Tejon Ranch (TRC) 10-K 6 Mar 24 2023 FY Annual report Financial data

Cover Page

Cover Page - USD ($)	12 Months Ended
	Dec. 31, 2023	Feb. 29, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
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 Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
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
Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 459,830,083
Entity Common Stock Shares Outstanding		26,787,073
Documents Incorporated by Reference	Portions of the Registrant's Proxy Statement for the 2024 Annual Meeting of Stockholders, to be filed within 120 days of the Registrant's fiscal year ended December 31, 2023, relating to the directors and executive officers of the Company are incorporated by reference into Part III.
Entity Central Index Key	0000096869
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2023
Audit Information [Abstract]
Auditor Name	DELOITTE & TOUCHE LLP
Auditor Location	Los Angeles, CA
Auditor Firm ID	34

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current Assets:
Cash and cash equivalents	$ 31,907	$ 39,119
Marketable securities - available-for-sale	32,556	33,444
Accounts receivable	8,352	4,453
Inventories	3,493	3,369
Prepaid expenses and other current assets	3,502	2,660
Total current assets	79,810	83,045
Real estate and improvements - held for lease, net	16,609	16,940
Real estate development (includes $119,788 at December 31, 2023 and $115,221 at December 31, 2022, attributable to Centennial Founders, LLC, Note 17)	337,257	321,293
Property and equipment, net	53,985	52,980
Investments in unconsolidated joint ventures	33,648	41,891
Net investment in water assets	52,130	47,045
Other assets	4,084	3,597
TOTAL ASSETS	577,523	566,791
Current Liabilities:
Trade accounts payable	6,457	5,117
Accrued liabilities and other	3,214	3,602
Deferred income	1,891	1,531
Current maturities of long-term debt	0	1,779
Total current liabilities	11,562	12,029
Long-term debt, less current portion	0	48,161
Revolving line-of-credit	47,942	0
Long-term deferred gains	11,447	11,447
Deferred tax liability	8,269	7,180
Other liabilities	15,207	10,380
Total liabilities	94,427	89,197
Commitments and contingencies
Tejon Ranch Co. Stockholders’ Equity
Issued and outstanding shares - 26,770,545 at December 31, 2023 and 26,541,553 at December 31, 2022	13,386	13,271
Additional paid-in capital	345,609	345,344
Accumulated other comprehensive loss	(171)	(2,028)
Retained earnings	108,908	105,643
Total Tejon Ranch Co. Stockholders’ Equity	467,732	462,230
Non-controlling interest	15,364	15,364
Total equity	483,096	477,594
TOTAL LIABILITIES AND EQUITY	$ 577,523	$ 566,791

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Real estate development	$ 337,257	$ 321,293
Common stock, par value per share (in dollars per share)	$ 0.50	$ 0.50
Common stock, authorized shares (in shares)	50,000,000	50,000,000
Common stock, issued shares (in shares)	26,770,545	26,541,553
Common stock, outstanding shares (in shares)	26,770,545	26,541,553
Centennial
Real estate development		$ 115,221
Centennial
Real estate development	$ 119,788	$ 115,221

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Costs and expenses:
Total expenses	$ 48,438	$ 65,488	$ 55,873
Operating (loss) income	(3,699)	13,729	(260)
Other income:
Investment income	2,557	634	57
Other (loss) income	(138)	1,088	164
Total other income	2,419	1,722	221
(Loss) income from operations before equity in earnings of unconsolidated joint ventures and income tax expense	(1,280)	15,451	(39)
Equity in earnings of unconsolidated joint ventures, net	6,868	7,752	9,202
Income before income taxes	5,588	23,203	9,163
Income tax expense	2,323	7,393	3,821
Net income	3,265	15,810	5,342
Net income (loss) attributable to non-controlling interest	0	2	(6)
Net income attributable to common stockholders	$ 3,265	$ 15,808	$ 5,348
Net income (loss) per share attributable to common stockholders, basic (in dollars per share)	$ 0.12	$ 0.60	$ 0.20
Net income (loss) per share attributable to common stockholders, diluted (in dollars per share)	$ 0.12	$ 0.59	$ 0.20
Operating Segments
Revenues:
Total revenues	$ 44,739	$ 79,217	$ 55,613
Operating Segments | Real Estate - commercial/industrial
Revenues:
Total revenues	11,758	40,515	19,476
Costs and expenses:
Total expenses	8,053	16,356	11,953
Other income:
Equity in earnings of unconsolidated joint ventures, net	6,868	7,752	9,202
Operating Segments | Real Estate - resort/residential
Costs and expenses:
Total expenses	1,528	1,629	1,723
Operating Segments | Mineral resources
Revenues:
Total revenues	14,524	21,595	20,987
Costs and expenses:
Total expenses	8,685	12,969	13,559
Operating Segments | Farming
Revenues:
Total revenues	13,950	13,001	11,039
Costs and expenses:
Total expenses	15,257	19,811	14,116
Operating Segments | Ranch operations
Revenues:
Total revenues	4,507	4,106	4,111
Costs and expenses:
Total expenses	5,043	5,024	4,679
Corporate expenses
Costs and expenses:
Total expenses	$ 9,872	$ 9,699	$ 9,843

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Net income	$ 3,265	$ 15,810	$ 5,342
Other comprehensive income (loss):
Unrealized gain (loss) on available-for-sale securities	187	(199)	(14)
Unrealized interest rate swap gain	2,285	5,641	2,841
Other comprehensive income before taxes	2,578	6,660	4,024
Provision for income taxes related to other comprehensive income items	(721)	(1,866)	(1,126)
Other comprehensive income	1,857	4,794	2,898
Comprehensive income	5,122	20,604	8,240
Comprehensive income (loss) attributable to non-controlling interests	0	2	(6)
Comprehensive income attributable to common stockholders	5,122	20,602	8,246
Benefit plan adjustments
Other comprehensive income (loss):
Benefit plan adjustments	233	(212)	866
SERP liability adjustments
Other comprehensive income (loss):
Benefit plan adjustments	$ (127)	$ 1,430	$ 331

CONSOLIDATED STATEMENT OF CHANG

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - USD ($) $ in Thousands	Total	Total Stockholders' Equity	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Loss	Retained Earnings	Non-controlling 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)	5,342	5,348				5,348	(6)
Other comprehensive income (loss)	2,898	2,898			2,898
Restricted stock issuance (in shares)			227,250
Restricted stock issuance	0		$ 114	(114)
Stock compensation	4,731	4,731		4,731
Shares withheld for taxes and tax benefit of vested shares (in shares)			(103,159)
Shares withheld for taxes and tax benefit of vested shares	(1,791)	(1,791)	$ (51)	(1,740)
Ending balance (in shares) at Dec. 31, 2021			26,400,921
Ending 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)	15,810	15,808				15,808	2
Other comprehensive income (loss)	4,794	4,794			4,794
Restricted stock issuance (in shares)			249,127
Restricted stock issuance	0		$ 124	(124)
Stock compensation	3,212	3,212		3,212
Shares withheld for taxes and tax benefit of vested shares (in shares)			(108,495)
Shares withheld for taxes and tax benefit of vested shares	$ (2,733)	(2,733)	$ (53)	(2,680)
Ending balance (in shares) at Dec. 31, 2022	26,541,553		26,541,553
Ending balance, value at Dec. 31, 2022	$ 477,594	462,230	$ 13,271	345,344	(2,028)	105,643	15,364
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	3,265	3,265				3,265
Other comprehensive income (loss)	1,857	1,857			1,857
Restricted stock issuance (in shares)			446,969
Restricted stock issuance	(1)	(1)	$ 224	(225)
Stock compensation	3,734	3,734		3,734
Shares withheld for taxes and tax benefit of vested shares (in shares)			(217,977)
Shares withheld for taxes and tax benefit of vested shares	$ (3,353)	(3,353)	$ (109)	(3,244)
Ending balance (in shares) at Dec. 31, 2023	26,770,545		26,770,545
Ending balance, value at Dec. 31, 2023	$ 483,096	$ 467,732	$ 13,386	$ 345,609	$ (171)	$ 108,908	$ 15,364

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating Activities
Net income		$ 3,265	$ 15,810	$ 5,342
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		4,806	4,628	4,594
Amortization of (discount) premium on marketable securities		(691)	87	111
Equity in earnings of unconsolidated joint ventures, net		(6,868)	(7,752)	(9,202)
Non-cash retirement plan expense		462	110	99
Loss (gain) on sale of real estate/assets		6	(1,140)	(12)
Non-cash profits recognized from land contribution		0	(3,012)	(2,784)
Profit from water sale		(490)	(2,229)	(3,442)
Profit from land sales		0	(18,372)	(3,139)
Deferred income taxes		1,121	2,865	1,134
Stock compensation expense		3,252	2,877	4,271
Excess tax (benefit) loss of stock-based compensation		(723)	(105)	48
Abandonment expense		189	85	0
Inventory write down		423	1,050	0
Distribution of earnings from unconsolidated joint ventures		13,511	11,793	5,892
Changes in operating assets and liabilities:
Receivables, inventories, prepaids and other assets, net		(4,476)	3,244	(814)
Current liabilities, net		(132)	(1,408)	718
Net cash provided by operating activities		13,655	8,531	2,816
Investing Activities
Maturities and sales of marketable securities		134,083	41,135	6,249
Purchase of marketable securities		(132,317)	(63,882)	(14,586)
Real estate and equipment expenditures		(21,328)	(22,602)	(20,879)
Reimbursement proceeds from Communities Facilities District		0	5,950	135
Proceeds from sale of real estate/assets		77	0	63
Proceeds from sale of land		0	24,950	4,413
Investment in unconsolidated joint ventures		(4,500)	(800)	(2,900)
Distribution of equity from unconsolidated joint ventures		10,978	8,166	5,734
Investments in long-term water assets		(6,034)	(988)	(2,415)
Proceeds from water sales	[1]	1,324	6,180	9,534
Interest rate swap settlement	[2]	3,715	0	0
Net cash used in investing activities		(14,002)	(1,891)	(14,652)
Financing Activities
Borrowings on line of credit		47,942	0	0
Borrowings of long-term debt		0	49,080	0
Repayments of long-term debt		(50,357)	(51,708)	(4,295)
Deferred financing costs		(1,097)	(181)	0
Interest rate swap settlement	[3]	0	1,123	0
Taxes on vested stock grants		(3,353)	(2,733)	(1,791)
Net cash used in financing activities		(6,865)	(4,419)	(6,086)
(Decrease) increase in cash, cash equivalents, and restricted cash		(7,212)	2,221	(17,922)
Cash, cash equivalents, and restricted cash at beginning of year		39,619	37,398	55,320
Cash, cash equivalents, and restricted cash at end of year		32,407	39,619	37,398
Reconciliation to amounts on consolidated balance sheets:
Cash and cash equivalents		31,907	39,119	36,195
Restricted cash (recorded in other assets)		500	500	1,203
Total cash, cash equivalents, and restricted cash		32,407	39,619	37,398
Non-cash investing activities
Accrued capital and water expenditures included in current liabilities		2,091	1,847	1,342
Contribution to unconsolidated joint venture		0	8,501	8,464
Long term deferred profit on land contribution		$ 0	$ 3,012	$ 2,785
[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 $1.32 million in 2023, this cash inflow is appropriately classified in the Company’s investing activities. The profit of $0.5 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. The Company had an interest rate swap agreement with Bank of America, N.A. to reduce its exposure to fluctuations in the floating interest rate tied to SOFR under the term note. The hedging relationship qualified as an effective cash flow hedge and was recorded at fair value. On October 23, 2023, the Company terminated the interest rate swap, and received a $3,715,000 cash termination fee from Bank of America, N.A. The Company had an interest rate swap agreement with Wells Fargo Bank, N.A. to reduce its exposure to fluctuations in the floating interest rate tied to the London Inter-Bank Rate, or LIBOR under a term note with Wells Fargo. The hedging relationship qualified as an effective cash flow hedge and was recorded at fair value. On June 27, 2022, the Company terminated the interest rate swap, and received a $1,123,000 cash termination fee from Wells Fargo.

