Consolidated-Tomoka Land Co. (NYSE American: CTO) (the
“Company”) today announced its operating results and earnings for
the quarter and nine months ended September 30, 2017.
OPERATING RESULTS
Operating results for the quarter ended September 30, 2017 (as
compared to the same period in 2016):
- Net income was $0.18 per basic share, a
decrease of $1.26 per share, or (88%);
- Operating income was approximately $3.8
million, a decrease of approximately $12.1 million, or (76%);
and
- Revenues from our Operating Segments
were as follows:
Increase (Decrease) Operating
Segment
Revenue forthe
Quarter($000’s)
vs Same Period
in2016($000’s)
vs SamePeriod in
2016(%)
Income Properties
$
7,928
$
1,907
32 % Interest Income from Commercial Loan Investments 638
104 19 % Real Estate Operations 2,926 (1,718 ) -37 % Golf
Operations 797 (204 ) -20 % Agriculture & Other Income
91 81 810 % Total Revenues
$
12,380
$
170
1 %
Operating results for the nine months ended September 30, 2017
(as compared to the same period in 2016):
- Net income was $3.13 per basic share,
an increase of $1.17 per share, or 60%;
- Operating income was approximately
$34.6 million, an increase of approximately $7.6 million, or 28%;
and
- Revenues from our Operating Segments
were as follows:
Increase (Decrease) Operating
Segment
Revenue forthe
NineMonths($000’s)
vs Same Period
in2016($000’s)
vs SamePeriod in
2016(%)
Income Properties
$
22,566
4,083 22 % Interest Income from Commercial Loan Investments
1,727
(324 ) -16 % Real Estate Operations 45,658 26,679 141 % Golf
Operations 3,656 (222 ) -6 % Agriculture & Other Income
324 276 575 % Total Revenues
$
73,931
$
30,492
70 %
Repurchase Program
During the quarter, the Company repurchased 29,951 shares of its
common stock for approximately $1.6 million, at an average purchase
price of $54.21 per share. During the first nine months of 2017,
the Company repurchased 134,049 shares of its common stock for
approximately $7.1 million, at an average purchase price of $53.24.
As of October 18, 2017, there is approximately $5.5 million
remaining on the $10 million buyback program initiated in March of
2017.
Income Property Operations
Update
As of October 18, 2017, the Company is under contract to acquire
a single-tenant office property, with a remaining lease term of
approximately 8 years, in a major market in the Pacific Northwest
that is leased to an investment-grade tenant at a purchase price of
nearly $40 million, representing a cap rate at the high end of our
investment guidance. This potential acquisition may close in the
next 30 days.
Land and Subsurface
Update
On October 13, 2017, the Company completed the sale of
approximately 5.1 acres located west of Interstate 95 for
industrial use, for approximately $275,000, or approximately
$54,000 per acre, resulting in an estimated gain of approximately
$240,000, or $0.03 per share, after tax.
New Land Sales Contracts and Mitigation Bank Term
Sheet
The following table details the contracts for the sale of land
we have executed since our last update on August 25, 2017, and
includes the terms of an executed non-binding term sheet to form a
joint venture with an institutional investor to establish a
mitigation bank on a parcel of our land (the “Mitigation
Bank”):
Location Acres
Amount($000’s)
Price Per Acre($
Rounded000’s)
1 East of I-95 (surrounding Buc-ee’s location) 123
$29,250 $238,000 2 West of I-95 (south side of SR 40) 1,016
$21,000 $21,000 3 East of I-95 (across from Florida Hospital) 45
$5,200 $116,000 4 West of I-95 (Mitigation Bank) –Term Sheet (1)
2,492 $15,000 $6,000 Totals (Average) 3,676
$70,450 $19,000
(1) The amount for the
Mitigation Bank represents the amount in the term sheet for the
buyer’s acquisition of approximately 70% of the joint venture that
owns the Mitigation Bank, with the Company retaining 30%.
