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✓ TEJON RANCH Building the Legacy Tejon Ranch Co. Announces Second Quarter 2021 Financial Results August 5 , 2021 TEJON RANCH , Calif . , Aug. 05 , 2021 ( GLOBE NEWSWIRE ) -- Tejon Ranch Co. , or the Company , ( NYSE : TRC ) , a diversified real estate development and agribusiness company , today announced financial results for the three- and six - months ended June 30 , 2021 . The Company is in the process of planning , entitling and developing four master planned developments in southern California . When these four master planned developments are fully built out , Tejon Ranch will be home to 35,278 housing units , more than 35 million square feet of commercial / industrial space and 750 lodging units . " The Company continues its solid recovery from the shutdown , stay - at - home orders , and overall impacts of the pandemic . From a growth standpoint , traffic has increased at the Tejon Ranch Commerce Center , construction has begun on another 630,000 square - foot industrial spec building , and water sales have seen an uptick amidst the California drought . " said Gregory S. Bielli , President and CEO . " We are also advancing our residential projects with the submittal of the final map for the initial phases of Mountain Village along with proceeding with our outreach to potential joint venture partners for the 495 - unit apartment and retail community located next to the Outlets at Tejon . Lastly , in January the court affirmed the Grapevine project's reapproval , which had not been appealed by the plaintiff within the required court deadline in the second quarter . " Second Quarter Financial Results • Net income attributable to common stockholders for the second quarter of 2021 was $ 2.8 million , or net income per share attributed to common stockholders , basic and diluted , of $ 0.11 , compared with a net loss attributable to common stockholders of $ 0.3 million , or net loss per share attributed to common stockholders , basic and diluted , of $ 0.01 , for the second quarter of 2020 . • Revenues and other income , for the second quarter of 2021 , including equity in earnings of unconsolidated joint ventures were $ 18.1 million , compared with $ 7.4 million for the second quarter of 2020. Factors affecting the quarterly results include : • Commercial / industrial real estate development segment revenues totaled $ 8.1 million for the three months ended June 30 , 2021 , an increase of $ 6.0 million , or 284 % , from $ 2.1 million for the three months ended June 30 , 2020 . The increase was primarily attributed to $ 5.7 million in land sale revenues associated with a land contribution to the Company's newly formed TRC - MRC 4 joint venture . Also contributing to the improvement was additional spark spread revenues from the Company's Pastoria Energy Facility lease , as hot June weather and the lifting of COVID - 19 restrictions in mid - June led to an increase in energy demand . o Mineral resources segment revenues were $ 7.4 million for the three months ended June 30 , 2021 , an increase of $ 5.6 million , or 317 % , from $ 1.8 million for the three months ended June 30 , 2020. The dry 2021 winter diminished water availability in California , eventually resulting in a State Water Project Allocation of 5 % and an overall increase in water demand . As a result , the Company generated $ 5.3 million in additional water sales . During the quarter ended June 30 , 2021 , the Company sold 4,715 acre - feet of water , while revenues generated in 2020 came from a favorable water sales price adjustment . Additionally , the Company generated more rock and aggregate royalties due to demand fueled by increased infrastructure construction throughout the state . Year - to - Date Financial Results • Net income attributable to common stockholders for the first six months of 2021 was $ 1.8 million , or net income per share attributed to common stockholders , basic and diluted , of $ 0.07 , compared with a net loss attributable to common stockholders of $ 1.0 million , or net loss per share attributed to common stockholders , basic and diluted , of $ 0.04 , for the first six months of 2020 . • Revenues and other income , for the first six months of 2021 , including equity in earnings of unconsolidated joint ventures , totaled $ 29.1 million , compared with $ 19.3 million for the first six months of 2020. Factors impacting the year - to - date results include : • Commercial / industrial real estate development segment revenues totaled $ 10.4 million for the first six months of 2021 , an increase of $ 6.0 million , or 136 % , from $ 4.4 million for the first six months of 2020. The increase was primarily attributed to a land sale to the TRC - MRC 4 joint venture that resulted in $ 5.7 million in additional revenues .