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands			12 Months Ended
		Jun. 27, 2022	Dec. 31, 2023
Proceeds from water sales	[1]		$ 1,324
Profit from water sales			490
Proceeds from derivative instrument	[2]		3,715
Interest rate swap settlement	[3]		0
Interest Rate Swap
Interest rate swap settlement		$ 1,123
Water
Proceeds from water sales			1,320
Profit from water sales			$ 500
[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 $1.32 million in 2023, this cash inflow is appropriately classified in the Company’s investing activities. The profit of $0.5 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. The Company had an interest rate swap agreement with Bank of America, N.A. to reduce its exposure to fluctuations in the floating interest rate tied to SOFR under the term note. The hedging relationship qualified as an effective cash flow hedge and was recorded at fair value. On October 23, 2023, the Company terminated the interest rate swap, and received a $3,715,000 cash termination fee from Bank of America, N.A. The Company had an interest rate swap agreement with Wells Fargo Bank, N.A. to reduce its exposure to fluctuations in the floating interest rate tied to the London Inter-Bank Rate, or LIBOR under a term note with Wells Fargo. The hedging relationship qualified as an effective cash flow hedge and was recorded at fair value. On June 27, 2022, the Company terminated the interest rate swap, and received a $1,123,000 cash termination fee from Wells Fargo.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The Company Tejon Ranch Co. (the Company or Tejon) is a diversified real estate development and agribusiness company committed to responsibly using its land and resources to meet the housing, employment, and lifestyle needs of Californians. Current operations consist of land planning and entitlement, land development, commercial land sales and leasing, leasing of land for mineral royalties, water asset management and sales, grazing leases, and farming. These activities are performed through five reporting segments: • Real Estate - Commercial/Industrial • Real Estate - Resort/Residential • Mineral Resources • Farming • Ranch Operations Tejon's prime asset is approximately 270,000 acres of contiguous, largely undeveloped land that, at its most southerly border, is 60 miles north of downtown Los Angeles and, at its most northerly border, is 15 miles east of Bakersfield. The Company creates value by securing entitlements for its land, facilitating infrastructure development, strategic land planning, monetization of land through development and sales, and conservation, in order to maximize the highest and best use for its land. The Company is involved in eight joint ventures that own, develop, and operate real estate properties. The Company enters into joint ventures as a means to facilitate the development of portions of its land. The Company is also actively engaged in land planning, land entitlement, and conservation projects. Any references to the number of acres, number of buildings, square footage, number of leases, occupancy, and any amounts derived from these values in the notes to the consolidated financial statements are unaudited. Principles of Consolidation The consolidated financial statements include the accounts of the Company, and the accounts of all subsidiaries and investments in which a controlling interest is held by the Company. All intercompany transactions have been eliminated in consolidation. The Company has evaluated subsequent events through the date of issuance of the consolidated financial statements. Cash Equivalents The Company considers all highly liquid investments with maturities of three months or less when purchased to be cash equivalents. The carrying amount for cash equivalents approximates fair value. Marketable Securities The Company considers those investments not qualifying as cash equivalents, but which are readily marketable, to be marketable securities. The Company's investment portfolio is comprised of fixed income debt securities, which are classified as current assets on the consolidated balance sheets. The Company classifies all marketable securities as available-for-sale. These are stated at fair value with the unrealized gains (losses), net of tax, reported as a component of accumulated other comprehensive income (loss) in the consolidated statements of changes in equity. Investments in Unconsolidated Joint Ventures For joint ventures that the Company does not control, but over which it exercises significant influence, the Company uses the equity method of accounting. The Company's judgment with regard to its level of influence or control of an entity involves consideration of various factors, including the form of its ownership interest; its representation in the entity's governance; its ability to participate in policy-making decisions; and the rights of other investors to participate in the decision-making process, to replace the Company as manager, and/or to liquidate the venture. These ventures are recorded at cost and adjusted for equity in earnings (losses), contributions and distributions. Any difference between the carrying amount of these investments on the Company’s balance sheet and the underlying equity in net assets on the joint venture’s balance sheet is adjusted as the related underlying assets are depreciated, amortized, or sold. When the Company contributes land to a joint venture, it records the investment in the venture at fair value, regardless of whether the other investors in the venture contribute cash or property. The Company generally allocates income and loss from an unconsolidated joint venture based on the venture's distribution priorities, which may be different from its stated ownership percentage. The Company evaluates the recoverability of its investments in unconsolidated joint ventures in accordance with accounting standards for equity investments by first reviewing each investment for any indicators of impairment. If indicators are present, the Company estimates the fair value of the investment. If the carrying value of the investment is greater than the estimated fair value, management makes an assessment of whether the impairment is “temporary” or “other-than-temporary.” In making this assessment, management considers the following: (1) the length of time and the extent to which fair value has been less than cost, (2) the financial condition and near-term prospects of the entity, and (3) the Company’s intent and ability to retain its interest long enough for a recovery in market value. If management concludes that the impairment is "other than temporary," the Company reduces the investment to its estimated fair value. Fair Values of Financial Instruments The Company follows the Financial Accounting Standards Board's authoritative guidance for fair value measurements of certain financial instruments. The guidance defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Fair value is defined as the exchange (exit) price that would be received for an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. This guidance establishes a three-level hierarchy for fair value measurements based upon the inputs to the valuation of an asset or liability. Observable inputs are those which can be easily seen by market participants, while unobservable inputs are generally developed internally, utilizing management’s estimates and assumptions: • Level 1 – Valuation is based on quoted prices in active markets for identical assets and liabilities. • Level 2 – Valuation is determined from quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar instruments in markets that are not active, or by model-based techniques in which all significant inputs are observable in the market. • Level 3 – Valuation is derived from model-based techniques in which at least one significant input is unobservable and based on the Company's own estimates about the assumptions that market participants would use to value the asset or liability. When available, the Company uses quoted market prices in active markets to determine fair value. The Company considers the principal market and nonperformance risk associated with counterparties when determining the fair value measurement. Fair value measurements are used on a recurring basis for marketable securities, investments within the pension plan and hedging instruments, if any. The carrying values of cash and cash equivalents, restricted cash, receivables, accounts payable, accrued expenses, and other short-term liabilities approximate their fair value. Additionally, the fair value of the RCL approximates fair value considering factors such as the interest rate being variable and the estimated credit spread available in the market at the balance sheet date being comparable to the terms at origination. Interest Rate Swap Agreements On June 30, 2022, the Company entered into a variable rate term note, or New Term Note, with Bank of America, N.A. and on the same day, the Company entered into a new interest rate swap agreement to reduce its exposure to fluctuations in the floating interest rate tied to SOFR under the New Term Note. The hedging relationship qualified as an effective cash flow hedge and was recorded at fair value. On October 23, 2023, the Company terminated its interest rate swap agreement with Bank of America, N.A., and received a $3,715,000 cash termination fee from Bank of America, N.A. See Note 8 (Line of Credit and Long-Term Debt) and Note 10 (Interest Rate Swap) of the Notes to Consolidated Financial Statements for further detail regarding this interest rate swap related to the Company's Credit Facility. The Company believes it is prudent at times to limit the variability of floating-rate interest payments and in the past has entered into interest rate swaps to manage those fluctuations. The Company recognizes interest rate swap agreements as either an asset or liability on the balance sheet at fair value. The accounting for changes in fair value (i.e., gains or losses) of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship and, further, on the type of hedging relationship. For those derivative instruments that are designated and qualify as hedging instruments, a company must designate the hedging instrument, based on the hedged exposure, as a fair value hedge, a cash flow hedge, or a hedge of a net investment in a foreign operation. The interest rate swap agreement was considered a cash flow hedge because it was designed to match the terms of the Term Loan with Bank of America, N.A., as a hedge of the exposure to variability in expected future cash flows. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the earnings effect of the hedged transactions in a cash flow hedge. This interest rate swap agreement will be evaluated based on whether it is deemed highly effective in reducing exposure to variable interest rates. The Company formally documents all relationships between interest rate swap agreements and hedged items, including the method for evaluating effectiveness and the risk strategy. The Company makes an assessment at the inception of each interest rate swap agreement and on a quarterly basis to determine whether these instruments are highly effective in offsetting changes in cash flows associated with the hedged items. If swaps qualify as highly effective, the changes in the fair values of the derivatives used as hedges would be reflected in accumulated other comprehensive income, or AOCI. Amounts classified in AOCI will be reclassified into earnings in the period during which the hedged transactions affect earnings. If swaps do not qualify as highly effective, the changes in fair values of derivatives used as hedges would be reflected in earnings. The fair value of each interest rate swap agreement is determined using widely accepted valuation techniques, including discounted cash flow analyses on the expected cash flows of each derivative. These analyses reflect the contractual terms of the derivatives, including the period to maturity, and use observable market-based inputs, including interest rate curves and implied volatilities (also referred to as “significant other observable inputs”). The fair value of interest rate swap agreements is determined using the market standard methodology of netting the discounted future fixed cash payments and the discounted expected variable cash receipts. The variable cash receipts are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. The fair value calculation also includes an amount for risk of non-performance using “significant unobservable inputs,” such as estimates of current credit spreads to evaluate the likelihood of default, which the Company has determined to be insignificant to the overall fair value of its interest rate swap agreement. Variable Interest Entity The Company evaluates all of its interests in VIEs for consolidation. When the Company's interests are determined to be variable interests, the Company assesses whether the Company is deemed to be the primary beneficiary of the VIE. The primary beneficiary of a VIE is required to consolidate the VIE. A primary beneficiary is defined as the party that has both (i) the power to direct the activities of the VIE that most significantly impact its economic performance, and (ii) the obligation to absorb losses and the right to receive benefits from the VIE, which could potentially be significant. The Company considers its variable interests as well as any variable interests of related parties in making this determination. Where both of these factors are present, the Company is deemed to be the primary beneficiary and consolidates the VIE. Where either one of these factors is not present, the Company is not the primary beneficiary and does not consolidate the VIE. To assess whether the Company has the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance, the Company considers all facts and circumstances, including its role in establishing the VIE and its ongoing rights and responsibilities. This assessment includes first, identifying the activities that most significantly impact the VIE’s economic performance; and second, identifying which party, if any, has power over those activities. In general, the parties that make the most significant decisions affecting the VIE or have the right to unilaterally remove those decision makers are deemed to have the power to direct the activities of a VIE. To assess whether the Company has the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE, the Company considers all economic interests, including debt and equity investments, servicing fees, and other arrangements deemed to be variable interests in the VIE. This assessment requires that the Company apply judgment in determining whether these interests, in the aggregate, are considered potentially significant to the VIE. Factors considered in assessing significance include: the design of the VIE, including its capitalization structure; subordination of interests; payment priority; relative share of interests held across various classes within the VIE’s capital structure; and the reasons why the interests are held by the Company. As of December 31, 2023 and 2022, the Company had two VIEs. One was consolidated in the financial statements while the other was not. See Note 17 (Investment in Unconsolidated and Consolidated Joint Ventures) to the Notes to Consolidated Financial Statements for further discussion. Credit Risk The Company grants credit in the course of operations to co-ops, wineries, nut marketing companies, and lessees of the Company’s facilities. The Company performs periodic credit evaluations of its customers’ financial condition and generally does not require collateral. Commercial revenues are derived primarily from lease rental payments and operating expense reimbursements. If client tenants fail to make rental payments under their lease, the Company's financial condition, and cash flows could be adversely affected. The Company assesses the risk of loss on accounts receivable and adjusts the allowance for doubtful accounts based on this risk assessment. We do so by applying historical loss rates to our accounts receivable aging schedule to estimate expected credit losses. We further adjusted expected credit losses for specifically identified and forecasted credit losses. Accounts are written off when they are deemed to be no longer collectible. During the years ended December 31, 2023, 2022, and 2021, the Pastoria Energy Facility, L.L.C., or PEF power plant lease generated approximately 11%, 6%, and 8% of total revenues, respectively. The Company had no other customers accounting for 5% or more of total revenues from operations. The Company maintains its cash and cash equivalents in federally insured financial institutions. The account balances at these institutions periodically exceed FDIC insurance coverage and, as a result, there is a concentration of credit risk related to amounts on deposit in excess of FDIC insurance coverage. The Company believes that the risk is not significant. Farm Inventories Costs of bringing crops to harvest are inventoried when incurred. Such costs are expensed when the crops are sold. Expenses are computed and recognized on an average cost per pound or per ton basis, as appropriate. Costs incurred during the current year related to the next year’s crop are inventoried and carried in inventory until the matching crop is harvested and sold. Farm inventories held for sale are valued at the lower of cost (first-in, first-out method) or market. Property and Equipment Property and equipment are stated on the basis of cost, except for land acquired upon organization in 1936, which is stated on the basis carried by the Company’s predecessor. Depreciation is computed using the straight-line method over the estimated useful lives of the various assets. The Company's property and equipment and their respective estimated useful lives are as follow: ($ in thousands) Useful Life December 31, 2023 December 31, 2022 Vineyards and orchards 20 $ 68,274 $ 66,016 Machinery, furniture fixtures and other equipment 3 - 10 21,668 20,895 Buildings and improvements 10 - 27.5 9,185 8,946 Land and land improvements 15 7,835 7,835 Development in process 5,079 4,942 $ 112,041 $ 108,634 Less: accumulated depreciation (58,056) (55,654) $ 53,985 $ 52,980 Long-Term Water Assets Long-term purchased water contracts are in place with the Tulare Lake Basin Water Storage District and the Dudley-Ridge Water Storage District. These contracts provide the Company with the right to receive water over the term of the contracts that expire in 2035. The Company also purchased a contract that allows and requires it to purchase 6,693 acre-feet of water each year from the Nickel Family LLC. The initial term of this contract runs through 2044. The purchase price of these contracts is being amortized under the straight-line basis over their contractual lives. Water contracts with the Wheeler Ridge Maricopa Water Storage District and the Tejon-Castac Water District are also in place, but were entered into with each district at inception and not purchased later from third parties, and therefore do not have a related financial value on the books of the Company. As a result, there is no amortization expense related to these contracts. Vineyards and Orchards Costs of planting and developing vineyards and orchards are capitalized until the crops become commercially productive. Interest costs and depreciation of irrigation systems and trellis installations during the development stage are also capitalized. Revenues from crops earned during the development stage are netted against development costs. Depreciation commences when the crops become commercially productive. At the time farm crops are harvested, contracted, and delivered to buyers and revenues can be estimated, revenues are recognized and any related inventoried costs are expensed, which traditionally occurs during the third and fourth quarters of each year. It is not unusual for portions of the Company's almond or pistachio crop to be sold in the year following the harvest. Orchard (almond and pistachio) revenues are based upon the contract settlement price or estimated selling price, whereas vineyard revenues are typically recognized at the contracted selling price. Estimated prices for orchard crops are based upon the quoted estimate of what the final market price will be by marketers and handlers of the orchard crops. These market price estimates are updated through the crop payment cycle as new information is received as to the final settlement price for the crop sold. These estimates are adjusted to actual upon receipt of final payment for the crop. This method of recognizing revenues on the sale of orchard crops is a standard practice within the agribusiness community. Adjustments for differences between estimates and actual revenues received are recorded during the period in which such amounts become known. The net effect of these adjustments had no impact on pistachio revenues in 2023, while increased pistachio revenues by $873,000 in 2022, and $365,000 in 2021. There were no pricing adjustments associated with the Company's almonds. The Almond Board of California has the authority to require producers of almonds to withhold a portion of their annual production from the marketplace through a marketing order approved by the Secretary of Agriculture. At December 31, 2023, 2022, and 2021, no such withholding was mandated. Common Stock Options and Grants The Company accounts for stock incentive plans using the fair value method of accounting. The estimated fair value of the restricted stock grants and restricted stock units are expensed over the expected vesting period. For performance-based grants the Company makes estimates of the probable number of shares that will actually be granted based upon estimated ranges of success in meeting defined performance measures. An estimate for share forfeitures, based on historical forfeitures, are recorded on all grants. Periodically, the Company updates its estimates and reflects any changes to the estimate in the consolidated statements of operations. Long-Lived Assets On a quarterly basis, the Company reviews current activities and changes in the business conditions of all of its operating properties prior to and subsequent to the end of each quarter to determine the existence of any triggering events requiring an impairment analysis. If triggering events are identified, the Company reviews an estimate of the future undiscounted cash flows for the properties, including, if necessary, a probability-weighted approach if multiple outcomes are under consideration. Long-lived assets to be held and used, including rental properties, construction in progress, or CIP, real estate held for development and intangibles, are individually evaluated for impairment when conditions exist that may indicate that the carrying amount of a long-lived asset may not be recoverable. The carrying amount of a long-lived asset to be held and used is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset. Impairment indicators or triggering events for long-lived assets to be held and used, including rental properties, CIP, real estate held for development, and intangibles, are assessed by project and include significant fluctuations in estimated net operating income, occupancy changes, significant near-term lease expirations, current and historical operating and/or cash flow losses, rental rates, and other market factors. The Company assesses the expected undiscounted cash flows based upon numerous factors, including, but not limited to, available market information, current and historical operating results, known trends, current market/economic conditions that may affect the property, and assumptions about the use of the asset, including, if necessary, a probability-weighted approach if multiple outcomes are under consideration. Upon determination that an impairment has occurred, a write-down is recognized to reduce the carrying amount to its estimated fair value. In addition, the Company accounts for long-lived assets to be disposed of at the lower of their carrying amounts or fair value less selling and disposal costs. As of December 31, 2023, management of the Company believes that none of its long-lived assets were impaired. Revenue Recognition The Company’s revenue is primarily derived from lease revenue from its rental portfolio, royalty revenue from mineral leases, sales of farm crops, sales of water, and land sales. The Company recognizes revenue by following the five-step model under ASC 606 to achieve the core principle that an entity recognizes revenue to depict the transfer of goods or services to customers at an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The five-step model requires that the Company (i) identifies the contract with the customer, (ii) identifies the performance obligations in the contract, (iii) determines the transaction price, including variable consideration to the extent that it is probable that a significant future reversal will not occur, (iv) allocates the transaction price to the respective performance obligations in the contract, and (v) recognize revenue when (or as) the Company satisfies the performance obligation. Sales of Real Estate The Company allocates the transaction price, on land sales with multiple performance obligations, to the performance obligations in proportion to their standalone selling prices (i.e., on a relative standalone selling price basis) and not total costs. Sales of Easements From time to time the Company sells easements over its land, and the easements are either in the form of rights of access granted for such things as utility corridors or are in the form of conservation easements that generally require the Company to divest its rights to commercially develop a portion of its land, but do not result in a change in ownership of the land or restrict the Company from continuing other revenue generating activities on the land. The Company recognizes easement sales revenue by following the five-step model under ASC 606. Allocation of Costs Related to Land Sales and Leases When the Company sells land within one of its real estate developments and has not completed all infrastructure development related to the total project, the Company estimates, at the time of sale, future costs of the development to determine the appropriate costs of sales for the sold land and the timing of recognition of the sale. In the calculation of cost of sales or allocations to leased land, the Company uses estimates and forecasts to determine total costs at completion of the development project. These estimates of final development costs can change as conditions in the market change and costs of construction change. Royalty Income Royalty revenues are contractually defined as to the percentage of royalty and are tied to production and market prices. The Company’s royalty arrangements generally require payment on a monthly basis with the payment based on the previous month’s activity. The Company accrues monthly royalty revenues based upon estimates and adjusts to actual as the Company receives payments. Rental Income Rental income from leases is recognized on a straight-line basis over the respective lease terms. The Company classifies amounts currently recognized as income, and amounts expected to be received in later years, as deferred rent in prepaid expenses and other current assets in the accompanying consolidated balance sheets. Amounts received currently, but recognized as income in future years, are classified in accrued liabilities and other, and deferred income in the accompanying consolidated balance sheets. The Company commences recognition of rental income at the date the property is ready for its intended use, and the client tenant takes possession of, or controls the physical use of, the property. During the term of each lease, the Company monitors the credit quality of its tenants by (i) reviewing the credit rating of tenants that are rated by a nationally recognized credit rating agency, (ii) reviewing financial statements of the tenants that are publicly available or that are required to be delivered to the Company pursuant to the applicable lease, (iii) monitoring news reports regarding its tenants and their respective businesses, and (iv) monitoring the timeliness of lease payments. For operating leases in which collectability of rental income is not considered probable, rental income is recognized on a cash basis and allowances are taken for those balances that we have reason to believe may be uncollectible in the period it is determined not to be probable of collection. Environmental Expenditures Environmental expenditures that relate to current operations are expensed or capitalized as appropriate. Expenditures that relate to an existing condition caused by past operations and which do not contribute to current or future revenue generation are expensed. Liabilities are recorded when environmental assessments and/or remedial efforts are probable, and the costs can be reasonably estimated. Generally, the timing of these accruals coincides with the completion of a feasibility study or the Company’s commitment to a formal plan of action. No liabilities for environmental costs have been recorded at December 31, 2023 and 2022. Use of Estimates The preparation of the Company’s consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the financial statement dates and the reported amounts of revenue and expenses during the reporting period. Due to uncertainties inherent in the estimation process, it is reasonably possible that actual results could differ from these estimates. New Accounting Pronouncements Effective in Future Periods Business Combinations - Joint Venture Formations In August 2023, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update, or ASU, No. 2023-05, "Business Combinations - Joint Venture Formations." This ASU addresses the accounting for contributions made to a joint venture, upon formation, in a joint venture's separate financial statements. The pronouncement requires a joint venture to initially measure contributions at fair value upon formation, which is more relevant than the carrying amounts of the contributed net assets and would reduce equity method basis differences. The ASU is effective prospectively for all joint venture formations with a formation date on or after January 1, 2025. This pronouncement is not expected to have a material effect on our consolidated financial statements. Segment Reporting In November 2023, the FASB issued ASU No. 2023-07, "Segment Reporting - Improvements to Reportable Segment Disclosures". This ASU requires quarterly disclosure of segment expenses if they are (i) significant to the segment, (ii) regularly provided to the chief operating decision maker (“CODM”), and (iii) included in each reported measure of a segment’s profit or loss. In addition, this ASU requires an annual disclosure of the CODM’s title and a description of how the CODM uses the segment’s profit/loss measure to assess segment performance and to allocate resources. This ASU will be effective for the Company's annual report on Form 10-K beginning with the year ended December 31, 2024, and for subsequent quarterly and annual reports. The Company is currently in the process of evaluating the impact of this ASU on Company's consolidated financial statements and footnote disclosures. Income taxes In December 2023, the FASB issued ASU No. 2023-09, "Income Taxes (Topic740) - Improvements to Income Tax Disclosures". This ASU requires public business entities to disclose a tabular rate reconciliation of both percentages and reporting currency amounts on an annual basis. The ASU also requires disclosure of information on amount of income taxes paid disaggregated by federal, state and foreign taxes. This ASU is effective for annual periods beginning after December 15, 2024. The pronouncement is not expected to have a material effect on our consolidated financial statements.

EQUITY

EQUITY	12 Months Ended
	Dec. 31, 2023
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 260, “Earnings Per Share.” Twelve Months Ended December 31, 2023 2022 2021 Weighted average number of shares outstanding: Common stock 26,706,824 26,478,171 26,343,352 Common stock equivalents: stock options, grants — 174,748 70,662 Diluted shares outstanding 26,706,824 26,652,919 26,414,014 For the twelve-months ended December 31, 2023, 5,351 shares of restricted stock were excluded from the calculation of dilutive net income per share as the shares were antidilutive.

MARKETABLE SECURITIES

MARKETABLE SECURITIES	12 Months Ended
	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]
MARKETABLE SECURITIES	MARKETABLE SECURITIES ASC 320 “Investments – Debt and Equity Securities” requires that an enterprise classify all debt securities as either held-to-maturity, trading or available-for-sale. The Company has elected to classify its securities as available-for-sale and therefore is required to adjust securities to fair value at each reporting date. All costs and both realized and unrealized gains and losses on securities are determined on a specific identification basis. The following is a summary of available-for-sale securities at December 31: ($ in thousands) 2023 2022 Marketable Securities: Fair Value Hierarchy Cost Estimated Fair Value Cost Estimated Fair Value Certificates of deposit with unrecognized losses for less than 12 months $ 174 $ 174 $ — $ — with unrecognized gains 385 385 — — Total Certificates of deposit Level 1 559 559 — — U.S. Treasury and agency notes with unrecognized losses for less than 12 months 13,797 13,787 13,916 13,832 with unrecognized losses for more than 12 months — — 500 499 with unrecognized gains 2,374 2,374 1,250 1,251 Total U.S. Treasury and agency notes Level 2 16,171 16,161 15,666 15,582 Corporate notes with unrecognized losses for less than 12 months 15,598 15,587 17,236 17,112 with unrecognized losses for more than 12 months — — 251 250 with unrecognized gains 249 249 499 500 Total Corporate notes Level 2 15,847 15,836 17,986 17,862 $ 32,577 $ 32,556 $ 33,652 $ 33,444 The Company uses 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 December 31, 2023 the Company has not recorded any credit losses. At December 31, 2023, the fair market value of investment securities was $21,000 below the cost basis of securities. The Company’s gross unrealized holding losses equal $21,000. As of December 31, 2023, the adjustment to accumulated other comprehensive loss in consolidated equity for the temporary change in the value of securities reflects a decrease in the market value of available-for-sale securities of $187,000, which includes estimated taxes of $52,000. 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 326-30-50-3A. The accrued interest receivables balance totaled $279,000 as of December 31, 2023, and was included within the Prepaid expenses and other current assets line item of the Consolidated Balance Sheets. The Company elected not to measure an allowance for credit losses on accrued interest receivable, as an allowance on possible uncollectible accrued interest is not warranted. U.S. Treasury and agency notes The unrealized losses on the Company's investments in U.S. Treasury and agency notes at December 31, 2023 were caused by relative changes in interest rates since the time of purchase. The contractual cash flows for these securities are guaranteed by U.S. government agencies. The unrealized losses on these debt security holdings are a function of changes in investment spreads and interest rate movements and not changes in credit quality. As of December 31, 2023, the Company did not intend to sell these securities and it is not more-likely-than-not that the Company would be required to sell these securities before recovery of their cost basis. Therefore, these investments did not require an ACL as of December 31, 2023. Corporate notes The unrealized losses on corporate notes are a function of changes in investment spreads and interest rate movements and not changes in credit quality. The Company expects to recover the entire amortized cost basis of these securities. As of December 31, 2023, the Company did not intend to sell these securities and it is not more-likely-than-not that the Company would be required to sell these securities before recovery of their cost basis. Therefore, these investments did not require an ACL as of December 31, 2023. The following tables summarize the maturities, at par, of marketable securities by year ($ in thousands): December 31, 2023 2024 Total Certificates of deposit $ 560 $ 560 U.S. Treasury and agency notes $ 16,212 $ 16,212 Corporate notes 15,880 15,880 $ 32,652 $ 32,652 December 31, 2022 2023 2024 Total U.S. Treasury and agency notes 15,225 500 15,725 Corporate notes 17,470 500 17,970 $ 32,695 $ 1,000 $ 33,695 The Company’s investments in corporate notes are with companies that have an investment grade rating from Standard & Poor’s.

INVENTORIES

INVENTORIES	12 Months Ended
	Dec. 31, 2023
Inventory Disclosure [Abstract]
INVENTORIES	INVENTORIES Inventories consisted of the following at December 31: ($ in thousands) 2023 2022 Farming inventories $ 3,265 $ 3,078 Other 228 291 $ 3,493 $ 3,369 Farming inventories consist of costs incurred during the current year related to next year’s crop along with unsold current year crop and farming chemicals.

REAL ESTATE

REAL ESTATE	12 Months Ended
	Dec. 31, 2023
Real Estate [Abstract]
REAL ESTATE	REAL ESTATE Real estate consisted of the following as of December 31: ($ in thousands) 2023 2022 Real estate development Mountain Village $ 155,168 $ 153,156 Centennial 119,788 115,221 Grapevine 40,716 39,273 Tejon Ranch Commerce Center 21,585 13,643 Real estate development 337,257 321,293 Real estate and improvements - held for lease, net Tejon Ranch Commerce Center 20,606 20,590 Real estate and improvements - held for lease, net 20,606 20,590 Less accumulated depreciation (3,997) (3,650) Real estate and improvements - held for lease, net $ 16,609 $ 16,940

LONG-TERM WATER ASSETS

LONG-TERM WATER ASSETS	12 Months Ended
	Dec. 31, 2023
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 TCWD in 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 and the Dudley-Ridge Water District, totaling 3,444 acre-feet of SWP entitlement annually, subject to SWP allocations. These contracts extend through 2035 and have been transferred to 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 the Nickel Family, LLC, or Nickel, a California limited liability company that is located in Kern County. The initial term of the water purchase agreement with Nickel runs to 2044 and includes a Company option to extend the contract for an additional 35 years. The purchase cost of water in 2023 was $928 per acre-foot. The purchase cost is subject to annual cost increases based on the greater of the consumer price index or 3%. The water purchased above will ultimately be used in the development of the Company’s land for commercial/industrial real estate development, resort/residential real estate development, and farming. Interim uses may include the sale of portions of this water to third party users on an annual basis until this water is fully allocated to Company uses, as just described. Water revenues and cost of sales were as follows as of December 31: ($ in thousands) 2023 2022 2021 Acre-Feet Sold 5,145 10,400 13,651 Revenues $ 8,033 $ 14,658 $ 15,523 Cost of sales 5,220 9,549 10,669 Profit $ 2,813 $ 5,109 $ 4,854 Costs assigned to water assets held for future use were as follows ($ in thousands): December 31, 2023 December 31, 2022 Banked water and water for future delivery $ 31,002 $ 23,855 Transferable water 756 1,455 Total water held for future use at cost $ 31,758 $ 25,310 Intangible Water Assets The Company's carrying amounts of its purchased water contracts were as follows ($ in thousands): December 31, 2023 December 31, 2022 Costs Accumulated Depreciation Costs Accumulated Depreciation Dudley-Ridge water rights $ 11,581 $ (6,272) $ 11,581 $ (5,790) Nickel water rights 18,740 (6,532) 18,740 (5,890) Tulare Lake Basin water rights 6,479 (3,624) 6,479 (3,386) $ 36,800 $ (16,428) $ 36,800 $ (15,066) Net cost of purchased water contracts 20,372 21,735 Total cost water held for future use 31,758 25,310 Net investments in water assets $ 52,130 $ 47,045 Water contracts with the Wheeler Ridge Maricopa Water Storage District, or WRMWSD, and the Tejon-Castac Water District, or TCWD, are also in place, but were entered into with each district at inception of the contract and not purchased later from third parties, and do not have a related financial value on the books of the Company. Therefore, there is no amortization expense related to these contracts. Total water resources, including both recurring and one-time usage are: (in acre feet, unaudited) December 31, 2023 December 31, 2022 Water held for future use TCWD - Banked water owned by the Company 65,005 52,554 Company water bank 54,728 50,349 Transferable water 1,000 2,548 Recharged project water 6,590 — Total water held for future use 127,323 105,451 Purchased water contracts Water Contracts (Dudley-Ridge, Nickel and Tulare) 10,137 10,137 WRMWSD - Contracts with Company 15,547 15,547 TCWD - Contracts with Company 5,749 5,749 Total purchased water contracts 31,433 31,433 Total water held for future use and purchased water contracts 158,756 136,884 Tejon Ranchcorp, or Ranchcorp, a wholly-owned subsidiary of Tejon Ranch Co., entered into a Water Supply Agreement with PEF in 2015. PEF is the current lessee under the power plant lease. Pursuant to the Water Supply Agreement, PEF may purchase from Ranchcorp up to 3,500 acre-feet of water per year from January 1, 2017 through July 31, 2030, with an option to extend the term by three additional five-year periods. PEF is under no obligation to purchase water from Ranchcorp in any year, but is required to pay Ranchcorp an annual option payment equal to 30% of the maximum annual payment. The price of the water under the Water Supply Agreement for 2023 was $1,261 per acre-foot of annual water, 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, which 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	12 Months Ended
	Dec. 31, 2023
Payables and Accruals [Abstract]
ACCRUED LIABILITIES AND OTHER	ACCRUED LIABILITIES AND OTHER Accrued liabilities and other consisted of the following as of December 31: ($ in thousands) 2023 2022 Accrued vacation $ 657 $ 735 Accrued paid personal leave 309 348 Accrued bonus 1,962 2,280 Other 286 239 $ 3,214 $ 3,602