Land Pipeline Update
As of October 18, 2017, the Company’s pipeline of potential land
sales transactions, including the Mitigation Bank transaction,
includes the following twelve (12) potential transactions with
eleven (11) different buyers, representing more than 5,800 acres or
approximately 72% of our land holdings:
Transaction (Buyer)
Acres
Amount($000’s)
Price Per Acre($
Rounded000’s)
EstimatedTiming
1 Commercial/Retail – East of I-95 (2) 123 $29,250
$238,000
’18 – ‘19
2 Residential (AR) – Minto II – West of I-95 1,614 $26,500 $16,000
’18 3 Residential (SF) – ICI Homes II – West of I-95 1,016 $21,000
$21,000 ‘19 4 Mixed-Use Retail – North American – East of I-95 62
$16,963 $273,000 ’17 – ‘18 5 Mitigation Bank– Term Sheet (1) – West
of I-95 2,492 $15,000 $6,000 ’18 6 Commercial/Retail – Buc’ees –
East of I-95 (2) 35 $14,000 $400,000 ‘18 7 Commercial/Retail – East
of I-95 21 $5,777 $275,000 ’17 – ‘18 8 Distribution/Warehouse –
East of I-95 71 $5,000 $70,000 ’18 – ‘19 9 Residential
(Multi-Family) – East of I-95 (3) 45 $5,200 $116,000 ’18 – ‘19 10
Residential (SF) – West of I-95 (4) 200 $3,324 $17,000 ’18 11
Commercial/Retail – Specialty Grocer – East of I-95 9 $2,700
$300,000 ’18 12 Residential (SF) – ICI Homes – West of I-95 146
$1,400 $10,000 ‘19 Totals (Average) 5,834
$146,114 $25,000
(1) The amount for the
Mitigation Bank represents the amount in the term sheet for the
buyer’s acquisition of approximately 70% of the joint venture that
owns the Mitigation Bank, with the Company retaining 30%.
(2) Land sales transactions
which require the Company to incur the cost to provide the
requisite mitigation credits necessary for obtaining the applicable
regulatory permits for the buyer, with such costs representing
either our basis in credits that we own or potentially up to 5% -
10% of the contract amount noted.
(3) The acres and amount include
the buyer’s option to acquire 19 acres for approximately $2.0
million, in addition to the base contract of 26 acres for
approximately $3.2 million.
(4) The acres and amount include
the buyer’s option to acquire 71 acres for approximately $574,000,
in addition to the base contract of 129 acres for approximately
$2.75 million.
As noted above, these agreements contemplate closing dates
ranging from the fourth quarter of 2017 through fiscal year 2019,
and although some of the transactions may close in 2017, the buyers
are not contractually obligated to close until after 2017. 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 including wetlands permits from
the St. John’s River Water Management District and the U.S. Army
Corps of Engineers and traffic analyses with the Florida Department
of Transportation and Volusia County. In addition to other
customary closing conditions, the majority of these transactions
are conditioned upon 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 thereof, including the sales price.
Excluding the approximately 5,834 acres under contract or
subject to a term sheet the Company’s remaining land holdings
consist of approximately 2,266 acres of undeveloped land.
Subsurface Transactions
On August 24, 2017, the Company sold approximately 38,750 acres
of subsurface interests in Osceola County, Florida for
approximately $2.1 million (the “Osceola Subsurface Sale”). The
Osceola Subsurface Sale represents approximately 27% of the
subsurface interests owned by the Company in Osceola County,
Florida, and 7.8% of the Company’s approximately 500,000 acres of
total subsurface interests, all located in the State of Florida.
Osceola County does not have a history of oil exploration. The gain
from the Osceola Subsurface Sale totaled approximately $2.08
million or approximately $0.23 per share, after tax.
On September 22, 2017, the Company executed an amendment to the
agreement with Kerogen Florida Energy Company LP for the lease of
approximately 15,000 acres in Hendry County, Florida and we
received approximately $857,000 as payment for the upcoming year of
the lease and drilling penalties.
