrued bonus | 530 | 2,062 |
Property tax payable | 1,317 | 0 |
Other | 35 | 251 |
Accrued liabilities and other | $ 3,047 | $ 3,451 |
LINE OF CREDIT AND LONG-TERM _3
LINE OF CREDIT AND LONG-TERM DEBT (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Long-term Debt, Current and Noncurrent [Abstract] | ||
Notes payable | $ 51,674 | $ 52,784 |
Less: line-of-credit and current maturities of long-term debt | (4,531) | (4,475) |
Less: deferred loan costs | (142) | (154) |
Long-term debt, less current portion | $ 47,001 | $ 48,155 |
OTHER LIABILITIES (Details)
OTHER LIABILITIES (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Other Liabilities | ||
Interest rate swap liability | $ 535 | $ 3,088 |
Excess joint venture distributions and other | 3,267 | 3,348 |
Total | 11,727 | 14,468 |
Pension plan | ||
Other Liabilities | ||
Pension and supplemental executive retirement plan liability | 136 | 185 |
SERP | ||
Other Liabilities | ||
Pension and supplemental executive retirement plan liability | $ 7,789 | $ 7,847 |
STOCK COMPENSATION - RESTRICT_3
STOCK COMPENSATION - RESTRICTED STOCK AND PERFORMANCE SHARE GRANTS - Additional Information (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2022USD ($)award | |
Share-based Payment Arrangement [Abstract] | |
Number of types of stock grant awards | award | 3 |
Total compensation cost not yet recognized | $ | $ 3,031 |
Total compensation cost not yet recognized, period for recognition | 12 months |
STOCK COMPENSATION - RESTRICT_4
STOCK COMPENSATION - RESTRICTED STOCK AND PERFORMANCE SHARE GRANTS - Performance Share Grants (Details) - Performance share grants | 3 Months Ended |
Mar. 31, 2022shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Threshold performance (in shares) | 0 |
Target performance (in shares) | 453,747 |
Maximum performance (in shares) | 342,411 |
STOCK COMPENSATION - RESTRICT_5
STOCK COMPENSATION - RESTRICTED STOCK AND PERFORMANCE SHARE GRANTS - Summary of Stock Grant Activity (Details) - Performance share grants | 3 Months Ended |
Mar. 31, 2022shares | |
Summary of stock grant activity: | |
Stock grants outstanding beginning of the year at target achievement (in shares) | 683,645 |
New stock grants/additional shares due to maximum achievement (in shares) | 60,078 |
Vested grants (in shares) | (128,893) |
Expired/forfeited grants (in shares) | (14,291) |
Stock grants outstanding end of the year at target achievement (in shares) | 600,539 |
STOCK COMPENSATION - RESTRICT_6
STOCK COMPENSATION - RESTRICTED STOCK AND PERFORMANCE SHARE GRANTS - Assumptions (Details) - Performance share grants $ / shares in Units, $ in Thousands | 3 Months Ended |
Mar. 31, 2022USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares granted (in shares) | shares | 60,078 |
December 12, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share price at target achievement (in dollars per share) | $ 18.80 |
Expected volatility | 17.28% |
Risk-free interest rate | 1.69% |
Simulated monte carlo share price (in dollars per share) | $ 11.95 |
Shares granted (in shares) | shares | 6,327 |
Total fair value of award | $ | $ 76 |
March 11, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share price at target achievement (in dollars per share) | $ 16.36 |
Expected volatility | 18.21% |
Risk-free interest rate | 0.58% |
Simulated monte carlo share price (in dollars per share) | $ 5.87 |
Shares granted (in shares) | shares | 81,716 |
Total fair value of award | $ | $ 480 |
December 11, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share price at target achievement (in dollars per share) | $ 17.07 |
Expected volatility | 29.25% |
Risk-free interest rate | 0.19% |
Simulated monte carlo share price (in dollars per share) | $ 15.59 |