LINE OF CREDIT AND LONG-TERM DE

LINE OF CREDIT AND LONG-TERM DEBT	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
LINE OF CREDIT AND LONG-TERM DEBT	LINE OF CREDIT AND LONG-TERM DEBT Debt consisted of the following as of December 31: ($ in thousands) 2023 2022 Revolving line-of-credit $ 47,942 $ — Notes payable — 50,154 Total short-term and long-term debt 47,942 50,154 Less: current maturities of long-term debt and deferred loan costs 1 — (1,993) Long-term debt, less current portion $ 47,942 $ 48,161 1 The deferred loan costs for revolving line-of-credit as of December 31, 2023 were recorded under the caption Other Assets on the Consolidated Balance Sheets. On November 17, 2023, the Company entered into a Credit Agreement with AgWest Farm Credit, PCA and certain other lenders. The Revolving Credit Facility provides TRC an RCL in the amount of $160,000,000. The RCL requires interest only payments and has a maturity date of January 1, 2029. As of December 31, 2023, the outstanding balance under the RCL was $47,942,000, and the interest rate was one-month term SOFR plus a margin of 2.25%. Funds from the RCL were used to pay off and close out the existing Bank of America, N.A. Term Note and Revolving Line of Credit Note. The amount of this pay off was $47,078,564 plus accrued interest and fees on the Bank of America Term Note. The Company evaluated the debt exchange under Accounting Standards Codification (ASC) 470 and determined that the exchange should be treated as a debt extinguishment. On June 30, 2022, the Company entered into a variable rate term note and an RLC with Bank of America, N.A, or collectively the New Credit Facility. The Term Loan provided a principal amount of $49,080,000 and a maturity date of June 30, 2032, which was used to pay off the existing Wells Fargo Term Note. The Company evaluated the debt exchange under ASC 470 and determined that the exchange should be treated as a debt extinguishment. The amount available of the RLC under the New Credit Facility was $40,607,000. The Term Note had a $48,462,000 balance as of December 31, 2022. The interest rate per annum applicable to the Term Loan was the daily Secured Overnight Financing Rate, or SOFR, plus a margin of 1.55 percentage points. The interest rate for the term of the Term Note was fixed through the use of an interest rate swap at a rate of 4.62%. The Term Note requires monthly amortization payments pursuant to a schedule set forth in the Term Note, with the final outstanding principal amount due June 28, 2032. The Credit Facility was secured by the Company's farmland and farm assets, which, include equipment, crops and crop receivables; the PEF power plant lease and lease site; and related accounts and other rights to payment and inventory. The following table summarizes debt maturities, outstanding indebtedness, and respective principal maturities as of December 31, 2023: ($ in thousands) Stated Rate Effective Rate Maturity 2024 2025 2026 2027 2028 Thereafter Total Revolving line-of-credit 1 S+2.25% 7.59% 1/1/2029 — — — — — 47,942 47,942 $ — $ — $ — $ — $ — $ 47,942 $ 47,942 1 The effective interest rate on this line of credit is SOFR plus a margin of 2.25%, and the rate was 7.59% as of December 31, 2023.

OTHER LIABILITIES

OTHER LIABILITIES	12 Months Ended
	Dec. 31, 2023
Other Liabilities Disclosure [Abstract]
OTHER LIABILITIES	OTHER LIABILITIES Other liabilities consist of the following as of December 31: ($ in thousands) 2023 2022 Pension liability (See Note 15) 1 $ — $ 38 Supplemental executive retirement plan liability (See Note 15) 6,124 6,186 Excess joint venture distributions and other (See Note 17) 9,083 4,156 $ 15,207 $ 10,380 1 The Company's defined benefit retirement plan had an asset balance of $295,000 as of December 31, 2023 and was recorded under the caption Other Assets on the Consolidated Balance Sheets.

INTEREST RATE SWAP

INTEREST RATE SWAP	12 Months Ended
	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
INTEREST RATE SWAP	INTEREST RATE SWAP On June 30, 2022, the Company entered into a term loan agreement with Bank of America, N.A. On the same day, the Company entered into an interest rate swap agreement to reduce its exposure to fluctuations in the floating interest rate tied to SOFR. The interest rate swap qualified as an effective cash flow hedge under the guidance of ASC 815. On December 31, 2022, the fair value of the interest rate swap agreement was greater than its cost basis and as such is recorded within Other Assets 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 ($ in thousands): December 31, 2022 Effective Date Maturity Date Fair Value Hierarchy Weighted Average Interest Pay Rate Fair Value Notional Amount June 30, 2022 June 28, 2032 Level 2 4.62% $1,430 $48,462 On October 23, 2023, the Company terminated the interest rate swap agreement with Bank of America, N.A., and received a $3,715,000 cash termination fee from Bank of America, N.A. As of December 31, 2023, the Company had no outstanding interest rate swap agreements.

STOCK COMPENSATION - RESTRICTED

STOCK COMPENSATION - RESTRICTED STOCK AND PERFORMANCE SHARE GRANTS	12 Months Ended
	Dec. 31, 2023
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 corporate cash flow goals or share price, or 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 the grant date fair value 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 does not result in a reversal of previously recognized share-based compensation expense. The following is a summary of the Company's performance share grants with performance conditions as of the year ended December 31, 2023: Performance Share Grants with Performance Conditions Target performance 191,849 Maximum performance 265,234 The following is a summary of the Company’s stock grant activity, both time and performance unit grants, assuming target achievement for outstanding performance grants for the following twelve-month periods ended: December 31, 2023 December 31, 2022 December 31, 2021 Stock Grants Outstanding Beginning of the Year at Target Achievement 234,899 683,645 840,307 New Stock Grants/Additional shares due to achievement in excess of target 321,026 180,034 63,622 Vested Grants (260,070) (384,112) (196,328) Expired/Forfeited Grants (47,087) (244,668) (23,956) Stock Grants Outstanding End of Period at Target Achievement 248,768 234,899 683,645 The following is a summary of the assumptions used to determine the fair value of the Company's market-based Performance Condition Grants outstanding for the year ended December 31, 2023: ($ in thousands except for share prices) Grant date 12/11/2020 03/18/2021 12/16/2021 03/17/2022 12/14/2022 06/16/2023 06/16/2023 Vesting end 12/31/2023 03/18/2024 12/16/2024 03/17/2025 12/14/2025 12/31/2023 12/31/2025 Share price at target achievement $17.07 $20.02 $21.58 $20.43 $21.99 $19.24 $20.72 Expected volatility 29.25% 30.30% 31.29% 31.54% 32.14% 27.09% 26.58% Risk-free interest rate 0.19% 0.33% 0.92% 2.13% 3.84% 5.2% 4.38% Simulated Monte Carlo share price $15.59 $18.82 $21.48 $21.75 $26.00 $13.18 $20.24 Shares granted 3,628 10,905 3,536 13,338 4,613 33,035 28,545 Total fair value of award $57 $205 $76 $290 $120 $435 $578 The unamortized cost associated with unvested stock grants and the weighted-average period over which it is expected to be recognized as of December 31, 2023 was $2,864,000 and 23 months, respectively. The fair value of restricted stock with time-based vesting features is based upon the Company’s share price on the date of grant and is expensed over the service period. Fair value of performance grants that cliff vest based on the achievement of performance conditions is based on the share price of the Company’s stock on the day of grant and is expensed over the performance period if it is probable that the award will vest. This fair value is expensed over the service period applicable to these grants. For performance grants that contain a range of shares from zero to maximum, the Company determines, based on historic and projected results, the probability of (1) achieving the performance objective, and (2) the level of achievement. Based on this information, the Company determines the number of awards probable of vesting and expenses the grant date fair value of such awards over the service period related to these grants. Because the ultimate vesting of all performance grants is tied to the achievement of a performance condition, the Company estimates whether the performance condition will be met and over what period of time. Ultimately, the Company adjusts compensation cost according to the actual outcome of the performance condition. Under the Non-Employee Director Stock Incentive Plan, or NDSI Plan, each non-employee director, during the years presented, received his or her annual compensation in stock. The following table summarizes stock compensation costs for the Company's 1998 Stock Incentive Plan, or the Employee 1998 Plan, and NDSI Plan for the following periods: Employee 1998 Plan ($ in thousands): December 31, 2023 December 31, 2022 December 31, 2021 Expensed $ 2,731 $ 2,281 $ 3,742 Capitalized 482 335 460 3,213 2,616 4,202 NDSI Plan 521 596 529 $ 3,734 $ 3,212 $ 4,731

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company accounts for income taxes using ASC 740, “Income Taxes,” which is an asset and liability approach that requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized differently in the financial statements and the tax returns. The provision for income taxes consists of the following at December 31: ($ in thousands) 2023 2022 2021 Total provision (benefit): $ 2,323 $ 7,393 $ 3,821 Federal: Current 1,371 3,330 1,960 Deferred 353 1,718 620 1,724 5,048 2,580 State: Current 584 2,044 937 Deferred 15 301 304 599 2,345 1,241 $ 2,323 $ 7,393 $ 3,821 In 2023, the Company’s effective tax rate varies from the statutory federal rate primarily due to permanent differences related to Section 162(m) limitations, state taxes and excess stock compensation expense. The Section 162(m) compensation deduction limitations occurred as a result of changes in tax law arising from the 2017 Tax Cuts and Jobs Act, which first impacted the Company in 2020. A reconciliation of the provision for income taxes, with the amount computed by applying the statutory Federal income tax rate of 21% in 2023, 2022 and 2021, is as follows for the years ended December 31: ($ in thousands) 2023 2022 2021 Income tax at statutory rate $ 1,195 $ 4,869 $ 1,924 State income taxes, net of Federal benefit 578 1,851 802 Excess stock compensation (benefit) expense (501) (147) 34 Non-deductible compensation 1,302 1,008 539 Oil and mineral depletion (130) (147) (108) Permanent differences 9 10 26 Stock compensation true-up — — 641 Other (130) (51) (37) Provision for income taxes $ 2,323 $ 7,393 $ 3,821 Effective tax rate 41.6 % 31.9 % 41.7 % Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s deferred tax assets and liabilities were as follows at December 31: ($ in thousands) 2023 2022 Deferred income tax assets: Accrued expenses $ 293 $ 333 Deferred revenues 563 447 Capitalization of costs 1,218 1,280 Pension adjustment 1,921 1,940 Stock grant expense 1,048 1,364 State deferred taxes 355 555 Book deferred gains 2,127 2,127 Joint venture allocations 552 566 Provision for additional capitalized costs 699 699 Interest rate swap 1,444 335 Other 81 136 Total deferred income tax assets $ 10,301 $ 9,782 Deferred income tax liabilities: Deferred gains $ 1,753 $ 1,753 Depreciation 4,766 4,492 Cost of sales allocations 872 872 Joint venture allocations 7,272 6,900 Capitalized stock compensation 1,202 1,058 Straight line rent 296 348 Prepaid expenses 369 318 State deferred taxes 96 96 Interest rate swap 1,444 762 Other 500 363 Total deferred income tax liabilities $ 18,570 $ 16,962 Net deferred income tax (liability) $ (8,269) $ (7,180) Allowance for deferred tax assets — — Net deferred taxes $ (8,269) $ (7,180) Due to the nature of the Company's deferred tax assets, the Company believes they will be used through operations in future years and a valuation allowance is not necessary. The Company made $2,564,000 in estimated tax payments in 2023 and $8,237,000 in 2022. The Company received tax refunds of $0 and $1,410,000 in 2023 and 2022, respectively.

LEASES

LEASES	12 Months Ended
	Dec. 31, 2023
Leases [Abstract]
LEASES	LEASES The Company is a lessor of certain property pursuant to various lease agreements having terms ranging up to 30 years. The Company generates rental income from right to use assets. The following is a summary of income from commercial rents included in commercial/industrial real estate revenues ($ in thousands) 2023 2022 2021 Base rent $ 7,419 $ 6,893 $ 6,672 Percentage rent $ 1,080 $ 918 $ 705 Future minimum rental income on commercial, communication and right-of-way non-cancelable leases as of December 31, 2023 ($ in thousands): 2024 2025 2026 2027 2028 Thereafter $ 7,193 $ 6,477 $ 5,874 $ 5,645 $ 5,297 $ 5,966

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2023
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 $13,107,000 is expected to be paid in 2024. For 2023, the Company has paid $10,704,000 for this water. 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. The Company's contractual obligation for future water payments was $287,986,000 as of December 31, 2023. 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 determined until the future payment dates. As of December 31, 2023, the Company believes 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 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 TRCC, TRPFFA has created two 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 $19,540,000 of outstanding 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 $72,055,000 of outstanding 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 $3,358,000 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 $67,000. As a landowner in each CFD, the Company is obligated 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 December 31, 2023 there were no additional improvement funds remaining from West CFD bonds. There are $9,763,557 of additional improvement funds remaining within the East CFD bonds for reimbursement of public infrastructure costs during future years. During fiscal 2023, the Company paid approximately $2,775,000 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 assessment of each individual property sold or leased is not determinable at this time, because it is based on the current tax rate and the assessed value of the property at the time of sale or on its assessed value at the time it is leased to a third-party. Accordingly, the Company is not required to recognize an obligation on December 31, 2023. 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 EIR 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, the CBD and the 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 CFL 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, while not consolidated under court rules or the rules of civil procedure, the Los Angeles Superior Court judge (or Court) trying both cases determined during early trial management conferences to hold one set of hearings and issue one ruling on the matters as part of the adjudication. 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 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 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 and further rescheduled as noted below. On November 30, 2021, the Company, together with Ranchcorp and CFL, entered into a Settlement Agreement with Climate Resolve. Pursuant to the Settlement Agreement, the Company has agreed: (1) to make Centennial a net zero 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. In exchange, Climate Resolve filed a request for dismissal of the Climate Resolve Action with prejudice from the Court. On December 3, 2021, the Court granted and entered Climate Resolve’s dismissal with prejudice concluding the Climate Resolve Action. On December 1, 2021, the 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, 2022, the Court heard CBD/CNPS' Motion for Reconsideration and issued its decision granting CBD/CNPS prevailing party status in the Climate Resolve Action. The Court set a tentative hearing date of February 25, 2022 concerning the entry of final judgment and awarding of appropriate remedies, which was continued several times in 2022 either on the Court's own motion or at the request of the parties and was ultimately set for hearing on October 26, 2022. At the October 26th hearing, the Court agreed to: (a) hear the Company’s Motion for Reconsideration as to the successful challenges Climate Resolve prevailed upon within the Climate Resolve Action and ordered the Parties to appear on December 14, 2022 to hear the Company’s Motion for Reconsideration and (b) rule on the entry of final judgment and setting of remedies at a February 17, 2023 hearing date. At the December 14, 2022 hearing, the Court denied the Company’s Motion for Reconsideration (finding that the Company’s motion failed to support the statutory elements necessary to prevail on such motion). At the February 17, 2023 hearing, the Court took into submission the Parties’ legal briefs and oral arguments. On March 22, 2023, the Court decided in favor of CBD/CNPS when the Judge signed CBD/CNPS’s proposed form of judgment, which included a full rescission of the Centennial project approvals previously issued by Los Angeles County. On May 26, 2023, the Company filed a Notice of Appeal with the Superior Court, thereby appealing the Superior Court’s decision to the Second District of the California Court of Appeal. On June 27, 2023, CBD/CNPS cross-appealed the Superior Court’s ruling. During the appeal process the Superior Court’s order of the rescission of project approvals have been placed on hold. As the Company’s options to reinstate the project approvals remain pending, the monetary value of any adverse decision, if any, 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 believes that the ultimate resolution of these other proceedings will not 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	12 Months Ended
	Dec. 31, 2023
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. The accounting for the defined benefit plan requires the use of assumptions and estimates in order to calculate periodic benefit cost and the value of the plan's assets and benefit obligation. These assumptions include discount rates, investment returns, and projected salary increases, amongst others. The discount rates used in valuing the plan's benefits obligations were determined with reference to high quality corporate and government bonds that are appropriately matched to the duration of the plan's obligation. 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, or ERISA. The Company in April 2017 froze the Benefit Plan as it relates to future benefit accruals for participants. The following table sets forth changes in the plan's net benefit obligation and accumulated benefit information as of December 31: ($ in thousands) 2023 2022 Change in benefit obligation - Pension Benefit obligation at beginning of year $ 8,487 $ 11,310 Interest cost 416 312 Actuarial (gain)/loss assumption changes 168 (2,780) Benefits paid (303) (355) Benefit obligation and accumulated benefit obligation at end of year $ 8,768 $ 8,487 Change in Plan Assets Fair value of plan assets at beginning of year $ 8,449 $ 11,125 Actual return on plan assets 752 (2,486) Employer contribution 165 165 Benefits/expenses paid (303) (355) Fair value of plan assets at end of year $ 9,063 $ 8,449 Funded status - asset (liability) $ 295 $ (38) Amounts recorded in equity Net actuarial loss $ 2,355 $ 2,588 Total amount recorded $ 2,355 $ 2,588 Amount recorded, net of taxes $ 1,696 $ 1,864 Other changes in plan assets and benefit obligations recognized in other comprehensive income include the following as of December 31: ($ in thousands) 2023 2022 Net (gain) loss $ (166) $ 259 Recognition of net actuarial loss (67) (47) Total changes (233) 212 Changes, net of taxes $ (168) $ 154 The Company expects to recognize the following amounts as a component of net periodic pension costs during the next fiscal year: Expected return on plan assets $ 448 Interest cost (416) Amortization of net gain/(loss) (57) Net periodic pension benefit/(cost) $ (25) At December 31, 2023, the Company had a long-term pension asset. At December 31, 2022, the Company had a long-term pension liability. For 2024, the Company is estimating that contributions to the pension plan will be approximately $165,000. Based on actuarial estimates, it is expected that annual benefit payments from the pension trust will be as follows: 2024 2025 2026 2027 2028 Thereafter $ 374 $ 472 $ 503 $ 501 $ 495 $ 2,851 The Benefit Plan’s current investment policy has an investment strategy in which the primary focus is 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 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 funded status improves. At December 31, 2023, the investment mix was approximately 99% debt and 1% money market funds. At December 31, 2022, the investment mix was approximately 21% equity, 78% debt and 1% money market funds. Equity investments consist of a combination of individual equity securities plus value funds, growth funds, large cap funds and international stock funds. Debt investments consist of U.S. Treasury securities and investment grade corporate debt. The weighted-average discount rate used in determining the periodic pension cost is 4.85% in 2023 and 5.00% in 2022. The expected long-term rate of return on plan assets is 5.00% in 2023 and 5.00% in 2022. The long-term rate of return on plan assets is based on the historical returns within the plan and expectations for future returns. See the following table for fair value hierarchy by investment type at December 31: ($ in thousands) Fair Value Hierarchy 2023 2022 Pension Plan Assets: Cash and Cash Equivalents Level 1 $ 91 $ 113 Collective Funds Level 2 8,972 8,336 Fair value of plan assets $ 9,063 $ 8,449 Total pension and retirement expense was as follows for each of the years ended December 31: ($ in thousands) 2023 2022 2021 Cost components: Interest cost $ (416) $ (312) $ (291) Expected return on plan assets 418 553 752 Net amortization and deferral (67) (47) (74) Total net periodic pension earnings/(cost) $ (65) $ 194 $ 387 The Company has a Supplemental Executive Retirement Plan, or SERP, to restore to executives designated by the Compensation Committee of the Board of Directors the full benefits under the pension plan that would otherwise be restricted by certain limitations now imposed under the Internal Revenue Code. The SERP is currently unfunded. The Company in April 2017 froze the SERP plan as it relates to the accrual of additional benefits. The following SERP benefit information is as of December 31: ($ in thousands) 2023 2022 Change in benefit obligation - SERP Benefit obligation at beginning of year $ 6,186 $ 7,847 Interest cost 290 182 Actuarial gain/assumption changes 168 (1,315) Benefits paid (520) (528) Benefit obligation and accumulated benefit obligation at end of year 6,124 6,186 Funded status - liability $ (6,124) $ (6,186) ($ in thousands) 2023 2022 Amounts recorded in stockholders’ equity Net actuarial loss $ 1,390 $ 1,263 Total amount recorded $ 1,390 $ 1,263 Amount recorded, net of taxes $ 1,001 $ 910 Other changes in benefit obligations recognized in other comprehensive income for 2023 and 2022 included the following components: ($ in thousands) 2023 2022 Net loss (gain) $ 167 $ (1,315) Recognition of net actuarial loss (40) (115) Total changes $ 127 $ (1,430) Changes, net of taxes $ 91 $ (1,029) The Company expects to recognize the following amounts as a component of net periodic pension costs during the next fiscal year ($ in thousands): Interest cost $ (276) Amortization of net gain (54) Net periodic pension earnings/(cost) $ (330) Based on actuarial estimates, it is expected that annual SERP benefit payments will be as follows ($ in thousands): 2024 2025 2026 2027 2028 Thereafter $ 498 $ 573 $ 565 $ 555 $ 544 $ 2,500 The weighted-average discount rate used in determining the actuarial present value of projected benefits obligation was 4.70% for 2023 and 4.90% for 2022. Total pension and retirement expense was as follows for each of the years ended December 31: ($ in thousands) 2023 2022 2021 Cost components: Interest cost $ (291) $ (182) $ (163) Net amortization and other (40) (114) (125) Total net periodic pension cost $ (331) $ (296) $ (288)

