Tejon Ranch (TRC) Oppenheimer 20th Annual Industrial Growth Conference summary

Business Model and Growth Strategy

• Focused on extracting value from a single 270,000-acre property through land use entitlements, development, and interconnected business units in agriculture, leases, REIT, and master plan community development.

• Strategic location at the intersection of major migration and logistics trends in California, with high barriers to entry and scarcity for entitled land.

• Value creation through converting unentitled land into entitled, improved land, increasing value up to 100x and leveraging a "flywheel" of interconnected activities.

• Farming operations include wine grapes, almonds, pistachios, and olives, supporting water contracts for future development.

• Mineral resources and ranch operations generate revenue from oil, gas, rock, aggregate, water sales, grazing leases, and ancillary activities.

Market Drivers and Competitive Advantages

• Population migration and chronic housing shortage in California drive sustained demand for new homes.

• Industrial demand fueled by e-commerce and proximity to major ports, with 7 million sq ft developed and 100% occupancy.

• Deep relationships and expertise in navigating complex entitlement and permitting processes, with designated foreign trade zone and attractive labor costs.

• Entitlement and litigation defense have created significant barriers to entry, resulting in a 1,479% increase in industrial land value since 2000.

• Environmental stewardship and revenue supported by ranch operations and ancillary activities.

Master Planned Communities and Development Pipeline

• Four master plan communities: TRCC (half built), Grapevine (mapping underway), Mountain Village (401 subdivided lots, luxury/primary home focus), and Centennial (in entitlement process, 19,333 units planned).

• Collectively planned to deliver over 34,000 housing units and significant commercial space, with 16,000 units fully entitled and ongoing efforts for 19,000 more.

• Mountain Village is ready for final permitting and infrastructure build-out, including a hospitality component.

• Terra Vista multifamily project delivering first phase of 228 units, with 495 planned at full build-out.

• Residential demand driven by migration from LA and San Joaquin Valley, and lack of affordable housing.