Shares granted (in shares) | shares | 3,628 |
Total fair value of award | $ | $ 57 |
March 18, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share price at target achievement (in dollars per share) | $ 20.02 |
Expected volatility | 30.30% |
Risk-free interest rate | 0.33% |
Simulated monte carlo share price (in dollars per share) | $ 18.82 |
Shares granted (in shares) | shares | 10,905 |
Total fair value of award | $ | $ 205 |
December 16, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share price at target achievement (in dollars per share) | $ 21.58 |
Expected volatility | 31.29% |
Risk-free interest rate | 0.92% |
Simulated monte carlo share price (in dollars per share) | $ 21.48 |
Shares granted (in shares) | shares | 3,536 |
Total fair value of award | $ | $ 76 |
March 17, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share price at target achievement (in dollars per share) | $ 20.43 |
Expected volatility | 31.54% |
Risk-free interest rate | 2.13% |
Simulated monte carlo share price (in dollars per share) | $ 21.75 |
Shares granted (in shares) | shares | 13,338 |
Total fair value of award | $ | $ 290 |
STOCK COMPENSATION - RESTRICT_7
STOCK COMPENSATION - RESTRICTED STOCK AND PERFORMANCE SHARE GRANTS - Compensation Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total Stock Compensation Costs | $ 1,389 | $ 1,266 |
1998 Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock compensation costs, expensed | 1,067 | 1,146 |
Capitalized | 170 | (10) |
Total Stock Compensation Costs | 1,237 | 1,136 |
NDSI Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock compensation costs, expensed | $ 152 | $ 130 |
INTEREST RATE SWAP (Details)
INTEREST RATE SWAP (Details) - Level 2 - Interest Rate Swap - Other Liabilities - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Derivatives, Fair Value [Line Items] | ||
Weighted Average Interest Pay Rate | 4.16% | 4.16% |
Fair Value | $ (535) | $ (3,088) |
Notional Amount | $ 49,790 | $ 50,837 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Income tax expense | $ 3,046 | $ 21 | |
Effective income tax rate | 41.00% | (2.00%) | |
Income Taxes Payable | $ 4,591 | $ 1,217 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2022USD ($)afacility | Jun. 30, 2014 | Dec. 31, 2022USD ($) | Dec. 31, 2021USD ($) | |
Loss Contingencies [Line Items] | ||||
Amount expected to be paid | $ 12,066,000 | |||
Contractual obligation for future water payments | $ 277,288,000 | |||
Incentive fee on contract termination, measurement period from entitlement achievement date | 5 years | |||
Number of community facility districts | facility | 2 | |||
Annual cost related to the letter of credit | $ 142,000 | $ 154,000 | ||
Forecast | ||||
Loss Contingencies [Line Items] | ||||
Special taxes paid | $ 3,247,000 | |||
West CFD | ||||
Loss Contingencies [Line Items] | ||||
Acres of land related to land liens | a | 420 | |||
Bond debt sold by TRPFFA | $ 28,620,000 | |||
Additional bond debt authorized to be sold in future | 0 | |||
Additional reimbursement funds | $ 0 | |||
East CFD | ||||
Loss Contingencies [Line Items] | ||||
Acres of land related to land liens | a | 1,931 | |||
Bond debt sold by TRPFFA | $ 75,965,000 | |||
Additional bond debt authorized to be sold in future | 44,035,000 | |||
Additional costs for future years | 15,647,940 | |||
Standby letter of credit | ||||
Loss Contingencies [Line Items] | ||||
Letters of credit outstanding amount | $ 4,393,000 | |||
Letter of credit period | 2 years | |||
Letter of credit renewal period | 2 years | |||
Annual cost related to the letter of credit | $ 68,000 | |||
DMB | ||||
Loss Contingencies [Line Items] | ||||
Contract renewal optional term | 35 years |
RETIREMENT PLANS - Additional I
