Consolidated-Tomoka Land Co. (NYSE MKT: CTO) (the “Company”) today
announced its operating results and earnings for the quarter ended June
30, 2015 and updated certain elements of the Company’s guidance for the
fiscal year ending December 31, 2015.
OPERATING RESULTS
Operating results for the quarter ended June 30, 2015 (as compared to
the same period in 2014):
-
Net income was $0.04 per share, a decrease of $0.09 per share; the
largest factor was higher interest expense of approximately $1.1
million relating to the convertible debt issuance, including
amortization of the discount, in advance of generating revenue from
additional income-producing investments;
-
Revenue from Income Properties totaled approximately $4.1 million, an
increase of 16%;
-
Revenue from Commercial Loan Investments totaled approximately
$639,000, an increase of 150%;
-
Revenue from Real Estate Operations totaled approximately $1.4
million, an increase of 30%; and
-
Revenue from Golf Operations increased by 1% and net operating results
improved by 90%.
Operating results for the six months ended June 30, 2015 (as compared to
the same period in 2014):
-
Net income was $0.10 per share, a decrease of $0.29 per share; the
largest factor was higher interest expense of approximately $1.3
million relating to the convertible debt issuance, including
amortization of the discount, in advance of generating revenue from
additional income-producing investments;
-
Revenue from Income Properties totaled approximately $8.4 million, an
increase of 21%;
-
Revenue from Commercial Loan Investments totaled approximately $1.3
million, an increase of 6%;
-
Revenue from Real Estate Operations totaled approximately $2.2
million, a decrease of 7%; and
-
Revenue from Golf Operations increased by 5% and net operating income
was approximately $140,000, an improvement of approximately $136,000.
OTHER HIGHLIGHTS
Other highlights for the quarter ended June 30, 2015 include the
following:
-
Repurchased 15,764 shares of the Company’s stock for approximately
$859,000 at an average purchase price of $54.47 per share;
-
Generated revenue of approximately $755,000 from two land transactions
for just under 4 acres in the quarter;
-
Generated revenue of approximately $39,000 and $328,000 for impact
fees for the three and six months ended June 30, 2015, respectively,
versus approximately $50,000 and $123,000 for the three and six months
ended June 30, 2014, respectively; and
-
Total cash (excluding restricted cash) as of June 30, 2015 was
approximately $31.7 million, of which approximately $23.9 million was
utilized in connection with the acquisition on July 16, 2015. As of
June 30, 2015, face value total debt to total market capitalization,
net of cash, remained below 22% with $75.0 million of borrowing
commitment and approximately $57.2 million of available borrowing
capacity on our credit facility, subject to borrowing base
requirements.
Income Property Portfolio Update
Property Acquisitions
On May 18, 2015, the Company acquired a 23,329 square-foot property
situated on 2.46 acres in Glendale, Arizona at a purchase price of
approximately $8.6 million. The property is leased to The Container
Store with a term of approximately 15 years having commenced in February
2015, with rent increases every 5 years. In a separate transaction, the
Company’s approximately $6.2 million first mortgage loan to the
developer of the property, which would have matured in November 2015,
was paid off by the borrower at par.
On May 29, 2015, the Company acquired a 0.71 acre vacant outparcel
located at The Grove at Winter Park in Winter Park, FL at a purchase
price of $409,000.
On July 16, 2015, the Company made its largest single acquisition in its
history, acquiring a 136,853 square-foot Class A office property
situated on 3.40 acres in Jacksonville, Florida at a purchase price of
$25.1 million. The multi-tenant property, 245 Riverside Avenue, is a
five story building, built by The St. Joe Company in 2003 for their
corporate headquarters, and is approximately 99% occupied with an
average remaining lease term of approximately 5.4 years. The largest
tenant of the property is Raymond James & Associates, occupying
approximately 14% of the leasable space. The Company will engage a third
party to manage and lease the property. This multi-tenant income
property was acquired near the mid-point of our guidance for target
investment yields and below estimated replacement cost.
