Tejon Ranch Co. Announces First Quarter 2024 Financial Results
Tejon Ranch Co. Announces First Quarter 2024 Financial Results
TEJON RANCH, Calif., May 07, 2024 (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-months ended March 31, 2024.
加利福尼亚州特洪牧场,2024年5月7日(GLOBE NEWSWIRE)——多元化房地产开发和农业综合企业公司Tejon Ranch Co.(纽约证券交易所代码:TRC)今天公布了截至2024年3月31日的三个月的财务业绩。
"During the first quarter of 2024, the Company continued its strategic focus on unlocking the value of our unique land assets, including commencement of construction of our first residential community, Terra Vista at Tejon, a new multi-family apartment community located immediately adjacent to the Outlets at Tejon. The community will have 228 residences in the first phase with the first units expected to be delivered in the second quarter of 2025. This development marks the Company's evolution as a real estate development company by adding residential communities on the Ranch, adding to the vibrancy of the Ranch, and providing much-needed new housing for the region," said Gregory S. Bielli, President, and CEO of Tejon Ranch Co. "We are also continuing our aggressive fight for our Centennial at Tejon master planned community. While pushing strongly on the litigation front, we have initiated our efforts in Los Angeles County to enhance our existing project approvals by advertising our notice of preparation for a soon-to-be released Supplemental Environmental Impact Report (SEIR)," continued Bielli.
“在2024年第一季度,公司继续将战略重点放在释放我们独特土地资产的价值上,包括开始建造我们的第一个住宅社区Terra Vista at Tejon,这是一个新的多户公寓社区,紧邻特洪奥特莱斯。该社区在第一阶段将拥有228套住宅,第一批单元预计将于2025年第二季度交付。Tejon Ranch Co.总裁兼首席执行官格雷戈里·比利说,这一开发项目标志着该公司作为房地产开发公司的发展,在牧场上增加了住宅社区,增加了牧场的活力,并为该地区提供了急需的新住房。“我们还在继续为Tejon总体规划社区的百年庆而奋斗。在大力推动诉讼的同时,我们在洛杉矶县开始努力,通过宣传我们为即将发布的补充环境影响报告(SEIR)做准备的通知,以加强我们现有的项目批准,” 比耶利继续说道。
Commercial/Industrial Real Estate Highlights
商业/工业房地产亮点
- TRCC industrial portfolio, through the Company's joint venture partnerships, consists of 2.8 million square feet of gross leasable area (GLA), and is 100% leased. In total, TRCC comprises 7.1 million square feet of GLA.
- TRCC commercial portfolio, wholly owned and through joint venture partnerships, comprises 620,907 square feet of GLA and is 95% leased.
- Construction started in February 2024 on Phase 1 of Terra Vista at Tejon, the Company's multi-family residential development adjacent to the Outlets at Tejon. Phase 1 includes 228 of the planned 495 residential units, with the first units becoming available in the first half of 2025 and the remaining units in this phase coming online soon thereafter. See www.tejonranchliving.com for further information.
- Construction of a new distribution facility for Nestlé USA is underway on the east side of TRCC, which will total more than 700,000 square feet.
- Signed a lease with a manufacturer and distributor of industrial components for 240,000 square feet of space that was previously occupied by Sunrise Brands, an apparel company. Sunrise relocated to the new 446,400 square foot building in January 2024.
- 通过公司的合资伙伴关系,TRCC的工业投资组合包括280万平方英尺的总可租赁面积(GLA),并且是 100% 租赁的。TRCC总共包括710万平方英尺的GLA。
- TRCC的商业投资组合由全资持有并通过合资伙伴关系提供,包括620,907平方英尺的GLA面积,95%的租赁率。
- 位于泰洪的Terra Vista的第一阶段于2024年2月开始施工,这是该公司毗邻特洪奥特莱斯的多户住宅开发项目。第一阶段包括计划中的495套住宅单元中的228套,第一批单元将于2025年上半年上市,该阶段的其余单元不久将上线。参见 www.tejonranchliving.com 以获取更多信息。
- 美国雀巢的新配送设施正在TRCC东侧建设中,总面积将超过70万平方英尺。
- 与一家工业零部件制造商和分销商签订了24万平方英尺空间的租约,该空间以前由服装公司Sunrise Brands占用。Sunrise 于 2024 年 1 月迁至这座占地 446,400 平方英尺的新建筑。
- Outlets at Tejon is celebrating its 10-year anniversary in 2024, with occupancy over 90% as of March 31, 2024. We continue to attract new tenants, with America sportswear company Under Armour moving in during the third quarter of 2023.
