Price | 58.72 | EPS | 6 | |
Shares | 5 | P/E | 10 | |
MCap | 297 | P/FCF | 18 | |
Net Debt | 272 | EBIT | 42 | |
TEV | 569 | TEV/EBIT | 14 | TTM 2019-09-30, in MM, except price, ratios |
10-Q | 2020-09-30 | Filed 2020-11-06 |
10-Q | 2020-06-30 | Filed 2020-08-10 |
10-Q | 2020-03-31 | Filed 2020-05-11 |
10-K | 2019-12-31 | Filed 2020-03-06 |
10-Q | 2019-09-30 | Filed 2019-10-23 |
10-Q | 2019-06-30 | Filed 2019-07-31 |
10-Q | 2019-03-31 | Filed 2019-04-30 |
10-K | 2018-12-31 | Filed 2019-02-28 |
10-Q | 2018-09-30 | Filed 2018-10-26 |
10-Q | 2018-06-30 | Filed 2018-08-01 |
10-Q | 2018-03-31 | Filed 2018-05-01 |
10-K | 2017-12-31 | Filed 2018-02-28 |
10-Q | 2017-09-30 | Filed 2017-10-30 |
10-Q | 2017-06-30 | Filed 2017-08-09 |
10-Q | 2017-03-31 | Filed 2017-05-09 |
10-K | 2016-12-31 | Filed 2017-02-24 |
10-Q | 2016-09-30 | Filed 2016-10-28 |
10-Q | 2016-06-30 | Filed 2016-07-29 |
10-Q | 2016-03-31 | Filed 2016-05-03 |
10-K | 2015-12-31 | Filed 2016-03-01 |
10-Q | 2015-09-30 | Filed 2015-10-30 |
10-Q | 2015-06-30 | Filed 2015-07-31 |
10-Q | 2015-03-31 | Filed 2015-05-06 |
10-K | 2014-12-31 | Filed 2015-02-27 |
10-Q | 2014-09-30 | Filed 2014-10-28 |
10-Q | 2014-06-30 | Filed 2014-08-01 |
10-Q | 2014-03-31 | Filed 2014-04-30 |
10-K | 2013-12-31 | Filed 2014-03-10 |
10-Q | 2013-09-30 | Filed 2013-10-31 |
10-Q | 2013-06-30 | Filed 2013-07-30 |
10-Q | 2013-03-31 | Filed 2013-05-03 |
10-K | 2012-12-31 | Filed 2013-03-08 |
10-Q | 2012-09-30 | Filed 2012-11-07 |
10-Q | 2012-06-30 | Filed 2012-08-08 |
10-Q | 2012-03-31 | Filed 2012-05-09 |
10-K | 2011-12-31 | Filed 2012-03-15 |
10-Q | 2011-09-30 | Filed 2011-11-09 |
10-Q | 2011-06-30 | Filed 2011-08-09 |
10-Q | 2011-05-09 | Filed 2011-05-09 |
10-K | 2010-12-31 | Filed 2011-03-11 |
10-Q | 2010-11-09 | Filed 2010-11-09 |
10-Q | 2010-08-16 | Filed 2010-08-16 |
10-Q | 2010-05-04 | Filed 2010-05-10 |
10-K | 2009-12-31 | Filed 2010-03-12 |
8-K | 2021-02-16 | Earnings, Regulation FD, Exhibits |
8-K | 2020-12-21 | Other Events, Exhibits |
8-K | 2020-12-17 | Other Events, Exhibits |
8-K | 2020-11-20 | |
8-K | 2020-11-09 | |
8-K | 2020-10-28 | |
8-K | 2020-09-08 | |
8-K | 2020-09-03 | |
8-K | 2020-07-29 | |
8-K | 2020-07-29 | |
8-K | 2020-06-30 | |
8-K | 2020-04-29 | |
8-K | 2020-04-28 | |
8-K | 2020-04-28 | |
8-K | 2020-02-21 | |
8-K | 2020-02-12 | |
8-K | 2020-02-12 | |
8-K | 2020-02-03 | |
8-K | 2020-01-24 | |
8-K | 2019-12-09 | |
8-K | 2019-11-26 | |
8-K | 2019-10-23 | |
8-K | 2019-10-18 | |
8-K | 2019-10-16 | |
8-K | 2019-10-16 | |
8-K | 2019-10-15 | |
8-K | 2019-07-17 | |
8-K | 2019-07-17 | |
8-K | 2019-06-03 | |
8-K | 2019-05-24 | |
8-K | 2019-04-24 | |
8-K | 2019-04-24 | |
8-K | 2019-04-16 | |
8-K | 2019-04-16 | |
8-K | 2019-02-05 | |
8-K | 2019-02-05 | |
8-K | 2018-10-17 | |
8-K | 2018-10-17 | |
8-K | 2018-10-17 | |
8-K | 2018-07-18 | |
8-K | 2018-07-18 | |
8-K | 2018-06-04 | |
8-K | 2018-04-25 | |
8-K | 2018-04-25 | |
8-K | 2018-04-17 | |
8-K | 2018-04-17 | |
8-K | 2018-04-09 | |
8-K | 2018-02-21 | |
8-K | 2018-02-07 | |
8-K | 2018-02-07 |
Part I - Financial Information |
Item 1. Financial Statements |
Note 1. Description of Business and Principles of Interim Statements |
Note 2. Revenue Recognition |
Note 3. Income Properties and Leases |
Note 4. Commercial Loan and Master Lease Investments |
Note 5. Related Party Management Services Business |
Note 6. Real Estate Operations |
Note 7. Investments in Joint Ventures |
Note 8. Investment Securities |
Note 9. Fair Value of Financial Instruments |
Note 10. Intangible Lease Assets and Liabilities |
Note 11. Impairment of Long - Lived Assets |
Note 12. Other Assets |
Note 13. Common Stock and Earnings per Share |