Property Dispositions
On April 17, 2015, the Company sold its interest in two 13,813
square-foot buildings, located in Sanford and Sebastian, Florida, which
were both under lease to CVS but had been vacated by the tenant in a
previous year, with a weighted average remaining lease term of 8.7
years, for proceeds of $6.4 million, generating a pre-tax loss of
approximately $497,000 or approximately $0.05 per share, after tax. In
the first quarter of 2015 the Company recognized an impairment charge of
approximately $510,000 in connection with these sales; therefore, an
adjustment of that charge in the amount of approximately $13,000 was
recognized during the quarter ended June 30, 2015. The proceeds from
these transactions were utilized in a 1031 exchange to acquire the
Container Store in Glendale, Arizona.
Self-Developed Properties
Tenant improvement costs totaling approximately $838,000 were incurred
during the three months ended June 30, 2015 related to two lease
transactions: (i) the new 10-year lease with Teledyne for approximately
15,000 square feet at the Williamson Business Park, which the tenant is
expected to occupy before August 2015; and (ii) the expanded and
extended lease with the Florida Department of Revenue for approximately
21,000 square feet at the Mason Commerce Center. This brings our
self-developed multi-tenant property portfolio to a weighted average
occupancy of 91% as of June 30, 2015, with two of the properties 100%
occupied. The Company is exploring possible opportunities to
self-develop additional multi-tenant properties on our land in Daytona
Beach as recent tenant demand has been more active.
Portfolio Summary
Subsequent to completing the acquisition of the property in Jacksonville
on July 16, 2015, the Company owned thirty-five single-tenant income
properties in ten states, with an average remaining lease term of
approximately 9.1 years and eight multi-tenant income properties located
in Florida, of which five were self-developed, with an average remaining
lease term of approximately 5.7 years. As of July 16, 2015 the total
leasable space in the Company’s portfolio of income properties was
approximately 1.3 million square feet.
Commercial Loan Investments Update
During the quarter ended June 30, 2015, two of the Company’s commercial
loan investments were paid in full, at par. The construction loan to the
developer of the Container Store in Glendale, AZ was paid in full on May
18, 2015 with total principal received of approximately $6.2 million,
and the development loan on entitled land in Ormond Beach, FL was paid
in full on June 30, 2015 with total principal received of $1.0 million.
During the quarter ended June 30, 2015, the approximate $9.0 million
B-Note secured by a retail shopping center located in Sarasota, Florida
was extended one year to June 9, 2016 which included the rate increasing
by 25 basis points and the borrower providing additional collateral on
the loan.
Portfolio Summary
At June 30, 2015, the Company owned three performing commercial loan
investments which have an aggregate outstanding principal balance of
approximately $24.0 million. These loans are secured by real estate or
the borrower’s equity interest in real estate located in Dallas, Texas,
Sarasota, Florida and Atlanta, Georgia and have an average remaining
maturity of approximately 1.6 years and a weighted average interest rate
of 8.5%.
Real Estate Operations Update
Land Dispositions
On June 1, 2015, the Company sold approximately 3.0 acres of land
located on the south side of LPGA Boulevard, just east of Clyde Morris
Boulevard, at a sales price of $505,000, or approximately $167,000 per
acre. The pre-tax gain on the sale was approximately $476,000, or $0.05
per share, after tax.
On June 17, 2015, the Company sold just under an acre of land located in
Highlands County, at a sales price of $250,000. The pre-tax gain on the
sale was approximately $223,000, or $0.02 per share, after tax.
Land Pipeline Update
Since April 10, 2015 the Company executed a definitive sales contract
for one additional land transaction, for the balance of the land not
previously under contract in the Tomoka Town Center. As of July 17,
2015, the Company had executed definitive purchase and sale agreements
with seven different buyers whose intended use for the land under
contract includes residential (including multi-family), retail and
mixed-use retail, and office. These agreements, in aggregate, represent
the potential sale of nearly 1,900 acres, or 18% of our land holdings,
with anticipated sales proceeds totaling approximately $82 million. All
of these agreements contemplate closing dates ranging from the third
quarter of 2015 through 2017, and the Company expects some of the
transactions to close in 2015, although the buyers are not contractually
obligated to close until after 2015. Each of the transactions are in
varying stages of due diligence by the various buyers including, in some
instances, having made submissions to the planning and development
departments of the City of Daytona Beach and other permitting activities
with other applicable governmental authorities. In addition to other
customary closing conditions, the majority of these transactions are
conditioned upon both the receipt of approvals or permits from those
various governmental authorities, as well as other matters that are
beyond our control. If such approvals are not obtained, the prospective
buyers may have the ability to terminate their respective agreements
prior to closing. As a result, there can be no assurances regarding the
likelihood or timing of any one of these potential land transactions
being completed or the final terms, including the sales price.