RETIREMENT PLANS - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Assumptions used in determining periodic pension cost: | |||
Discount rate | 2.80% | 2.80% | |
Pension plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service period | 5 years | ||
Contributions to defined benefit plan | $ 165 | ||
Assumptions used in determining periodic pension cost: | |||
Expected long-term rate of return on plan assets | 7.30% | 7.30% | |
Pension plan | Equities | |||
Current investment policy targets: | |||
Current investment mix | 20.00% | 35.00% | |
Pension plan | Treasury/Corporate Notes | |||
Current investment policy targets: | |||
Current investment mix | 79.00% | 64.00% | |
Pension plan | Money market funds | |||
Current investment policy targets: | |||
Current investment mix | 1.00% | 1.00% |
RETIREMENT PLANS - Net Periodic
RETIREMENT PLANS - Net Periodic Pension Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Pension plan | ||
Earnings (cost) components: | ||
Interest cost | $ (78) | $ (73) |
Expected return on plan assets | 138 | 188 |
Net amortization and deferral | (12) | (18) |
Total net periodic pension earnings | 48 | 97 |
SERP | ||
Earnings (cost) components: | ||
Interest cost | (46) | (41) |
Net amortization and deferral | (29) | (31) |
Total net periodic pension earnings | $ (75) | $ (72) |
REPORTING SEGMENTS AND RELATE_3
REPORTING SEGMENTS AND RELATED INFORMATION - Additional Information (Details) | 3 Months Ended | |
Mar. 31, 2022USD ($)segment | Mar. 31, 2021USD ($) | |
Revenue from External Customer [Line Items] | ||
Number of reportable segments | segment | 5 | |
Segment losses | $ 15,808,000 | $ 12,108,000 |
Real estate - resort/residential | ||
Revenue from External Customer [Line Items] | ||
Revenues | 0 | |
Real estate - resort/residential | Operating Segments | ||
Revenue from External Customer [Line Items] | ||
Segment losses | $ 423,000 | $ 553,000 |
REPORTING SEGMENTS AND RELATE_4
REPORTING SEGMENTS AND RELATED INFORMATION - Revenue Components of Real Estate Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Revenue from External Customer [Line Items] | ||
Equity in earnings (losses) of unconsolidated joint ventures, net | $ 1,213 | $ (59) |
Total expenses | 15,808 | 12,108 |
Operating Segments | ||
Revenue from External Customer [Line Items] | ||
Commercial/industrial revenues | 21,020 | 11,054 |
Real estate - commercial/industrial | Operating Segments | ||
Revenue from External Customer [Line Items] | ||
Commercial/industrial revenues | 7,349 | 2,228 |
Equity in earnings (losses) of unconsolidated joint ventures, net | 1,213 | (59) |
Commercial/industrial revenues and equity in earnings of unconsolidated joint ventures | 8,562 | 2,169 |
Total expenses | 2,736 | 1,552 |
Operating results from commercial/industrial and unconsolidated joint ventures | $ 5,826 | $ 617 |
REPORTING SEGMENTS AND RELATE_5
REPORTING SEGMENTS AND RELATED INFORMATION - Revenue Components of Mineral Resources Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Revenue from External Customer [Line Items] | ||
Total expenses | $ 15,808 | $ 12,108 |
Operating results | 5,212 | (1,054) |
Operating Segments | ||
Revenue from External Customer [Line Items] | ||
Total revenues | 21,020 | 11,054 |
Mineral resources | Operating Segments | ||
Revenue from External Customer [Line Items] | ||
Total revenues | 11,968 | 7,176 |
Total expenses | 7,157 | 5,047 |
Operating results | $ 4,811 | $ 2,129 |
REPORTING SEGMENTS AND RELATE_6
REPORTING SEGMENTS AND RELATED INFORMATION - Revenue Components of Farming Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Revenue from External Customer [Line Items] | ||
Total expenses | $ 15,808 | $ 12,108 |
Operating results | 5,212 | (1,054) |
