Ojai Oil Company
OJOC
Other OTC326.00
USD
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Ojai Oil Company
OJOC
(Other OTC)
Recent
price
326.00
P/E
ratio
- -
div
yld
- -
ROIC.AI
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in mil. unless spec.- Similar Companies
- Business
- Ojai Oil Company (OJOC) operates as a diversified investment holding company primarily engaged in the ownership, development, and management of self-storage facilities; oil and gas production and royalties; commercial real estate; communication tower leasing; and third-party property management services. Incorporated on June 4, 1900, and headquartered at 4081 Mission Oaks Boulevard, Suite A, Camarillo, California, the company maintains operations across Southern California, Southern Nevada, and expanding into central Oregon, with additional oil assets in California and Texas. Core offerings encompass 14 owned or partially owned self-storage facilities totaling approximately 1.5 million square feet under management, including recent developments like the three-story Redpoint Storage in Summerlin, Las Vegas, Nevada, and a Santa Fe Springs, California, redevelopment; crude oil production from fields such as South Mountain and Upper Ojai yielding around 8,000-10,000 barrels annually; leasing of communication towers to American Tower Corporation and Site Server; management fees from six non-owned self-storage properties and mineral trusts; rental income from commercial and residential buildings; and equity investments in partnerships like Golden State Storage entities, SM&O LLC, and GSS Blue Diamond LLC. In 2023, the company completed construction and opened two major self-storage projects in Summerlin and Santa Fe Springs despite delays from industrial equipment shortages, boosting rental income 15% through dynamic pricing software amid a 2-3% drop in occupancy; acquired entitled land in Redmond, Oregon, for a new facility with construction planned for late 2024 or early 2025; sold a Ventura County oil operation and partial equity in Redpoint Storage LLC for $600,000 gain to reduce carbon footprint amid regulatory pressures including California's low-carbon rules and potential drilling bans; abandoned the historic Upper Ojai Well #2 for $246,000; and increased general partnership investments while maintaining securities portfolios and charitable donations from profits. Self-storage remains the dominant segment, generating $14.9 million in 2023 revenues from owned properties, supplemented by $675,000 in management fees and $488,000 in partnership equity income. Oil revenues fell to $747,000 due to lower prices, production declines, and higher expenses, prompting a strategic divestiture shift, while total revenues reached $15.2 million with net income attributable to Ojai Oil at $3.6 million or $12.63 per share.