Tanger Factory Outlets
One of the definitive sales contracts is with an affiliate of Tanger
Factory Outlet Centers, Inc. for approximately 39 acres along the east
side of Interstate 95 near LPGA Boulevard. Provided Tanger’s customary
conditions to begin construction are met, Tanger intends to develop the
39 acres into an approximately 380,000 square foot first-class outlet
mall. Tanger recently received approval by the City of Daytona Beach and
Volusia County for an incentive package valued at $4.5 million to assist
Tanger in reimbursing the Company for Tanger’s share of the
infrastructure costs required for the development of their site. The
outlet mall, which Tanger expects to invest approximately $100 million
to develop, has the potential to create approximately 400 jobs during
the construction phase and over 800 full and part-time jobs once
completed. Additionally, once completed, Tanger expects the project to
bring an estimated 85 brand name and designer stores, in line with the
existing Tanger portfolio, to the Daytona Beach market.
Minto Communities
One of the definitive sales contracts is with an affiliate of the Minto
Communities for Minto’s development of a 3,400 unit master planned age
restricted residential community on an approximate 1,600 acre parcel of
the Company’s land holdings west of Interstate 95. As a result of recent
delays in certain elements of the permitting process for this property,
the Company now expects that this transaction is more likely to close
later in 2016 and, consequently, we have adjusted our 2015 guidance to
reduce our estimates for land sales this year.
Tomoka Town Center
During the quarter we entered into a definitive sales contract with an
affiliate of the North American Development Group for NADG to purchase
the remaining land parcels not previously under contract in the Tomoka
Town Center and become the master developer of the remaining elements of
the Tomoka Town Center. In connection with the planning and permitting
process for the Tomoka Town Center, a community development district was
created for the purpose of funding the development of the infrastructure
for the entire Tomoka Town Center, including the parcels under contract
for the Tanger outlet mall site and a retail warehouse club. NADG is in
their initial due diligence phase for the development of a mixed-use
town center that could include retail, office, lodging and residential.
Updated Full Year 2015 Guidance
As a result of recent events in the planning and permitting processes
and other activities involving governmental authorities pertaining to
certain of our land transactions, we anticipate that the closing of
certain transactions will occur later than that which was expected as of
the issuance of our full year 2015 guidance in February 2015. The
Company now estimates that the timing of certain land sales that were
expected to close from the 2nd quarter through year end 2015
are now expected to close in the fourth quarter of 2015 and the closing
of one of the transactions may be delayed until 2016. Should the
transaction previously expected to close in 2015 not close until 2016,
the Company’s range of expected land sales for fiscal year 2015 would be
reduced to a range of approximately $10.0 million to $17.5 million, and
accordingly the Company’s estimated earnings per share for the year
ending December 31, 2015 would be reduced to a range of approximately
$1.45 per share to $1.70 per share. The Company does not expect the
adjusted timing of these land sales to have any material impact on the
expected sales proceeds from the transactions.
Financial Results
Revenue
Total revenue for the quarter ended June 30, 2015 increased 21% to
approximately $7.6 million, as compared to approximately $6.3 million
during the same period in 2014. This increase was primarily the result
of an increase of approximately $580,000, or 16%, in revenue generated
by our income properties, an increase of approximately $315,000, or 30%,
in revenue from our real estate operations, and an increase of
approximately $383,000, or 150%, in revenue from our commercial loan
investments. In the quarter ended June 30, 2015 revenue from our income
properties included approximately $456,000 of rent increases, including
the addition of the Whole Foods Market Centre, acquired in October 2014,
and revenue from our real estate operations benefited from an increase
of approximately $755,000 from two land sales, offset by a decrease in
our subsurface lease revenue of approximately $356,000.
