Company Quick10K Filing
Consolidated Tomoka Land
Price58.72 EPS6
Shares5 P/E10
MCap297 P/FCF18
Net Debt272 EBIT42
TEV569 TEV/EBIT14
TTM 2019-09-30, in MM, except price, ratios
10-Q 2021-03-31 Filed 2021-04-29
10-K 2020-12-31 Filed 2021-03-05
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

CTO 10Q Quarterly Report

Part I - Financial Information
Item 1. Financial Statements
Note 1. Description of Business
Note 2. Summary of Significant Accounting Policies
Note 3. Revenue Recognition
Note 4. Income Properties and Leases
Note 5. Commercial Loan and Master Lease Investments
Note 6. Related Party Management Services Business
Note 7. Real Estate Operations
Note 8. Investments in Joint Ventures
Note 9. Investment Securities
Note 10. Fair Value of Financial Instruments
Note 11. Intangible Lease Assets and Liabilities
Note 12. Impairment of Long - Lived Assets
Note 13. Other Assets
Note 14. Equity
Note 15. Common Stock and Earnings (Loss) per Share
Note 16. Share Repurchases
Note 17. Long - Term Debt
Note 18. Interest Rate Swaps
Note 19. Accrued and Other Liabilities
Note 20. Deferred Revenue
Note 21. Stock - Based Compensation
Note 22. Income Taxes
Note 23. Commitments and Contingencies
Note 24. Business Segment Data
Note 25. Assets and Liabilities Held for Sale
Note 26. 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-20210331xex31d1.htm
EX-31.2 cto-20210331xex31d2.htm
EX-32.1 cto-20210331xex32d1.htm
EX-32.2 cto-20210331xex32d2.htm

Consolidated Tomoka Land Earnings 2021-03-31

Balance SheetIncome StatementCash Flow
58546835123411702012201420172020
Assets, Equity
504030201002012201420172020
Rev, G Profit, Net Income
45243-18-39-602012201420172020
Ops, Inv, Fin

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Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2021

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 01-11350

CTO REALTY GROWTH, INC.

(Exact name of registrant as specified in its charter)

Maryland

    

59-0483700

(State or other jurisdiction of

(I.R.S. Employer

incorporation or organization)

Identification No.)

1140 N. Williamson Blvd., Suite 140

Daytona Beach, Florida

32114

(Address of principal executive offices)

(Zip Code)

(386) 274-2202

(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:

COMMON STOCK, $0.01 PAR VALUE

CTO

NYSE

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.    Yes      No  

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).    Yes      No  

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

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      No  

As of April 22, 2021, there were 5,958,589 shares of the registrant’s common stock, $0.01 par value per share, outstanding.

Table of Contents

INDEX

Page

    

No.

PART I—FINANCIAL INFORMATION

Item 1.      Financial Statements

Consolidated Balance Sheets – March 31, 2021 (Unaudited) and December 31, 2020

3

Consolidated Statements of Operations – Three months ended March 31, 2021 and 2020 (Unaudited)

4

Consolidated Statements of Comprehensive Income (Loss) – Three months ended March 31, 2021 and 2020 (Unaudited)

5

Consolidated Statements of Stockholders’ Equity – Three months ended March 31, 2021 and 2020 (Unaudited)

6

Consolidated Statements of Cash Flows – Three months ended March 31, 2021 and 2020 (Unaudited)

7

Notes to Consolidated Financial Statements (Unaudited)

9

Item 2.      Management’s Discussion and Analysis of Financial Condition and Results of Operations

45

Item 3.      Quantitative and Qualitative Disclosures About Market Risk

57

Item 4.      Controls and Procedures

57

PART II—OTHER INFORMATION

57

Item 1.      Legal Proceedings

57

Item 1A.   Risk Factors

58

Item 2.      Unregistered Sales of Equity Securities and Use of Proceeds

58

Item 3.      Defaults Upon Senior Securities

58

Item 4.      Mine Safety Disclosures

58

Item 5.      Other Information

58

Item 6.      Exhibits

59

SIGNATURES

60

2

Table of Contents

PART I—FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

CTO REALTY GROWTH, INC.

CONSOLIDATED BALANCE SHEETS

(In thousands, except share and per share data)

As of

    

(Unaudited) March 31,
2021

    

December 31,
2020

ASSETS

Real Estate:

Land, at cost

$

179,923

$

166,512

Building and Improvements, at cost

317,870

305,614

Other Furnishings and Equipment, at cost

679

672

Construction in Process, at cost

551

323

Total Real Estate, at cost

499,023

473,121

Less, Accumulated Depreciation

(33,319)

(30,737)

Real Estate—Net

465,704

442,384

Land and Development Costs

7,074

7,083

Intangible Lease Assets—Net

53,215

50,176

Assets Held for Sale—See Note 25

4,505

833

Investment in Joint Ventures

48,686

48,677

Investment in Alpine Income Property Trust, Inc.

