Tejon Ranch Co

Greetings and welcome to the Tejon Ranch Company second quarter 2026 earnings call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. Please note this conference is being recorded. I will now turn the conference over to your host, Nick Ortiz. Please go ahead.

Good afternoon and welcome to Tejon Ranch Company's second quarter 2026 earnings call. My name is Nick Ortiz. Joining me today are Matthew Walker, President and CEO, and Robert Velasquez, Senior Vice President and Chief Financial Officer. Today's press release, 10Q, and the webcast are available on our Investor Relations website. A replay will be posted after we conclude. That site is ir.tejonranch.com. Today's remarks, including responses to questions, include forward-looking statements. These statements are made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and are subject to risks and uncertainties that could cause actual results to differ materially. Key factors are detailed in our SEC filings, including our most recent forms 10Q and 10K. We assume no obligation to update any forward-looking statements. We also reference non-GAAP measures. These measures should be considered in addition to, not as a substitute for, GAAP results. Reconciliations to the most directly comparable gap measures and reasons why we use non-gap measures are included in today's filings and are posted on our IR website. Again, ir.tohomeranch.com. After prepared remarks, we'll address questions. Shareholders were invited to submit questions by email in advance. I'll now turn the call over to our CEO, Matthew Walker.

Thank you, Nick, and good afternoon, everyone. Let me start off by saying we had a good quarter. Revenues were up across all segments, just as EBITDA grew approximately 47% year over year, and we delivered net income of $2.6 million against the loss a year ago. Corporate expenses were down significantly. More than half of that reduction reflects the absence of last year's non-recurring costs. But setting those aside, corporate expenses are still down 18% for the first six months of the year, highlighting the cost savings measures that we put in place. This quarter's revenue growth was led by the Dato Properties 1B land sale, which contributed $6.9 million in revenues. That transaction reinforces our commitment to Tejon Ranch Commerce Center as our nucleus of growth. With it, we are moving forward on our joint venture with Dato on a 510,000 square foot Class A industrial building. Walls are being tilted up this week. It's a good illustration of our land monetization model, which is contributing our land to a joint venture Retaining an ongoing economic interest and growing our income-producing portfolio with minimal net capital outlay. It's also worth noting that we committed to the project while much of the industrial market was sitting on the sidelines. The fundamentals in Southern California are now improving as we anticipated, positioning us well for an early 2027 delivery. We are also continuing to see traffic and sales increase at our outlets and revenues increase at our travel centers. do impart to the halo effect from the Hard Rock Casino to home. In addition, July produced the strongest new leasing performance in nine months at our Terra Vista apartments. With that, I'm going to turn it over to Robert to walk through the financials, and then I'll offer my thoughts on some important topics.