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TEJON RANCH, Calif. - Tejon Ranch Co. (NYSE:TRC), a diversified real estate development and agribusiness company with a market capitalization of $424 million, announced today the filing of definitive proxy materials with the Securities and Exchange Commission ahead of its Annual Meeting of Shareholders scheduled for May 13, 2025. The company is also distributing a letter to shareholders, advocating for the election of its slate of director nominees.
The company, which owns a significant land holding in Southern California, is actively encouraging shareholders to vote for its 10 director nominees on the white proxy card, emphasizing the board’s experience and the company’s strategic direction under their guidance. While Tejon Ranch Co. has highlighted its recent achievements, InvestingPro data shows the company’s trailing twelve-month revenue stands at $41.89 million, with a notably low gross profit margin of 4.52%. The company maintains a healthy balance sheet with a current ratio of 4.13, indicating strong liquidity.
Tejon Ranch Co. has outlined its strategic focus on developing its 270,000-acre land, which includes four master-planned communities with the potential for over 35,000 homesites and approximately 35 million square feet of commercial and industrial space. According to InvestingPro analysis, the company operates with a moderate debt-to-equity ratio of 0.14, though current valuations appear stretched with a P/E ratio of 157.6x. The company has noted the successful execution of its strategy, citing strong occupancy rates at its Tejon Ranch Commerce Center and ongoing construction of key projects. (Discover 6 additional InvestingPro Tips and comprehensive financial metrics with an InvestingPro subscription.)
The company’s board of directors has been refreshed with four new independent directors in the last six months, following a succession planning process that included shareholder input. Tejon Ranch Co. has recently appointed Matt Walker as the new President and CEO, effective April 1, 2025, as part of this ongoing governance enhancement.
In contrast, Tejon Ranch Co. is cautioning shareholders against the nominees proposed by Bulldog Investors, a New Jersey-based hedge fund, which the company believes do not align with its long-term growth strategy. Tejon Ranch Co. asserts that Bulldog Investors’ nominees lack relevant expertise and are focused on a short-term agenda that could disrupt the company’s value-creating strategy.
The information is based on a press release statement and reflects the company’s perspective on the upcoming shareholder vote. The company has urged shareholders of record as of March 17, 2025, to vote in favor of its nominees to ensure the continued execution of its strategic plans for growth and shareholder value creation.
In other recent news, Tejon Ranch Company has appointed Matthew Walker as its new President and CEO, effective March 31, 2025. Walker, who will first join as Chief Operating Officer on March 6, brings over two decades of experience from Lowe Enterprises, a real estate firm based in Los Angeles. This leadership change follows a comprehensive search conducted by Tejon Ranch’s Board of Directors. Walker will succeed Gregory S. Bielli, who has been credited with significant developments like the Outlets at Tejon and the expansion of the Tejon Ranch Commerce Center. Bielli will retire from his role but remain as an executive advisor and Director on the Board. The company’s Chairman, Norman Metcalfe, expressed confidence in Walker’s ability to lead Tejon Ranch into its next phase of growth. Walker, a fifth-generation Californian, emphasized his commitment to the responsible development of Tejon Ranch, aiming to balance conservation with economic growth. This leadership transition is seen as a pivotal moment for the company as it plans for future growth and shareholder value.
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