Beachfront Development
In the third quarter of 2017, the Company broke ground on the
development of two restaurant properties, each more than 6,000
square feet, on the Company’s 6-acre beach parcel in Daytona Beach,
Florida. The construction of the two single-tenant properties was
approximately 32% complete as of September 30, 2017 and the Company
expects that the LandShark Bar and Grill and Cocina 214 Restaurant
& Bar will open in January 2018. The Company estimates the
total investment, including the land and construction costs for
both restaurant properties, to be approximately $17.7 million, of
which approximately $4.8 million is remaining to be invested in the
development of the restaurants.
Commercial Loan Investments
Update
On July 31, 2017, the Company originated a $3.0 million first
mortgage loan secured by a parcel of beachfront land in the City of
Daytona Beach Shores, Florida which the borrower intends to develop
as a residential condominium (the “Beach Loan”). The Beach Loan
matures on August 1, 2018, includes a one-year extension option,
bears a fixed interest rate of 11.00%, and requires monthly
payments of interest only prior to maturity. At closing, a loan
origination fee of $60,000 was received by the Company. Should the
borrower seek to obtain financing for the development of the
project prior to maturity, the Beach Loan would likely be paid off
in connection with that financing.
The Company has engaged a national broker to market the
Company’s two commercial loan investments secured by hotel
properties in Atlanta, Georgia and Dallas, Texas which have an
aggregate principal value of $15 million. In connection with this
process, we are currently in active discussions with a potential
buyer of these two loans at approximately par. These two loans have
been classified as held for sale on the balance sheet as of
September 30, 2017.
Financial Results
Revenue
Total revenue for the quarter ended September 30, 2017 increased
slightly to approximately $12.4 million, compared to approximately
$12.2 million during the same period in 2016. This increase was
primarily the result of the increase in revenues from our Income
Property Operations, offset by a decrease in our Real Estate
Operations revenue net of the aforementioned subsurface
transaction, both of which are outlined in the following tables,
respectively:
Increase (Decrease) Income Property
Operations Segment
Revenue for
theQuarter($000’s)
vs Same Period
in2016($000’s)
Q4 2016 & YTD 2017 Acquisitions $ 1,659 $ 1,659 Revenue from
The Grove at Winter Park 147 123 Revenue from Remaining Portfolio
5,570 132 Accretion of Above Market/Below Market Intangibles
552 (7) Total Related to Income Property Operations $
7,928 $ 1,907
Increase
(Decrease) Real Estate Operations Segment
Revenue forthe
Quarter($000’s)
vs Same Period
in2016($000’s)
Land Sales Revenue $ - $ (318 ) Percentage of Completion Revenue
(Tomoka Town Center) - (3,654 ) Impact Fees/Mitigation Credit Sales
548 339 Subsurface Revenue 2,374 1,911 Other 4
4 Total Related to Real Estate Operations $ 2,926 $
(1,718 )
Total revenue for the quarter ended September 30, 2017 was also
impacted by a decrease of approximately $204,000 in the revenue
generated by our Golf Operations, which had one of the two 18-hole
golf courses closed during the entire quarter for renovation of the
greens, and an increase of approximately $104,000 in interest
income on our commercial loan investments primarily as a result of
the $3 million mortgage loan originated during the quarter.