REPORTING SEGMENTS AND RELATED

REPORTING SEGMENTS AND RELATED INFORMATION	12 Months Ended
	Dec. 31, 2023
Segment Reporting [Abstract]
REPORTING SEGMENTS AND RELATED INFORMATION	REPORTING SEGMENTS AND RELATED INFORMATION The Company currently operates 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 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations". Information pertaining to operating results of the Company's reporting segments are as follows for each of the years ended December 31: ($ in thousands) 2023 2022 2021 Revenues Real estate—commercial/industrial $ 11,758 $ 40,515 $ 19,476 Mineral resources 14,524 21,595 20,987 Farming 13,950 13,001 11,039 Ranch operations 4,507 4,106 4,111 Segment revenues 44,739 79,217 55,613 Equity in unconsolidated joint ventures, net 6,868 7,752 9,202 Investment income 2,557 634 57 Total revenues and other income 54,164 87,603 64,872 Segment Profits (Losses) Real estate—commercial/industrial 3,705 24,159 7,523 Real estate—resort/residential (1,528) (1,629) (1,723) Mineral resources 5,839 8,626 7,428 Farming (1,307) (6,810) (3,077) Ranch operations (536) (918) (568) Segment profits (1) 6,173 23,428 9,583 Equity in earnings of unconsolidated joint ventures, net 6,868 7,752 9,202 Investment income 2,557 634 57 Other (expense) income (138) 1,088 164 Corporate expenses (9,872) (9,699) (9,843) Income from operations before income taxes $ 5,588 $ 23,203 $ 9,163 (1) Segment profits are revenues less operating expenses, excluding investment income and expense, corporate expenses, equity in earnings of unconsolidated joint ventures, and income taxes. Real Estate - Commercial/Industrial Commercial revenue consists of land and building leases 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. In 2023, the Company did not have any land sales. In 2022, this operating segment had the following land sales: • The first sale comprised of a 27.88-acre land parcel contributed with a fair value of $8,501,000 to TRC-MRC 5, LLC. The Company recognized revenues of $5,489,000 and deferred profit of $3,012,000 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. • 58.0 acres of industrial land located at TRCC East to Nestlé for $22,000,000. The Company recognized land sales revenue of $19,627,000 and deferred revenues of $2,373,000 attributable to a performance obligation within the contract after applying the five-step revenue recognition model in accordance with ASC Topic 606 - Revenue From Contracts With Customers. • 12.3 acres of industrial land located at TRCC West to a third party for $4,680,000. In 2021, the Company sold 17.1 acres of land to a third party for $4,655,000. The Company recognized land sales revenue of $4,355,000 and deferred $300,000 attributable to a performance obligation within the contract after applying the five-step revenue recognition model in accordance with Accounting Standards Codification (ASC) Topic 606 - Revenue From Contracts With Customers. The following table summarizes revenues, expenses and operating income from this segment for each of the years ended December 31: ($ in thousands) 2023 2022 2021 Commercial revenues $ 11,758 $ 40,515 $ 19,476 Equity in earnings of unconsolidated joint ventures 6,868 7,752 9,202 Commercial revenues and equity in earnings of unconsolidated joint ventures $ 18,626 $ 48,267 $ 28,678 Commercial expenses 8,053 16,356 11,953 Operating results from commercial and unconsolidated joint ventures $ 10,573 $ 31,911 $ 16,725 Real Estate - Resort/Residential The resort/residential real estate development segment is actively involved in the land entitlement and development process internally and through joint venture entities. The segment produced losses of $1,528,000, $1,629,000, and $1,723,000 during the years ended December 31, 2023, 2022, and 2021, respectively. Mineral Resources The mineral resources segment receives oil and mineral royalties from the exploration and development companies that extract or mine the natural resources from the Company's land along with revenue from water sales. The following table summarizes revenues, expenses and operating results from this segment for each of the years ended December 31: ($ in thousands) 2023 2022 2021 Mineral resources revenues $ 14,524 $ 21,595 $ 20,987 Mineral resources expenses 8,685 12,969 13,559 Operating results from mineral resources $ 5,839 $ 8,626 $ 7,428 Farming The farming segment produces revenues from the sale of wine grapes, almonds, pistachios and hay. The following table summarizes revenues, expenses and operating results from this segment for each of the years ended December 31: ($ in thousands) 2023 2022 2021 Farming revenues $ 13,950 $ 13,001 $ 11,039 Farming expenses 15,257 19,811 14,116 Operating results from farming $ (1,307) $ (6,810) $ (3,077) Ranch Operations Ranch operations consists of game management revenues and ancillary land uses, such as grazing leases and filming. The following table summarizes revenues, expenses and operating results from this segment for each of the years ended December 31: ($ in thousands) 2023 2022 2021 Ranch operations revenues $ 4,507 $ 4,106 $ 4,111 Ranch operations expenses 5,043 5,024 4,679 Operating results from ranch operations $ (536) $ (918) $ (568) Information pertaining to assets of the Company’s reporting segments is as follows for each of the years ended December 31: ($ in thousands) Identifiable Depreciation and Amortization Capital 2023 Real estate - commercial/industrial $ 73,105 $ 468 $ 7,815 Real estate - resort/residential 321,216 42 7,888 Mineral resources 52,068 1,374 — Farming 52,094 2,097 4,870 Ranch operations 2,072 390 464 Corporate 76,968 435 291 Total $ 577,523 $ 4,806 $ 21,328 2022 Real estate - commercial/industrial $ 74,292 $ 455 $ 8,933 Real estate - resort/residential 312,956 30 7,253 Mineral resources 48,780 1,366 — Farming 45,814 1,937 5,915 Ranch operations 1,945 439 305 Corporate 83,004 401 196 Total $ 566,791 $ 4,628 $ 22,602 2021 Real estate - commercial/industrial $ 82,397 $ 463 $ 4,906 Real estate - resort/residential 305,818 31 8,064 Mineral resources 52,440 1,368 — Farming 47,160 1,789 7,416 Ranch operations 2,079 455 306 Corporate 56,142 488 187 Total $ 546,036 $ 4,594 $ 20,879

INVESTMENT IN UNCONSOLIDATED AN

INVESTMENT IN UNCONSOLIDATED AND CONSOLIDATED JOINT VENTURES	12 Months Ended
	Dec. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]
INVESTMENT IN UNCONSOLIDATED AND CONSOLIDATED JOINT VENTURES	INVESTMENT IN UNCONSOLIDATED AND CONSOLIDATED JOINT VENTURES The Company maintains investments in joint ventures. The Company accounts for its investments in unconsolidated joint ventures using the equity method of accounting, unless the venture is a variable interest entity, or VIE, and meets the requirements for consolidation. The Company’s investment in its unconsolidated joint ventures at December 31, 2023 was $33,648,000. The equity in the income of the unconsolidated joint ventures was $6,868,000 for the twelve months ended December 31, 2023. The unconsolidated joint ventures have not been consolidated as of December 31, 2023, because the Company does not control the investments. The Company’s current joint ventures are as follows: • Petro Travel Plaza Holdings LLC – TA/Petro is an unconsolidated joint venture with TravelCenters of America Inc. for the development and management of travel plazas and convenience stores. The Company has 50% voting rights and shares 60% of profit and losses in this joint venture. It houses multiple commercial eating establishments, as well as diesel and gasoline operations in TRCC. The Company does not control the investment due to it having only 50% voting rights, and because the partner in the joint venture is the managing partner and performs all of the day-to-day operations and has significant decision-making authority regarding key business components, such as fuel inventory and pricing at the facility. At December 31, 2023, the Company had an equity investment balance of $19,370,000 in this joint venture. • Majestic Realty Co. – Majestic Realty Co., or Majestic, is a privately-held developer and owner of master planned business parks in the United States. The Company partnered with Majestic to form five active 50/50 joint ventures to acquire, develop, manage, and operate industrial real estate at TRCC. The partners have equal voting rights and equally share in the profit and loss of the joint venture. The Company and Majestic guarantee the performance of all outstanding debt. At December 31, 2023, the Company's investment in these joint ventures was $4,335,000. ◦ 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. The construction was financed by a $49,226,000 construction loan that had an outstanding balance of $35,138,000 as of December 31, 2023. The construction loan is individually and collectively guaranteed by the Company and Majestic. In December 2022, the Company contributed land with a fair value of $8,501,000 to TRC-MRC5, LLC. The total cost of the land was $2,477,000. The Company recognized profit of $3,012,000 and deferred profit of $3,012,000 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 construction of the building was completed in the fourth quarter of 2023. The joint venture has leased 100% of the rentable space. ◦ 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. The construction of the building was completed in 2022, and the joint venture has leased 100% of the rentable space. The joint venture refinanced its construction loan in March 2023 with a promissory note. The note matures on March 1, 2033, and had an outstanding balance of $61,776,000 as of December 31, 2023. In June 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. Since its inception, the Company has received excess distributions resulting in a deficit balance in its investment of $6,082,000. 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 November 2018, TRC-MRC 3, LLC was formed to pursue the development, construction, leasing, and management of a 579,040 square foot industrial building on the Company's property at TRCC-East. TRC-MRC 3, LLC qualified as a VIE from inception, but the Company is not the primary beneficiary therefore does not consolidate TRC-MRC 3, LLC in its financial statements. The construction of the building was completed in 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 $33,627,000 as of December 31, 2023. 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 $141,000 as of December 31, 2023. ◦ 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 and was largely financed through a promissory note. 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 $21,939,000 as of December 31, 2023. Since inception, the Company has received excess distributions resulting in a deficit balance of $1,562,000. In accordance with the applicable accounting guidance, the Company reclassified excess distributions to Other Liabilities within the Consolidated Balance Sheets. The Company will continue to record its equity in the net income as a debit to the investment account, and if it becomes positive, it will again be shown as an asset on the consolidated balance sheet. If it becomes obvious that any excess distribution may not be returned (upon joint venture liquidation or otherwise), the Company will recognize any balance classified as a 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 joint venture completed construction in 2017. Since inception of the joint venture, the Company has received excess distributions resulting in a deficit balance of $1,431,000. In accordance with the applicable accounting guidance, the Company reclassified excess distributions to Other Liabilities within the Consolidated Balance Sheets. The Company will continue to record its equity in the net income as a debit to the investment account, and if it becomes positive, it will again be shown as an asset on the consolidated balance sheet. If it becomes obvious that any excess distribution may not be returned (upon joint venture liquidation or otherwise), the Company will recognize any balance classified as a liability as income. The joint venture refinanced its construction loan in December 2018 with a mortgage loan. The original principal balance of the mortgage loan was $25,030,000, of which $22,144,000 was outstanding at December 31, 2023. • TRCC/Rock Outlet Center LLC – This joint venture was formed in 2013 with Rockefeller Group Development Corporation, or Rockefeller. to develop, own, and manage a net leasable 326,000 square foot outlet center on land at TRCC-East. At December 31, 2023, the Company’s equity investment balance in this joint venture was $9,943,000. The Company controls 50% of the voting interests of TRCC/Rock Outlet Center LLC; thus, it does not control by voting interest alone. The Company is the named managing member. The managing member's responsibilities relate to the routine day-to-day activities of TRCC/Rock Outlet Center LLC. However, all operating decisions during the development period and ongoing operations, 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. Therefore, the investment in TRCC/Rock Outlet Center LLC is being accounted for under the equity method. On August 16, 2023, the TRCC/Rock Outlet Center LLC joint venture successfully extended the maturity date of its term note with a financial institution to June 30, 2025. In connection with the loan extension, the joint venture also reduced the outstanding amount by $6,000,000. As of December 31, 2023, the outstanding balance of the term note was $20,850,000. The Company and Rockefeller guarantee the performance of the debt. • 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. At December 31, 2023, the Company owned 93.46% of CFL. The Company’s investment balance in each of its unconsolidated joint ventures differs from its capital accounts in the respective joint ventures. The variance represents the difference between the cost basis of assets contributed by the Company and the agreed upon fair value of those assets. Condensed balance sheet information and statement of operations of the Company’s unconsolidated joint ventures are as follows: Balance Sheet Information as of December 31: Joint Venture TRC Assets Borrowings Equity (Deficit) Investment In 2023 2022 2023 2022 2023 2022 2023 2022 Petro Travel Plaza Holdings LLC $ 72,633 $ 84,225 $ (12,556) $ (13,318) $ 52,950 $ 63,069 $ 19,370 $ 25,441 TRCC/Rock Outlet Center, LLC 58,040 59,196 (20,850) (27,707) 35,535 30,684 9,943 7,279 TRC-MRC 1, LLC 25,224 24,085 (22,144) (22,787) 1,684 1,042 — — TRC-MRC 2, LLC 18,882 18,398 (21,939) (22,612) (2,597) (3,939) — — TRC-MRC 3, LLC 35,467 36,608 (33,627) (34,494) 2,087 2,690 141 386 TRC-MRC 4, LLC 49,964 50,497 (61,776) (40,130) (12,192) 8,974 — 4,485 TRC-MRC 5, LLC 49,687 8,602 (35,138) — 8,390 — 4,194 4,300 Total $ 309,897 $ 281,611 $ (208,030) $ (161,048) $ 85,857 $ 102,520 $ 33,648 $ 41,891 Centennial Founders, LLC $ 104,979 $ 102,984 $ — $ — $ 104,753 $ 102,689 Consolidated Condensed Statement of Operations Information as of December 31: Joint Venture TRC Revenues Earnings (Loss) Equity in Earnings (Loss) 2023 2022 2021 2023 2022 2021 2023 2022 2021 Petro Travel Plaza Holdings LLC $ 162,614 $ 182,335 $ 137,090 $ 10,481 $ 14,210 $ 8,262 $ 6,288 $ 8,526 $ 4,957 18-19 West, LLC — — 15,472 — (63) 10,411 — (31) 5,206 TRCC/Rock Outlet Center, LLC 1 6,391 6,065 5,642 (3,571) (3,139) (2,885) (1,786) (1,569) (1,443) TRC-MRC 1, LLC 4,346 3,269 3,237 1,192 43 (15) 596 21 (7) TRC-MRC 2, LLC 5,860 4,085 4,024 2,772 1,384 1,268 1,386 692 634 TRC-MRC 3 LLC 4,323 4,125 3,729 645 594 (288) 323 297 (144) TRC-MRC 4, LLC 7,281 595 — 332 (367) (1) 166 (184) (1) TRC-MRC 5, LLC — — — (210) — — (105) — — $ 190,815 $ 200,474 $ 169,194 $ 11,641 $ 12,662 $ 16,752 $ 6,868 $ 7,752 $ 9,202 Centennial Founders, LLC $ 267 $ 594 $ 409 $ (6) $ 28 $ (80) Consolidated (1) Revenues for TRCC/Rock Outlet Center are presented net of non-cash tenant allowance amortization of $1.3 million, $1.2 million and $1.2 million for the years ended December 31, 2023, 2022 and 2021, respectively.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2023
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS TCWD is a not-for-profit governmental entity, organized on December 28, 1965, pursuant to Division 13 of the Water Code, State of California. TCWD is a landowner voting district, which requires an elector, or voter, to be an owner of land located within the district. TCWD was organized to provide the water needs for future municipal and industrial development. The Company is the largest landowner and taxpayer within TCWD. The Company has a water service contract with TCWD that entitles 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.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include the accounts of the Company, and the accounts of all subsidiaries and investments in which a controlling interest is held by the Company. All intercompany transactions have been eliminated in consolidation. The Company has evaluated subsequent events through the date of issuance of the consolidated financial statements.
Cash Equivalents	Cash Equivalents The Company considers all highly liquid investments with maturities of three months or less when purchased to be cash equivalents. The carrying amount for cash equivalents approximates fair value.
Marketable Securities	Marketable Securities The Company considers those investments not qualifying as cash equivalents, but which are readily marketable, to be marketable securities. The Company's investment portfolio is comprised of fixed income debt securities, which are classified as current assets on the consolidated balance sheets. The Company classifies all marketable securities as available-for-sale. These are stated at fair value with the unrealized gains (losses), net of tax, reported as a component of accumulated other comprehensive income (loss) in the consolidated statements of changes in equity.
Investments in Unconsolidated Joint Ventures	Investments in Unconsolidated Joint Ventures For joint ventures that the Company does not control, but over which it exercises significant influence, the Company uses the equity method of accounting. The Company's judgment with regard to its level of influence or control of an entity involves consideration of various factors, including the form of its ownership interest; its representation in the entity's governance; its ability to participate in policy-making decisions; and the rights of other investors to participate in the decision-making process, to replace the Company as manager, and/or to liquidate the venture. These ventures are recorded at cost and adjusted for equity in earnings (losses), contributions and distributions. Any difference between the carrying amount of these investments on the Company’s balance sheet and the underlying equity in net assets on the joint venture’s balance sheet is adjusted as the related underlying assets are depreciated, amortized, or sold. When the Company contributes land to a joint venture, it records the investment in the venture at fair value, regardless of whether the other investors in the venture contribute cash or property. The Company generally allocates income and loss from an unconsolidated joint venture based on the venture's distribution priorities, which may be different from its stated ownership percentage. The Company evaluates the recoverability of its investments in unconsolidated joint ventures in accordance with accounting standards for equity investments by first reviewing each investment for any indicators of impairment. If indicators are present, the Company estimates the fair value of the investment. If the carrying value of the investment is greater than the estimated fair value, management makes an assessment of whether the impairment is “temporary” or “other-than-temporary.” In making this assessment, management considers the following: (1) the length of time and the extent to which fair value has been less than cost, (2) the financial condition and near-term prospects of the entity, and (3) the Company’s intent and ability to retain its interest long enough for a recovery in market value. If management concludes that the impairment is "other than temporary," the Company reduces the investment to its estimated fair value.
Fair Values of Financial Instruments	Fair Values of Financial Instruments The Company follows the Financial Accounting Standards Board's authoritative guidance for fair value measurements of certain financial instruments. The guidance defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Fair value is defined as the exchange (exit) price that would be received for an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. This guidance establishes a three-level hierarchy for fair value measurements based upon the inputs to the valuation of an asset or liability. Observable inputs are those which can be easily seen by market participants, while unobservable inputs are generally developed internally, utilizing management’s estimates and assumptions: • Level 1 – Valuation is based on quoted prices in active markets for identical assets and liabilities. • Level 2 – Valuation is determined from quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar instruments in markets that are not active, or by model-based techniques in which all significant inputs are observable in the market. • Level 3 – Valuation is derived from model-based techniques in which at least one significant input is unobservable and based on the Company's own estimates about the assumptions that market participants would use to value the asset or liability.
Interest Rate Swap Agreements	Interest Rate Swap Agreements On June 30, 2022, the Company entered into a variable rate term note, or New Term Note, with Bank of America, N.A. and on the same day, the Company entered into a new interest rate swap agreement to reduce its exposure to fluctuations in the floating interest rate tied to SOFR under the New Term Note. The hedging relationship qualified as an effective cash flow hedge and was recorded at fair value. On October 23, 2023, the Company terminated its interest rate swap agreement with Bank of America, N.A., and received a $3,715,000 cash termination fee from Bank of America, N.A. See Note 8 (Line of Credit and Long-Term Debt) and Note 10 (Interest Rate Swap) of the Notes to Consolidated Financial Statements for further detail regarding this interest rate swap related to the Company's Credit Facility. The Company believes it is prudent at times to limit the variability of floating-rate interest payments and in the past has entered into interest rate swaps to manage those fluctuations. The Company recognizes interest rate swap agreements as either an asset or liability on the balance sheet at fair value. The accounting for changes in fair value (i.e., gains or losses) of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship and, further, on the type of hedging relationship. For those derivative instruments that are designated and qualify as hedging instruments, a company must designate the hedging instrument, based on the hedged exposure, as a fair value hedge, a cash flow hedge, or a hedge of a net investment in a foreign operation. The interest rate swap agreement was considered a cash flow hedge because it was designed to match the terms of the Term Loan with Bank of America, N.A., as a hedge of the exposure to variability in expected future cash flows. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the earnings effect of the hedged transactions in a cash flow hedge. This interest rate swap agreement will be evaluated based on whether it is deemed highly effective in reducing exposure to variable interest rates. The Company formally documents all relationships between interest rate swap agreements and hedged items, including the method for evaluating effectiveness and the risk strategy. The Company makes an assessment at the inception of each interest rate swap agreement and on a quarterly basis to determine whether these instruments are highly effective in offsetting changes in cash flows associated with the hedged items. If swaps qualify as highly effective, the changes in the fair values of the derivatives used as hedges would be reflected in accumulated other comprehensive income, or AOCI. Amounts classified in AOCI will be reclassified into earnings in the period during which the hedged transactions affect earnings. If swaps do not qualify as highly effective, the changes in fair values of derivatives used as hedges would be reflected in earnings. The fair value of each interest rate swap agreement is determined using widely accepted valuation techniques, including discounted cash flow analyses on the expected cash flows of each derivative. These analyses reflect the contractual terms of the derivatives, including the period to maturity, and use observable market-based inputs, including interest rate curves and implied volatilities (also referred to as “significant other observable inputs”). The fair value of interest rate swap agreements is determined using the market standard methodology of netting the discounted future fixed cash payments and the discounted expected variable cash receipts. The variable cash receipts are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. The fair value calculation also includes an amount for risk of non-performance using “significant unobservable inputs,” such as estimates of current credit spreads to evaluate the likelihood of default, which the Company has determined to be insignificant to the overall fair value of its interest rate swap agreement.
Variable Interest Entity	Variable Interest Entity The Company evaluates all of its interests in VIEs for consolidation. When the Company's interests are determined to be variable interests, the Company assesses whether the Company is deemed to be the primary beneficiary of the VIE. The primary beneficiary of a VIE is required to consolidate the VIE. A primary beneficiary is defined as the party that has both (i) the power to direct the activities of the VIE that most significantly impact its economic performance, and (ii) the obligation to absorb losses and the right to receive benefits from the VIE, which could potentially be significant. The Company considers its variable interests as well as any variable interests of related parties in making this determination. Where both of these factors are present, the Company is deemed to be the primary beneficiary and consolidates the VIE. Where either one of these factors is not present, the Company is not the primary beneficiary and does not consolidate the VIE. To assess whether the Company has the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance, the Company considers all facts and circumstances, including its role in establishing the VIE and its ongoing rights and responsibilities. This assessment includes first, identifying the activities that most significantly impact the VIE’s economic performance; and second, identifying which party, if any, has power over those activities. In general, the parties that make the most significant decisions affecting the VIE or have the right to unilaterally remove those decision makers are deemed to have the power to direct the activities of a VIE. To assess whether the Company has the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE, the Company considers all economic interests, including debt and equity investments, servicing fees, and other arrangements deemed to be variable interests in the VIE. This assessment requires that the Company apply judgment in determining whether these interests, in the aggregate, are considered potentially significant to the VIE. Factors considered in assessing significance include: the design of the VIE, including its capitalization structure; subordination of interests; payment priority; relative share of interests held across various classes within the VIE’s capital structure; and the reasons why the interests are held by the Company.
Credit Risk	Credit Risk The Company grants credit in the course of operations to co-ops, wineries, nut marketing companies, and lessees of the Company’s facilities. The Company performs periodic credit evaluations of its customers’ financial condition and generally does not require collateral. Commercial revenues are derived primarily from lease rental payments and operating expense reimbursements. If client tenants fail to make rental payments under their lease, the Company's financial condition, and cash flows could be adversely affected. The Company assesses the risk of loss on accounts receivable and adjusts the allowance for doubtful accounts based on this risk assessment. We do so by applying historical loss rates to our accounts receivable aging schedule to estimate expected credit losses. We further adjusted expected credit losses for specifically identified and forecasted credit losses. Accounts are written off when they are deemed to be no longer collectible. During the years ended December 31, 2023, 2022, and 2021, the Pastoria Energy Facility, L.L.C., or PEF power plant lease generated approximately 11%, 6%, and 8% of total revenues, respectively. The Company had no other customers accounting for 5% or more of total revenues from operations. The Company maintains its cash and cash equivalents in federally insured financial institutions. The account balances at these institutions periodically exceed FDIC insurance coverage and, as a result, there is a concentration of credit risk related to amounts on deposit in excess of FDIC insurance coverage. The Company believes that the risk is not significant.
Farm Inventories	Farm Inventories Costs of bringing crops to harvest are inventoried when incurred. Such costs are expensed when the crops are sold. Expenses are computed and recognized on an average cost per pound or per ton basis, as appropriate. Costs incurred during the current year related to the next year’s crop are inventoried and carried in inventory until the matching crop is harvested and sold. Farm inventories held for sale are valued at the lower of cost (first-in, first-out method) or market.
Property and Equipment	Property and Equipment
Long-Term Water Assets	Long-Term Water Assets Long-term purchased water contracts are in place with the Tulare Lake Basin Water Storage District and the Dudley-Ridge Water Storage District. These contracts provide the Company with the right to receive water over the term of the contracts that expire in 2035. The Company also purchased a contract that allows and requires it to purchase 6,693 acre-feet of water each year from the Nickel Family LLC. The initial term of this contract runs through 2044. The purchase price of these contracts is being amortized under the straight-line basis over their contractual lives. Water contracts with the Wheeler Ridge Maricopa Water Storage District and the Tejon-Castac Water District are also in place, but were entered into with each district at inception and not purchased later from third parties, and therefore do not have a related financial value on the books of the Company. As a result, there is no amortization expense related to these contracts.
Vineyards and Orchards	Vineyards and Orchards Costs of planting and developing vineyards and orchards are capitalized until the crops become commercially productive. Interest costs and depreciation of irrigation systems and trellis installations during the development stage are also capitalized. Revenues from crops earned during the development stage are netted against development costs. Depreciation commences when the crops become commercially productive.
Common Stock Options and Grants	Common Stock Options and Grants The Company accounts for stock incentive plans using the fair value method of accounting. The estimated fair value of the restricted stock grants and restricted stock units are expensed over the expected vesting period. For performance-based grants the Company makes estimates of the probable number of shares that will actually be granted based upon estimated ranges of success in meeting defined performance measures. An estimate for share forfeitures, based on historical forfeitures, are recorded on all grants. Periodically, the Company updates its estimates and reflects any changes to the estimate in the consolidated statements of operations.
Long-Lived Assets	Long-Lived Assets On a quarterly basis, the Company reviews current activities and changes in the business conditions of all of its operating properties prior to and subsequent to the end of each quarter to determine the existence of any triggering events requiring an impairment analysis. If triggering events are identified, the Company reviews an estimate of the future undiscounted cash flows for the properties, including, if necessary, a probability-weighted approach if multiple outcomes are under consideration. Long-lived assets to be held and used, including rental properties, construction in progress, or CIP, real estate held for development and intangibles, are individually evaluated for impairment when conditions exist that may indicate that the carrying amount of a long-lived asset may not be recoverable. The carrying amount of a long-lived asset to be held and used is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset. Impairment indicators or triggering events for long-lived assets to be held and used, including rental properties, CIP, real estate held for development, and intangibles, are assessed by project and include significant fluctuations in estimated net operating income, occupancy changes, significant near-term lease expirations, current and historical operating and/or cash flow losses, rental rates, and other market factors. The Company assesses the expected undiscounted cash flows based upon numerous factors, including, but not limited to, available market information, current and historical operating results, known trends, current market/economic conditions that may affect the property, and assumptions about the use of the asset, including, if necessary, a probability-weighted approach if multiple outcomes are under consideration. Upon determination that an impairment has occurred, a write-down is recognized to reduce the carrying amount to its estimated fair value.
Revenue Recognition	Revenue Recognition The Company’s revenue is primarily derived from lease revenue from its rental portfolio, royalty revenue from mineral leases, sales of farm crops, sales of water, and land sales. The Company recognizes revenue by following the five-step model under ASC 606 to achieve the core principle that an entity recognizes revenue to depict the transfer of goods or services to customers at an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The five-step model requires that the Company (i) identifies the contract with the customer, (ii) identifies the performance obligations in the contract, (iii) determines the transaction price, including variable consideration to the extent that it is probable that a significant future reversal will not occur, (iv) allocates the transaction price to the respective performance obligations in the contract, and (v) recognize revenue when (or as) the Company satisfies the performance obligation. Sales of Real Estate The Company allocates the transaction price, on land sales with multiple performance obligations, to the performance obligations in proportion to their standalone selling prices (i.e., on a relative standalone selling price basis) and not total costs. Sales of Easements From time to time the Company sells easements over its land, and the easements are either in the form of rights of access granted for such things as utility corridors or are in the form of conservation easements that generally require the Company to divest its rights to commercially develop a portion of its land, but do not result in a change in ownership of the land or restrict the Company from continuing other revenue generating activities on the land. The Company recognizes easement sales revenue by following the five-step model under ASC 606. Allocation of Costs Related to Land Sales and Leases When the Company sells land within one of its real estate developments and has not completed all infrastructure development related to the total project, the Company estimates, at the time of sale, future costs of the development to determine the appropriate costs of sales for the sold land and the timing of recognition of the sale. In the calculation of cost of sales or allocations to leased land, the Company uses estimates and forecasts to determine total costs at completion of the development project. These estimates of final development costs can change as conditions in the market change and costs of construction change. Royalty Income Royalty revenues are contractually defined as to the percentage of royalty and are tied to production and market prices. The Company’s royalty arrangements generally require payment on a monthly basis with the payment based on the previous month’s activity. The Company accrues monthly royalty revenues based upon estimates and adjusts to actual as the Company receives payments. Rental Income Rental income from leases is recognized on a straight-line basis over the respective lease terms. The Company classifies amounts currently recognized as income, and amounts expected to be received in later years, as deferred rent in prepaid expenses and other current assets in the accompanying consolidated balance sheets. Amounts received currently, but recognized as income in future years, are classified in accrued liabilities and other, and deferred income in the accompanying consolidated balance sheets. The Company commences recognition of rental income at the date the property is ready for its intended use, and the client tenant takes possession of, or controls the physical use of, the property. During the term of each lease, the Company monitors the credit quality of its tenants by (i) reviewing the credit rating of tenants that are rated by a nationally recognized credit rating agency, (ii) reviewing financial statements of the tenants that are publicly available or that are required to be delivered to the Company pursuant to the applicable lease, (iii) monitoring news reports regarding its tenants and their respective businesses, and (iv) monitoring the timeliness of lease payments. For operating leases in which collectability of rental income is not considered probable, rental income is recognized on a cash basis and allowances are taken for those balances that we have reason to believe may be uncollectible in the period it is determined not to be probable of collection.
Environmental Expenditures	Environmental Expenditures
Use of Estimates	Use of Estimates The preparation of the Company’s consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the financial statement dates and the reported amounts of revenue and expenses during the reporting period. Due to uncertainties inherent in the estimation process, it is reasonably possible that actual results could differ from these estimates.
New Accounting Pronouncements Effective in Future Periods	New Accounting Pronouncements Effective in Future Periods Business Combinations - Joint Venture Formations In August 2023, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update, or ASU, No. 2023-05, "Business Combinations - Joint Venture Formations." This ASU addresses the accounting for contributions made to a joint venture, upon formation, in a joint venture's separate financial statements. The pronouncement requires a joint venture to initially measure contributions at fair value upon formation, which is more relevant than the carrying amounts of the contributed net assets and would reduce equity method basis differences. The ASU is effective prospectively for all joint venture formations with a formation date on or after January 1, 2025. This pronouncement is not expected to have a material effect on our consolidated financial statements. Segment Reporting In November 2023, the FASB issued ASU No. 2023-07, "Segment Reporting - Improvements to Reportable Segment Disclosures". This ASU requires quarterly disclosure of segment expenses if they are (i) significant to the segment, (ii) regularly provided to the chief operating decision maker (“CODM”), and (iii) included in each reported measure of a segment’s profit or loss. In addition, this ASU requires an annual disclosure of the CODM’s title and a description of how the CODM uses the segment’s profit/loss measure to assess segment performance and to allocate resources. This ASU will be effective for the Company's annual report on Form 10-K beginning with the year ended December 31, 2024, and for subsequent quarterly and annual reports. The Company is currently in the process of evaluating the impact of this ASU on Company's consolidated financial statements and footnote disclosures. Income taxes In December 2023, the FASB issued ASU No. 2023-09, "Income Taxes (Topic740) - Improvements to Income Tax Disclosures". This ASU requires public business entities to disclose a tabular rate reconciliation of both percentages and reporting currency amounts on an annual basis. The ASU also requires disclosure of information on amount of income taxes paid disaggregated by federal, state and foreign taxes. This ASU is effective for annual periods beginning after December 15, 2024. The pronouncement is not expected to have a material effect on our consolidated financial statements.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Schedule of Property and Equipment and their Respective Useful Lives	The Company's property and equipment and their respective estimated useful lives are as follow: ($ in thousands) Useful Life December 31, 2023 December 31, 2022 Vineyards and orchards 20 $ 68,274 $ 66,016 Machinery, furniture fixtures and other equipment 3 - 10 21,668 20,895 Buildings and improvements 10 - 27.5 9,185 8,946 Land and land improvements 15 7,835 7,835 Development in process 5,079 4,942 $ 112,041 $ 108,634 Less: accumulated depreciation (58,056) (55,654) $ 53,985 $ 52,980

