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Last $44.91 USD
Change Today +1.94 / 4.51%
Volume 26.2K
CTO On Other Exchanges
Symbol
Exchange
NYSE Amex
As of 8:04 PM 02/12/16 All times are local (Market data is delayed by at least 15 minutes).
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Company Description

Contact Info

1530 Cornerstone Boulevard

Suite 100

Daytona Beach, FL 32117

United States

Phone: 386-274-2202

Fax: 386-274-1223

Consolidated-Tomoka Land Co. operates as a real estate operating company. The company owns and manages 43 commercial real estate properties in 10 states in the U.S. As of December 31, 2014, the company owned 36 single-tenant and 7 multi-tenant income-producing properties with approximately 1,100,000 square feet of gross leasable space. As of December 31, 2014, the company had five commercial loan investments, including a fixed-rate mezzanine commercial mortgage loan, a fixed-rate first mortgage, a variable-rate B-Note, a variable-rate mezzanine commercial mortgage loan, and a variable-rate first mortgage loan. The company leases property for 21 billboards, have agricultural operations that are managed by a third party, which consists of leasing land for hay and sod production, timber harvesting, and hunting leases, and own and manage subsurface interests. Real Estate Operations As of December 31, 2014, the company owned approximately 10,500 acres of land in Daytona Beach, Florida, along 6 miles of the west and east side of Interstate 95. The majority of this land is used for agricultural purposes. Approximately 1,400 acres of the company’s land holdings are located on the east side of Interstate 95 and are generally well suited for commercial development. The remainder of the company’s land holdings is located on the west side of Interstate 95 and the majority of this land is generally well suited for residential development or industrial purposes. Included in the western land is approximately 900 acres which are located further west of Interstate 95 and a few miles north of Interstate 4 and this land is generally well suited for industrial purposes. During the year ended December 31, 2014, a total of approximately 99.66 acres were sold. The company owns full or fractional subsurface oil, gas, and mineral interests in approximately 490,000 surface acres of land owned by others in 20 counties in Florida. The company leases its interests to mineral exploration firms for exploration. The company’s subsurface operations consist of revenue from the leasing of exploration rights and in some instances revenues from royalties applicable to production from the leased acreage. During the year ended December 31, 2014, the company received oil royalties from operating oil wells on 800 acres under a separate lease with a separate operator. Golf Operations Golf operations consist of the LPGA International golf club, a semi-private golf club consisting of two 18-hole championship golf courses, an 18-hole course designed by Rees Jones and an 18-hole course designed by Arthur Hills, with a three-hole practice facility also designed by Rees Jones, a clubhouse facility, food and beverage operations, and a fitness facility located within the LPGA International mixed-use residential community on the west side of Interstate 95 in Daytona Beach, Florida. The company leases the land and certain improvements attributable to the golf courses under a long-term lease with the city of Daytona Beach, Florida (the City), which expires in 2022. Commercial Loan Investments The company’s investment in commercial loans or similar structured finance investments, such as mezzanine loans or other subordinated debt, have been and are expected to continue to be secured by commercial or residential real estate or land or a borrower’s pledge of its ownership interest in the entity that owns the real estate. The first mortgage loans the company typically invests in or originate are for commercial real estate, located in the United States and that are performing with either a fixed or floating rate. Commercial mezzanine loans are typically secured by a pledge of the borrower’s equity ownership in the underlying commercial real estate. The company owns a first mortgage loan secured by an upper upscale hotel in Atlanta, Georgia. In 2014, the company acquired a mezzanine loan secured by the borrower’s equity interest in an upper upscale hotel in Atlanta, Georgia. In 2014, the company acquired B-Note secured by a retail shopping center located in Sarasota, Florida. In 2014, the company acquired a mezzanine loan secured by the borrower’s equity interest in an upper upscale hotel in Dallas, Texas. In 2014, the company acquired first mortgage loan secured by real estate in Ormond Beach, Florida. Agriculture and Other Income Effectively all of the company’s agriculture and other income consist of revenues generated by its agricultural operations. The company’s agricultural lands encompass approximately 9,700 acres on the west side of Daytona Beach, Florida. The company’s agricultural operations are managed by a third-party and consist of leasing land for hay production, timber harvesting, as well as hunting leases. History Consolidated-Tomoka Land Co. was founded in 1902.

 

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CTO

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Valuation CTO Industry Range
Price/Earnings 31.4x
Price/Sales 6.0x
Price/Book 2.0x
Price/Cash Flow 19.6x
TEV/Sales 2.0x
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