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Tejon Ranch Co. is a real estate development and agribusiness company. The Company's operations consist of land planning and entitlement, land development, commercial sales and leasing, leasing of land for mineral royalties, grazing leases, income portfolio management, and farming. It operates through three business segments: commercial/industrial real estate development and services; resort/residential real estate development, and farming. Commercial/industrial real estate development generates revenues from lease activities, land sales, building sales and leases, oil and mineral royalties and grazing leases. The primary commercial/industrial development is Tejon Industrial Complex (TIC). Resort/residential land development is involved in the land entitlement process. Within its resort/residential segment, the two developments are Tejon Mountain Village and the Centennial master planned community. Farming produces revenues from the sale of grapes, almonds, pistachios and walnuts.(Source: 10-K)