- Tejon的门店将于2024年庆祝其成立十周年,截至2024年3月31日,入住率超过90%。我们继续吸引新的租户,美国运动服公司安德玛将于2023年第三季度入住。
First Quarter 2024 Financial Results
2024 年第一季度财务业绩
- GAAP net loss attributable to common stockholders for the first quarter of 2024 was $0.9 million, or net loss per share attributable to common stockholders, basic and diluted, of $0.03. For the first quarter of 2023, the Company had net income attributable to common stockholders of $1.8 million, or net income per share attributable to common stockholders, basic and diluted, of $0.07.
- The primary driver of this decrease resulted from the Company's mineral resources segment, in which operating profit declined $2.5 million over the comparative period, mainly due to lower water sales revenue resulting from heavy rainfall in California.
- Additionally, expenses in resort/residential segment increased by $1.2 million due to higher professional service fees incurred during this period.
- Partially offsetting this decrease was $0.9 million of tax benefits recorded during this quarter compared to $1.0 million of tax provisions recorded over the comparative period.
- Revenues and other income, including equity in earnings of unconsolidated joint ventures, for the first quarter of 2024 were $9.5 million, compared with $14.6 million for the first quarter of 2023.
- The primary driver of this decrease was the mineral resources segment, whose revenue declined $4.4 million over the comparative period due to lower water sales revenue realized during the quarter.
- Adjusted EBITDA, a non-GAAP measure, was $2.1 million for the first quarter ended March 31, 2024, compared with $6.4 million for the same period in 2023.
- 2024年第一季度归属于普通股股东的GAAP净亏损为90万美元,基本和摊薄后归属于普通股股东的每股净亏损为0.03美元。2023年第一季度,公司归属于普通股股东的净收益为180万美元,或归属于普通股股东的基本和摊薄后的每股净收益为0.07美元。
- 下降的主要驱动力来自该公司的矿产资源板块,该板块的营业利润同比下降了250万美元,这主要是由于加利福尼亚的暴雨导致水销售收入减少。
- 此外,由于在此期间产生的专业服务费增加,度假村/住宅领域的支出增加了120万美元。
- 本季度录得的90万美元税收优惠部分抵消了这一下降,而同期的税收准备金为100万美元。
- 2024年第一季度的收入和其他收入,包括未合并合资企业的收益权益,为950万美元,而2023年第一季度为1,460万美元。
- 下降的主要驱动力是矿产资源板块,由于本季度实现的水销售收入减少,该板块的收入同比下降了440万美元。
- 调整后的息税折旧摊销前利润是一项非公认会计准则指标,截至2024年3月31日的第一季度为210万美元,而2023年同期为640万美元。
Tejon Ranch Co. provides Adjusted EBITDA, a non-GAAP financial measure, because management believes it offers additional information for monitoring the Company's cash flow performance. A table providing a reconciliation of Adjusted EBITDA to its most comparable GAAP measure, as well as an explanation of, and important disclosures about, this non-GAAP measure, is included in the tables at the end of this press release.
Tejon Ranch Co. 提供调整后的息税折旧摊销前利润,这是一项非公认会计准则财务指标,因为管理层认为它为监控公司的现金流表现提供了更多信息。本新闻稿末尾的表格中包含一份表格,该表格显示了调整后的息税折旧摊销前利润与其最具可比性的GAAP指标的对账情况,以及对这项非公认会计准则指标的解释和重要披露。
Liquidity and Capital Resources
流动性和资本资源
- As of March 31, 2024, total market capitalization, including pro rata share (PRS) of unconsolidated joint venture debt, was approximately $574.7 million, consisting of an equity market capitalization of $412.9 million and $161.8 million of debt, and our debt to total market capitalization was 28%. As of March 31, 2024, the Company had cash and securities totaling approximately $60.7 million and $108.6 million available on its line of credit, for total liquidity of $169.3 million. The ratio of net debt, including PRS of unconsolidated joint venture debt, of $101.1 million, to trailing twelve months adjusted EBITDA of $17.1 million was 5.9x.
