REAL ESTATE

6 Months Ended

Jun. 30, 2025

Real Estate [Abstract]

REAL ESTATE

REAL ESTATE

Our accumulated real estate development costs by project consisted of the following:

($ in thousands)	June 30, 2025		December 31, 2024
Real estate development
Mountain Village	$	159,736	$	158,348
Centennial	126,009		124,136
Grapevine	43,798		42,456
Tejon Ranch Commerce Center
- Commercial	27,066		23,724
- Residential	27,426		29,241
Total Tejon Ranch Commerce Center	54,492		52,965
Real estate development	$	384,035	$	377,905
Real estate and improvements - held for lease
Tejon Ranch Commerce Center
- Commercial	$	20,616	$	20,596
- Residential	24,797		—
Total Tejon Ranch Commerce Center	$	45,413	$	20,596
Less accumulated depreciation	(4,651)		(4,343)
Real estate and improvements - held for lease, net	$	40,762	$	16,253