Cto Realty Growth, Inc. · NYSE:CTO
Cto Realty Growth — Consolidated Tomoka Land — Investor Presentation (November 2014)
51 slides from Cto Realty Growth's investor presentation, Nov 21, 2014
Slide 1: Q3 2014 Investor Presentation
j =f : = CONSOLIDATED @e TOMOKA Q3 -— 2014 Investor Presentation Published: November 21, 2014
Slide 2: Forward-looking statements
If we refer to “we,” “us,” “our,” or “the Company,” we mean Consolidated-Tomoka Land Co. and its consolidated subsidiaries. This presentation may include certain statements that are not descriptions of historical facts, but are forward-looking statements. Forward-looking statements can be identified
Slide 3: Who is CTO?
GIO Highlights Portfolio Daytona Who is CTO? ™ Consolidated-Tomoka Land Co. is a real estate operating company founded over 100 years ago and public since 1969 @ CTO is primarily focused on transitioning from land assets into income-producing assets Lond > Income CONSOLIDATED \ TOMOKA
Slide 4: A Snapshot
CTO A Snapshot As of October 24, 2014 unless otherwise noted CTO: Share Performance “ CTO: Stock Price RMZ Index: Index Performance “) Equity Market Capitalization Total Debt (as of September 30, 2014) Other Liabilities (as of september 30, 2014) Total Enterprise Value Debt less Cash / Total Enterpr
Slide 5: A Snapshot — Asset Rich
CTO A Snapshot — Asset Rich As of October 24, 2014 Land & 10,500+ acres Subsurface 490,000+ acres Subsurface Rights Income 38 Single-Tenant Income Properties, 10 States . 5 Self-Developed Flex/Office Properties Properties 21 Billboards First Mortgage Loan for Redevelopment of Retail Income Property
Slide 6: Why Invest?
CT®@ Highlights Portfolio Daytona Why Invest¢ Increase Income Credits & Markets Converting Land to Income Florida Real Estate Recovery Share Repurchase Shareholder Friendly oon. Unlocking Shareholder Value ‘
Slide 7: 2014 Stock Performance
Highlights Portfolio 2014 STOCK Performance’) cates secre we Kerogen 4" Year Oil Lease Payment 10/7 Acquired Whole s/ls Foods Market Closes $7.8mm Contre bed Land Sale ‘$55.00 TAT 5/22 Acquired American $80.00 $153mm_ Loan Signature Fumiture 4722 Purchases (@aytona Beach) 2" Acquired Lowe's > RPS EO
Slide 8: By the Numbers
Cie By the Numbers Annual Results for 2011 —2013 and YTD as of September 30, 2014 Total Revenues $27,431 (S000’s) $25,838 $16,233 $12,966 2011 2012 2013 YTD Q3 2014 $10,603 $12,000 $10,000 $8,000 $6,000 $4,000 $864 $2,000 Pd $- $2,000) $(4,000) $6,000) $(8,000) $(10,000) Operating Income ($000’s) $6
Slide 9: Balance Sheet
Highlights Portfolio Daytona Balance Sheet as of September 30, 2014 ($ in 000’s) , Property, Plant. and Equipment: Land, Timber, and Subsurface Interests Goff Buildings, Improvements. and Equipment Income Properties Land, Buildings, and Improvements Other Fumishings and Equipment Construction in Pro
Slide 10: Focus on Income Investments
GIO Highlights Portfolio Daytona Focus on Income Investments Annual Results for 2011 — 2013 and YTD as of October 24,2014 ($ in millions ) $69.4 $70.0 56. $60.0 poe $50.0 $40.0 $30.3 $30.0 $20.0 s- S- INCOME PROPERTY COMMERCIAL LOAN AGGREGATE CONSOLIDATED INVESTMENTS INVESTMENTS INVESTMENTS TOMOKA 2
Slide 11: Income Investments — 2014
EO) Highlights Portfolio Daytona Income Investments — 2014 a Anais, LOWE'S | - 2single-tenant income properties (Katy, TX & Daytona Beach, FL) WHOLE — 1 multi-tenant retail property (Sarasota, FL) fobs — $39.1mm aggregate purchase price BBY — Weighted average remaining lease term of 8.8 years — 2014