- 截至2024年3月31日,包括未合并合资企业债务的按比例分配(PRS)在内的总市值约为5.747亿美元,包括4.129亿美元的股票市值和1.618亿美元的债务,我们的债务占总市值的比例为28%。截至2024年3月31日,该公司的现金和证券总额约为6,070万美元,可用的信贷额度为1.086亿美元,总流动性为1.693亿美元。包括未合并合资企业债务的PRS在内的净负债为1.011亿美元,与过去十二个月调整后的息税折旧摊销前利润1710万美元的比率为5.9倍。
2024 Outlook:
The Company will continue to strategically pursue commercial/industrial development, multi-family development, leasing, sales, and investment within TRCC and its joint ventures. The Company also will continue to invest in to advance its residential projects, including Mountain Villageat Tejon Ranch, Centennial at Tejon Ranch and Grapevine at Tejon Ranch.
2024 年展望:
公司将继续战略性地在TRCC及其合资企业内进行商业/工业开发、多户住宅开发、租赁、销售和投资。该公司还将继续投资以推进其住宅项目,包括泰洪牧场的Mountain Villageat、Tejon Ranch的Centennial和Tejon Ranch的Grapevine。
California is one of the most highly regulated states in which to engage in real estate development and, as such, natural delays, including those resulting from litigation, can be reasonably anticipated. Accordingly, throughout the next few years, the Company expects net income to fluctuate from year-to-year based on the above-mentioned activity, along with commodity prices, production within its farming and mineral resources segments, and the timing of land sales and leasing of land within its industrial developments.
加利福尼亚州是房地产开发监管最严格的州之一,因此,自然延迟,包括诉讼造成的延迟,是可以合理预期的。因此,该公司预计,在未来几年中,净收入将根据上述活动以及大宗商品价格、农业和矿产资源板块的产量以及工业开发区内土地出售和租赁的时间而逐年波动。
Water sales opportunities each year are impacted by the total precipitation and snowpack runoff in Northern California from winter storms, as well as State Water Project, or SWP, allocations. The current SWP allocation is at 40% of contract amounts, with the expectation that the allocation may increase.
每年的水销售机会都受到冬季风暴造成的北加州总降水量和积雪径流以及州水利项目(SWP)拨款的影响。当前的SWP分配为合同金额的40%,预计分配额可能会增加。
The Company's farming operations in 2024 continue to be impacted by higher costs of production such as fuel costs, fertilizer costs, pest control costs, and labor costs. The Company is anticipating higher 2024 almond industry crop production, which may have an adverse effect on 2024 selling prices.
该公司在2024年的农业业务继续受到燃料成本、化肥成本、害虫防治成本和劳动力成本等生产成本上涨的影响。该公司预计,2024年杏仁行业的农作物产量将增加,这可能会对2024年的销售价格产生不利影响。
About Tejon Ranch Co.
Tejon Ranch Co. (NYSE: TRC) is a diversified real estate development and agribusiness company, whose principal asset is its 270,000-acre land holding located approximately 60 miles north of Los Angeles and 30 miles south of Bakersfield.
关于 Tejon Ranch Co.
Tejon Ranch Co.纽约证券交易所股票代码:TRC)是一家多元化的房地产开发和农业综合企业,其主要资产是其占地27万英里的土地,位于洛杉矶以北约60英里处,贝克斯菲尔德以南30英里处。
More information about Tejon Ranch Co. can be found on the Company's website at www.tejonranch.com.