Total revenue for the six months ended June 30, 2015 increased 11% to
approximately $14.9 million, as compared to approximately $13.5 million
during the same period in 2014. This increase was primarily the result
of an increase of approximately $1.4 million, or 21%, in revenue
generated by our income properties and an increase of approximately
$136,000, or 5%, from our golf operations, offset by a decrease of
approximately $175,000, or 7%, in revenue from our real estate
operations. For the six months ended June 30, 2015 our revenue from our
income properties included approximately $988,000 of rent increases,
including the addition of the Whole Foods Market Centre, and our real
estate operations benefited from an increase in revenue from land sales
of approximately $451,000, offset by a decrease in our subsurface lease
revenue of approximately $708,000.
Net Income
Net income for the quarter ended June 30, 2015 was approximately
$225,000, compared to approximately $723,000 in the same period in 2014.
Net income per share for the quarter ended June 30, 2015 was $0.04 per
share, as compared to $0.13 per share during the same period in 2014, a
decrease of $0.09 per share, or 69%. Our results in the second quarter
of 2015 benefited from approximately $1.3 million, or 21%, in increased
revenues offset by an increase in operating expenses of approximately
$791,000, or 17%, and an increase in interest expense of approximately
$1.4 million. Included in the net increase in operating expenses of
approximately $791,000 was approximately $198,000 of increased direct
costs of revenues for our income properties, which was primarily
comprised of approximately $265,000 in increased operating expenses
related to our recent multi-tenant investments including Williamson
Business Park, the Whole Foods Market Centre and The Grove at Winter
Park, offset by a decrease of approximately $64,000 relating primarily
to lower acquisition costs incurred in connection with certain property
acquisitions in the respective quarters. In addition, our net income was
impacted by increased depreciation and amortization expense of
approximately $225,000, or 27%, reflecting our increased income property
portfolio, increased general and administrative expenses of
approximately $330,000, or 21%, primarily due to an increase in stock
compensation expense of approximately $235,000 and increases in
payroll-related expenses and legal costs. In addition, interest expense
increased by approximately $1.4 million, or 265%, reflecting our $30.0
million fixed rate borrowing which closed in September 2014 and our
$75.0 million convertible debt issuance which closed in March 2015. Of
the total increase in interest expense, approximately $293,000 was
non-cash relating to the amortization of the bond discount.
Net income for the six months ended June 30, 2015 was approximately
$578,000, as compared to approximately $2.2 million in the same period
in 2014. Net income per share for the six months ended June 30, 2015,
was $0.10 per share, as compared to $0.39 per share during the same
period in 2014, a decrease of $0.29 per share, or 74%. Our results in
the first six months of 2015 benefited from approximately $1.4 million,
or 11%, in increased revenue offset by an increase in operating expenses
of approximately $2.3 million, or 26%, and an increase in interest
expense of approximately $2.0 million offset by an increase in
investment income of approximately $197,000. Included in the net
increase in operating expenses of approximately $2.3 million was
approximately $565,000 of increased direct costs of revenues related to
our recent multi-tenant investments including Williamson Business Park,
the Whole Foods Market Centre and The Grove at Winter Park, offset by a
decrease of approximately $57,000 related to acquisition costs, property
taxes and other expenses. In addition, our net income was impacted by
increased depreciation and amortization expense of approximately
$609,000, or 38%, reflecting our increased income property portfolio,
increased general and administrative expenses of approximately $289,000,
or 10%, primarily due to increases in payroll-related expenses and legal
costs partially offset by an environmental reserve of approximately
$110,000 that occurred during the six months ended June 30, 2014. In
addition, interest expense increased by approximately $2.0 million, or
200%, reflecting our $30.0 million fixed rate borrowing which closed in
September 2014 and our $75.0 million convertible debt issuance which
closed in March 2015. Of the total increase in interest expense,
approximately $318,000 was non-cash relating to the amortization of the
bond discount.