EQUITY (Tables)

EQUITY (Tables)	12 Months Ended
	Dec. 31, 2023
Stockholders' Equity Note [Abstract]
Schedule of Weighted Average Number of Shares Outstanding	Twelve Months Ended December 31, 2023 2022 2021 Weighted average number of shares outstanding: Common stock 26,706,824 26,478,171 26,343,352 Common stock equivalents: stock options, grants — 174,748 70,662 Diluted shares outstanding 26,706,824 26,652,919 26,414,014

MARKETABLE SECURITIES (Tables)

MARKETABLE SECURITIES (Tables)	12 Months Ended
	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Schedule of Available-for-sale Securities	The following is a summary of available-for-sale securities at December 31: ($ in thousands) 2023 2022 Marketable Securities: Fair Value Hierarchy Cost Estimated Fair Value Cost Estimated Fair Value Certificates of deposit with unrecognized losses for less than 12 months $ 174 $ 174 $ — $ — with unrecognized gains 385 385 — — Total Certificates of deposit Level 1 559 559 — — U.S. Treasury and agency notes with unrecognized losses for less than 12 months 13,797 13,787 13,916 13,832 with unrecognized losses for more than 12 months — — 500 499 with unrecognized gains 2,374 2,374 1,250 1,251 Total U.S. Treasury and agency notes Level 2 16,171 16,161 15,666 15,582 Corporate notes with unrecognized losses for less than 12 months 15,598 15,587 17,236 17,112 with unrecognized losses for more than 12 months — — 251 250 with unrecognized gains 249 249 499 500 Total Corporate notes Level 2 15,847 15,836 17,986 17,862 $ 32,577 $ 32,556 $ 33,652 $ 33,444
Schedule of Maturities, at Par, of Marketable Securities by Year	The following tables summarize the maturities, at par, of marketable securities by year ($ in thousands): December 31, 2023 2024 Total Certificates of deposit $ 560 $ 560 U.S. Treasury and agency notes $ 16,212 $ 16,212 Corporate notes 15,880 15,880 $ 32,652 $ 32,652 December 31, 2022 2023 2024 Total U.S. Treasury and agency notes 15,225 500 15,725 Corporate notes 17,470 500 17,970 $ 32,695 $ 1,000 $ 33,695

INVENTORIES (Tables)

INVENTORIES (Tables)	12 Months Ended
	Dec. 31, 2023
Inventory Disclosure [Abstract]
Schedule of Components of Inventories	Inventories consisted of the following at December 31: ($ in thousands) 2023 2022 Farming inventories $ 3,265 $ 3,078 Other 228 291 $ 3,493 $ 3,369

REAL ESTATE (Tables)

REAL ESTATE (Tables)	12 Months Ended
	Dec. 31, 2023
Real Estate [Abstract]
Schedule of Real Estate	Real estate consisted of the following as of December 31: ($ in thousands) 2023 2022 Real estate development Mountain Village $ 155,168 $ 153,156 Centennial 119,788 115,221 Grapevine 40,716 39,273 Tejon Ranch Commerce Center 21,585 13,643 Real estate development 337,257 321,293 Real estate and improvements - held for lease, net Tejon Ranch Commerce Center 20,606 20,590 Real estate and improvements - held for lease, net 20,606 20,590 Less accumulated depreciation (3,997) (3,650) Real estate and improvements - held for lease, net $ 16,609 $ 16,940

LONG-TERM WATER ASSETS (Tables)

LONG-TERM WATER ASSETS (Tables)	12 Months Ended
	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Water Revenues and Cost of Sales	Water revenues and cost of sales were as follows as of December 31: ($ in thousands) 2023 2022 2021 Acre-Feet Sold 5,145 10,400 13,651 Revenues $ 8,033 $ 14,658 $ 15,523 Cost of sales 5,220 9,549 10,669 Profit $ 2,813 $ 5,109 $ 4,854
Schedule of Tangible Water Assets	Costs assigned to water assets held for future use were as follows ($ in thousands): December 31, 2023 December 31, 2022 Banked water and water for future delivery $ 31,002 $ 23,855 Transferable water 756 1,455 Total water held for future use at cost $ 31,758 $ 25,310
Schedule of Finite-Lived Intangible Assets	The Company's carrying amounts of its purchased water contracts were as follows ($ in thousands): December 31, 2023 December 31, 2022 Costs Accumulated Depreciation Costs Accumulated Depreciation Dudley-Ridge water rights $ 11,581 $ (6,272) $ 11,581 $ (5,790) Nickel water rights 18,740 (6,532) 18,740 (5,890) Tulare Lake Basin water rights 6,479 (3,624) 6,479 (3,386) $ 36,800 $ (16,428) $ 36,800 $ (15,066) Net cost of purchased water contracts 20,372 21,735 Total cost water held for future use 31,758 25,310 Net investments in water assets $ 52,130 $ 47,045
Schedule of Components of Water Assets	Total water resources, including both recurring and one-time usage are: (in acre feet, unaudited) December 31, 2023 December 31, 2022 Water held for future use TCWD - Banked water owned by the Company 65,005 52,554 Company water bank 54,728 50,349 Transferable water 1,000 2,548 Recharged project water 6,590 — Total water held for future use 127,323 105,451 Purchased water contracts Water Contracts (Dudley-Ridge, Nickel and Tulare) 10,137 10,137 WRMWSD - Contracts with Company 15,547 15,547 TCWD - Contracts with Company 5,749 5,749 Total purchased water contracts 31,433 31,433 Total water held for future use and purchased water contracts 158,756 136,884

ACCRUED LIABILITIES AND OTHER (

ACCRUED LIABILITIES AND OTHER (Tables)	12 Months Ended
	Dec. 31, 2023
Payables and Accruals [Abstract]
Schedule of Accrued Liabilities and Other	Accrued liabilities and other consisted of the following as of December 31: ($ in thousands) 2023 2022 Accrued vacation $ 657 $ 735 Accrued paid personal leave 309 348 Accrued bonus 1,962 2,280 Other 286 239 $ 3,214 $ 3,602

LINE OF CREDIT AND LONG-TERM _2

LINE OF CREDIT AND LONG-TERM DEBT (Tables)	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Schedule of Components of Long-term Debt	Debt consisted of the following as of December 31: ($ in thousands) 2023 2022 Revolving line-of-credit $ 47,942 $ — Notes payable — 50,154 Total short-term and long-term debt 47,942 50,154 Less: current maturities of long-term debt and deferred loan costs 1 — (1,993) Long-term debt, less current portion $ 47,942 $ 48,161 1 The deferred loan costs for revolving line-of-credit as of December 31, 2023 were recorded under the caption Other Assets on the Consolidated Balance Sheets.
Schedule of Outstanding Indebtedness and Respective Principal Maturities	The following table summarizes debt maturities, outstanding indebtedness, and respective principal maturities as of December 31, 2023: ($ in thousands) Stated Rate Effective Rate Maturity 2024 2025 2026 2027 2028 Thereafter Total Revolving line-of-credit 1 S+2.25% 7.59% 1/1/2029 — — — — — 47,942 47,942 $ — $ — $ — $ — $ — $ 47,942 $ 47,942 1 The effective interest rate on this line of credit is SOFR plus a margin of 2.25%, and the rate was 7.59% as of December 31, 2023.

OTHER LIABILITIES (Tables)

OTHER LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2023
Other Liabilities Disclosure [Abstract]
Schedule of Other Liabilities	Other liabilities consist of the following as of December 31: ($ in thousands) 2023 2022 Pension liability (See Note 15) 1 $ — $ 38 Supplemental executive retirement plan liability (See Note 15) 6,124 6,186 Excess joint venture distributions and other (See Note 17) 9,083 4,156 $ 15,207 $ 10,380 1 The Company's defined benefit retirement plan had an asset balance of $295,000 as of December 31, 2023 and was recorded under the caption Other Assets on the Consolidated Balance Sheets.