有关 Tejon Ranch Co. 的更多信息,请访问该公司的网站 www.tejonranch.com。
Forward Looking Statements:
The statements contained herein, which are not historical facts, are forward-looking statements based on economic forecasts, strategic plans and other factors, which by their nature involve risk and uncertainties. In particular, among the factors that could cause actual results to differ materially are the following: business conditions and the general economy, future commodity prices and yields, external market forces, the ability to obtain various governmental entitlements and permits, interest rates, and other risks inherent in real estate and agriculture businesses. For further information on factors that could affect the Company, the reader should refer to the Company's filings with the Securities and Exchange Commission.
前瞻性陈述:
此处包含的陈述不是历史事实,是基于经济预测、战略计划和其他因素的前瞻性陈述,这些因素本质上涉及风险和不确定性。特别是,可能导致实际结果出现重大差异的因素包括:商业状况和总体经济、未来的大宗商品价格和收益率、外部市场力量、获得各种政府权利和许可证的能力、利率以及房地产和农业企业固有的其他风险。有关可能影响公司的因素的更多信息,读者应参阅公司向美国证券交易委员会提交的文件。
(Financial tables follow)
(财务表见下文)
TEJON RANCH CO. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In thousands, except per share data) | |||||||
March 31, 2024 | December 31, 2023 | ||||||
(unaudited) | |||||||
ASSETS | |||||||
Current Assets: | |||||||
Cash and cash equivalents | $35,552 | $ | 31,907 | ||||
Marketable securities - available-for-sale | 25,119 | 32,556 | |||||
Accounts receivable | 3,694 | 8,352 | |||||
Inventories | 5,821 | 3,493 | |||||
Prepaid expenses and other current assets | 4,477 | 3,502 | |||||
Total current assets | 74,663 | 79,810 | |||||
Real estate and improvements - held for lease, net | 16,559 | 16,609 | |||||
Real estate development (includes $121,133 at March 31, 2024 and $119,788 at December 31, 2023, attributable to CFL, Note 14) | 342,198 | 337,257 | |||||
Property and equipment, net | 55,172 | 53,985 | |||||
Investments in unconsolidated joint ventures | 30,075 | 33,648 | |||||
Net investment in water assets | 58,023 | 52,130 | |||||
Other assets | 4,941 | 4,084 | |||||
TOTAL ASSETS | $581,631 | $ | 577,523 | ||||
LIABILITIES AND EQUITY | |||||||
Current Liabilities: | |||||||
Trade accounts payable | $9,752 | $ | 6,457 | ||||
Accrued liabilities and other | 3,186 | 3,214 | |||||
Deferred income | 2,421 | 1,891 | |||||
Total current liabilities | 15,359 | 11,562 | |||||
Revolving line of credit | 47,942 | 47,942 | |||||
Long-term deferred gains | 11,447 | 11,447 | |||||
Deferred tax liability | 8,267 | 8,269 | |||||
Other liabilities | 15,894 | 15,207 | |||||
Total liabilities | 98,909 | 94,427 | |||||
Commitments and contingencies (Note 11) | |||||||
Equity: | |||||||
Tejon Ranch Co. Stockholders' Equity | |||||||
Common stock, $0.50 par value per share: | |||||||
Authorized shares - 50,000,000 | |||||||
Issued and outstanding shares - 26,797,440 at March 31, 2024 and 26,770,545 at December 31, 2023 | 13,400 | 13,386 | |||||
Additional paid-in capital | 346,141 | 345,609 | |||||
Accumulated other comprehensive loss | (177 | ) | (171 | ) | |||
Retained earnings | 107,994 | 108,908 | |||||
Total Tejon Ranch Co. Stockholders' Equity | 467,358 | 467,732 | |||||
Non-controlling interest | 15,364 | 15,364 | |||||
Total equity | 482,722 | 483,096 | |||||
TOTAL LIABILITIES AND EQUITY | $581,631 | $ | 577,523 |
TEJON 牧场有限公司和子公司 合并资产负债表 (以千计,每股数据除外) | |||||||