Total revenue for the nine months ended September 30, 2017
increased to approximately $73.9 million, compared to approximately
$43.4 million during the same period in 2016, an increase of
approximately $30.5 million, or 70%. This increase was primarily
the result of the increases from our Real Estate Operations segment
and the Income Property Operations segment, respectively, as
outlined in the following tables, offset slightly by the
aforementioned reduced revenues from our Golf Operations:
Increase (Decrease) Real Estate Operations
Segment
Revenue for theNine
Months($000’s)
vs Same Period
in2016($000’s)
Land Sales Revenue $ 39,564 $ 39,056 Revenue from Reimbursement of
Infrastructure Costs 1,276 1,276 Impact Fees/Mitigation Credit
Sales 1,987 1,506 Percentage of Completion Revenue (Tomoka Town
Center) - (16,455 ) Subsurface Revenue 2,827 1,292 Other 4
4 Total Related to Real Estate Operations $
45,658 $ 26,679
Increase
(Decrease) Income Property Operations Segment
Revenue for theNine
Months($000’s)
vs Same Period
in2016($000’s)
Q4 2016 & YTD 2017 Acquisitions $ 3,989 $ 3,989 Revenue from
the Grove at Winter Park 284 206 Accretion of Above Market/Below
Market Intangibles 1,633 (89 ) Revenue from Remaining Portfolio
16,660 (23 ) Total Related to Income Property
Operations $ 22,566 $ 4,083
Total revenue for the nine months ended September 30, 2017 was
also impacted by an increase in revenues from our Agricultural
Operations which benefited from a timber contract offset by the
aforementioned decrease of approximately $222,000 in the revenue
generated by our Golf Operations, and a net decrease of
approximately $323,000 in interest income on our commercial loan
investments as a result of a loan investment which was repaid in
the second quarter of 2016 partially offset by the $3 million
mortgage loan originated in the third quarter of 2017.
Net Income
Net income and basic net income per share for the quarter ended
September 30, 2017, compared to the same period in 2016, was as
follows:
Increase (Decrease)
For
theQuarterEndedSeptember
30,2017
vs Same Period in2016
vs Same Period in2016
(%)
Net Income ($000’s)
$
967
$
(7,194
) -88 % Basic Net Income Per Share
$
0.18
$
(1.26
) -88 %
The above results for the third quarter of 2017, as compared to
the same period in 2016, reflected the following significant
operating elements in addition to the impacts on revenues described
above:
- A decrease in direct cost of revenues
of nearly $0.6 million primarily related to the decrease in the
direct cost of revenues for the Real Estate Operations of
approximately $0.8 million, which primarily reflects that we did
not close any land transactions during the third quarter of 2017,
and an increase of approximately $0.3 million in the operating
costs of the Income Property Operations segment;
- An increase in depreciation and
amortization of approximately $1.2 million resulting from the
growth in our income property portfolio; and
- The gain of approximately $11.5 million
recognized in the third quarter of 2016 in connection with the
Company’s disposition of a portfolio of 14 single-tenant income
properties.
Net income and basic net income per share for the nine months
ended September 30, 2017, compared to the same period in 2016, was
as follows:
Increase (Decrease)
For the NineMonths
EndedSeptember 30,2017 (1)
vs Same Periodin 2016
vs Same Period in2016
(%)
Net Income ($000’s) $ 17,392 $ 6,236 56 % Basic Net Income
Per Share $ 3.13 $ 1.17 60 %
(1) Includes $0.24 in non-cash
earnings for the elimination of the accrued liability associated
with the straight-line accounting for the land lease which was
terminated as part of the acquisition of the LPGA International
golf course land. This earnings impact was not included in the
Company’s original 2017 guidance for earnings per share.
The above results for the nine months ended September 30, 2017,
as compared to the same period in 2016, reflected the following
significant operating elements in addition to the impacts on
revenues described above:
- An increase in direct cost of revenues
of approximately $11.7 million primarily related to the increase in
the direct cost of revenues for the Real Estate Operations of
approximately $10.8 million, which reflects an increase of
approximately $8.7 million in cost basis related to the increased
land sales during the nine-month period and associated transaction
costs of approximately $1.3 million;
- An increase in depreciation and
amortization of approximately $3.3 million resulting from the
growth in our income property portfolio;
- Non-cash earnings of approximately $2.2
million related to the transaction to acquire the land underlying
our golf operations; and
- Income of approximately $12.8 million
recognized in 2016 in connection with the Company’s disposition of
a portfolio of 14 income properties and other dispositions of
income properties offset by the recognition of approximately $2.2
million in impairment charges during the nine months ended
September 30, 2016.