35,408

30,574

Mitigation Credits

2,622

2,622

Commercial Loan and Master Lease Investments

38,417

38,320

Cash and Cash Equivalents

4,691

4,289

Restricted Cash

609

29,536

Refundable Income Taxes

277

26

Other Assets—See Note 13

12,227

12,180

Total Assets

$

673,435

$

666,700

LIABILITIES AND STOCKHOLDERS’ EQUITY

Liabilities:

Accounts Payable

$

739

$

1,047

Accrued and Other Liabilities—See Note 19

7,042

9,090

Deferred Revenue—See Note 20

3,463

3,319

Intangible Lease Liabilities—Net

23,396

24,163

Liabilities Held for Sale—See Note 25

831

831

Deferred Income Taxes—Net

3,343

3,521

Long-Term Debt

280,248

273,830

Total Liabilities

319,062

315,801

Commitments and Contingencies—See Note 23

Stockholders’ Equity:

Preferred Stock – 100,000,000 shares authorized; $0.01 par value, no shares issued or outstanding at March 31, 2021; 50,000 shares authorized; $100.00 par value, no shares issued or outstanding at December 31, 2020

Common Stock – 500,000,000 shares authorized; $0.01 par value, 5,957,079 shares issued and outstanding at March 31, 2021; 25,000,000 shares authorized; $1.00 par value, 7,310,680 shares issued and 5,915,756 shares outstanding at December 31, 2020

60

7,250

Treasury Stock – 0 shares at March 31, 2021 and 1,394,924 shares at December 31, 2020

(77,541)

Additional Paid-In Capital

13,341

83,183

Retained Earnings

341,645

339,917

Accumulated Other Comprehensive Loss

(673)

(1,910)

Total Stockholders’ Equity

354,373

350,899

Total Liabilities and Stockholders’ Equity

$

673,435

$

666,700

The accompanying notes are an integral part of these consolidated financial statements.

3

Table of Contents

CTO REALTY GROWTH, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited, in thousands, except share, per share and dividend data)

Three Months Ended

March 31,

March 31,

    

2021

    

2020

Revenues

Income Properties

$

11,449

$

11,003

Management Fee Income

669

702

Interest Income from Commercial Loan and Master Lease Investments

701

1,052

Real Estate Operations

1,893

81

Total Revenues

14,712

12,838

Direct Cost of Revenues

Income Properties

(2,917)

(2,113)

Real Estate Operations

(82)

(1,524)

Total Direct Cost of Revenues

(2,999)

(3,637)

General and Administrative Expenses

(3,132)

(3,092)

Impairment Charges

(1,905)

Depreciation and Amortization

(4,830)

(4,552)

Total Operating Expenses

(10,961)

(13,186)

Gain on Disposition of Assets

708

Gain on Extinguishment of Debt

637

Other Gains and Income

708

637

Total Operating Income

4,459

289

Investment and Other Income (Loss)

5,332

(13,186)

Interest Expense

(2,444)

(3,453)

Income (Loss) Before Income Tax Expense

7,347

(16,350)

Income Tax Benefit

438

4,088

Net Income (Loss)

$

7,785

$

(12,262)

Per Share Information—See Note 15:

Basic Net Income (Loss) per Share

$

1.32

$

(2.60)

Diluted Net Income (Loss) per Share

$

1.32

$

(2.60)

Weighted Average Number of Common Shares

Basic

5,879,085

4,711,396

Diluted

5,879,085

4,711,396

Dividends Declared and Paid

$

1.00

$

0.25

The accompanying notes are an integral part of these consolidated financial statements.

4

Table of Contents

CTO REALTY GROWTH, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(Unaudited, in thousands)

Three Months Ended

    

March 31,
2021

    

March 31,
2020

Net Income (Loss)

$

7,785

$

(12,262)

Other Comprehensive Income (Loss):

Cash Flow Hedging Derivative - Interest Rate Swap (Net of Income Tax Expense of $0 and $(0.5) million, respectively)

1,237

(1,373)

Total Other Comprehensive Income (Loss), Net of Income Tax

1,237

(1,373)

Total Comprehensive Income (Loss)

$

9,022

$

(13,635)

The accompanying notes are an integral part of these consolidated financial statements.