3月31日 2024 | 十二月 31, 2023 | ||||||
(未经审计) | |||||||
资产 | |||||||
流动资产: | |||||||
现金和现金等价物 | 35,552 美元 | $ | 31,907 | ||||
有价证券-可供出售 | 25,119 | 32,556 | |||||
应收账款 | 3,694 | 8,352 | |||||
库存 | 5,821 | 3,493 | |||||
预付费用和其他流动资产 | 4,477 | 3,502 | |||||
流动资产总额 | 74,663 | 79,810 | |||||
房地产和装修——待租的,净额 | 16,559 | 16,609 | |||||
房地产开发(包括截至2024年3月31日的121,133美元和截至2023年12月31日的119,788美元,归因于CFL,注释14) | 342,198 | 337,257 | |||||
财产和设备,净额 | 55,172 | 53,985 | |||||
对未合并合资企业的投资 | 30,075 | 33,648 | |||||
对水资源的净投资 | 58,023 | 52,130 | |||||
其他资产 | 4,941 | 4,084 | |||||
总资产 | 581,631 美元 | $ | 577,523 | ||||
负债和权益 | |||||||
流动负债: | |||||||
贸易应付账款 | 9,752 美元 | $ | 6,457 | ||||
应计负债和其他 | 3,186 | 3,214 | |||||
递延收益 | 2,421 | 1,891 | |||||
流动负债总额 | 15,359 | 11,562 | |||||
循环信贷额度 | 47,942 | 47,942 | |||||
长期递延收益 | 11,447 | 11,447 | |||||
递延所得税负债 | 8,267 | 8,269 | |||||
其他负债 | 15,894 | 15,207 | |||||
负债总额 | 98,909 | 94,427 | |||||
承付款和或有开支(注11) | |||||||
股权: | |||||||
Tejon Ranch Co.股东权益 | |||||||
普通股,每股面值0.50美元: | |||||||
授权股票-5000万股 | |||||||
已发行和流通股票——截至2024年3月31日为26,797,440股,截至2023年12月31日为26,770,545股 | 13,400 | 13,386 | |||||
额外的实收资本 | 346,141 | 345,609 | |||||
累计其他综合亏损 | (177) | ) | (171 | ) | |||
留存收益 | 107,994 | 108,908 | |||||
Total Tejon Ranch Co.股东权益 | 467,358 | 467,732 | |||||
非控股权益 | 15,364 | 15,364 | |||||
权益总额 | 482,722 | 483,096 | |||||
负债和权益总额 | 581,631 美元 | $ | 577,523 |
TEJON RANCH CO. AND SUBSIDIARIES UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS ($ in thousands, except per share amounts) | ||||||
Three Months Ended March 31, | ||||||
2024 | 2023 | |||||
Revenues: | ||||||
Real estate - commercial/industrial | $2,945 | $ | 2,676 | |||
Mineral resources | 2,489 | 6,912 | ||||
Farming | 865 | 1,185 | ||||
Ranch operations | 1,107 | 1,492 | ||||
Total revenues | 7,406 | 12,265 | ||||
Costs and Expenses: | ||||||
Real estate - commercial/industrial | 1,927 | 1,695 | ||||
Real estate - resort/residential | 1,561 | 388 | ||||
Mineral resources | 2,116 | 4,066 | ||||
Farming | 2,067 | 2,013 | ||||
Ranch operations | 1,227 | 1,330 | ||||
Corporate expenses | 2,492 | 2,287 | ||||
Total expenses | 11,390 | 11,779 | ||||
Operating (loss) income | (3,984 | ) | 486 | |||
Other Income (Loss): | ||||||
Investment income | 685 | 456 | ||||
Other (loss) income, net | (70 | ) | 334 | |||
Total other income | 615 | 790 | ||||
(Loss) income from operations before equity in earnings of unconsolidated joint ventures and income tax | (3,369 | ) | 1,276 | |||
Equity in earnings of unconsolidated joint ventures, net | 1,513 | 1,517 | ||||
(Loss) income before income tax expense | (1,856 | ) | 2,793 | |||
Income tax (benefit) expense | (942 | ) | 1,013 | |||
Net (loss) income | (914 | ) | 1,780 | |||
Net income attributable to non-controlling interest | — | 6 | ||||
Net (loss) income attributable to common stockholders | $(914 | ) | $ | 1,774 | ||
Net (loss) income per share attributable to common stockholders, basic | $(0.03 | ) | $ | 0.07 | ||
Net (loss) income per share attributable to common stockholders, diluted | $(0.03 | ) | $ | 0.07 |
TEJON 牧场有限公司和子公司 未经审计的合并运营报表 (千美元,每股金额除外) | ||||||
截至3月31日的三个月 | ||||||
2024 | 2023 | |||||
收入: | ||||||
房地产-商业/工业 | 2,945 美元 | $ | 2,676 | |||
矿产资源 | 2,489 | 6,912 | ||||
农业 | 865 | 1,185 | ||||
牧场运营 | 1,107 | 1,492 | ||||
总收入 | 7,406 | 12,265 | ||||
成本和支出: | ||||||