CEO and CFO Comments on Operating Results
Mark E. Patten, senior vice president and chief financial officer,
stated, “While our net income and earnings per share reflect the delay
in the land transactions we expected to close in the quarter, we were
encouraged with other aspects of our results, including the continued
growth in our operating cash flows, the payoff of two of our loan
investments which delivered a weighted average return of approximately
8.2% in just under 12 months, the addition of another large land
transaction in our pipeline, and the improved results from our golf
operations versus last year.” Mr. Patten continued, “We expect that the
additional interest costs incurred in the second quarter will, going
forward, be largely offset by the deployment of our high cash balance to
fund acquisitions including the multi-tenant property in Jacksonville.”
Mr. Patten also noted, “We are pleased to have been active in our share
buyback program during the quarter as we had the opportunity to acquire
nearly 16,000 shares at a pricing level that we believe is an attractive
discount to our estimate of the Company’s net asset value bringing our
total repurchases to approximately 42,000 in the last two years.”
John P. Albright, president and chief executive officer, stated, “We are
pleased with the continued interest in our land holdings by high quality
operators and developers like Tanger Factory Outlets and Minto
Communities, whose projects we believe will bring the interchange at
LPGA Boulevard and Interstate 95 to a level of quality development that
should further benefit the balance of our land holdings.” Mr. Albright
continued, “As our pipeline of land transactions under contract has
grown, we are experiencing a longer than expected process for the
developer permitting and entitlements to be completed as transportation
and environmental matters in particular are requiring a longer time
frame to resolve.” Mr. Albright also noted, “Our strong capital position
has both allowed us to purchase the Class A 136,000 square foot 245
Riverside property in Jacksonville in advance of a possible 1031
exchange transaction, as well as to fund certain infrastructure costs
for the Tanger outlet mall and Tomoka Town Center in advance of possibly
being reimbursed in connection with the land transactions under contract
for Tomoka Town Center, including with Tanger and NADG.”
About Consolidated-Tomoka Land Co.
Consolidated-Tomoka Land Co. is a Florida-based publicly traded real
estate company, which owns a portfolio of income properties and loan
investments in diversified markets in the United States, and over 10,500
acres of land in the Daytona Beach, Florida area. Visit our website at www.ctlc.com.
Forward-Looking Statements
Certain statements contained in this press release (other than
statements of historical fact) are forward-looking statements. The words
“believe,” “estimate,” “expect,” “intend,” “anticipate,” “will,”
“could,” “may,” “should,” “plan,” “potential,” “predict,” “forecast,”
“project,” and similar expressions and variations thereof identify
certain of such forward-looking statements, which speak only as of the
dates on which they were made. Forward-looking statements are made based
upon management’s expectations and beliefs concerning future
developments and their potential effect upon the Company. There can be
no assurance that future developments will be in accordance with
management’s expectations or that the effect of future developments on
the Company will be those anticipated by management.
Forward-looking statements are subject to certain events, factors and
conditions, risks, uncertainties and assumptions that could cause the
Company’s actual results in the future to differ materially from its
historical results and those presently anticipated or projected. Such
risks and uncertainties include, among other things, prevailing market
conditions, obtaining necessary governmental approvals and satisfying
other closing conditions on land transactions, the timing for expected
land transactions to close, and the Company’s exploration of a potential
REIT conversion.
The Company wishes to caution readers that the assumptions which form
the basis for forward-looking statements with respect to or that may
impact earnings for the year ended December 31, 2015, and thereafter
include many factors that are beyond the Company’s ability to control or
estimate precisely. For a description of the risks and uncertainties
that may cause actual results to differ from the forward-looking
statements contained in this press release, please see the Company’s
filings with the Securities and Exchange Commission, including, but not
limited to the Company’s most recent Annual Report on Form 10-K. Copies
of each filing may be obtained from the Company or the SEC.
While the Company periodically reassesses material trends and
uncertainties affecting its results of operations and financial
condition, the Company does not intend to review or revise any
particular forward-looking statement referenced herein in light of
future events.
