96869--3/15/2006--TEJON_RANCH

related topics

{cost, contract, operation}

{loan, real, estate}

{stock, price, share}

{condition, economic, financial}

{personnel, key, retain}

{operation, international, foreign}

{gas, price, oil}

We are involved in a cyclical industry and are affected by changes in general and local economic conditions Higher interest rates can have a significant impact on the real estate industry We are subject to various land use regulations and require governmental approvals for our developments that could be denied Third-party litigation could increase the time and cost of our development efforts We are subject to environmental regulations and opposition from environmental groups that could cause delays and increase the costs of our development efforts or preclude such development entirely Until governmental entitlements are received, we will have a limited inventory of real estate We are in competition with several other developments for customers and residents Negotiations regarding the development of the planned Tejon Mountain Village community may not be successful. Our developable land is concentrated entirely in California We are dependent on key personnel and the loss of one or more of those key personnel may materially and adversely affect our prospects Only a limited market exists for our Common Stock which could lead to price volatility Concentrated ownership of our Common Stock creates a risk of sudden change in our share price Inflation can have a significant adverse effect on our operations. We may encounter other risks that could impact our ability to develop our land

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96869--3/15/2006--TEJON_RANCH_CO