Note 14. Treasury Stock |
Note 15. Long - Term Debt |
Note 16. Interest Rate Swaps |
Note 17. Accrued and Other Liabilities |
Note 18. Deferred Revenue |
Note 19. Stock - Based Compensation |
Note 20. Income Taxes |
Note 21. Commitments and Contingencies |
Note 22. Business Segment Data |
Note 24. Subsequent Events |
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations |
Item 3. Quantitative and Qualitative Disclosures About Market Risk |
Item 4. Controls and Procedures |
Part II - Other Information |
Item 1. Legal Proceedings |
Item 1A. Risk Factors |
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds |
Item 3. Defaults Upon Senior Securities |
Item 4. Mine Safety Disclosures |
Item 5. Other Information |
Item 6. Exhibits |
EX-31.1 | cto-20200930xex31d1.htm |
EX-31.2 | cto-20200930xex31d2.htm |
EX-32.1 | cto-20200930xex32d1.htm |
EX-32.2 | cto-20200930xex32d2.htm |
Balance Sheet | Income Statement | Cash Flow |
---|---|---|
Assets, Equity
|
Rev, G Profit, Net Income
|
Ops, Inv, Fin
|
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to
Commission file number
(Exact name of registrant as specified in its charter)
| ||
(State or other jurisdiction of | (I.R.S. Employer | |
incorporation or organization) | Identification No.) | |
(Address of principal executive offices) | (Zip Code) |
(
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class: |
| Trading Symbol |
| Name of each exchange on which registered: |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large Accelerated Filer | ☐ | ☒ | ||
Non-accelerated Filer | ☐ | Smaller Reporting Company | ||
Emerging Growth Company |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in rule 12b-2 of the Exchange Act). Yes
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Class of Common Stock Outstanding
October 30, 2020
$
INDEX
2
PART I—FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
CTO REALTY GROWTH, INC.
CONSOLIDATED BALANCE SHEETS
| (Unaudited) September 30, |
| December 31, | |||
ASSETS | ||||||
Property, Plant, and Equipment: | ||||||
Income Properties, Land, Buildings, and Improvements | $ | | $ | | ||
Other Furnishings and Equipment | | | ||||
Construction in Progress | | | ||||
Total Property, Plant, and Equipment | | | ||||
Less, Accumulated Depreciation and Amortization | ( | ( | ||||
Property, Plant, and Equipment—Net | | | ||||
Land and Development Costs | | | ||||
Intangible Lease Assets—Net | | | ||||
Assets Held for Sale—See Note 23 | | | ||||
Investment in Joint Ventures | | | ||||
Investment in Alpine Income Property Trust, Inc. | | | ||||
Mitigation Credits | | | ||||
Commercial Loan and Master Lease Investments—See Note 4 | | | ||||
Cash and Cash Equivalents | | | ||||
Restricted Cash | | | ||||
Other Assets—See Note 12 | | | ||||
Total Assets | $ | | $ | | ||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||
Liabilities: | ||||||
Accounts Payable | $ | | $ | | ||
Accrued and Other Liabilities—See Note 17 | | | ||||
Deferred Revenue—See Note 18 | | | ||||
Intangible Lease Liabilities—Net | | | ||||
Liabilities Held for Sale—See Note 23 | | | ||||
Income Taxes Payable | | | ||||
Deferred Income Taxes—Net | | | ||||
Long-Term Debt | | | ||||
Total Liabilities | | | ||||
Commitments and Contingencies—See Note 21 | ||||||
Shareholders’ Equity: | ||||||
Common Stock – | | | ||||
Treasury Stock – | ( | ( | ||||
Additional Paid-In Capital | | | ||||
Retained Earnings | | | ||||
Accumulated Other Comprehensive Income (Loss) | ( | | ||||
Total Shareholders’ Equity | | | ||||
Total Liabilities and Shareholders’ Equity | $ | | $ | |
The accompanying notes are an integral part of these consolidated financial statements.