Balance Sheet Update
As previously announced, in early September 2017, the Company
amended its unsecured revolving credit facility (the “Revolver
Amendment”) including: i) increasing the lending commitment to $100
million (from $75 million) with the ability to increase the
commitment up to $150 million; ii) reducing the interest rates;
iii) modifying certain financial covenants in a manner favorable
for the Company and increasing the borrowing base valuations of the
Company’s income properties; and iv) extending the maturity date to
September 2021 (from August 2018). As a result of the Revolver
Amendment, the Company has borrowing capacity of approximately $59
million as of September 30, 2017.
Book value increased by $2.61 per share to approximately $28.58
per share as of September 30, 2017, an increase of approximately
10.1% versus December 31, 2016.
2017 Guidance
The following summary provides a review of the Company’s updated
guidance for the year ending December 31, 2017 compared to the
operating results and leverage as of and for the nine months ended
September 30, 2017 and the income property investment activity and
land transactions as of October 18, 2017:
UpdatedGuidanceYTD
2017
YTD 2017Actual
Reported Earnings Per Share (Basic) $2.95 - $3.10(1) $3.13(1)
Acquisition of Income-Producing Assets $50mm - $70mm $40.0 Target
Investment Yields (Initial Yield – Unlevered) 6% - 8% 6.65% Land
Transactions (Sales Value) $30mm - $50mm $39.8mm Leverage Target
(as % of Total Enterprise Value) <40% 32.5%
(1) Includes $0.24 in non-cash
earnings for the elimination of the accrued liability associated
with the straight-line accounting for the land lease which was
terminated as part of the acquisition of the LPGA International
golf course land. This earnings impact was not included in the
Company’s original 2017 guidance for earnings per share.
The Company expects to exceed the updated guidance for basic
earnings per share for the full year ended December 31, 2017. In
addition, based on the income property the Company has under
contract, the Company expects to exceed the guidance for the
acquisition of income-producing assets of $70 million.
Potential REIT Conversion - Earnings
& Profits Study
In connection with the Company’s ongoing evaluation of a
possible conversion to a real estate investment trust (“REIT”), the
Company has engaged a third-party tax consultant to conduct a study
to determine the historical accumulated earnings and profits of the
Company (the “E&P”) that would be required to be distributed in
connection with a potential conversion to a REIT. The potential
conversion of the Company to a REIT tax structure would require
that the historical E&P for the entirety of the Company’s
history be distributed to the Company’s shareholders as part of
such possible conversion, in accordance with the provisions of the
Internal Revenue Code. The current estimate of the E&P,
pursuant to the aforementioned study, is indicating a range of $30
million to $45 million. The most significant difference between the
estimated E&P and the Company’s retained earnings as of
September 30, 2017 is the amount of after-tax gains from land and
income property sales that were executed utilizing the 1031
structure, as those gains are not included in the amount required
to be distributed. With regard to the distribution of the E&P
as part of a potential REIT conversion, it is customary, pursuant
to the Company obtaining an affirmative ruling from the Internal
Revenue Service, that up to 80% of the estimated E&P
distribution could be satisfied through the issuance of the
equivalent number of shares of the Company’s common stock, with the
remaining 20% paid in cash.
If the Company’s board of directors elects to pursue a potential
conversion to a REIT, the final determination requires approval by
a majority of the Company’s shareholders. No decision has been made
and we do not anticipate such a decision prior to 2018. The
Company’s evaluation of and decisions regarding a potential
conversion to a REIT could be impacted by possible changes to
corporate tax policy being considered by the U.S. government.
Quarterly Dividend
The Company’s Board of Directors declared a quarterly dividend
of $0.05 per share payable on November 30, 2017 to shareholders of
record on November 10, 2017.