Disclosures in this press release regarding the Company’s quarter-end
financial results are preliminary and are subject to change in
connection with the Company’s preparation and filing of its Form 10-K
for the year ending December 31, 2015. The financial information in this
release reflects the Company’s preliminary results subject to completion
of the year-end review process. The final results for the year may
differ from the preliminary results discussed above due to factors that
include, but are not limited to, risks associated with final review of
the results and preparation of financial statements.
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CONSOLIDATED-TOMOKA LAND CO.
CONSOLIDATED BALANCE SHEETS
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(Unaudited) June 30, 2015
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December 31, 2014
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ASSETS
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Property, Plant, and Equipment:
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Income Properties, Land, Buildings, and Improvements
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$
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192,475,053
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$
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191,634,698
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Golf Buildings, Improvements, and Equipment
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3,429,594
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3,323,177
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Other Furnishings and Equipment
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1,018,831
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1,008,150
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Construction in Progress
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884,627
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—
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Total Property, Plant, and Equipment
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197,808,105
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195,966,025
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Less, Accumulated Depreciation and Amortization
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(15,972,692
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)
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(15,177,102
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)
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Property, Plant, and Equipment - Net
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181,835,413
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180,788,923
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Land and Development Costs
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38,511,871
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38,071,264
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Intangible Assets - Net
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10,475,708
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10,352,123
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Impact Fee and Mitigation Credits
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4,773,033
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5,195,764
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Commercial Loan Investments
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23,960,467
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30,208,074
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Cash and Cash Equivalents
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31,674,420
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1,881,195
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Restricted Cash
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1,493,395
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4,440,098
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Investment Securities
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6,811,429
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821,436
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Refundable Income Taxes
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707,768
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267,280
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Other Assets
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5,566,744
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4,566,291
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Total Assets
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$
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305,810,248
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$
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276,592,448
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LIABILITIES AND SHAREHOLDERS’ EQUITY
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Liabilities:
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Accounts Payable
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$
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1,391,498
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$
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859,225
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Accrued and Other Liabilities
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6,680,649
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6,071,202
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Deferred Revenue
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1,147,277
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2,718,543
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Accrued Stock-Based Compensation
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263,982
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560,326
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Deferred Income Taxes - Net