Slide 12: Income Producing Investments
Highlights |Nperfolie Income Producing Investments as of October 24. 2014 @ Location of Commercial Loan Investments \y) Number of Income Property Investments CONSOLIDATED OU TOMOKA
Slide 13: Top Tenants by Rent
Highlights Portfolio Top Tenants by Rent As of October 24, 2014 S&P S&P Credit Credit Retailer Type Rating Stores %ofGLA %of Rent iler Retailer Type Rating Stores %ofGLA %of Rent CVS © DRUG sTORE NR 8 103% 17.0% DRUG STORE B 1 17% 4.0% Walgreens DRUG STORE BBB 573% © 13.0% |DICK’S| SPORTING GOODS NR
Slide 14: Improving Income Portfolio Demos
Portfolio Improving Income Portfolio Demos Non-Power Center Average3 mile Population (in 000’s) 120 119 111 M144 84e4945 AKR RT KIM ROIC WRI 7 Non-Power Center Median 3 mile Household Income (in $000’s) $76 576 pa * * $66 $65 $62 $61 $61 FRT AKR REG ROIC VNO KIM cTo EQY WRI BRX RPAI DDR Strip Source
Slide 15: Geographic Diversity
Geographic Diversity co MD AZ 3% 3%
Slide 16: 2014 Acquisition
Portfolio 2014 Acquisition ® Whole Foods Market Centre — Sarasota, FL — $19.1mm, 7.1 years remaining (weighted average) — 3-mi Pop. 68,690; 3-mi Median HHI $45,903 * 59,000 square feet of total retail space * 36,000 square feet free-standing WHOLE FOODS MARKET * 23,000 square feet ground floor retai
Slide 17: Land Transaction — Daytona Beach, FL
Highlights —, Distribution Facility LAND TRANSACTION -— Daytona Beach, FL CLOSED — AUGUST 15, 2014 Gross Sales Price: $7.8mm ™ 76 Acres along I-95 and Dunn Avenue ® 630,000+ SF distribution facility ror ~ “EXPANSION DS» ® Estimated total capital investment by buyer approximately $80mm H Creation of
Slide 18: Improving Income Portfolio Demos
Portfolio Improving Income Portfolio Demos Portfolio average as of August 31, 2014 $66,441 $90,000 $6335 $80,019 sis $54,856 $58,521 $80,000 canny $60,000 $70,000 997 51.231 $50,000 sated $60,000 $51230 $50,000 $40,000 $40,000 $30,000 $30,000 $20,000 $20,000 susie $10,000 so $0 2011 2012 2013 2014 2
Slide 19: Land Sale — Daytona Beach, FL
Highlights ——-s Land Sale. LAND TRANSACTION -— Daytona Beach, FL CLOSED — October 30, 2014 Gross Land Sales Price: $625,000 Sale of Mitigation Credits: $389,000 Total Proceeds: $1.04 million ® Approx. 21 Acres east of Williamson Blvd ® Potential expansion/relocation of office space for local busines
Slide 20: Potential Land Sale — Minto Communities
Highlights Potential Land Sale — Minto Communities @ Approximately 1,600 Acre Parcel @ Age Restricted Planned Community ® Across from LPGA International H Overview of Project MINTO: ® >3,000 single-family homes y Z GaSenICONTaAee \ ™ Golf-cart friendly lifestyle @ Paired villa residences ™ Enhanced
Slide 21: Self-Developed Properties
Highlights Self-Developed Properties @ Five properties totaling approximately 84,000 SF all in Daytona Beach, FL ™ Concierge Office: 1 property; approx. 22,000 square feet; 100% leased Two Story Office @ Mason Commerce Center: 2 properties; approx. 31,000 square feet; 94% leased One Story Flex ® Wil
Slide 22: Commercial Loan Investments
Highlights Portfolio Daytona Commercial Loan Investments As of September 30, 2014 Date of Investment Loan Type Loan Type Asset Location Loan Balance —— Rate Maturity Date January 2014 Mezzanine Hotel Atlanta, GA $5,000,000 12.00% February 2019 May 2014 B-Note Retail Shopping Center Sarasota, FL $8,9
Slide 23: Golf Operations