INTEREST RATE SWAP (Tables)

INTEREST RATE SWAP (Tables)	12 Months Ended
	Dec. 31, 2023
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 ($ in thousands): December 31, 2022 Effective Date Maturity Date Fair Value Hierarchy Weighted Average Interest Pay Rate Fair Value Notional Amount June 30, 2022 June 28, 2032 Level 2 4.62% $1,430 $48,462

STOCK COMPENSATION - RESTRICT_2

STOCK COMPENSATION - RESTRICTED STOCK AND PERFORMANCE SHARE GRANTS (Tables)	12 Months Ended
	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of Performance Share Grants with Performance Conditions	The following is a summary of the Company's performance share grants with performance conditions as of the year ended December 31, 2023: Performance Share Grants with Performance Conditions Target performance 191,849 Maximum performance 265,234
Schedule of Stock Grant Activity	The following is a summary of the Company’s stock grant activity, both time and performance unit grants, assuming target achievement for outstanding performance grants for the following twelve-month periods ended: December 31, 2023 December 31, 2022 December 31, 2021 Stock Grants Outstanding Beginning of the Year at Target Achievement 234,899 683,645 840,307 New Stock Grants/Additional shares due to achievement in excess of target 321,026 180,034 63,622 Vested Grants (260,070) (384,112) (196,328) Expired/Forfeited Grants (47,087) (244,668) (23,956) Stock Grants Outstanding End of Period at Target Achievement 248,768 234,899 683,645
Schedule 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 fair value of the Company's market-based Performance Condition Grants outstanding for the year ended December 31, 2023: ($ in thousands except for share prices) Grant date 12/11/2020 03/18/2021 12/16/2021 03/17/2022 12/14/2022 06/16/2023 06/16/2023 Vesting end 12/31/2023 03/18/2024 12/16/2024 03/17/2025 12/14/2025 12/31/2023 12/31/2025 Share price at target achievement $17.07 $20.02 $21.58 $20.43 $21.99 $19.24 $20.72 Expected volatility 29.25% 30.30% 31.29% 31.54% 32.14% 27.09% 26.58% Risk-free interest rate 0.19% 0.33% 0.92% 2.13% 3.84% 5.2% 4.38% Simulated Monte Carlo share price $15.59 $18.82 $21.48 $21.75 $26.00 $13.18 $20.24 Shares granted 3,628 10,905 3,536 13,338 4,613 33,035 28,545 Total fair value of award $57 $205 $76 $290 $120 $435 $578
Schedule of Stock Compensation Costs for Employee and NDSI Plans	The following table summarizes stock compensation costs for the Company's 1998 Stock Incentive Plan, or the Employee 1998 Plan, and NDSI Plan for the following periods: Employee 1998 Plan ($ in thousands): December 31, 2023 December 31, 2022 December 31, 2021 Expensed $ 2,731 $ 2,281 $ 3,742 Capitalized 482 335 460 3,213 2,616 4,202 NDSI Plan 521 596 529 $ 3,734 $ 3,212 $ 4,731

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Schedule of Components of Provision (Benefit) for Income Taxes	The provision for income taxes consists of the following at December 31: ($ in thousands) 2023 2022 2021 Total provision (benefit): $ 2,323 $ 7,393 $ 3,821 Federal: Current 1,371 3,330 1,960 Deferred 353 1,718 620 1,724 5,048 2,580 State: Current 584 2,044 937 Deferred 15 301 304 599 2,345 1,241 $ 2,323 $ 7,393 $ 3,821
Schedule of Reconciliation of Income Tax Expense from Statutory Federal Income Tax Rate	A reconciliation of the provision for income taxes, with the amount computed by applying the statutory Federal income tax rate of 21% in 2023, 2022 and 2021, is as follows for the years ended December 31: ($ in thousands) 2023 2022 2021 Income tax at statutory rate $ 1,195 $ 4,869 $ 1,924 State income taxes, net of Federal benefit 578 1,851 802 Excess stock compensation (benefit) expense (501) (147) 34 Non-deductible compensation 1,302 1,008 539 Oil and mineral depletion (130) (147) (108) Permanent differences 9 10 26 Stock compensation true-up — — 641 Other (130) (51) (37) Provision for income taxes $ 2,323 $ 7,393 $ 3,821 Effective tax rate 41.6 % 31.9 % 41.7 %
Schedule of Components of Net Deferred Tax Assets and Liabilities	Significant components of the Company’s deferred tax assets and liabilities were as follows at December 31: ($ in thousands) 2023 2022 Deferred income tax assets: Accrued expenses $ 293 $ 333 Deferred revenues 563 447 Capitalization of costs 1,218 1,280 Pension adjustment 1,921 1,940 Stock grant expense 1,048 1,364 State deferred taxes 355 555 Book deferred gains 2,127 2,127 Joint venture allocations 552 566 Provision for additional capitalized costs 699 699 Interest rate swap 1,444 335 Other 81 136 Total deferred income tax assets $ 10,301 $ 9,782 Deferred income tax liabilities: Deferred gains $ 1,753 $ 1,753 Depreciation 4,766 4,492 Cost of sales allocations 872 872 Joint venture allocations 7,272 6,900 Capitalized stock compensation 1,202 1,058 Straight line rent 296 348 Prepaid expenses 369 318 State deferred taxes 96 96 Interest rate swap 1,444 762 Other 500 363 Total deferred income tax liabilities $ 18,570 $ 16,962 Net deferred income tax (liability) $ (8,269) $ (7,180) Allowance for deferred tax assets — — Net deferred taxes $ (8,269) $ (7,180)

LEASES (Tables)

LEASES (Tables)	12 Months Ended
	Dec. 31, 2023
Leases [Abstract]
Schedule of Income from Commercial Rents Included in Real Estate Revenue	The following is a summary of income from commercial rents included in commercial/industrial real estate revenues ($ in thousands) 2023 2022 2021 Base rent $ 7,419 $ 6,893 $ 6,672 Percentage rent $ 1,080 $ 918 $ 705
Schedule of Future Minimum Rental Income	Future minimum rental income on commercial, communication and right-of-way non-cancelable leases as of December 31, 2023 ($ in thousands): 2024 2025 2026 2027 2028 Thereafter $ 7,193 $ 6,477 $ 5,874 $ 5,645 $ 5,297 $ 5,966

RETIREMENT PLANS (Tables)

RETIREMENT PLANS (Tables)	12 Months Ended
	Dec. 31, 2023
Retirement Benefits [Abstract]
Schedule of Changes in Benefit Obligations and Plan Assets	The following table sets forth changes in the plan's net benefit obligation and accumulated benefit information as of December 31: ($ in thousands) 2023 2022 Change in benefit obligation - Pension Benefit obligation at beginning of year $ 8,487 $ 11,310 Interest cost 416 312 Actuarial (gain)/loss assumption changes 168 (2,780) Benefits paid (303) (355) Benefit obligation and accumulated benefit obligation at end of year $ 8,768 $ 8,487 Change in Plan Assets Fair value of plan assets at beginning of year $ 8,449 $ 11,125 Actual return on plan assets 752 (2,486) Employer contribution 165 165 Benefits/expenses paid (303) (355) Fair value of plan assets at end of year $ 9,063 $ 8,449 Funded status - asset (liability) $ 295 $ (38) Amounts recorded in equity Net actuarial loss $ 2,355 $ 2,588 Total amount recorded $ 2,355 $ 2,588 Amount recorded, net of taxes $ 1,696 $ 1,864 The following SERP benefit information is as of December 31: ($ in thousands) 2023 2022 Change in benefit obligation - SERP Benefit obligation at beginning of year $ 6,186 $ 7,847 Interest cost 290 182 Actuarial gain/assumption changes 168 (1,315) Benefits paid (520) (528) Benefit obligation and accumulated benefit obligation at end of year 6,124 6,186 Funded status - liability $ (6,124) $ (6,186) ($ in thousands) 2023 2022 Amounts recorded in stockholders’ equity Net actuarial loss $ 1,390 $ 1,263 Total amount recorded $ 1,390 $ 1,263 Amount recorded, net of taxes $ 1,001 $ 910
Schedule of Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income	Other changes in plan assets and benefit obligations recognized in other comprehensive income include the following as of December 31: ($ in thousands) 2023 2022 Net (gain) loss $ (166) $ 259 Recognition of net actuarial loss (67) (47) Total changes (233) 212 Changes, net of taxes $ (168) $ 154 The Company expects to recognize the following amounts as a component of net periodic pension costs during the next fiscal year: Expected return on plan assets $ 448 Interest cost (416) Amortization of net gain/(loss) (57) Net periodic pension benefit/(cost) $ (25) Other changes in benefit obligations recognized in other comprehensive income for 2023 and 2022 included the following components: ($ in thousands) 2023 2022 Net loss (gain) $ 167 $ (1,315) Recognition of net actuarial loss (40) (115) Total changes $ 127 $ (1,430) Changes, net of taxes $ 91 $ (1,029) The Company expects to recognize the following amounts as a component of net periodic pension costs during the next fiscal year ($ in thousands): Interest cost $ (276) Amortization of net gain (54) Net periodic pension earnings/(cost) $ (330)
Schedule of Expected Annual Benefit Payments	Based on actuarial estimates, it is expected that annual benefit payments from the pension trust will be as follows: 2024 2025 2026 2027 2028 Thereafter $ 374 $ 472 $ 503 $ 501 $ 495 $ 2,851 Based on actuarial estimates, it is expected that annual SERP benefit payments will be as follows ($ in thousands): 2024 2025 2026 2027 2028 Thereafter $ 498 $ 573 $ 565 $ 555 $ 544 $ 2,500
Schedule of Fair Value of Plan Assets by Investment Type	See the following table for fair value hierarchy by investment type at December 31: ($ in thousands) Fair Value Hierarchy 2023 2022 Pension Plan Assets: Cash and Cash Equivalents Level 1 $ 91 $ 113 Collective Funds Level 2 8,972 8,336 Fair value of plan assets $ 9,063 $ 8,449
Schedule of Components of Net Periodic Pension Cost	Total pension and retirement expense was as follows for each of the years ended December 31: ($ in thousands) 2023 2022 2021 Cost components: Interest cost $ (416) $ (312) $ (291) Expected return on plan assets 418 553 752 Net amortization and deferral (67) (47) (74) Total net periodic pension earnings/(cost) $ (65) $ 194 $ 387 ($ in thousands) 2023 2022 2021 Cost components: Interest cost $ (291) $ (182) $ (163) Net amortization and other (40) (114) (125) Total net periodic pension cost $ (331) $ (296) $ (288)

REPORTING SEGMENTS AND RELATE_2

REPORTING SEGMENTS AND RELATED INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2023
Segment Reporting [Abstract]
Schedule of Reconciliation of Revenues, Segment Profits (Losses) and Net Income (Loss)	Information pertaining to operating results of the Company's reporting segments are as follows for each of the years ended December 31: ($ in thousands) 2023 2022 2021 Revenues Real estate—commercial/industrial $ 11,758 $ 40,515 $ 19,476 Mineral resources 14,524 21,595 20,987 Farming 13,950 13,001 11,039 Ranch operations 4,507 4,106 4,111 Segment revenues 44,739 79,217 55,613 Equity in unconsolidated joint ventures, net 6,868 7,752 9,202 Investment income 2,557 634 57 Total revenues and other income 54,164 87,603 64,872 Segment Profits (Losses) Real estate—commercial/industrial 3,705 24,159 7,523 Real estate—resort/residential (1,528) (1,629) (1,723) Mineral resources 5,839 8,626 7,428 Farming (1,307) (6,810) (3,077) Ranch operations (536) (918) (568) Segment profits (1) 6,173 23,428 9,583 Equity in earnings of unconsolidated joint ventures, net 6,868 7,752 9,202 Investment income 2,557 634 57 Other (expense) income (138) 1,088 164 Corporate expenses (9,872) (9,699) (9,843) Income from operations before income taxes $ 5,588 $ 23,203 $ 9,163 (1) Segment profits are revenues less operating expenses, excluding investment income and expense, corporate expenses, equity in earnings of unconsolidated joint ventures, and income taxes.
Schedule of Components of Segment Revenues	The following table summarizes revenues, expenses and operating income from this segment for each of the years ended December 31: ($ in thousands) 2023 2022 2021 Commercial revenues $ 11,758 $ 40,515 $ 19,476 Equity in earnings of unconsolidated joint ventures 6,868 7,752 9,202 Commercial revenues and equity in earnings of unconsolidated joint ventures $ 18,626 $ 48,267 $ 28,678 Commercial expenses 8,053 16,356 11,953 Operating results from commercial and unconsolidated joint ventures $ 10,573 $ 31,911 $ 16,725 ($ in thousands) 2023 2022 2021 Mineral resources revenues $ 14,524 $ 21,595 $ 20,987 Mineral resources expenses 8,685 12,969 13,559 Operating results from mineral resources $ 5,839 $ 8,626 $ 7,428 The farming segment produces revenues from the sale of wine grapes, almonds, pistachios and hay. The following table summarizes revenues, expenses and operating results from this segment for each of the years ended December 31: ($ in thousands) 2023 2022 2021 Farming revenues $ 13,950 $ 13,001 $ 11,039 Farming expenses 15,257 19,811 14,116 Operating results from farming $ (1,307) $ (6,810) $ (3,077) ($ in thousands) 2023 2022 2021 Ranch operations revenues $ 4,507 $ 4,106 $ 4,111 Ranch operations expenses 5,043 5,024 4,679 Operating results from ranch operations $ (536) $ (918) $ (568)
Schedule of Information Pertaining to Assets of Segments	Information pertaining to assets of the Company’s reporting segments is as follows for each of the years ended December 31: ($ in thousands) Identifiable Depreciation and Amortization Capital 2023 Real estate - commercial/industrial $ 73,105 $ 468 $ 7,815 Real estate - resort/residential 321,216 42 7,888 Mineral resources 52,068 1,374 — Farming 52,094 2,097 4,870 Ranch operations 2,072 390 464 Corporate 76,968 435 291 Total $ 577,523 $ 4,806 $ 21,328 2022 Real estate - commercial/industrial $ 74,292 $ 455 $ 8,933 Real estate - resort/residential 312,956 30 7,253 Mineral resources 48,780 1,366 — Farming 45,814 1,937 5,915 Ranch operations 1,945 439 305 Corporate 83,004 401 196 Total $ 566,791 $ 4,628 $ 22,602 2021 Real estate - commercial/industrial $ 82,397 $ 463 $ 4,906 Real estate - resort/residential 305,818 31 8,064 Mineral resources 52,440 1,368 — Farming 47,160 1,789 7,416 Ranch operations 2,079 455 306 Corporate 56,142 488 187 Total $ 546,036 $ 4,594 $ 20,879

INVESTMENT IN UNCONSOLIDATED _2

INVESTMENT IN UNCONSOLIDATED AND CONSOLIDATED JOINT VENTURES (Tables)	12 Months Ended
	Dec. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Condensed Statements of Operations and Balance Sheet Information of Consolidated and Unconsolidated Joint Ventures	Condensed balance sheet information and statement of operations of the Company’s unconsolidated joint ventures are as follows: Balance Sheet Information as of December 31: Joint Venture TRC Assets Borrowings Equity (Deficit) Investment In 2023 2022 2023 2022 2023 2022 2023 2022 Petro Travel Plaza Holdings LLC $ 72,633 $ 84,225 $ (12,556) $ (13,318) $ 52,950 $ 63,069 $ 19,370 $ 25,441 TRCC/Rock Outlet Center, LLC 58,040 59,196 (20,850) (27,707) 35,535 30,684 9,943 7,279 TRC-MRC 1, LLC 25,224 24,085 (22,144) (22,787) 1,684 1,042 — — TRC-MRC 2, LLC 18,882 18,398 (21,939) (22,612) (2,597) (3,939) — — TRC-MRC 3, LLC 35,467 36,608 (33,627) (34,494) 2,087 2,690 141 386 TRC-MRC 4, LLC 49,964 50,497 (61,776) (40,130) (12,192) 8,974 — 4,485 TRC-MRC 5, LLC 49,687 8,602 (35,138) — 8,390 — 4,194 4,300 Total $ 309,897 $ 281,611 $ (208,030) $ (161,048) $ 85,857 $ 102,520 $ 33,648 $ 41,891 Centennial Founders, LLC $ 104,979 $ 102,984 $ — $ — $ 104,753 $ 102,689 Consolidated Condensed Statement of Operations Information as of December 31: Joint Venture TRC Revenues Earnings (Loss) Equity in Earnings (Loss) 2023 2022 2021 2023 2022 2021 2023 2022 2021 Petro Travel Plaza Holdings LLC $ 162,614 $ 182,335 $ 137,090 $ 10,481 $ 14,210 $ 8,262 $ 6,288 $ 8,526 $ 4,957 18-19 West, LLC — — 15,472 — (63) 10,411 — (31) 5,206 TRCC/Rock Outlet Center, LLC 1 6,391 6,065 5,642 (3,571) (3,139) (2,885) (1,786) (1,569) (1,443) TRC-MRC 1, LLC 4,346 3,269 3,237 1,192 43 (15) 596 21 (7) TRC-MRC 2, LLC 5,860 4,085 4,024 2,772 1,384 1,268 1,386 692 634 TRC-MRC 3 LLC 4,323 4,125 3,729 645 594 (288) 323 297 (144) TRC-MRC 4, LLC 7,281 595 — 332 (367) (1) 166 (184) (1) TRC-MRC 5, LLC — — — (210) — — (105) — — $ 190,815 $ 200,474 $ 169,194 $ 11,641 $ 12,662 $ 16,752 $ 6,868 $ 7,752 $ 9,202 Centennial Founders, LLC $ 267 $ 594 $ 409 $ (6) $ 28 $ (80) Consolidated (1) Revenues for TRCC/Rock Outlet Center are presented net of non-cash tenant allowance amortization of $1.3 million, $1.2 million and $1.2 million for the years ended December 31, 2023, 2022 and 2021, respectively.

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - The Company (Details) a in Thousands	12 Months Ended
	Dec. 31, 2023 a segment mi	Dec. 31, 2023 venture	Dec. 31, 2023 entity	Dec. 31, 2022 entity
Revenues from External Customers and Long-Lived Assets [Line Items]
Business segments | segment	5
Area of land | a	270
Number of joint ventures		8	2	2
Los Angeles, California
Revenues from External Customers and Long-Lived Assets [Line Items]
Distance from city	60
Bakersfield, California
Revenues from External Customers and Long-Lived Assets [Line Items]
Distance from city	15

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Interest Rate Swap Agreement and Credit Risk (Details) - USD ($) $ in Thousands			12 Months Ended
		Oct. 23, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Concentration Risk [Line Items]
Proceeds from derivative instrument	[1]		$ 3,715	$ 0	$ 0
Customer Concentration Risk | Revenue | Pastoria Energy Facility, LLC
Concentration Risk [Line Items]
Percentage of revenue			11%	6%	8%
Interest Rate Swap
Concentration Risk [Line Items]
Proceeds from derivative instrument		$ 3,715
[1] The Company had an interest rate swap agreement with Bank of America, N.A. to reduce its exposure to fluctuations in the floating interest rate tied to SOFR under the term note. The hedging relationship qualified as an effective cash flow hedge and was recorded at fair value. On October 23, 2023, the Company terminated the interest rate swap, and received a $3,715,000 cash termination fee from Bank of America, N.A.

