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 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 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

Consolidated Tomoka Land Earnings 2020-09-30

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 September 30, 2020

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)

Florida

    

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, $1.00 PAR VALUE

CTO

NYSE American

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  

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

$1.00 par value 4,716,793

Table of Contents

INDEX

Page

    

No.

PART I—FINANCIAL INFORMATION

Item 1.      Financial Statements

Consolidated Balance Sheets – September 30, 2020 (Unaudited) and December 31, 2019

3

Consolidated Statements of Operations – Three and nine months ended September 30, 2020 and 2019 (Unaudited)

4

Consolidated Statements of Comprehensive Income (Loss) – Three and nine months ended September 30, 2020 and 2019 (Unaudited)

5

Consolidated Statements of Shareholders’ Equity – Three and nine months ended September 30, 2020 and 2019 (Unaudited)

6

Consolidated Statements of Cash Flows – Nine months ended September 30, 2020 and 2019 (Unaudited)

7

Notes to Consolidated Financial Statements (Unaudited)

9

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

50

Item 3.      Quantitative and Qualitative Disclosures About Market Risk

71

Item 4.      Controls and Procedures

72

PART II—OTHER INFORMATION

72

Item 1.      Legal Proceedings

72

Item 1A.   Risk Factors

73

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

82

Item 3.      Defaults Upon Senior Securities

82

Item 4.      Mine Safety Disclosures

83

Item 5.      Other Information

83

Item 6.      Exhibits

84

SIGNATURES

85

2

Table of Contents

PART I—FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

CTO REALTY GROWTH, INC.

CONSOLIDATED BALANCE SHEETS

    

(Unaudited) September 30,
2020

    

December 31,
2019

ASSETS

Property, Plant, and Equipment:

Income Properties, Land, Buildings, and Improvements

$

473,126,519

$

392,841,899

Other Furnishings and Equipment

735,049

733,165

Construction in Progress

81,409

24,788

Total Property, Plant, and Equipment

473,942,977

393,599,852

Less, Accumulated Depreciation and Amortization

(28,269,448)

(23,008,382)

Property, Plant, and Equipment—Net

445,673,529

370,591,470

Land and Development Costs

7,200,397

6,732,291

Intangible Lease Assets—Net

52,746,436

49,022,178

Assets Held for Sale—See Note 23

29,413,951

833,167

Investment in Joint Ventures

55,772,263

55,736,668

Investment in Alpine Income Property Trust, Inc.

31,716,464

38,814,425

Mitigation Credits

2,220,167

2,322,596

Commercial Loan and Master Lease Investments—See Note 4

39,679,612

34,625,173

Cash and Cash Equivalents

6,351,772

6,474,637

Restricted Cash

2,425,944

128,430,049

Other Assets—See Note 12

12,231,426

9,703,549

Total Assets

$

685,431,961

$

703,286,203

LIABILITIES AND SHAREHOLDERS’ EQUITY

Liabilities:

Accounts Payable

$

1,705,922

$

1,385,739

Accrued and Other Liabilities—See Note 17

9,697,498

5,687,192

Deferred Revenue—See Note 18

3,684,843

5,830,720

Intangible Lease Liabilities—Net

24,910,921

26,198,248

Liabilities Held for Sale—See Note 23

831,320

831,320

Income Taxes Payable

3,597,093

439,086

Deferred Income Taxes—Net

83,105,934

90,282,173

Long-Term Debt

276,916,118

287,218,303

Total Liabilities

404,449,649

417,872,781

Commitments and Contingencies—See Note 21

Shareholders’ Equity:

Common Stock – 25,000,000 shares authorized; $1 par value, 6,105,732 shares issued and 4,710,808 shares outstanding at September 30, 2020; 6,076,813 shares issued and 4,770,454 shares outstanding at December 31, 2019

6,049,253

6,017,218

Treasury Stock – 1,394,924 shares at September 30, 2020 and 1,306,359 shares at December 31, 2019

(77,540,735)

(73,440,714)

Additional Paid-In Capital

33,502,507

26,689,795

Retained Earnings

320,690,858

326,073,199

Accumulated Other Comprehensive Income (Loss)

(1,719,571)

73,924

Total Shareholders’ Equity

280,982,312

285,413,422

Total Liabilities and Shareholders’ Equity

$

685,431,961

$

703,286,203

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)