Third Quarter 2017 Earnings Conference
Call & Webcast
The Company will host a conference call to present its operating
results for the quarter ended September 30, 2017 tomorrow,
Thursday, October 19, 2017, at 9:00 a.m. eastern time. Shareholders
and interested parties may access the Earnings Call via
teleconference or webcast:
Teleconference: USA (Toll Free) 1-888-317-6003International:
1-412-317-6061Canada (Toll Free): 1-866-284-3684
Please dial in at least fifteen minutes prior to the scheduled
start time and use the code 4036102 when prompted.
A webcast of the call can be accessed at:
http://services.choruscall.com/links/cto171019.html. To access the
webcast, log on to the web address noted above or go to
http://www.ctlc.com and log in at the investor relations section.
Please log in to the webcast at least ten minutes prior to the
scheduled time of the Earnings Call.
About Consolidated-Tomoka Land
Co.
Consolidated-Tomoka Land Co. is a Florida-based publicly traded
real estate company, which owns a portfolio of income investments
in diversified markets in the United States including more than 1.9
million square feet of income properties, as well as approximately
8,100 acres of land in the Daytona Beach area. Visit our website at
www.ctlc.com.
We encourage you to review our most recent investor presentation
for the quarter ended September 30, 2017, available on our website
at www.ctlc.com.
SAFE HARBOR
Certain statements contained in this press release (other than
statements of historical fact) are forward-looking statements.
Words such as “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. Although forward-looking statements are made
based upon management’s expectations and beliefs concerning future
developments and their potential effect upon the Company, a number
of factors could cause the Company’s actual results to differ
materially from those set forth in the forward-looking statements.
Such factors may include the completion of 1031 exchange
transactions, the modification of terms of certain land sales
agreements, uncertainties associated with obtaining required
governmental permits and satisfying other closing conditions, as
well as the uncertainties and risk factors discussed in our Annual
Report on Form 10-K for the fiscal year ended December 31, 2016 as
filed with the Securities and Exchange Commission. 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.
CONSOLIDATED-TOMOKA LAND CO.
CONSOLIDATED BALANCE SHEETS
(Unaudited) September 30,2017
December 31, 2016 ASSETS Property, Plant, and
Equipment: Income Properties, Land, Buildings, and Improvements $
317,215,503 $ 274,334,139 Golf Buildings, Improvements, and
Equipment 6,355,561 3,528,194 Other Furnishings and Equipment
652,479 1,032,911 Construction in Progress 6,246,950
5,267,676 Total Property, Plant, and Equipment
330,470,493 284,162,920 Less, Accumulated Depreciation and
Amortization (21,552,883 ) (16,552,077 ) Property,
Plant, and Equipment—Net 308,917,610 267,610,843 Land and
Development Costs 40,750,335 51,955,278 Intangible Lease Assets—Net
35,810,734 34,725,822 Impact Fee and Mitigation Credits 1,265,437
2,322,906 Commercial Loan Investments 11,910,611 23,960,467
Commercial Loan Investments – Held for Sale 15,000,000 — Cash and
Cash Equivalents 5,944,544 7,779,562 Restricted Cash 7,027,196
9,855,469 Refundable Income Taxes 1,510,712 943,991 Other Assets
8,573,622 9,469,088 Total Assets $
436,710,801 $ 408,623,426 LIABILITIES AND
SHAREHOLDERS’ EQUITY Liabilities: Accounts Payable $ 1,307,813 $