Operating Segments | ||
Revenue from External Customer [Line Items] | ||
Total revenues | 21,020 | 11,054 |
Farming | Operating Segments | ||
Revenue from External Customer [Line Items] | ||
Total revenues | 655 | 607 |
Total expenses | 1,762 | 1,478 |
Operating results | $ (1,107) | $ (871) |
REPORTING SEGMENTS AND RELATE_7
REPORTING SEGMENTS AND RELATED INFORMATION - Revenue Components of Ranch Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Revenue from External Customer [Line Items] | ||
Total expenses | $ 15,808 | $ 12,108 |
Operating results | 5,212 | (1,054) |
Operating Segments | ||
Revenue from External Customer [Line Items] | ||
Total revenues | 21,020 | 11,054 |
Ranch operations | Operating Segments | ||
Revenue from External Customer [Line Items] | ||
Total revenues | 1,048 | 1,043 |
Total expenses | 1,315 | 1,187 |
Operating results | $ (267) | $ (144) |
INVESTMENT IN UNCONSOLIDATED _3
INVESTMENT IN UNCONSOLIDATED AND CONSOLIDATED JOINT VENTURES - Investment Information (Details) | Mar. 29, 2022ft² | Mar. 25, 2021USD ($)ft² | Apr. 01, 2019USD ($) | Feb. 28, 2022unit | Jun. 30, 2021USD ($) | Nov. 30, 2018ft² | Sep. 30, 2016ft² | Aug. 31, 2016USD ($)ft² | Aug. 31, 2009a | Mar. 31, 2022USD ($)ft²venture | Mar. 31, 2021USD ($) | Dec. 31, 2019tenant | Dec. 31, 2013ft² | Dec. 31, 2021USD ($) | Jun. 01, 2018USD ($) |
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Investments in unconsolidated joint ventures | $ 37,348,000 | $ 43,418,000 | |||||||||||||
Equity in earnings (loss) | 1,213,000 | $ (59,000) | |||||||||||||
Real estate development | 321,449,000 | 319,030,000 | |||||||||||||
Equity Method Investment, Nonconsolidated Investee or Group of Investees | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Investment in unconsolidated joint ventures | 37,348,000 | 43,418,000 | |||||||||||||
Debt | $ 148,679,000 | 141,917,000 | |||||||||||||
Centennial | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Consolidated joint venture, ownership interest | 93.13% | ||||||||||||||
Petro Travel Plaza Holdings, LLC | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Unconsolidated joint ventures, ownership interest | 50.00% | ||||||||||||||
Right and share of profit and loss | 60.00% | ||||||||||||||
Petro Travel Plaza Holdings, LLC | Equity Method Investment, Nonconsolidated Investee or Group of Investees | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Investment in unconsolidated joint ventures | $ 24,076,000 | 22,915,000 | |||||||||||||
Debt | $ 14,657,000 | 14,848,000 | |||||||||||||
Majestic Realty Co. | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Investments in unconsolidated joint ventures | $ 24,773,000 | ||||||||||||||
Number of joint venture contracts | venture | 6 | ||||||||||||||
Area of building owned and leased | ft² | 651,909 | ||||||||||||||
TRC-MRC 5 LLC | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Number of acres for development | ft² | 446,400 | ||||||||||||||
TRCC-East | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Number of acres for development | ft² | 326,000 | ||||||||||||||
Number of multi-family rental units | unit | 495 | ||||||||||||||
Area of building owned and leased | ft² | 480,480 | 240,000 | |||||||||||||
Percentage of building leased | 100.00% | ||||||||||||||
Deficit balance | $ 1,764,000 | ||||||||||||||
TRC-MRC 4 LLC | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Number of acres for development | ft² | 629,274 | ||||||||||||||
Construction loan | $ 47,500,000 | ||||||||||||||
Value of property contributed | $ 8,464,000 | ||||||||||||||
Real estate development | $ 2,895,000 | ||||||||||||||
Equity method investment, deferred gain on sale | $ 2,785,000 | ||||||||||||||