Three Months Ended

Nine Months Ended

September 30,

September 30,

September 30,

September 30,

    

2020

    

2019

    

2020

    

2019

Revenues

Income Properties

$

12,933,029

$

10,260,831

$

35,409,172

$

31,360,544

Management Fee Income

682,153

2,079,805

Interest Income from Commercial Loan and Master Lease Investments

413,092

855,559

2,300,331

908,324

Real Estate Operations

543,700

213,589

630,841

709,261

Total Revenues

14,571,974

11,329,979

40,420,149

32,978,129

Direct Cost of Revenues

Income Properties

(3,592,875)

(1,476,288)

(8,274,432)

(5,043,496)

Real Estate Operations

(1,681,583)

(8,484)

(3,262,584)

(94,780)

Total Direct Cost of Revenues

(5,274,458)

(1,484,772)

(11,537,016)

(5,138,276)

General and Administrative Expenses

(3,340,982)

(2,260,728)

(8,603,393)

(6,881,524)

Impairment Charges

(1,904,500)

Depreciation and Amortization

(4,762,057)

(4,286,836)

(14,335,715)

(11,707,710)

Total Operating Expenses

(13,377,497)

(8,032,336)

(36,380,624)

(23,727,510)

Gain on Disposition of Assets

289,736

2,187,332

7,365,594

20,869,196

Gain on Extinguishment of Debt

1,141,481

Other Gains and Income

289,736

2,187,332

8,507,075

20,869,196

Total Operating Income

1,484,213

5,484,975

12,546,600

30,119,815

Investment and Other Income (Loss)

(1,029,496)

33,048

(5,746,282)

86,363

Interest Expense

(2,477,232)

(3,253,908)

(8,382,792)

(9,219,195)

Income (Loss) from Continuing Operations Before Income Tax Benefit (Expense)

(2,022,515)

2,264,115

(1,582,474)

20,986,983

Income Tax Benefit (Expense) from Continuing Operations

501,011

(573,731)

409,635

(5,289,584)

Income (Loss) from Continuing Operations

(1,521,504)

1,690,384

(1,172,839)

15,697,399

Income (Loss) from Discontinued Operations (Net of Income Tax)—See Note 23

(204,364)

2,853,520

Net Income (Loss)

$

(1,521,504)

$

1,486,020

$

(1,172,839)

$

18,550,919

Per Share Information—See Note 13:

Basic and Diluted

Net Income (Loss) from Continuing Operations

$

(0.33)

$

0.35

$

(0.25)

$

3.11

Net Income (Loss) from Discontinued Operations (Net of Income Tax)

(0.04)

0.56

Basic and Diluted Net Income (Loss) per Share

$

(0.33)

$

0.31

$

(0.25)

$

3.67

Dividends Declared and Paid

$

0.40

$

0.11

$

0.90

$

0.31

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)

Three Months Ended

Nine Months Ended

    

September 30,
2020

    

September 30,
2019

    

September 30,
2020

    

September 30,
2019

Net Income (Loss)

$

(1,521,504)

$

1,486,020

$

(1,172,839)

$

18,550,919

Other Comprehensive Income (Loss)

Cash Flow Hedging Derivative - Interest Rate Swap (Net of Income Tax Benefit (Expense) of $24,670, $(21,153), $(526,455) and $(137,543), respectively)

72,666

(62,307)

(1,793,495)

(405,138)

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

72,666

(62,307)

(1,793,495)

(405,138)

Total Comprehensive Income (Loss)

$

(1,448,838)

$

1,423,713

$

(2,966,334)

$

18,145,781

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

5

Table of Contents

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

$

6,047,393

$

(77,540,735)

$

32,888,012

$

324,074,094

$

(1,792,237)

$

283,676,527

Net Loss

(1,521,504)

(1,521,504)

Stock Issuance

1,860

71,610

73,470

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

542,885

542,885

Cash Dividends ($0.40 per share)

(1,861,732)

(1,861,732)

Other Comprehensive Income, Net of Income Tax

72,666

72,666

Balance September 30, 2020

$

6,049,253

$

(77,540,735)

$

33,502,507

$

320,690,858

$

(1,719,571)

$

280,982,312

For the three months ended September 30, 2019:

Accumulated