3
CTO REALTY GROWTH, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended | Nine Months Ended | |||||||||||
September 30, | September 30, | September 30, | September 30, | |||||||||
| 2020 |
| 2019 |
| 2020 |
| 2019 | |||||
Revenues | ||||||||||||
Income Properties | $ | | $ | | $ | | $ | | ||||
Management Fee Income | | — | | — | ||||||||
Interest Income from Commercial Loan and Master Lease Investments | | | | | ||||||||
Real Estate Operations | | | | | ||||||||
Total Revenues | | | | | ||||||||
Direct Cost of Revenues | ||||||||||||
Income Properties | ( | ( | ( | ( | ||||||||
Real Estate Operations | ( | ( | ( | ( | ||||||||
Total Direct Cost of Revenues | ( | ( | ( | ( | ||||||||
General and Administrative Expenses | ( | ( | ( | ( | ||||||||
Impairment Charges | — | — | ( | — | ||||||||
Depreciation and Amortization | ( | ( | ( | ( | ||||||||
Total Operating Expenses | ( | ( | ( | ( | ||||||||
Gain on Disposition of Assets | | | | | ||||||||
Gain on Extinguishment of Debt | — | — | | — | ||||||||
Other Gains and Income | | | | | ||||||||
Total Operating Income | | | | | ||||||||
Investment and Other Income (Loss) | ( | | ( | | ||||||||
Interest Expense | ( | ( | ( | ( | ||||||||
Income (Loss) from Continuing Operations Before Income Tax Benefit (Expense) | ( | | ( | | ||||||||
Income Tax Benefit (Expense) from Continuing Operations | | ( | | ( | ||||||||
Income (Loss) from Continuing Operations | ( | | ( | | ||||||||
Income (Loss) from Discontinued Operations (Net of Income Tax)—See Note 23 | — | ( | — | | ||||||||
Net Income (Loss) | $ | ( | $ | | $ | ( | $ | | ||||
Per Share Information—See Note 13: | ||||||||||||
Basic and Diluted | ||||||||||||
Net Income (Loss) from Continuing Operations | $ | ( | $ | | $ | ( | $ | | ||||
Net Income (Loss) from Discontinued Operations (Net of Income Tax) | — | ( | — | | ||||||||
Basic and Diluted Net Income (Loss) per Share | $ | ( | $ | | $ | ( | $ | | ||||
Dividends Declared and Paid | $ | | $ | | $ | | $ | |
The accompanying notes are an integral part of these consolidated financial statements.
4
CTO REALTY GROWTH, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Unaudited)
Three Months Ended | Nine Months Ended | |||||||||||
| September 30, |
| September 30, |
| September 30, |
| September 30, | |||||
Net Income (Loss) | $ | ( | $ | | $ | ( | $ | | ||||
Other Comprehensive Income (Loss) | ||||||||||||
Cash Flow Hedging Derivative - Interest Rate Swap (Net of Income Tax Benefit (Expense) of $ | | ( | ( | ( | ||||||||
Total Other Comprehensive Income (Loss), Net of Income Tax | | ( | ( | ( | ||||||||
Total Comprehensive Income (Loss) | $ | ( | $ | | $ | ( | $ | |
The accompanying notes are an integral part of these consolidated financial statements.
5
CTO REALTY GROWTH, INC.
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
(Unaudited)
For the three months ended September 30, 2020:
Accumulated | ||||||||||||||||||
Additional | Other | |||||||||||||||||
Common | Treasury | Paid-In | Retained | Comprehensive | Shareholders’ | |||||||||||||
| Stock |
| Stock |
| Capital |
| Earnings |
| Income (Loss) |
| Equity | |||||||
Balance July 1, 2020 | $ | | $ | ( | $ | | $ | | $ | ( | $ | | ||||||
Net Loss | — | — | — | ( | — | ( | ||||||||||||
Stock Issuance | | — | | — | — | | ||||||||||||
Stock Compensation Expense from Restricted Stock Grants and Equity Classified Stock Options | — | — | | — | — | | ||||||||||||
Cash Dividends ($ | — | — | — | ( | — | ( | ||||||||||||
Other Comprehensive Income, Net of Income Tax | — | — | — | — | | | ||||||||||||
Balance September 30, 2020 | $ | | $ | ( | $ | | $ | | $ | ( | $ | |
For the three months ended September 30, 2019:
Accumulated | ||||||||||||||||||