1,518,105 Accrued and Other Liabilities 7,382,898 8,667,897
Deferred Revenue 1,313,025 1,991,666 Intangible Lease Liabilities -
Net 30,026,994 30,518,051 Accrued Stock-Based Compensation 69,877
42,092 Deferred Income Taxes—Net 63,458,746 51,364,572 Long-Term
Debt 173,651,530 166,245,201 Total
Liabilities 277,210,883 260,347,584
Commitments and Contingencies Shareholders’ Equity: Common Stock –
25,000,000 shares authorized; $1 par value, 6,026,610 shares issued
and 5,581,235 shares outstanding at September 30, 2017; 6,021,564
shares issued and 5,710,238 shares outstanding at December 31, 2016
5,951,720 5,914,560 Treasury Stock – 445,375 shares at September
30, 2017; 311,326 shares at December 31, 2016 (22,434,800 )
(15,298,306 ) Additional Paid-In Capital 22,168,687 20,511,388
Retained Earnings 153,562,478 136,892,311 Accumulated Other
Comprehensive Income 251,833 255,889
Total Shareholders’ Equity 159,499,918
148,275,842 Total Liabilities and Shareholders’ Equity $
436,710,801 $ 408,623,426
CONSOLIDATED-TOMOKA LAND CO.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months
Ended
Nine Months
Ended
September 30,
September 30,
September 30,
September 30,
2017 2016 2017 2016 Revenues Income
Properties $ 7,928,258 $ 6,021,331 $ 22,566,505 $ 18,483,654
Interest Income from Commercial Loan Investments 637,801 534,212
1,727,449 2,050,507 Real Estate Operations 2,926,406 4,643,646
45,658,221 18,979,164 Golf Operations 797,420 1,001,368 3,655,877
3,877,923 Agriculture and Other Income 90,717
10,388 323,617
48,070 Total Revenues 12,380,602
12,210,945 73,931,669
43,439,318 Direct Cost of Revenues Income Properties
(1,715,516 ) (1,430,642 ) (4,756,744 ) (3,811,389 ) Real Estate
Operations (459,169 ) (1,257,183 ) (15,408,547 ) (4,638,865 ) Golf
Operations (1,272,647 ) (1,302,920 ) (4,173,244 ) (4,154,684 )
Agriculture and Other Income (18,874 ) (52,894
) (89,847 ) (153,599 ) Total Direct
Cost of Revenues (3,466,206 ) (4,043,639 ) (24,428,382 )
(12,758,537 ) General and Administrative Expenses (1,995,512 )
(1,821,827 ) (7,942,846 ) (8,518,410 ) Impairment Charges — — —
(2,180,730 ) Depreciation and Amortization (3,161,169 ) (1,945,460
) (9,139,434 ) (5,818,386 ) Gain (Loss) on Disposition of Assets
(266 ) 11,479,490 (266 ) 12,842,438 Land Lease Termination —
— 2,226,526
— Total Operating Expenses (8,623,153 )
3,668,564 (39,284,402 )
(16,433,625 ) Operating Income 3,757,449 15,879,509 34,647,267
27,005,693 Investment Income (Loss) 9,724 2,531 27,431 (561,162 )
Interest Expense (2,073,299 ) (2,454,390 )
(6,279,366 ) (6,700,593 ) Income Before
Income Tax Expense 1,693,874 13,427,650 28,395,332 19,743,938
Income Tax Expense (726,974 ) (5,281,646 )
(11,003,132 ) (8,624,727 ) Net Income
966,900 8,146,004 17,392,200 11,119,211
Less: Net Loss Attributable to
Noncontrolling Interest in Consolidated VIE
— 15,010 —
36,964
Net Income Attributable to
Consolidated-Tomoka Land Co.
$ 966,900 $ 8,161,014 $ 17,392,200
$ 11,156,175 Per Share Information:
Basic Net Income Attributable to Consolidated-Tomoka Land Co. $
0.18 $ 1.44 $ 3.13 $ 1.96
Diluted Net Income Attributable to Consolidated-Tomoka Land
Co. $ 0.18 $ 1.44 $ 3.13
$ 1.95 Dividends Declared and Paid $ 0.05
$ 0.04 $ 0.13 $ 0.08
View source
version on businesswire.com: http://www.businesswire.com/news/home/20171018006505/en/
Consolidated-Tomoka Land Co.Mark E. Patten, 386-944-5643Sr. Vice
President and CFOmpatten@ctlc.comFacsimile: 386-274-1223
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