Tejon Ranch (TRC) Proxy Filing summary

Executive summary

• New CEO Matthew Walker, with 24+ years in real estate, outlined a strategy focused on maximizing long-term land value through entitlements and development, leveraging the unique 270,000-acre asset in California.

• The company’s business model integrates farming, mineral resources, ranch operations, and real estate development to create recurring cash flow and long-term value.

• TRCC has generated $110 million in cumulative cash flows, with 7 million sq. ft. of industrial and 674,000 sq. ft. of retail developed, and significant entitlements remaining.

• Three master planned communities (MPCs) are entitled, with 16,000 residential units approved and defended against litigation, and a fourth (Centennial) in the entitlement process.

• The company is positioned to address California’s housing shortage and industrial demand, with a focus on sustainable, long-term growth.

Voting matters and shareholder proposals

• A contested board election is underway, with a dissident shareholder seeking to nominate three directors; proxy advisors have sided with management.

• Management argues the dissident’s plan would disrupt long-term value creation and interconnected business synergies.

Board of directors and corporate governance

• The board and management team are actively engaged in defending the company’s long-term strategy against short-term interests.

• Information on board participants and their interests is available in the proxy statement filed with the SEC.