Tejon Ranch CEO details capital allocation discipline, $2M payroll cut, JV strategy for MPCs

TEJON RANCH CO

Completed 20% workforce reduction in Sept 2025, saving >$2M annually; targeting additional $1.5M in overhead savings in 2026.
Reaffirmed hurdle rates: 12% unlevered IRR, 18% levered IRR, 7% yield on cost; will use JVs for capital-intensive projects to avoid dilution.
TRCC generated $110M cash flow 2004-2024 with 11M sq ft remaining entitled density; focus remains on TRCC for near-term growth.
Grapevine (12,000 units) 24-month path to JV; Mountain Village (3,450 units) seeking partner; Centennial to file amended entitlements soon.
Board to propose special meeting right at 25% threshold and consider reducing board size; CEO deferred part of sign-on incentive.

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