房地产-商业/工业 | 1,927 | 1,695 | ||||
房地产-度假村/住宅 | 1,561 | 388 | ||||
矿产资源 | 2,116 | 4,066 | ||||
农业 | 2,067 | 2,013 | ||||
牧场运营 | 1,227 | 1,330 | ||||
公司开支 | 2,492 | 2,287 | ||||
支出总额 | 11,390 | 11,779 | ||||
营业(亏损)收入 | (3,984 | ) | 486 | |||
其他收入(亏损): | ||||||
投资收益 | 685 | 456 | ||||
其他(亏损)收入,净额 | (70) | ) | 334 | |||
其他收入总额 | 615 | 790 | ||||
(亏损)未合并合资企业收益和所得税前权益前的运营收入 | (3,369) | ) | 1,276 | |||
未合并合资企业的净收益权益 | 1,513 | 1,517 | ||||
所得税支出前的(亏损)收入 | (1,856) | ) | 2,793 | |||
所得税(福利)支出 | (942) | ) | 1,013 | |||
净(亏损)收入 | (914) | ) | 1,780 | |||
归属于非控股权益的净收益 | — | 6 | ||||
归属于普通股股东的净(亏损)收益 | $ (914) | ) | $ | 1,774 | ||
归属于普通股股东的每股净(亏损)收益,基本 | $ (0.03) | ) | $ | 0.07 | ||
摊薄后归属于普通股股东的每股净(亏损)收益 | $ (0.03) | ) | $ | 0.07 |
Non-GAAP Financial Measure
非公认会计准则财务指标
This press release includes references to the Company's non-GAAP financial measure "EBITDA." EBITDA represents the Company's share of consolidated net income in accordance with GAAP, before interest, taxes, depreciation, and amortization, plus the allocable portion of EBITDA of unconsolidated joint ventures accounted for under the equity method of accounting based upon economic ownership interest, and all determined on a consistent basis in accordance with GAAP. EBITDA is a non-GAAP financial measure and is used by the Company and others as a supplemental measure of performance. Tejon Ranch uses Adjusted EBITDA to assess the performance of the Company's core operations, for financial and operational decision making, and as a supplemental or additional means of evaluating period-to-period comparisons on a consistent basis. Adjusted EBITDA is calculated as EBITDA, excluding stock compensation expense. The Company believes Adjusted EBITDA provides investors relevant and useful information because it permits investors to view income from operations on an unlevered basis before the effects of taxes, depreciation and amortization, and stock compensation expense. By excluding interest expense and income, EBITDA and Adjusted EBITDA allow investors to measure the Company's performance independent of its capital structure and indebtedness and, therefore, allow for a more meaningful comparison of the Company's performance to that of other companies, both in the real estate industry and in other industries. The Company believes that excluding charges related to share-based compensation facilitates a comparison of its operations across periods and among other companies without the variances caused by different valuation methodologies, the volatility of the expense (which depends on market forces outside the Company's control), and the assumptions and the variety of award types that a company can use. EBITDA and Adjusted EBITDA have limitations as measures of the Company's performance. EBITDA and Adjusted EBITDA do not reflect Tejon Ranch's historical cash expenditures or future cash requirements for capital expenditures or contractual commitments. While EBITDA and Adjusted EBITDA are relevant and widely used measures of performance, they do not represent net income or cash flows from operations as defined by GAAP, and they should not be considered as alternatives to those indicators in evaluating performance or liquidity. Further, the Company's computation of EBITDA and Adjusted EBITDA may not be comparable to similar measures reported by other companies.