Highlights Golf Operations OPERATING RESULTS ($ in millions) $6.00 $5.07 $4.66 $451 ese $3.84 LPGA INTERNATIONAL DAYTONA BEACH $4.00 ; $3.00 $2.00 soe BAR & GRILL s. $(0.32) $4.00) 0. Ee zr LEE $(2.00) 2011 2012 2013 YTD Q3 2014 = OPERATING REVENUE SOPERATING INCOME (LOSS) se MEMBERSHIP 387; = HILLS
Slide 24: Subsurface Interests
Highlights Subsurface Interests =u Lease with Kerogen Florida Energy Co. wetter i - Amended 8-year oil exploration lease EXPLORATION LLC « Sept 2014 $600k payment - drilling requirements * Sept 2014 $1.9mm payment — 4" year lease payment ¢ Leased acres total 42,000 in Hendry County, FL « Renewable e
Slide 25: Subsurface Interests
oe Highlights Portfolio Daytona | Subsurface Interests (= Approximately 95% of total subsurface acres in Remaining 5% of total subsurface acres Counties with active or historic oil/gas production (1) Ps BREITBURN ~ v Average success rate for wells drilled in Florida between 1995-2008 was 77% EXPLORA
Slide 26: Other Sources of Revenue and Cash
Highlights Other Sources of Revenue and Cash @ Agriculture (third-party manager) — Approximately 4,000 acres in hay and hunting leases AFM - Approximately 6,300 acres in timber production - YTD Q3 2014: $258k in revenue (vs. $149k in YTD Q3 2013) @ Billboards - 21 Billboards: 18 on I-95 LA AR - YTD
Slide 27: Segment Income
Highlights Segment Income* Income Properties Commercial Loan Investments Real Estate Operations Golf Operations Agriculture and Other Income Total Segment Income Total Segment Income Growth *Revenues less direct cost of revenue Cr 77.11%
Slide 28: Where does the Stock Market Value our Land?
GIO Highlights Portfolio Daytona Where does the Stock Market Value our Land? Trading Value of Land Outstanding Shares 5,867,180 Share Price (sof october 24, 2014) $50.23 Market Capitalization (2s of october 24. 2014) $294,708,451 Long-Term Debt $81,190,011 Deferred Income Taxes (Net) $33,989,478 Oth
Slide 29: Debt Summary
Debt Summary As of September 30. 2014 $50,000 $40,000 $30,000 $20,000 $10,000 Liquidity Position (excluding restricted cash) $ in 000’s $54,210 @ Available Credit Capacity Cash Balance (excludes restricted cash) Debt to Market Cap (exchuding restricted cash) 30.0% 5 22.0% 21.4% 100% 25.0% 90% 20.0%
Slide 30: CTO Advantage
Highlights Portfolio Daytona ( TO Adva nta e Source: CTO estimates and publicly available documents All information as of October 27, 2014; CTO information as of September 30, 2014 AvgLease Debt+Pref/ Market Implied Cap Rate Top Three Tenants Credit Rating Term (Yrs) Cap cvs NR CONSOLIDATED NA Walgr
Slide 31: Historical Land Revenue
Highlights Portfolio Daytona Historical Land Revenue Annual Land Revenue for 2005 — 2013 and YTD as of October 31, 2014 $40,000 $36,205 (Land Revenue in $000°s) $35,000 $30,000 $23,095 $25,000 $20,703 $20,000 $15,000 $8,807 $10,000 $4,258 $2,990 $5,000 1G« SES en $0 —_ —_ -_- 2005 =. 2006 = 200 2008
Slide 32: 2014 Guidance
Ee 2014 Guidance Earnings per share (on afally dituted basis) Acquisition of Income-Producing Assets Target Investment Yields Disposition of Non-Core Income Properties Target Disposition Yields Land Transactions (ales vatue) Leverage Target (as % of Total Enterprise Value) (1) As of October 24, 2014
Slide 33: Land sales map
CTO Highlights Portfolio Daytona Intracoastal CONSOLIDATED \ TOMOKA Sold 20.96 acres $30k/ac |October 2014 Sold 75.60 acres $103k/ac |August 2014 Sold 3.06 acres © ae $128k/ac | February 2014 : Sold 2.02 acres ee $317k/ac | December 2013 Sold 3.41 acres $382k/ac | December 2013 Sold 6.23 acres $168.
