Consolidated Tomoka Land Co (CTO) 10-Q Quarterly Report April 2021

DAYTONA BEACH, FL – February 18, 2021 – CTO Realty Growth, Inc. (NYSE: CTO) (the “Company” or “CTO”) today announced its operating results and earnings for the quarter and year ended December 31, 2020.

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Announced successful completion of the Company’s real estate investment trust (“REIT”) conversion and payment of the previously declared special distribution on the Company’s shares of common stock through an aggregate of $5.6 million in cash and the issuance of 1,198,963 shares of the Company’s common stock.

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Reported Net Income per diluted share of $16.60 and $16.69 for the quarter and year ended December 31, 2020, respectively.

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Reported FFO per diluted share of $2.11 and $5.84 for the quarter and year ended December 31, 2020, respectively.

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Reported AFFO per diluted share of $2.20 and $5.57 for the quarter and year ended December 31, 2020, respectively.

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Paid a regular cash dividend for the fourth quarter of 2020 of $1.00 per share on November 30, 2020 to shareholders of record as of November 16, 2020.

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Collected 99% of the Contractual Base Rent (“CBR”) (as defined below) due for the three months ended December 31, 2020.

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During the fourth quarter of 2020, sold three income properties and one vacant land parcel for $34.9 million, representing a weighted average exit cap rate of 6.1%.

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During the fourth quarter of 2020, the Land JV (as defined below) sold 86 acres for $11.5 million.

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Sold eight billboard sites during the fourth quarter of 2020 for a sales price of $1.5 million, resulting in a gain equal to the sales price.

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Total real estate transaction activity for 2020, which includes income property acquisitions and dispositions, as well as vacant land sales of the Land JV (as defined below), totaled a Company record $336.0 million.

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Book value per share outstanding as of December 31, 2020 was $59.32.

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Collected 99% of CBR (as defined below) due in January 2021.

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On January 28, 2021, the Company sold approximately 25,000 acres of subsurface oil, gas and mineral rights for $1.9 million, resulting in a gain on the sale of $1.8 million.

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Declared a regular cash dividend for the first quarter of 2021 of $1.00 per share, representing an annualized yield of 8.1% based on the closing price of CTO common stock on February 17, 2021.

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The following information was filed by Consolidated Tomoka Land Co (CTO) on Friday, February 19, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Consolidated Tomoka Land Co's 10-Q Quarterly Report:

Other - Other Highlight
The Company describes the risks and uncertainties that could cause actual results and events to differ materially in "Risk Factors" (Part II, Item 1A of this Quarterly Report on Form 10-Q and Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2020), "Quantitative and Qualitative Disclosures about Market Risk" (Part I, Item 3 of this Quarterly Report on Form 10-Q), and "Management's Discussion and Analysis of Financial Conditions and Results of Operations" (Part I, Item 2 of this Quarterly Report on Form 10-Q).

Financial - Income Highlight
Management's focus is to continue our strategy to diversify our portfolio by redeploying proceeds from like-kind exchange transactions and utilizing our Credit Facility to increase our portfolio of income-producing properties, providing stabilized cash flows with strong risk-adjusted returns primarily in larger metropolitan areas and growth markets.
Financial - Income Highlight
We believe investment in income-producing assets provides attractive opportunities for generally stable cash flows and the potential for increased returns over the long run.
Revenue - Product Highlight
Revenues further benefited from the sale of approximately 25,000 acres of Subsurface Interests within the Company's real estate operations segment generating proceeds of $1.9 million during the three months ended March 31, 2021.
Financial - Cash Flow Highlight
Our total cash balance at March 31, 2021, reflected cash flows provided by our operating activities totaling $6.3 million during the three months ended March 31, 2021 compared to the prior year's cash flows provided by operating activities totaling $3.8 million for the three months ended March 31, 2020, for an increase of $2.5 million.
Other - Other
In 2020, we experienced a...Read more
Financial - Cash Flow
The increase of $2.5 million...Read more
Financial - Income
In addition to our income...Read more
Legal - Other
Further, forward-looking statements speak only...Read more
Financial - Cash Flow
Our cash flows used in...Read more
Financial - Earnings
NAREIT defines FFO as U.S....Read more
Other - Other
We believe these two non-U.S....Read more
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53 We believe we will...Read more
M & A - Other
We expect to fund future...Read more
Revenue - Product
Total revenue for the three...Read more
Financial - Shares
During the three months ended...Read more
Financial - Income
We employ a methodology for...Read more
Financial - Dividend
In addition to the dividends...Read more
Other - Other
The decrease of $27.9 million...Read more
M & A - Other
Additionally, as of March 31,...Read more
Financial - Income
Our strategy for investing in...Read more
Financial - Dividend
These reviews consider various alternatives,...Read more
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FFO is used by management,...Read more
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Our cash flows used in...Read more

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Material Contracts, Statements, Certifications & more

Consolidated Tomoka Land Co provided additional information to their SEC Filing as exhibits

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Exhibit 32.2: Section 1350 Certification

Ticker: CTO
CIK: 23795
Form Type: 10-Q Quarterly Report
Accession Number: 0001558370-21-005252
Submitted to the SEC: Thu Apr 29 2021 4:11:51 PM EST
Accepted by the SEC: Thu Apr 29 2021
Period: Wednesday, March 31, 2021
Industry: Real Estate

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Cto Realty Growth, Inc. (CTO) SEC Filing 10-Q Quarterly Report for the period ending Wednesday, March 31, 2021

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