- Tejon Ranch Co. (TRC, Financial) faces a proxy contest from Bulldog Investors at the upcoming Annual Meeting.
- Tejon Ranch urges shareholders to vote for its 10 director nominees, emphasizing their real estate and regulatory expertise.
- The company cites a 5x-10x increase in land value and significant operational efficiency improvements to support its long-term strategy.
Tejon Ranch Co. (TRC), a diversified real estate development and agribusiness company, has reached out to shareholders ahead of its Annual Meeting on May 13, 2025. The purpose of this communication is to advocate for voting "FOR" all ten of the company's director nominees on the WHITE proxy card. This plea comes in response to a proxy contest being waged by Bulldog Investors, a New Jersey-based hedge fund that recently acquired shares of TRC and seeks to appoint three of its own nominees to the board.
Tejon Ranch has criticized the Bulldog nominees for their lack of experience in critical areas such as real estate, land development, and California regulatory matters. In contrast, Tejon's board highlights its successful capital allocation strategy, which has led to the development of the Tejon Ranch Commerce Center (TRCC) and a substantial 5x-10x increase in entitled land value.
As part of its commitment to transparency and shareholder engagement, Tejon Ranch reported meetings with investors who represent 53% of its shares in 2024. The company has also achieved significant operational efficiencies, including a 38% reduction in discretionary Master Planned Community (MPC) investments over five years and a 50% reduction in workforce over the past decade. Through these measures, Tejon Ranch underscores its strategy of creating long-term shareholder value in a complex California real estate market.