5

Table of Contents

CTO REALTY GROWTH, INC.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(Unaudited, in thousands, except per share data)

For the three months ended March 31, 2021:

Accumulated

Additional

Other

Common

Treasury

Paid-In

Retained

Comprehensive

Stockholders'

    

Stock

    

Stock

    

Capital

    

Earnings

    

Income (Loss)

    

Equity

Balance January 1, 2021

$

7,250

$

(77,541)

$

83,183

$

339,917

$

(1,910)

$

350,899

Net Income

7,785

7,785

Vested Restricted Stock and Performance Shares

(436)

(436)

Exercise of Stock Options and Stock Issuance

292

292

Stock Compensation Expense from Restricted Stock Grants and Equity Classified Stock Options

669

669

Par Value $0.01 per Share and Treasury Stock Derecognized at January 29, 2021

(7,190)

77,541

(70,351)

Equity Issuance Costs

(16)

(16)

Dividends Declared for the Period

(6,057)

(6,057)

Other Comprehensive Income

1,237

1,237

Balance March 31, 2021

$

60

$

$

13,341

$

341,645

$

(673)

$

354,373

For the three months ended March 31, 2020:

Accumulated

Additional

Other

Common

Treasury

Paid-In

Retained

Comprehensive

Stockholders'

    

Stock

    

Stock

    

Capital

    

Earnings

    

Income (Loss)

    

Equity

Balance January 1, 2020

$

6,017

$

(73,441)

$

26,690

$

326,073

$

74

$

285,413

Net Loss

(12,262)

(12,262)

Stock Repurchase

(3,915)

(3,915)

Equity Component of Convertible Debt

5,248

5,248

Vested Restricted Stock and Performance Shares

24

(562)

(538)

Stock Issuance

4

237

241

Stock Compensation Expense from Restricted Stock Grants and Equity Classified Stock Options

578

578

Dividends Declared for the Period

(1,184)

(1,184)

Other Comprehensive Loss, Net of Income Tax

(1,373)

(1,373)

Balance March 31, 2020

$

6,045

$

(77,356)

$

32,191

$

312,627

$

(1,299)

$

272,208

The accompanying notes are an integral part of these consolidated financial statements.

6

Table of Contents

CTO REALTY GROWTH, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited, in thousands)

Three Months Ended

March 31,

March 31,

    

2021

    

2020

Cash Flow from Operating Activities:

Net Income (Loss)

$

7,785

$

(12,262)

Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by Operating Activities:

Depreciation and Amortization

4,830

4,552

Amortization of Intangible Liabilities to Income Property Revenue

(396)

(474)

Amortization of Deferred Financing Costs to Interest Expense

165

150

Amortization of Discount on Convertible Debt

310

504

Gain on Disposition of Property, Plant, and Equipment and Intangible Assets

(708)

Gain on Extinguishment of Debt

(637)

Impairment Charges

1,905

Accretion of Commercial Loan Origination Fees

(88)

Non-Cash Imputed Interest

(103)

(103)

Deferred Income Taxes

(178)

(6,473)

Unrealized (Gain) Loss on Investment Securities

(4,834)

13,706

Non-Cash Compensation

958

819

Decrease (Increase) in Assets:

Refundable Income Taxes

(252)

Assets Held for Sale

(1)

Land and Development Costs

9

(73)

Impact Fees and Mitigation Credits

(237)

Other Assets

143

(574)

Increase (Decrease) in Liabilities:

Accounts Payable

(308)

(146)

Accrued and Other Liabilities

(1,225)

2,888

Deferred Revenue

143

(196)

Income Taxes Payable

559

Net Cash Provided By Operating Activities

6,338

3,820

Cash Flow from Investing Activities:

Acquisition of Property, Plant, and Equipment

(39,115)

(137,997)

Acquisition of Commercial Loan Investments and Master Lease Investments

(6,754)

Cash Contribution to Interest in Joint Venture

(9)

(5)

Proceeds from Disposition of Property, Plant, and Equipment, Net, and Assets Held for Sale

4,702

Net Cash Used In Investing Activities

(34,422)

(144,756)

Cash Flow from Financing Activities:

Proceeds from Long-Term Debt

84,000

56,641

Payments on Long-Term Debt

(77,183)

(21,589)

Cash Paid for Loan Fees

(873)

(1,880)

Cash Payments for Exercise of Stock Options and Stock Issuance

(4)

Cash Used to Purchase Common Stock

(3,915)

Cash Paid for Vesting of Restricted Stock

(436)

(538)

Cash Paid for Equity Issuance Costs

(16)

Dividends Paid

(5,929)

(1,184)

Net Cash Provided By (Used In) Financing Activities

(441)

27,535

Net Decrease in Cash and Cash Equivalents

(28,525)

(113,401)

Cash and Cash Equivalents, Beginning of Period

33,825

134,904

Cash and Cash Equivalents, End of Period

$

5,300

$

21,503

Reconciliation of Cash to the Consolidated Balance Sheets:

Cash and Cash Equivalents

$

4,691

$

18,593

Restricted Cash

609

2,910

Total Cash

$

5,300

$

21,503

The accompanying notes are an integral part of these consolidated financial statements.

7

Table of Contents

CTO REALTY GROWTH, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)

(Unaudited, in thousands)

Three Months Ended

March 31,

March 31,