TRC-MRC 4 LLC | Equity Method Investment, Nonconsolidated Investee or Group of Investees | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Investment in unconsolidated joint ventures | 4,668,000 | 4,669,000 | |||||||||||||
Debt | 24,039,000 | 16,307,000 | |||||||||||||
TRC-MRC 3, LLC | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Number of acres for development | ft² | 579,040 | ||||||||||||||
Lease agreement, rentable space | 100.00% | ||||||||||||||
Number of tenants | tenant | 2 | ||||||||||||||
TRC-MRC 3, LLC | Equity Method Investment, Nonconsolidated Investee or Group of Investees | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Investment in unconsolidated joint ventures | 713,000 | 859,000 | |||||||||||||
Debt | $ 35,120,000 | 35,324,000 | |||||||||||||
TRC-MRC 3, LLC | Land | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Value of property contributed | $ 5,854,000 | ||||||||||||||
TRC-MRC 2, LLC | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Debt instrument face amount | $ 25,240,000 | ||||||||||||||
Percentage of building leased | 100.00% | ||||||||||||||
Deficit balance | $ 1,498,000 | ||||||||||||||
TRC-MRC 2, LLC | Equity Method Investment, Nonconsolidated Investee or Group of Investees | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Investment in unconsolidated joint ventures | 0 | 0 | |||||||||||||
Debt | 23,097,000 | 23,255,000 | |||||||||||||
TRC-MRC 1, LLC | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Construction Loan | 25,030,000 | ||||||||||||||
TRC-MRC 1, LLC | Equity Method Investment, Nonconsolidated Investee or Group of Investees | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Investment in unconsolidated joint ventures | 0 | 0 | |||||||||||||
Debt | 23,250,000 | 23,400,000 | |||||||||||||
Rockefeller Joint Ventures | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Investment in unconsolidated joint ventures | $ 7,891,000 | ||||||||||||||
Number of joint venture contracts | venture | 2 | ||||||||||||||
18-19 West, LLC | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Number of acres for development | a | 61.5 | ||||||||||||||
Investment in Joint Venture Purchase Price Increase Amount | $ 15,213,000 | ||||||||||||||
18-19 West, LLC | Equity Method Investment, Nonconsolidated Investee or Group of Investees | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Investment in unconsolidated joint ventures | 0 | 6,877,000 | |||||||||||||
Debt | $ 0 | 0 | |||||||||||||
Five West Parcel, LLC | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Unconsolidated joint ventures, ownership interest | 50.00% | 50.00% | |||||||||||||
TRCC/Rock Outlet Center, LLC | Equity Method Investment, Nonconsolidated Investee or Group of Investees | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Investment in unconsolidated joint ventures | $ 7,891,000 | 8,098,000 | |||||||||||||
Debt | 28,516,000 | $ 28,783,000 | |||||||||||||
Decrease in outstanding amount | $ 4,600,000 |
INVESTMENT IN UNCONSOLIDATED _4
INVESTMENT IN UNCONSOLIDATED AND CONSOLIDATED JOINT VENTURES - Condensed Statements of Operations and Balance Sheet Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of Operations | ||||
Non-cash tenant allowance amortization | $ 300 | $ 300 | ||
Balance Sheet Information | ||||
Assets | 552,028 | $ 546,036 | ||
Equity | 462,882 | 446,148 | 456,511 | $ 445,331 |
Equity Method Investment, Nonconsolidated Investee or Group of Investees | ||||
Statement of Operations | ||||
Revenues | 42,774 | 27,931 | ||
Earnings (Loss) | 2,040 | (167) | ||
Equity in Earnings (Loss) | 1,213 | (59) | ||
Balance Sheet Information | ||||
Assets | 260,064 | 263,667 | ||
Debt | (148,679) | (141,917) | ||
Equity | 100,412 | 110,034 | ||