本新闻稿提到了公司的非公认会计准则财务指标 “息税折旧摊销前利润”。息税折旧摊销前利润是指公司根据公认会计原则,扣除利息、税项、折旧和摊销前的合并净收益中所占的份额,加上未合并合资企业按权益会计法核算的基于经济所有权利息的息税折旧摊销前利润的可分配部分,全部根据公认会计原则一致确定。息税折旧摊销前利润是一项非公认会计准则财务指标,被公司和其他公司用作衡量业绩的补充指标。Tejon Ranch使用调整后的息税折旧摊销前利润来评估公司核心业务的业绩,用于财务和运营决策,并作为持续评估各期比较的补充或额外手段。调整后的息税折旧摊销前利润按息税折旧摊销前利润计算,不包括股票薪酬支出。该公司认为,调整后的息税折旧摊销前利润为投资者提供了相关且有用的信息,因为它允许投资者在未受税收、折旧和摊销以及股票补偿支出的影响之前无限制地查看运营收入。通过排除利息支出和收入,息税折旧摊销前利润和调整后息税折旧摊销前利润允许投资者独立于资本结构和负债来衡量公司的业绩,因此,可以对公司的业绩与其他公司的业绩进行更有意义的比较,无论是在房地产行业还是在其他行业。该公司认为,排除与股份薪酬相关的费用有助于比较其各时期和其他公司的运营情况,而不会出现由不同的估值方法、支出的波动性(取决于公司无法控制的市场力量)、假设和公司可以使用的奖励类型种类所造成的差异。衡量公司业绩的息税折旧摊销前利润和调整后息税折旧摊销前利润有局限性。息税折旧摊销前利润和调整后息税折旧摊销前利润不反映Tejon Ranch的历史现金支出或资本支出或合同承诺的未来现金需求。尽管息税折旧摊销前利润和调整后息税折旧摊销前利润是相关且广泛使用的绩效衡量标准,但它们并不代表GAAP定义的净收入或运营现金流,在评估业绩或流动性时,不应将其视为这些指标的替代方案。此外,公司对息税折旧摊销前利润和调整后息税折旧摊销前利润的计算可能无法与其他公司报告的类似指标相提并论。
TEJON RANCH CO. Non-GAAP Financial Measures (Unaudited) | |||||||
Three Months Ended March 31, | |||||||
($ in thousands) | 2024 | 2023 | |||||
Net (loss) income | $(914 | ) | $1,780 | ||||
Net income attributable to non-controlling interest | — | 6 | |||||
Interest, net | |||||||
Consolidated | (685 | ) | (456 | ) | |||
Our share of interest expense from unconsolidated joint ventures | 1,543 | 1,175 | |||||
Total interest, net | 858 | 719 | |||||
Income taxes | (942 | ) | 1,013 | ||||
Depreciation and amortization: | |||||||
Consolidated | 1,006 | 988 | |||||
Our share of depreciation and amortization from unconsolidated joint ventures | 1,607 | 1,274 | |||||
Total depreciation and amortization | 2,613 | 2,262 | |||||
EBITDA | 1,615 | 5,768 | |||||
Stock compensation expense | 513 | 621 | |||||
Adjusted EBITDA | $2,128 | $6,389 |
TEJON RANCH CO. 非公认会计准则财务指标 (未经审计) | |||||||
截至3月31日的三个月 | |||||||
(以千美元计) | 2024 | 2023 | |||||
净(亏损)收入 | $ (914) | ) | 1,780 美元 | ||||
归属于非控股权益的净收益 | — | 6 | |||||
利息,净额 | |||||||
合并 | (685) | ) | (456 | ) | |||
我们在未合并合资企业的利息支出中所占份额 | 1,543 | 1,175 | |||||
总利息,净额 | 858 | 719 | |||||
所得税 | (942) | ) | 1,013 | ||||
折旧和摊销: | |||||||
合并 | 1,006 | 988 | |||||
我们在未合并合资企业的折旧和摊销中所占的份额 | 1,607 | 1,274 | |||||
折旧和摊销总额 | 2,613 | 2,262 | |||||
EBITDA | 1,615 | 5,768 | |||||
股票补偿费用 | 513 | 621 | |||||
调整后 EBITDA | 2,128 美元 | 6,389 美元 |