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Property and Equipment (Details) $ in Thousands	Dec. 31, 2023 USD ($) acre ft	Dec. 31, 2022 USD ($)	Dec. 31, 2013 acre ft
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 112,041	$ 108,634
Less: accumulated depreciation	(58,056)	(55,654)
Property and equipment, net	$ 53,985	52,980
DMB Pacific LLC | Transferable water
Property, Plant and Equipment [Line Items]
Long-term water assets (Volume) | acre ft	6,693		6,693
Vineyards and orchards
Property, Plant and Equipment [Line Items]
Property and equipment useful life	20 years
Property and equipment, gross	$ 68,274	66,016
Machinery, furniture fixtures and other equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 21,668	20,895
Machinery, furniture fixtures and other equipment | Minimum
Property, Plant and Equipment [Line Items]
Property and equipment useful life	3 years
Machinery, furniture fixtures and other equipment | Maximum
Property, Plant and Equipment [Line Items]
Property and equipment useful life	10 years
Buildings and improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 9,185	8,946
Buildings and improvements | Minimum
Property, Plant and Equipment [Line Items]
Property and equipment useful life	10 years
Buildings and improvements | Maximum
Property, Plant and Equipment [Line Items]
Property and equipment useful life	27 years 6 months
Land and land improvements
Property, Plant and Equipment [Line Items]
Property and equipment useful life	15 years
Property and equipment, gross	$ 7,835	7,835
Development in process
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 5,079	$ 4,942

SUMMARY OF SIGNIFICANT ACCOUN_7

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Vineyards and Orchards (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Farming revenue adjustments for differences between original estimates and actual revenues received	$ 873	$ 365

SUMMARY OF SIGNIFICANT ACCOUN_8

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Environmental Expenditures (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Liabilities for environmental costs	$ 0	$ 0

EQUITY (Details)

EQUITY (Details) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Weighted Average Number of Shares Outstanding, Diluted [Abstract]
Common stock (in shares)	26,706,824	26,478,171	26,343,352
Common stock equivalents-stock options, grants (in shares)	0	174,748	70,662
Diluted shares outstanding (in shares)	26,706,824	26,652,919	26,414,014

EQUITY - Additional Information

EQUITY - Additional Information (Details)	12 Months Ended
	Dec. 31, 2023 shares
Restricted Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Restricted stock excluded from calculation of dilutive net income per share	5,351

MARKETABLE SECURITIES - Summary

MARKETABLE SECURITIES - Summary of Available-for-sale Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Cost
Debt Securities, Available-for-sale [Line Items]
Cost	$ 32,577	$ 33,652
Estimated Fair Value
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	32,556	33,444
Certificates of deposit | Level 1 | Cost
Debt Securities, Available-for-sale [Line Items]
Marketable securities with unrecognized losses for less than 12 months	174	0
Marketable securities with unrecognized gains	385	0
Cost	559	0
Certificates of deposit | Level 1 | Estimated Fair Value
Debt Securities, Available-for-sale [Line Items]
Marketable securities with unrecognized losses for less than 12 months	174	0
Marketable securities with unrecognized gains	385	0
Estimated Fair Value	559	0
U.S. Treasury and agency notes | Level 2 | Cost
Debt Securities, Available-for-sale [Line Items]
Marketable securities with unrecognized losses for less than 12 months	13,797	13,916
Marketable securities with unrecognized losses for more than 12 months	0	500
Marketable securities with unrecognized gains	2,374	1,250
Cost	16,171	15,666
U.S. Treasury and agency notes | Level 2 | Estimated Fair Value
Debt Securities, Available-for-sale [Line Items]
Marketable securities with unrecognized losses for less than 12 months	13,787	13,832
Marketable securities with unrecognized losses for more than 12 months	0	499
Marketable securities with unrecognized gains	2,374	1,251
Estimated Fair Value	16,161	15,582
Corporate notes | Level 2 | Cost
Debt Securities, Available-for-sale [Line Items]
Marketable securities with unrecognized losses for less than 12 months	15,598	17,236
Marketable securities with unrecognized losses for more than 12 months	0	251
Marketable securities with unrecognized gains	249	499
Cost	15,847	17,986
Corporate notes | Level 2 | Estimated Fair Value
Debt Securities, Available-for-sale [Line Items]
Marketable securities with unrecognized losses for less than 12 months	15,587	17,112
Marketable securities with unrecognized losses for more than 12 months	0	250
Marketable securities with unrecognized gains	249	500
Estimated Fair Value	$ 15,836	$ 17,862

MARKETABLE SECURITIES - Additio

MARKETABLE SECURITIES - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Investments, Debt and Equity Securities [Abstract]
Fair market value of investment securities exceeds cost basis	$ 21
Gross unrealized holding losses	21
Securities, available-for-sale, decrease in market value	187
Estimated tax of change in value of available-for-sale securities	52
Accrued investment receivable	$ 279

MARKETABLE SECURITIES - Availab

MARKETABLE SECURITIES - Available-for-sale Securities by Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Summary of maturities, at par, of marketable securities
Year one	$ 32,652	$ 32,695
Year two		1,000
Total	32,652	33,695
Certificates of deposit
Summary of maturities, at par, of marketable securities
Year one	560
Total	560
U.S. Treasury and agency notes
Summary of maturities, at par, of marketable securities
Year one	16,212	15,225
Year two		500
Total	16,212	15,725
Corporate notes
Summary of maturities, at par, of marketable securities
Year one	15,880	17,470
Year two		500
Total	$ 15,880	$ 17,970

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Inventories consist of:
Farming inventories	$ 3,265	$ 3,078
Other	228	291
Inventories	$ 3,493	$ 3,369

REAL ESTATE (Details)

REAL ESTATE (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Real estate development	$ 337,257	$ 321,293
Tejon Ranch Commerce Center	20,606	20,590
Less accumulated depreciation	(3,997)	(3,650)
Real estate and improvements - held for lease, net	16,609	16,940
Mountain Village
Property, Plant and Equipment [Line Items]
Real estate development	155,168	153,156
Centennial
Property, Plant and Equipment [Line Items]
Real estate development	119,788	115,221
Grapevine
Property, Plant and Equipment [Line Items]
Real estate development	40,716	39,273
Tejon Ranch Commerce Center
Property, Plant and Equipment [Line Items]
Real estate development	21,585	13,643
Tejon Ranch Commerce Center	$ 20,606	$ 20,590

LONG-TERM WATER ASSETS - Additi

LONG-TERM WATER ASSETS - Additional Information (Details)	12 Months Ended
	Dec. 31, 2023 option $ / acre ft acre ft	Dec. 31, 2013 acre ft
Long Lived Assets Held For Sale [Line Items]
Contract renewal optional term	35 years
SWP Contracts
Long Lived Assets Held For Sale [Line Items]
AVEK water for future delivery (in acre-feet)	3,444
DMB Pacific LLC
Long Lived Assets Held For Sale [Line Items]
Contract renewal optional term	35 years
Consumer price per acre (per acre-foot) | $ / acre ft	928
DMB Pacific LLC | Maximum
Long Lived Assets Held For Sale [Line Items]
Annual fee increase, percent	3%
DMB Pacific LLC | Transferable water
Long Lived Assets Held For Sale [Line Items]
Long-term water assets (Volume) (in acre-feet)	6,693	6,693
PEF | Transferable water | Ranchcorp
Long Lived Assets Held For Sale [Line Items]
Consumer price per acre (per acre-foot) | $ / acre ft	1,261
Annual fee increase, percent	3%
Number of option to extend additional years | option	3
Option to extend term	5 years
Annual option payment, percent	30%
PEF | Transferable water | Maximum | Ranchcorp
Long Lived Assets Held For Sale [Line Items]
Water assets, volume available for purchase from 2017-2030 (up to) (in acre-feet)	3,500

LONG-TERM WATER ASSETS - Revenu

LONG-TERM WATER ASSETS - Revenues and Cost of Sales (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) acre ft	Dec. 31, 2022 USD ($) acre ft	Dec. 31, 2021 USD ($) acre ft
Goodwill and Intangible Assets Disclosure [Abstract]
Acre-Feet Sold | acre ft	5,145	10,400	13,651
Revenues	$ 8,033	$ 14,658	$ 15,523
Cost of sales	5,220	9,549	10,669
Profit	$ 2,813	$ 5,109	$ 4,854

LONG-TERM WATER ASSETS - Tangib

LONG-TERM WATER ASSETS - Tangible Water Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Long Lived Assets Held For Sale [Line Items]
Total water held for future use at cost	$ 31,758	$ 25,310
Banked water and water for future delivery
Long Lived Assets Held For Sale [Line Items]
Total water held for future use at cost	31,002	23,855
Transferable water
Long Lived Assets Held For Sale [Line Items]
Total water held for future use at cost	$ 756	$ 1,455

LONG-TERM WATER ASSETS - Intang

LONG-TERM WATER ASSETS - Intangible Water Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Costs	$ 36,800	$ 36,800
Accumulated Depreciation	(16,428)	(15,066)
Net cost of purchased water contracts	20,372	21,735
Total cost water held for future use	31,758	25,310
Net investments in water assets	52,130	47,045
Contract-based Intangible Assets | Dudley-Ridge water rights
Finite-Lived Intangible Assets [Line Items]
Costs	11,581	11,581
Accumulated Depreciation	(6,272)	(5,790)
Contract-based Intangible Assets | Nickel water rights
Finite-Lived Intangible Assets [Line Items]
Costs	18,740	18,740
Accumulated Depreciation	(6,532)	(5,890)
Contract-based Intangible Assets | Tulare Lake Basin water rights
Finite-Lived Intangible Assets [Line Items]
Costs	6,479	6,479
Accumulated Depreciation	$ (3,624)	$ (3,386)

LONG-TERM WATER ASSETS - Volume

LONG-TERM WATER ASSETS - Volume of Water Assets (Details) - acre ft	Dec. 31, 2023	Dec. 31, 2022
Water held for future use
Total water held for future use	127,323	105,451
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	158,756	136,884
Tejon-Castac Water District
Water held for future use
Total water held for future use	65,005	52,554
Purchased water contracts	5,749	5,749
AVEK
Water held for future use
Transferable water	1,000	2,548
Company water bank	54,728	50,349
Recharged project water	6,590	0
Wheeler Ridge Maricopa Water Storage District
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	Dec. 31, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Accrued vacation	$ 657	$ 735
Accrued paid personal leave	309	348
Accrued bonus	1,962	2,280
Other	286	239
Total	$ 3,214	$ 3,602

LINE OF CREDIT AND LONG-TERM _3

LINE OF CREDIT AND LONG-TERM DEBT - Components of Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Long-term Debt, Current and Noncurrent [Abstract]
Revolving line-of-credit	$ 47,942	$ 0
Notes payable	0	50,154
Total short-term and long-term debt	47,942	50,154
Less: current maturities of long-term debt and deferred loan costs	0	(1,993)
Long-term debt, less current portion	$ 47,942	$ 48,161

LINE OF CREDIT AND LONG-TERM _4

LINE OF CREDIT AND LONG-TERM DEBT - Additional Information (Details) - USD ($)	Nov. 17, 2023	Dec. 31, 2023	Dec. 31, 2022	Jun. 30, 2022
Line of Credit Facility [Line Items]
RLC outstanding balance		$ 47,942,000	$ 0
Long-term debt		47,942,000
Revolving Credit Facility
Line of Credit Facility [Line Items]
Line of credit facility		40,607,000
RLC outstanding balance		47,942,000
Long-term debt		$ 47,942,000
Revolving Credit Facility | Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Stated Rate		2.25%
Revolving Credit Facility | RCL
Line of Credit Facility [Line Items]
Line of credit facility	$ 160,000,000
Debt pay off	$ 47,078,564
Term Notes
Line of Credit Facility [Line Items]
Stated Rate		4.62%
Long-term debt			$ 48,462,000
Term Notes | Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Stated Rate		0.0155%
Term Notes | New Term Note | Bank of America, N.A.
Line of Credit Facility [Line Items]
Face amount				$ 49,080,000

LINE OF CREDIT AND LONG-TERM _5

LINE OF CREDIT AND LONG-TERM DEBT - Outstanding Indebtedness and Respective Principal Maturities (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Maturities of Long-term Debt [Abstract]
2024	$ 0
2025	0
2026	0
2027	0
2028	0
Thereafter	47,942
Total	$ 47,942
Revolving Credit Facility
Debt Instrument [Line Items]
Effective Rate	7.59%
Maturities of Long-term Debt [Abstract]
2024	$ 0
2025	0
2026	0
2027	0
2028	0
Thereafter	47,942
Total	$ 47,942
Revolving Credit Facility | Fixed Term SOFR
Debt Instrument [Line Items]
Stated Rate	2.25%

OTHER LIABILITIES (Details)

OTHER LIABILITIES (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Other Liabilities [Abstract]
Excess joint venture distributions and other (See Note 17)	$ 9,083	$ 4,156
Other liabilities	15,207	10,380
Pension Liability
Other Liabilities [Abstract]
Pension and supplemental executive retirement plan liability	0	38
SERP liability adjustments
Other Liabilities [Abstract]
Pension and supplemental executive retirement plan liability	$ 6,124	$ 6,186

INTEREST RATE SWAP - Schedule o

INTEREST RATE SWAP - Schedule of Interest Rate Derivatives (Details) - Interest Rate Swap - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Derivatives, Fair Value [Line Items]
Notional Amount	$ 0
Level 2 | Other Noncurrent Assets
Derivatives, Fair Value [Line Items]
Weighted Average Interest Pay Rate		4.62%
Fair Value		$ 1,430
Notional Amount		$ 48,462

INTEREST RATE SWAP (Details)

INTEREST RATE SWAP (Details) - USD ($) $ in Thousands			12 Months Ended
		Oct. 23, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Derivatives, Fair Value [Line Items]
Proceeds from derivative instrument	[1]		$ 3,715	$ 0	$ 0
Interest Rate Swap
Derivatives, Fair Value [Line Items]
Proceeds from derivative instrument		$ 3,715
Notional Amount			$ 0
[1] The Company had an interest rate swap agreement with Bank of America, N.A. to reduce its exposure to fluctuations in the floating interest rate tied to SOFR under the term note. The hedging relationship qualified as an effective cash flow hedge and was recorded at fair value. On October 23, 2023, the Company terminated the interest rate swap, and received a $3,715,000 cash termination fee from Bank of America, N.A.

STOCK COMPENSATION - RESTRICT_3

STOCK COMPENSATION - RESTRICTED STOCK AND PERFORMANCE SHARE GRANTS - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) award
Share-Based Payment Arrangement [Abstract]
Number of types of stock grant awards | award	3
Compensation cost not yet recognized | $	$ 2,864,000
Weighted-average recognition period of compensation cost	23 months

STOCK COMPENSATION - RESTRICT_4

STOCK COMPENSATION - RESTRICTED STOCK AND PERFORMANCE SHARE GRANTS - Performance Share Grants (Details) - Performance Share Grants	12 Months Ended
	Dec. 31, 2023 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Target performance (in shares)	191,849
Maximum performance (in shares)	265,234

STOCK COMPENSATION - RESTRICT_5

STOCK COMPENSATION - RESTRICTED STOCK AND PERFORMANCE SHARE GRANTS - Stock Grant Activity (Details) - Performance Share Grants - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Summary of stock grant activity:
Stock grants outstanding beginning of the year at target achievement (in shares)	234,899	683,645	840,307
New stock grants/additional shares due to achievement in excess of target (in shares)	321,026	180,034	63,622
Vested grants (in shares)	(260,070)	(384,112)	(196,328)
Expired/forfeited grants (in shares)	(47,087)	(244,668)	(23,956)
Stock grants outstanding at target achievement (in shares)	248,768	234,899	683,645

STOCK COMPENSATION - RESTRICT_6

STOCK COMPENSATION - RESTRICTED STOCK AND PERFORMANCE SHARE GRANTS - Assumptions (Details) - Performance Share Grants - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)	321,026	180,034	63,622
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)	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)	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)	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)	13,338
Total fair value of award	$ 290
December 14 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share price at target achievement (in dollars per share)	$ 21.99
Expected volatility	32.14%
Risk-free interest rate	3.84%
Simulated Monte Carlo share price (in dollars per share)	$ 26
Shares granted (in shares)	4,613
Total fair value of award	$ 120
June 16 2023, 1
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share price at target achievement (in dollars per share)	$ 19.24
Expected volatility	27.09%
Risk-free interest rate	5.20%
Simulated Monte Carlo share price (in dollars per share)	$ 13.18
Shares granted (in shares)	33,035
Total fair value of award	$ 435
June 16 2023, 2
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share price at target achievement (in dollars per share)	$ 20.72
Expected volatility	26.58%
Risk-free interest rate	4.38%
Simulated Monte Carlo share price (in dollars per share)	$ 20.24
Shares granted (in shares)	28,545
Total fair value of award	$ 578

STOCK COMPENSATION - RESTRICT_7

STOCK COMPENSATION - RESTRICTED STOCK AND PERFORMANCE SHARE GRANTS - Compensation Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation costs	$ 3,734	$ 3,212	$ 4,731
1998 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expensed	2,731	2,281	3,742
Capitalized	482	335	460
Stock compensation costs	3,213	2,616	4,202
NDSI Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expensed	$ 521	$ 596	$ 529

INCOME TAXES - Components of Pr

INCOME TAXES - Components of Provision (Benefit) for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Federal:
Current	$ 1,371	$ 3,330	$ 1,960
Deferred	353	1,718	620
Federal	1,724	5,048	2,580
State:
Current	584	2,044	937
Deferred	15	301	304
State	599	2,345	1,241
Provision for income taxes	$ 2,323	$ 7,393	$ 3,821

INCOME TAXES - Reconciliation o

INCOME TAXES - Reconciliation of Income Tax Expense from Statutory Federal Income Tax Rate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Difference between total income tax expense and the amount computed by applying the statutory Federal income tax rate to income before taxes:
Income tax at statutory rate	$ 1,195	$ 4,869	$ 1,924
State income taxes, net of Federal benefit	578	1,851	802
Excess stock compensation (benefit) expense	(501)	(147)	34
Non-deductible compensation	1,302	1,008	539
Oil and mineral depletion	(130)	(147)	(108)
Permanent differences	9	10	26
Stock compensation true-up	0	0	641
Other	(130)	(51)	(37)
Provision for income taxes	$ 2,323	$ 7,393	$ 3,821
Effective tax rate	41.60%	31.90%	41.70%

INCOME TAXES - Components of Ne

INCOME TAXES - Components of Net Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred income tax assets:
Accrued expenses	$ 293	$ 333
Deferred revenues	563	447
Capitalization of costs	1,218	1,280
Pension adjustment	1,921	1,940
Stock grant expense	1,048	1,364
State deferred taxes	355	555
Book deferred gains	2,127	2,127
Joint venture allocations	552	566
Provision for additional capitalized costs	699	699
Interest rate swap	1,444	335
Other	81	136
Total deferred income tax assets	10,301	9,782
Deferred income tax liabilities:
Deferred gains	1,753	1,753
Depreciation	4,766	4,492
Cost of sales allocations	872	872
Joint venture allocations	7,272	6,900
Capitalized stock compensation	1,202	1,058
Straight line rent	296	348
Prepaid expenses	369	318
State deferred taxes	96	96
Interest rate swap	1,444	762
Other	500	363
Total deferred income tax liabilities	18,570	16,962
Net deferred income tax (liability)	(8,269)	(7,180)
Allowance for deferred tax assets	0	0
Net deferred taxes	$ (8,269)	$ (7,180)

INCOME TAXES - Additional Infor

INCOME TAXES - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Income tax payments	$ 2,564	$ 8,237
Federal tax refunds received	$ 0	$ 1,410

LEASES (Details)

LEASES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Summary of income from commercial rents included in real estate revenue:
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration]	Total revenues
Base rent	$ 7,419	$ 6,893	$ 6,672
Percentage rent	1,080	$ 918	$ 705
Future minimum rental income on commercial, communication and right-of-way leases:
2024	7,193
2025	6,477
2026	5,874
2027	5,645
2028	5,297
Thereafter	$ 5,966
Maximum
Property Subject to or Available for Operating Lease [Line Items]
Commercial lease agreements, contract terms	30 years

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details)	3 Months Ended	12 Months Ended
	Jun. 30, 2014	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($) a facility acre ft	Dec. 31, 2022 USD ($)	Dec. 31, 2013 acre ft
Commitment and Contingencies Disclosure [Line Items]
Amount paid for water contracts			$ 10,704,000
Contract renewal optional term			35 years
Contractual obligation for future water payments			$ 287,986,000
Measurement period from entitlement achievement date	5 years
Number of community facility districts | facility			2
Bond debt sold by TRPFFA			$ 47,942,000	$ 0
Letter of credit period			2 years
Letter of credit renewal period			2 years
Special taxes paid			$ 2,775,000
Forecast
Commitment and Contingencies Disclosure [Line Items]
Amount paid for water contracts		$ 13,107,000
West CFD
Commitment and Contingencies Disclosure [Line Items]
Acres of land related to land liens | a			420
Bond debt sold by TRPFFA			$ 19,540,000
Additional bond debt authorized to be sold in future			0
Additional reimbursement funds			$ 0
East CFD
Commitment and Contingencies Disclosure [Line Items]
Acres of land related to land liens | a			1,931
Bond debt sold by TRPFFA			$ 72,055,000
Additional bond debt authorized to be sold in future			44,035,000
Additional improvement costs			9,763,557
Standby Letter of Credit
Commitment and Contingencies Disclosure [Line Items]
Letters of credit outstanding amount			3,358,000
Annual cost related to letter of credit			$ 67,000
DMB Pacific LLC
Commitment and Contingencies Disclosure [Line Items]
Contract renewal optional term			35 years
DMB Pacific LLC | Transferable Water
Commitment and Contingencies Disclosure [Line Items]
Long-term water assets (Volume) | acre ft			6,693		6,693

RETIREMENT PLANS - Additional I

RETIREMENT PLANS - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Average service period	5 years
Estimated contribution to the pension plan	$ 165
Assumptions used in determining periodic pension cost:
Rate of increase in periodic pension costs	4.85%	5%
Expected long-term rate of return on plan assets	5%	5%
Pension Plan | Equities
Current investment policy targets:
Current investment mix		21%
Pension Plan | Debt
Current investment policy targets:
Current investment mix	99%	78%
Pension Plan | Money Market Funds
Current investment policy targets:
Current investment mix	1%	1%
SERP liability adjustments
Assumptions used in determining actuarial present value of projected benefits obligation:
Weighted-average discount rate	4.70%	4.90%

RETIREMENT PLANS - Change in Be

RETIREMENT PLANS - Change in Benefit Obligations and Plan Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pension Plan
Change in benefit obligation - Pension
Benefit obligation at beginning of year	$ 8,487	$ 11,310
Interest cost	416	312	$ 291
Actuarial (gain)/loss assumption changes	168	(2,780)
Benefits paid	(303)	(355)
Benefit obligation and accumulated benefit obligation at end of year	8,768	8,487	11,310
Change in Plan Assets
Fair value of plan assets at beginning of year	8,449	11,125
Actual return on plan assets	752	(2,486)
Employer contribution	165	165
Benefits/expenses paid	(303)	(355)
Fair value of plan assets at end of year	9,063	8,449	11,125
Funded status - asset (liability)	295	(38)
Amounts recorded in stockholders’ equity
Net actuarial loss	2,355	2,588
Total amount recorded	2,355	2,588
Amount recorded, net of taxes	1,696	1,864
SERP liability adjustments
Change in benefit obligation - Pension
Benefit obligation at beginning of year	6,186	7,847
Interest cost	290	182	163
Actuarial (gain)/loss assumption changes	(168)	1,315
Benefits paid	(520)	(528)
Benefit obligation and accumulated benefit obligation at end of year	6,124	6,186	$ 7,847
Change in Plan Assets
Funded status - asset (liability)	(6,124)	(6,186)
Amounts recorded in stockholders’ equity
Net actuarial loss	1,390	1,263
Total amount recorded	1,390	1,263
Amount recorded, net of taxes	$ 1,001	$ 910