TRC equity | 37,348 | 43,418 | ||
Equity Method Investment, Nonconsolidated Investee or Group of Investees | Petro Travel Plaza Holdings, LLC | ||||
Statement of Operations | ||||
Revenues | 38,328 | 23,821 | ||
Earnings (Loss) | 1,934 | 243 | ||
Equity in Earnings (Loss) | 1,161 | 146 | ||
Balance Sheet Information | ||||
Assets | 81,767 | 78,064 | ||
Debt | (14,657) | (14,848) | ||
Equity | 60,794 | 58,859 | ||
TRC equity | 24,076 | 22,915 | ||
Equity Method Investment, Nonconsolidated Investee or Group of Investees | Five West Parcel, LLC | ||||
Statement of Operations | ||||
Revenues | 0 | 0 | ||
Earnings (Loss) | 0 | 0 | ||
Equity in Earnings (Loss) | 0 | 0 | ||
Equity Method Investment, Nonconsolidated Investee or Group of Investees | 18-19 West, LLC | ||||
Statement of Operations | ||||
Revenues | 0 | 2 | ||
Earnings (Loss) | 0 | (35) | ||
Equity in Earnings (Loss) | 0 | (17) | ||
Balance Sheet Information | ||||
Assets | 430 | 14,965 | ||
Debt | 0 | 0 | ||
Equity | 430 | 14,895 | ||
TRC equity | 0 | 6,877 | ||
Equity Method Investment, Nonconsolidated Investee or Group of Investees | TRCC/Rock Outlet Center, LLC | ||||
Statement of Operations | ||||
Revenues | 1,564 | 1,275 | ||
Earnings (Loss) | (414) | (689) | ||
Equity in Earnings (Loss) | (207) | (344) | ||
Balance Sheet Information | ||||
Assets | 61,445 | 61,927 | ||
Debt | (28,516) | (28,783) | ||
Equity | 31,909 | 32,323 | ||
TRC equity | 7,891 | 8,098 | ||
Equity Method Investment, Nonconsolidated Investee or Group of Investees | TRC-MRC 1, LLC | ||||
Statement of Operations | ||||
Revenues | 839 | 847 | ||
Earnings (Loss) | 19 | 87 | ||
Equity in Earnings (Loss) | 9 | 43 | ||
Balance Sheet Information | ||||
Assets | 24,892 | 24,964 | ||
Debt | (23,250) | (23,400) | ||
Equity | 1,018 | 1,209 | ||
TRC equity | 0 | 0 | ||
Equity Method Investment, Nonconsolidated Investee or Group of Investees | TRC-MRC 2, LLC | ||||
Statement of Operations | ||||
Revenues | 1,025 | 1,015 | ||
Earnings (Loss) | 344 | 336 | ||
Equity in Earnings (Loss) | 172 | 168 | ||
Balance Sheet Information | ||||
Assets | 20,800 | 20,497 | ||
Debt | (23,097) | (23,255) | ||
Equity | (3,926) | (5,657) | ||
TRC equity | 0 | 0 | ||
Equity Method Investment, Nonconsolidated Investee or Group of Investees | TRC-MRC 3, LLC | ||||
Statement of Operations | ||||
Revenues | 1,018 | 971 | ||
Earnings (Loss) | 158 | (109) | ||
Equity in Earnings (Loss) | 79 | (55) | ||
Balance Sheet Information | ||||
Assets | 37,306 | 37,579 | ||
Debt | (35,120) | (35,324) | ||
Equity | 847 | (914) | ||
TRC equity | 713 | 859 | ||
Equity Method Investment, Nonconsolidated Investee or Group of Investees | TRC-MRC 4 LLC | ||||
Statement of Operations | ||||
Revenues | 0 | 0 | ||
Earnings (Loss) | (1) | 0 | ||
Equity in Earnings (Loss) | (1) | 0 | ||
Balance Sheet Information | ||||
Assets | 33,424 | 25,671 | ||
Debt | (24,039) | (16,307) | ||
Equity | 9,340 | 9,319 | ||
TRC equity | 4,668 | 4,669 | ||
Equity Method Investment, Nonconsolidated Investee or Group of Investees | Centennial | ||||
Statement of Operations | ||||
Revenues | 121 | 129 | ||
Earnings (Loss) | 97 | $ 111 | ||
Balance Sheet Information | ||||
Assets | 101,789 | 101,178 | ||
Debt | 0 | 0 | ||
Equity | $ 101,408 | $ 100,261 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details) - SWP Water Contracts - Wheeler Ridge Maricopa Water Storage District - Executive Vice President and Chief Operating Officer $ in Thousands | 3 Months Ended |
Mar. 31, 2022USD ($)adirectoracre ft | |
Related Party Transaction [Line Items] | |
Acres of land | a | 5,496 |
Purchased water contracts | acre ft | 15,547 |
Number of directors | director | 9 |
Water contracts and related costs | $ | $ 2,262 |