Summary of Outstanding Debt as of March 31, 2024 (Unaudited) | ||||||
Entity/Borrowing | Amount | % Share | PRS Debt | |||
Revolving line-of-credit | $47,942 | 100% | $47,942 | |||
Petro Travel Plaza Holdings, LLC | 12,365 | 60% | 7,419 | |||
TRCC/Rock Outlet Center, LLC | 20,776 | 50% | 10,388 | |||
TRC-MRC 1, LLC | 21,979 | 50% | 10,990 | |||
TRC-MRC 2, LLC | 21,766 | 50% | 10,883 | |||
TRC-MRC 3, LLC | 33,404 | 50% | 16,702 | |||
TRC-MRC 4, LLC | 61,556 | 50% | 30,778 | |||
TRC-MRC 5, LLC | 53,354 | 50% | 26,677 | |||
Total | $273,142 | $161,779 |
截至2024年3月31日的未偿债务摘要 (未经审计) | ||||||
实体/借款 | 金额 | % 份额 | PRS 债务 | |||
循环信贷额度 | 47,942 美元 | 100% | 47,942 美元 | |||
石油旅行广场控股有限责任公司 | 12,365 | 60% | 7,419 | |||
TRCC/Rock 奥特莱斯中心有限责任公司 | 20,776 | 50% | 10,388 | |||
TRC-MRC 1, LLC | 21,979 | 50% | 10,990 | |||
TRC-MRC 2, LLC | 21,766 | 50% | 10,883 | |||
TRC-MRC 3, LLC | 33,404 | 50% | 16,702 | |||
TRC-MRC 4, LLC | 61,556 | 50% | 30,778 | |||
TRC-MRC 5, LLC | 53,354 | 50% | 26,677 | |||
总计 | 273,142 美元 | 161,779 美元 |
Market Capitalization and Debt Ratios (Unaudited) | |||
March 31, 2024 | |||
Period End Share Price | $15.41 | ||
Outstanding Shares | 26,797,440 | ||
Equity Market Capitalization as of Reporting Date | $412,949 | ||
Total Debt including PRS Unconsolidated Joint Venture Debt | $161,779 | ||
Total Market Capitalization | $574,728 | ||
Debt to total market capitalization | 28.1 | % | |
Net debt, including PRS unconsolidated joint venture debt, to TTM adjusted EBITDA | 5.9 |
市值和负债比率 (未经审计) | |||
3月31日 2024 | |||
期末股价 | 15.41 美元 | ||
已发行股份 | 26,797,440 | ||
截至报告日的股票市值 | 412,949 美元 | ||
总负债包括 PRS 未合并合资企业债务 | 161,779 美元 | ||
总市值 | 574,728 美元 | ||
债务占总市值的比例 | 28.1 | % | |
净负债,包括PRS未合并的合资企业债务,占TTM调整后的息税折旧摊销前利润 | 5.9 |
Tejon Ranch Co.
Brett A. Brown, 661-248-3000
Executive Vice President, Chief Financial Officer
Tejon Ranch Co.
Brett A. Brown,661-248-3000
执行副总裁、首席财务官
ICR Strategic Communications & Advisory
Stephen Swett, 203-682-8377
stephen.swett@icrinc.com
icrinc.com
ICR 战略传播与咨询
斯蒂芬·斯威特,203-682-8377
stephen.swett@icrinc.com
icrinc.com
RPM Public Relations
Rae Pardini Matson, 559-205-0721
rae@rpm-pr.com
RPM-PR.com
RPM 公共关系
雷·帕迪尼·马特森,559-205-0721
rae@rpm-pr.com
RPM-PR.com
Source: Tejon Ranch Co
资料来源:Tejon Ranch Co