Slide 34: Potential land transactions
Highlights Portfolio Daytona Total East o! WEST OF I-95 Total Acres West of I-95 Potential Transaction 1 Approx. 8.200 acres Buyer: Minto Communities Approx. 1,600 acres EAST OF I-95 Potential Transaction 2 Approx. 15 - 20 acres Potential Transaction 3 Approx. 30-40 acres Potential Transaction 4 Tot
Slide 35: Shareholder Friendly
EO) Highlights Portfolio Daytona Shareholder Friendly ™ Share Buy Back: Bought back 25,836 shares in February and March 2014 for $928k (average price $35.92 per share) Board of Directors reduced to 7 in 2014 from 11 in 2011 Annual election of board Additional disclosure and transparency Improved sha
Slide 36: Housing Rebound
Cre Highlights Pomolons Daytona Housing Rebound Annual Data for 2004 2013 and YTD 2014 as of September 30, 2014 Annual Permits Issued for 6,000 Deltona-Daytona Beach-Ormond Beach Area 5,068 Number of Permits 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 YTD Source: US Census Bureau Fiscal Year 2
Slide 37: Daytona: Home of NASCAR
Daytona Home of NASCAR KOUSC JIMTERNATIONAL SPEEDWAY CORPORATION” DAYTONA RISING = $400mm renovation of Daytona International y Speedway creating — 1,200 direct jobs z ae — 101,000 seating capacity and 53 suites — Projected completion date: January 2016 Ch
Slide 38: Large Commercial Development
Large Commercial Development Nt DAYTONA @ Approved for a 180-acre development including : entertainment, restaurants, retail, © hotel and residential uses ® Several hundred million dollars invested locally @ Anchored by Bass Pro Shops & Cobb Theatres @ Marriott branded hotel announced @ City and Cou
Slide 39: Experienced Team
CTO Experienced Team John P. Albright President and CEO Mark E. Patten Senior Vice President and CFO Daniel E. Smith Senior Vice President — General Counsel and Corporate Secretary Steven R. Greathouse Vice President — Investments Teresa J. Thornton-Hill Vice President - Corporate Counsel Jeff Robbi
Slide 40: World-Class University
World-Class University EMBRY-RIDDLE Aeronautical University 5 ef F5 4 #1 aeronautical university in the world @ $39mm, 140k SF College of Arts & Sciences building; 220k SF Student Center ™@ Research Park East and West on 77 acres at Daytona International Airport — 50k SF lab space & Diamond Aviation
Slide 41: Major Florida Intersection
Major Florida Intersection 0 YU @ Widening is well underway — $134mm project will provide more capacity along I-4 through to the I-95 interchange — Estimated to be complete in early 2015
Slide 42: Board of Directors
Ere Board of Directors John P. Albright John J. Allen Jeffry B. Fuqua William L. Olivari Howard C. Serkin A. Chester Skinner, IIT Thomas P. Warlow, III Cr President & Chief Executive Officer of the Company President of Allen Land Group, Inc. Chairman of the Board of the Company and President of Amic
Slide 43: Top Institutional Shareholders
GIO Top Institutional Shareholders ne SHAREHOLDER SHARES % WINT et REEN Wintergreen Advisers LLC 1,543,075 26.30 BlackRock Institutional 375,181 6.09 Andalusian Capital Partners \P Andalusian Capital Partners, LP 189,422 3:23 Vanguard’ Vanguard Group, Inc. 171,533 2.92 Dimensional Fund Advisors, Inc
Slide 44: Frequently Asked Question
. CTO Frequently Asked Question @ What is the impact of rising interest rates on the value of your assets? An increase in interest rates (or rising inflation) would likely have an adverse impact on cap rates with a commensurate impact on the value of our existing income property portfolio; CTO targe
Slide 45: Contact Us
C Highlights Portfolio Daytona Contact Us Consolidated-Tomoka Land Co. 1530 Cornerstone Boulevard Daytona Beach, FL 32117 main: 386.274.2202 fax: 386.274.1223 email: info@ctlc.com web: www.ctlc.com NYSE MKT: CTO For additional information, please see our Annual Report on Form 10-K for the year ended
Slide 46: Appendix
Appendix
Slide 47: Well-Positioned Land
Well-Positioned Land 3 ieee ag Atlantic Ocean
Slide 48: Automall Expansion
AUTOMALL SREXPANSION
Slide 49: Florida Hospital
FLORIDA HOSPITAL a rary
Slide 50: Well-Positioned Land
Well-Positioned Land UPTO 200t/ACRES UPTO” 80+ ACRES UPTO 80+ ACRES
Slide 51: Well-Positioned Land
Well-Positioned Land 850+ ACRES
Consolidated Tomoka Land — Investor Presentation (November 2014) on 6ix