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+ TEJON RANCH Building the Legacy Tejon Ranch Co. Announces Third Quarter 2021 Financial Results November 4 , 2021 TEJON RANCH , Calif . , Nov. 04 , 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 nine - months ended September 30 , 2021 . The Company operates in a variety of land - based business segments , including farming , mineral resources , and ranch operations , as well as a commercial / industrial mixed use master plan known as the Tejon Ranch Commerce Center , that is currently in operation focusing on leasing , development , and sales . The Company is also in the process of developing three additional mixed use master planned residential developments in southern California . When all 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 is maintaining positive momentum even in the face of challenges in the current economic and business environment , " said Gregory S. Bielli , President and CEO . " On the industrial real estate front , all 4.8 million square feet of leasable space has been leased and occupied at Tejon Ranch Commerce Center and we have started construction on another 630,000 square - foot industrial spec building to provide additional opportunities for growth and reoccurring revenues . On the residential side , we are advancing our projects and have submitted for approval the final map for the initial phases of our Mountain Village community . " Third Quarter Financial Results • Net income attributable to common stockholders for the third quarter of 2021 was $ 0.2 million , or net income per share attributed to common stockholders , basic and diluted , of $ 0.01 , compared with a net income attributable to common stockholders of $ 0.4 million , or net income per share attributed to common stockholders , basic and diluted , of $ 0.02 , for the third quarter of 2020 . • Revenues and other income , for the third quarter of 2021 , including equity in earnings of unconsolidated joint ventures were $ 16.5 million , compared with $ 15.1 million for the third quarter of 2020. Factors affecting the quarterly results include : • Mineral resources segment revenues were $ 4.8 million for the three months ended September 30 , 2021 , an increase of $ 3.5 million , or 261 % , from $ 1.3 million for the three months ended September 30 , 2020. The dry 2020/2021 winter diminished water availability in California , eventually resulting in a State Water Project Allocation of 5 % , which increased water transaction opportunities . With this demand , the Company generated $ 3.1 million in additional water sales . During the quarter ended September 30 , 2021 , the Company sold 2,603 acre - feet of water , while comparatively , there were no water sales during the third quarter of 2020. Additionally , the Company generated more rock aggregate royalties due to demand fueled by increased infrastructure construction throughout the state . • Farming segment revenues were $ 6.7 million for the three months ended September 30 , 2021 , a decrease of $ 1.8 million , or 21 % , from $ 8.5 million for the third quarter of 2020. Pistachio revenues for the quarter decreased $ 1,243,000 primarily due to a decrease in insurance proceeds received in 2021 when compared to 2020. In 2020 , the Company received pistachio crop insurance proceeds of $ 3,789,000 as weather conditions negatively impacted the expected yields , but because the 2021 pistachio crop year is a down bearing production year and yields were expected to be lower , the insurance proceeds were only $ 466,000 , a decrease of $ 3,323,000 . With respect to yields , the Company sold 1,615,000 and 456,000 pounds of pistachios for the quarters ended September 30 , 2021 and 2020 , respectively . Almond revenues decreased $ 472,000 as a result of the timing of sales . Comparatively , the Company sold 337,000 and 529,000 pounds of almonds for the quarters ended September 30 , 2021 and 2020 , respectively . Supply chain disruption could hinder the Company's ability to sell the entirety of its almond crop in 2021 , which would result in a greater portion of the 2021 crops being sold in the 2022 . • Equity in earnings from the Company's joint ventures were $ 1.5 million for the three months ended September 30 , 2021 , an increase of $ 0.4 million or 38 % , from $ 1.1 million during the same period in 2020. The changes are primarily attributed to the following : ■ The Petro Travel Plaza improved its operating results during the quarter now that all of its restaurants are open for business . Additionally , the joint venture saw an increase in traffic as evidenced by a 22 % increase in fuel sales volumes over the comparative period . ■ The TRCC / Rock Outlet Center improved its operating results as a result of not having to issue COVID - 19 related lease concessions in 2021. Additionally , there were fewer tenant departures over the comparative periods .