RETIREMENT PLANS - Changes in P

RETIREMENT PLANS - Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Pension Plan
Other changes in plan assets and benefit obligations recognized in other comprehensive income:
Net (gain) loss	$ (166)	$ 259
Recognition of net actuarial loss	(67)	(47)
Total changes	(233)	212
Changes, net of taxes	(168)	154
SERP liability adjustments
Other changes in plan assets and benefit obligations recognized in other comprehensive income:
Net (gain) loss	167	(1,315)
Recognition of net actuarial loss	(40)	(115)
Total changes	127	(1,430)
Changes, net of taxes	$ 91	$ (1,029)

RETIREMENT PLANS - Amounts Expe

RETIREMENT PLANS - Amounts Expected to be Recognized as Components of Net Periodic Pension Costs (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Amounts expected to be recognized as component of net periodic pension costs during the next fiscal year:
Net periodic pension benefit/(cost)	$ (330)
Pension Plan
Amounts expected to be recognized as component of net periodic pension costs during the next fiscal year:
Expected return on plan assets	448
Interest cost	(416)
Amortization of net gain/(loss)	(57)
Net periodic pension benefit/(cost)	(25)
SERP liability adjustments
Amounts expected to be recognized as component of net periodic pension costs during the next fiscal year:
Interest cost	(276)
Amortization of net gain/(loss)	$ (54)

RETIREMENT PLANS - Expected Ann

RETIREMENT PLANS - Expected Annual Benefit Payments (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Pension Plan
Expected annual benefit payments based on actuarial estimates:
2024	$ 374
2025	472
2026	503
2027	501
2028	495
Thereafter	2,851
SERP liability adjustments
Expected annual benefit payments based on actuarial estimates:
2024	498
2025	573
2026	565
2027	555
2028	544
Thereafter	$ 2,500

RETIREMENT PLANS - Fair Value o

RETIREMENT PLANS - Fair Value of Plan Assets by Investment Type (Details) - Pension Plan - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 9,063	$ 8,449	$ 11,125
Cash and Cash Equivalents | Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	91	113
Collective Funds | Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 8,972	$ 8,336

RETIREMENT PLANS - Net Periodic

RETIREMENT PLANS - Net Periodic Pension Cost - Pension Plan (Details) - Pension Plan - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cost components:
Interest cost	$ (416)	$ (312)	$ (291)
Expected return on plan assets	418	553	752
Net amortization and deferral	(67)	(47)	(74)
Total net periodic pension earnings/(cost)	$ (65)	$ 194	$ 387

RETIREMENT PLANS - Net Period_2

RETIREMENT PLANS - Net Periodic Pension Cost - SERP (Details) - SERP liability adjustments - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Plan Disclosure [Line Items]
Interest cost	$ (290)	$ (182)	$ (163)
Net amortization and other	(40)	(114)	(125)
Total net periodic pension earnings/(cost)	$ (331)	$ (296)	$ (288)

REPORTING SEGMENTS AND RELATE_3

REPORTING SEGMENTS AND RELATED INFORMATION - Additional Information (Details) $ in Thousands		1 Months Ended	12 Months Ended
	Mar. 29, 2022 USD ($)	Dec. 31, 2022 USD ($) a	Dec. 31, 2023 USD ($) segment	Dec. 31, 2022 USD ($) a	Dec. 31, 2021 USD ($) a
Segment Reporting Information [Line Items]
Business segments | segment			5
Contribution to unconsolidated joint venture			$ 0	$ 8,501	$ 8,464
Costs and expenses			48,438	65,488	55,873
TRC-MRC 5, LLC
Segment Reporting Information [Line Items]
Earnings (Loss)	$ 3,012		$ (210)	$ 0	$ 0
TRC-MRC 5, LLC
Segment Reporting Information [Line Items]
Contribution to unconsolidated joint venture		$ 8,501
Deferred gain on sale	$ 3,012
TRCC-East | Major Multinational Corporation
Segment Reporting Information [Line Items]
Area of land sold (in acres) | a				58
Profit from land sales				$ 22,000
Total revenues				19,627
TRCC-East | Major Multinational Corporation | Industrial Land
Segment Reporting Information [Line Items]
Deferred revenue		$ 2,373		$ 2,373
TRCC West | Third Party
Segment Reporting Information [Line Items]
Area of land sold (in acres) | a				12.3
Profit from land sales				$ 4,680
Real Estate - commercial/industrial | TRC-MRC 5, LLC
Segment Reporting Information [Line Items]
Earnings (Loss)				$ 5,489
Real Estate - commercial/industrial | Third Party
Segment Reporting Information [Line Items]
Area of land sold (in acres) | a					17.1
Profit from land sales					$ 4,655
Total revenues					4,355
Deferred revenue					$ 300
Real Estate - commercial/industrial | TRC-MRC 5, LLC
Segment Reporting Information [Line Items]
Area of real estate property (in acres) | a		27.88		27.88
Contribution to unconsolidated joint venture				$ 8,501
Deferred gain on sale				$ 3,012

REPORTING SEGMENTS AND RELATE_4

REPORTING SEGMENTS AND RELATED INFORMATION - Reconciliation of Revenues, Segment Profits (Losses) and Net Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues
Equity in unconsolidated joint ventures, net	$ 6,868	$ 7,752	$ 9,202
Investment income	2,557	634	57
Total revenues and other income	54,164	87,603	64,872
Segment Profits (Losses)
Other (loss) income	(138)	1,088	164
Corporate expenses	(48,438)	(65,488)	(55,873)
Income before income taxes	5,588	23,203	9,163
Operating Segments
Revenues
Total revenues	44,739	79,217	55,613
Segment Profits (Losses)
Segment profits	6,173	23,428	9,583
Operating Segments | Real Estate - commercial/industrial
Revenues
Total revenues	11,758	40,515	19,476
Equity in unconsolidated joint ventures, net	6,868	7,752	9,202
Segment Profits (Losses)
Segment profits	3,705	24,159	7,523
Corporate expenses	(8,053)	(16,356)	(11,953)
Operating Segments | Real Estate - resort/residential
Segment Profits (Losses)
Segment profits	(1,528)	(1,629)	(1,723)
Corporate expenses	(1,528)	(1,629)	(1,723)
Operating Segments | Mineral resources
Revenues
Total revenues	14,524	21,595	20,987
Segment Profits (Losses)
Segment profits	5,839	8,626	7,428
Corporate expenses	(8,685)	(12,969)	(13,559)
Operating Segments | Farming
Revenues
Total revenues	13,950	13,001	11,039
Segment Profits (Losses)
Segment profits	(1,307)	(6,810)	(3,077)
Corporate expenses	(15,257)	(19,811)	(14,116)
Operating Segments | Ranch operations
Revenues
Total revenues	4,507	4,106	4,111
Segment Profits (Losses)
Segment profits	(536)	(918)	(568)
Corporate expenses	(5,043)	(5,024)	(4,679)
Corporate expenses
Segment Profits (Losses)
Corporate expenses	$ (9,872)	$ (9,699)	$ (9,843)

REPORTING SEGMENTS AND RELATE_5

REPORTING SEGMENTS AND RELATED INFORMATION - Revenue Components of Real Estate Segments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenue from External Customer [Line Items]
Equity in earnings of unconsolidated joint ventures	$ 6,868	$ 7,752	$ 9,202
Commercial expenses	48,438	65,488	55,873
Operating Segments
Revenue from External Customer [Line Items]
Total revenues	44,739	79,217	55,613
Real Estate - commercial/industrial | Operating Segments
Revenue from External Customer [Line Items]
Total revenues	11,758	40,515	19,476
Equity in earnings of unconsolidated joint ventures	6,868	7,752	9,202
Commercial revenues and equity in earnings of unconsolidated joint ventures	18,626	48,267	28,678
Commercial expenses	8,053	16,356	11,953
Operating results from commercial and unconsolidated joint ventures	$ 10,573	$ 31,911	$ 16,725

REPORTING SEGMENTS AND RELATE_6

REPORTING SEGMENTS AND RELATED INFORMATION - Revenue Components of Mineral Resources Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenue from External Customer [Line Items]
Total expenses	$ 48,438	$ 65,488	$ 55,873
Operating Segments
Revenue from External Customer [Line Items]
Segment profits	6,173	23,428	9,583
Mineral resources | Operating Segments
Revenue from External Customer [Line Items]
Total revenues	14,524	21,595	20,987
Total expenses	8,685	12,969	13,559
Segment profits	$ 5,839	$ 8,626	$ 7,428

REPORTING SEGMENTS AND RELATE_7

REPORTING SEGMENTS AND RELATED INFORMATION - Revenue Components of Farming Segments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenue from External Customer [Line Items]
Total expenses	$ 48,438	$ 65,488	$ 55,873
Operating Segments
Revenue from External Customer [Line Items]
Segment profits	6,173	23,428	9,583
Farming | Operating Segments
Revenue from External Customer [Line Items]
Total revenues	13,950	13,001	11,039
Total expenses	15,257	19,811	14,116
Segment profits	$ (1,307)	$ (6,810)	$ (3,077)

REPORTING SEGMENTS AND RELATE_8

REPORTING SEGMENTS AND RELATED INFORMATION - Revenue Components of Ranch Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenue from External Customer [Line Items]
Total expenses	$ 48,438	$ 65,488	$ 55,873
Operating Segments
Revenue from External Customer [Line Items]
Segment profits	6,173	23,428	9,583
Ranch operations | Operating Segments
Revenue from External Customer [Line Items]
Total revenues	4,507	4,106	4,111
Total expenses	5,043	5,024	4,679
Segment profits	$ (536)	$ (918)	$ (568)

REPORTING SEGMENTS AND RELATE_9

REPORTING SEGMENTS AND RELATED INFORMATION - Information Pertaining to Assets of Segments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Information pretaining to assets of the business segments
Identifiable Assets	$ 577,523	$ 566,791	$ 546,036
Depreciation and Amortization	4,806	4,628	4,594
Capital Expenditures	21,328	22,602	20,879
Operating Segments | Real Estate - commercial/industrial
Information pretaining to assets of the business segments
Identifiable Assets	73,105	74,292	82,397
Depreciation and Amortization	468	455	463
Capital Expenditures	7,815	8,933	4,906
Operating Segments | Real Estate - resort/residential
Information pretaining to assets of the business segments
Identifiable Assets	321,216	312,956	305,818
Depreciation and Amortization	42	30	31
Capital Expenditures	7,888	7,253	8,064
Operating Segments | Mineral resources
Information pretaining to assets of the business segments
Identifiable Assets	52,068	48,780	52,440
Depreciation and Amortization	1,374	1,366	1,368
Capital Expenditures	0	0	0
Operating Segments | Farming
Information pretaining to assets of the business segments
Identifiable Assets	52,094	45,814	47,160
Depreciation and Amortization	2,097	1,937	1,789
Capital Expenditures	4,870	5,915	7,416
Operating Segments | Ranch operations
Information pretaining to assets of the business segments
Identifiable Assets	2,072	1,945	2,079
Depreciation and Amortization	390	439	455
Capital Expenditures	464	305	306
Corporate expenses
Information pretaining to assets of the business segments
Identifiable Assets	76,968	83,004	56,142
Depreciation and Amortization	435	401	488
Capital Expenditures	$ 291	$ 196	$ 187

INVESTMENT IN UNCONSOLIDATED _3

INVESTMENT IN UNCONSOLIDATED AND CONSOLIDATED JOINT VENTURES - Additional Information (Details) $ in Thousands				1 Months Ended					3 Months Ended	12 Months Ended
	Mar. 29, 2022 USD ($) ft²	Mar. 25, 2021 USD ($) ft²	Apr. 01, 2019 USD ($)	Dec. 31, 2022 USD ($)	Jun. 30, 2021 USD ($)	Nov. 30, 2018 ft²	Sep. 30, 2016 ft²	Aug. 31, 2016 USD ($) ft²	Dec. 31, 2019 tenant	Dec. 31, 2023 USD ($) venture	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2014 ft²	Jun. 01, 2018 USD ($)	Jun. 30, 2015
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated joint ventures				$ 41,891						$ 33,648	$ 41,891
Equity in unconsolidated joint ventures, net										6,868	7,752	$ 9,202
Contribution of property										0	8,501	8,464
Real estate development				321,293						337,257	321,293
Equity method investment				41,891						$ 33,648	41,891
TRC-MRC 4, LLC
Schedule of Equity Method Investments [Line Items]
Excess distributions resulting in deficit balance		$ 6,082
Centennial Founders, LLC
Schedule of Equity Method Investments [Line Items]
Consolidated joint venture, ownership interest										93.46%
TRC-MRC 5, LLC
Schedule of Equity Method Investments [Line Items]
Earnings (Loss)	$ 3,012									$ (210)	0	0
Borrowings				0						(35,138)	0
TRC-MRC 4, LLC
Schedule of Equity Method Investments [Line Items]
Earnings (Loss)										332	(367)	(1)
Borrowings				(40,130)						(61,776)	(40,130)
TRC-MRC 2, LLC
Schedule of Equity Method Investments [Line Items]
Earnings (Loss)										2,772	1,384	1,268
Borrowings				(22,612)						(21,939)	(22,612)
TRC-MRC 1, LLC
Schedule of Equity Method Investments [Line Items]
Earnings (Loss)										1,192	43	(15)
Borrowings				(22,787)						(22,144)	(22,787)
Total
Schedule of Equity Method Investments [Line Items]
Earnings (Loss)										11,641	12,662	16,752
Borrowings				(161,048)						(208,030)	(161,048)
Total | TRCC/Rock Outlet Center, LLC
Schedule of Equity Method Investments [Line Items]
Reduced outstanding amount										6,000
TRCC/Rock Outlet Center, LLC
Schedule of Equity Method Investments [Line Items]
Earnings (Loss)										(3,571)	(3,139)	$ (2,885)
Borrowings				(27,707)						$ (20,850)	(27,707)
Petro Travel Plaza Holdings LLC
Schedule of Equity Method Investments [Line Items]
Ownership percentage										50%
Right and share of profit and loss										60%
Investment in unconsolidated joint ventures										$ 19,370
Equity method investment				25,441						19,370	25,441
Majestic Realty Co.
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated joint ventures								$ 24,773
Investment in unconsolidated joint ventures										$ 4,335
Number of joint venture contracts | venture										5
Area of building owned and leased | ft²								651,909
TRC-MRC 5, LLC
Schedule of Equity Method Investments [Line Items]
Contribution of property				8,501
Number of acres for development | ft²	446,400
Construction loan										$ 49,226
Real estate development				2,477							2,477
Deferred gain on sale	$ 3,012
Percentage of rentable space occupied	100%
Equity method investment				4,300						4,194	4,300
TRCC-East
Schedule of Equity Method Investments [Line Items]
Number of acres for development | ft²													326,000
Area of building owned and leased | ft²							480,480
Excess distributions resulting in deficit balance										1,431
TRC-MRC 4, LLC
Schedule of Equity Method Investments [Line Items]
Contribution of property					$ 8,464
Number of acres for development | ft²		629,274
Real estate development					2,895
Deferred gain on sale		$ 2,785			$ 2,785
Percentage of rentable space occupied		100%
Equity method investment				4,485						0	4,485
TRC-MRC 3, LLC
Schedule of Equity Method Investments [Line Items]
Number of acres for development | ft²						579,040
Percentage of rentable space occupied									100%
Number of tenants | tenant									2
Equity method investment				386						141	386
TRC-MRC 3, LLC | Land
Schedule of Equity Method Investments [Line Items]
Contribution of property			$ 5,854
TRC-MRC 2, LLC
Schedule of Equity Method Investments [Line Items]
Equity method investment				0						0	0
Face amount														$ 25,240
Excess distributions resulting in deficit balance										1,562
TRC-MRC 1, LLC
Schedule of Equity Method Investments [Line Items]
Equity method investment				0						0	0
Borrowings under joint venture										25,030
Rockefeller Joint Ventures
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated joint ventures										9,943
Five West Parcel, LLC
Schedule of Equity Method Investments [Line Items]
Ownership percentage															50%
TRCC/Rock Outlet Center, LLC
Schedule of Equity Method Investments [Line Items]
Equity method investment				$ 7,279						$ 9,943	$ 7,279

INVESTMENT IN UNCONSOLIDATED _4

INVESTMENT IN UNCONSOLIDATED AND CONSOLIDATED JOINT VENTURES - Condensed Statements of Operations and Balance Sheet Information (Details) - USD ($) $ in Thousands		12 Months Ended
	Mar. 29, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Balance Sheet Information
Assets		$ 577,523	$ 566,791	$ 546,036
Equity (Deficit)		483,096	477,594	456,511	$ 445,331
Investment In		33,648	41,891
Equity in Earnings (Loss)		6,868	7,752	9,202
Petro Travel Plaza Holdings LLC
Balance Sheet Information
Investment In		19,370	25,441
Equity in Earnings (Loss)		6,288	8,526	4,957
18-19 West, LLC
Balance Sheet Information
Equity in Earnings (Loss)		0	(31)	5,206
TRCC/Rock Outlet Center, LLC
Balance Sheet Information
Investment In		9,943	7,279
Equity in Earnings (Loss)		(1,786)	(1,569)	(1,443)
Non-cash tenant allowance amortization		1,300	1,200	1,200
TRC-MRC 1, LLC
Balance Sheet Information
Investment In		0	0
Equity in Earnings (Loss)		596	21	(7)
TRC-MRC 2, LLC
Balance Sheet Information
Investment In		0	0
Equity in Earnings (Loss)		1,386	692	634
TRC-MRC 3, LLC
Balance Sheet Information
Investment In		141	386
Equity in Earnings (Loss)		323	297	(144)
TRC-MRC 4, LLC
Balance Sheet Information
Investment In		0	4,485
Equity in Earnings (Loss)		166	(184)	(1)
TRC-MRC 5, LLC
Balance Sheet Information
Investment In		4,194	4,300
Equity in Earnings (Loss)		(105)	0	0
Petro Travel Plaza Holdings LLC
Balance Sheet Information
Assets		72,633	84,225
Borrowings		(12,556)	(13,318)
Equity (Deficit)		52,950	63,069
Revenues		162,614	182,335	137,090
Earnings (Loss)		10,481	14,210	8,262
18-19 West, LLC
Balance Sheet Information
Revenues		0	0	15,472
Earnings (Loss)		0	(63)	10,411
TRCC/Rock Outlet Center, LLC
Balance Sheet Information
Assets		58,040	59,196
Borrowings		(20,850)	(27,707)
Equity (Deficit)		35,535	30,684
Revenues		6,391	6,065	5,642
Earnings (Loss)		(3,571)	(3,139)	(2,885)
TRC-MRC 1, LLC
Balance Sheet Information
Assets		25,224	24,085
Borrowings		(22,144)	(22,787)
Equity (Deficit)		1,684	1,042
Revenues		4,346	3,269	3,237
Earnings (Loss)		1,192	43	(15)
TRC-MRC 2, LLC
Balance Sheet Information
Assets		18,882	18,398
Borrowings		(21,939)	(22,612)
Equity (Deficit)		(2,597)	(3,939)
Revenues		5,860	4,085	4,024
Earnings (Loss)		2,772	1,384	1,268
TRC-MRC 3, LLC
Balance Sheet Information
Assets		35,467	36,608
Borrowings		(33,627)	(34,494)
Equity (Deficit)		2,087	2,690
Revenues		4,323	4,125	3,729
Earnings (Loss)		645	594	(288)
TRC-MRC 4, LLC
Balance Sheet Information
Assets		49,964	50,497
Borrowings		(61,776)	(40,130)
Equity (Deficit)		(12,192)	8,974
Revenues		7,281	595	0
Earnings (Loss)		332	(367)	(1)
TRC-MRC 5, LLC
Balance Sheet Information
Assets		49,687	8,602
Borrowings		(35,138)	0
Equity (Deficit)		8,390	0
Revenues		0	0	0
Earnings (Loss)	$ 3,012	(210)	0	0
Total
Balance Sheet Information
Assets		309,897	281,611
Borrowings		(208,030)	(161,048)
Equity (Deficit)		85,857	102,520
Revenues		190,815	200,474	169,194
Earnings (Loss)		11,641	12,662	16,752
Centennial
Balance Sheet Information
Assets		104,979	102,984
Borrowings		0	0
Equity (Deficit)		104,753	102,689
Revenues		267	594	409
Earnings (Loss)		$ (6)	$ 28	$ (80)

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) a acre ft	Dec. 31, 2022 USD ($) acre ft	Dec. 31, 2019 director
Related Party Transaction [Line Items]
Purchased water contracts	10,137	10,137
Wheeler Ridge Maricopa Water Storage District
Related Party Transaction [Line Items]
Purchased water contracts	15,547	15,547
Tejon-Castac Water District
Related Party Transaction [Line Items]
Purchased water contracts	5,749	5,749
SWP Contracts | Wheeler Ridge Maricopa Water Storage District | Executive Vice President and Chief Operating Officer
Related Party Transaction [Line Items]
Acres of land | a	5,496
Number of directors | director			9
Water contracts and related costs | $	$ 4,492	$ 5,992