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35,515,496
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34,038,442
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Long-Term Debt
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129,625,551
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103,940,011
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Total Liabilities
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174,624,453
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148,187,749
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Shareholders’ Equity:
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Common Stock – 25,000,000 shares authorized; $1 par value, 6,050,466
shares issued and
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5,994,232 shares outstanding at June 30, 2015; 5,922,130 shares
issued and 5,881,660
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shares outstanding at December 31, 2014
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5,880,133
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5,862,063
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Treasury Stock – 56,234 shares at June 30, 2015; 40,470 shares at
December 31, 2014
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(2,240,261
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)
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(1,381,566
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)
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Additional Paid-In Capital
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14,713,763
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11,289,846
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Retained Earnings
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112,905,901
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112,561,115
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Accumulated Other Comprehensive Income (Loss)
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(73,741
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)
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73,241
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Total Shareholders’ Equity
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131,185,795
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128,404,699
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Total Liabilities and Shareholders’ Equity
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$
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305,810,248
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$
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276,592,448
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CONSOLIDATED-TOMOKA LAND CO.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
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Three Months Ended
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Six Months Ended
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June 30,
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June 30,
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June 30,
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June 30,
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2015
|
|
2014
|
|
2015
|
|
2014
|
Revenues
|
|
|
|
|
|
|
|
|
Income Properties
|
|
$
|
4,132,052
|
|
|
$
|
3,552,130
|
|
|
$
|
8,392,727
|
|
|
$
|
6,956,489
|
|
Interest Income from Commercial Loan Investments
|
|
|
638,710
|
|
|
|
255,769
|
|
|
|
1,270,194
|
|
|
|
1,199,659
|
|
Real Estate Operations
|
|
|
1,368,141
|
|
|
|
1,053,585
|
|
|
|
2,227,942
|
|
|
|
2,402,832
|
|
Golf Operations
|
|
|
1,448,567
|
|
|
|
1,432,398
|
|
|
|
2,985,993
|
|
|
|
2,849,777
|
|
Agriculture and Other Income
|
|
|
20,738
|
|
|
|
17,477
|
|
|
|
39,677
|
|
|
|
75,321
|
|
|
|
|
|
|
|
|
|
|
Total Revenues
|
|
|
7,608,208
|
|
|
|
6,311,359
|
|
|
|
14,916,533
|
|
|
|
13,484,078
|
|
|
|
|
|
|
|
|
|
|
Direct Cost of Revenues
|
|
|
|
|
|
|
|
|
Income Properties
|
|
|
(682,887
|
)
|
|
|
(484,492
|
)
|
|
|
(1,323,733
|
)
|
|
|
(824,511
|
)
|
Real Estate Operations
|
|
|
(305,853
|
)
|
|
|
(193,627
|
)
|
|
|
(904,576
|
)
|
|
|
(445,577
|
)
|
Golf Operations
|
|
|
(1,456,232
|
)
|
|
|
(1,512,194
|
)
|
|
|
(2,845,844
|
)
|
|
|
(2,845,220
|
)
|
Agriculture and Other Income
|
|
|
(43,195
|
)
|
|
|
(49,119
|
)
|
|
|
(98,346
|
)
|
|
|
(110,532
|
)
|
|
|
|
|
|
|
|
|
|
Total Direct Cost of Revenues
|
|
|
(2,488,167
|
)
|
|
|
(2,239,432
|
)
|
|
|
(5,172,499
|
)
|
|
|
(4,225,840
|
)
|
General and Administrative Expenses
|
|
|
(1,874,877
|
)
|
|
|
(1,545,247
|
)
|
|
|
(3,344,643
|
)
|
|
|
(3,055,681
|
)
|
Impairment Charges
|
|
|
—
|
|
|
|
—
|
|
|
|
(510,041
|
)
|
|
|
—
|
|
Depreciation and Amortization
|
|
|
(1,071,752
|
)
|
|
|
(846,381
|
)
|
|
|
(2,227,491
|
)
|
|
|
(1,618,389
|
)
|
Gain on Disposition of Assets
|
|
|
12,749
|
|
|
|
—
|
|
|
|
18,189
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
Total Operating Expenses
|
|
|
(5,422,047
|
)
|
|
|
(4,631,060
|
)
|
|
|
(11,236,485
|
)
|
|
|
(8,899,910
|
)
|
|
|
|
|
|
|
|
|
|
Operating Income
|
|
|
2,186,161
|
|
|
|
1,680,299
|
|
|
|
3,680,048
|
|
|
|
4,584,168
|
|
Investment Income
|
|
|
74,818
|
|
|
|
14,371
|
|
|
|
225,277
|
|
|
|
28,318
|
|
Interest Expense
|
|
|
(1,888,434
|
)
|
|
|
(517,778
|
)
|
|
|
(2,954,936
|
)
|
|
|
(985,429
|
)
|
|
|
|
|
|
|
|
|
|
Income Before Income Tax Expense
|
|
|
372,545
|
|
|
|
1,176,892
|
|
|
|
950,389
|
|
|
|
3,627,057
|
|
Income Tax Expense
|
|
|
(147,928
|
)
|
|
|
(453,984
|
)
|
|
|
(372,416
|
)
|
|
|
(1,403,742
|
)
|
|
|
|
|
|
|
|
|
|
Net Income
|
|
$
|
224,617
|
|
|
$
|
722,908
|
|
|
$
|
577,973
|
|
|
$
|
2,223,315
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per Share Information:
|
|
|
|
|
|
|
|
|
Basic and Diluted
|
|
|
|
|
|
|
|
|
Net Income
|
|
$
|
0.04
|
|
|
$
|
0.13
|
|
|
$
|
0.10
|
|
|
$
|
0.39
|
|
|
|
|
|
|
|
|
|
|
Dividends Declared and Paid
|
|
$
|
0.04
|
|
|
$
|
0.03
|
|
|
$
|
0.04
|
|
|
$
|
0.03
|
|
|
|
|
|
|
|
|
|
|
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