Cto Realty Growth, Inc. · NYSE:CTO
Cto Realty Growth — Consolidated Tomoka Land — Shareholder Meeting (April 2013)
28 slides from Cto Realty Growth's shareholder meeting presentation, Apr 24, 2013
Slide 1: Annual Meeting of Shareholders
CONSOLIDATED @ETOMOKA Annual Meeting of Shareholders April 24, 2013
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: CTO: a Snapshot
CTO: a Snapshot $ in millions (except share data) 52-week Trading Range per Share (as of Apri 15, 2013) Equity Market Capitalization ¢s of Apri 15, 2013) Total Debt* Other Liabilities* Total Enterprise Value Debt less Cash* / Total Enterprise Value Book Value per Share* *as of March 31, 2013 CONSOLI
Slide 4: CTO: a Snapshot
CTO: a Snapshot Land & Subsurface Income Properties Golf Other CONSOLIDATED TOMOKA 10,000+ acres 490,000 acres Subsurface Rights 36 Single-Tenant Income Properties 2 Self-Developed Properties 22 Billboards 36 holes of Championship Golf 3-hole Practice Academy Timber Management Hunting & Hay Leases
Slide 5: Highlights: Moving the Needle
Highlights: Moving the Needle @ Land Transactions: — Sold 16.6 acres for $37,245 per acre in June 2012 — 3.4 acres out of the 25 acre Williamson Crossing under contract at corner of LPGA & Williamson Blvds
Slide 6: Highlights: Moving the Needle
Highlights: Moving the Needle @ Income Properties — 2012 & Q1 2013 — Acquisitions: * Acquired 15 income properties * $53.5 million aggregate purchase price * 4new states, 5 new credits * Average lease term of 13.6 years — Dispositions: * Sold 4 income properties * $15.6 million aggregate sales price
Slide 7: Income Properties: properties - states
Income Properties: 36 properties - 7 states CHASE © oy rs cvs BIG 1:GA “Harris Teeter alr 4: AZ 4:NC i) Wrlgrccns Lowe's | “ee 5: FL/1:€0/1:GA BARNES<-NOBLE ine Grand Vacations CONS Tr BOOKS PRS 2: FL SONSOLIDATED @¥romoKa 4: FL
Slide 8: Income Properties: Recycling
Income Properties: Recycling Northern Tool JP Morgan Chase Bank Asheville, NC Chicago, IL Term: 7+ years Term: 28+ years Credit: N/A Credit: A+ = “"? ts ‘ dl CONSOLIDATED @U TOMOKA
Slide 9: Income Properties: Recycling
Income Properties: Recycling Land Transaction Buffalo Wild Wings West of I-95 Phoenix, AZ 16.6 acres at $37,245/acre Term: 15 years cae ——— a | CONSOLIDATED @U TOMOKA
Slide 10: Income Properties: Recycling
Income Properties: Recycling Walgreens Boulder, CO Term: 22+ years Vacant ‘ Barnes & Noble Credit: BBB Lakeland, FL ie 2 Term: N/A Credit: N/A Walgreens Powder Springs, GA Term: 9 years Credit: BBB CONSOLIDATED @U TOMOKA
Slide 11: Recycling
Recycling Bank of America - 5 branches Orange County, CA Term: 15 years Credit: A PNC Alpharetta, GA Term: 7 years Credit: A CVS Clermont, FL Term: 11.5 years Credit: BBB CONSOLIDATED (Oe TOMOKA
Slide 12: Income Properties: Diversifying
Income Properties: Diversifying Rent Allocated by Tenant Ql 2013 Q1 2012 Other: 27% Other: 29% BAC _ Bank of America LOW _Lowe’s CONSOLIDATED WAG Walgreens OU TOMOKA
Slide 13: Income Properties: Diversifying
i rF Income Properties: Diversifying Rent Allocated by State Q1 2013 Q1 2012 CONSOLIDATED (Oe TOMOKA
Slide 14: Highlights: Moving the Needle
Highlights: Moving the Needle ®@ Agriculture: — 3,377 acres in hay and hunting leases — Over 100 acres in timber harvest revenue — Remaining acres in timber production @ Subsurface: — 136,000-acre, 8-year lease (no production yet) — Royalties on two producing wells on 800 acres H Book Value: — Incre
Slide 15: Highlights: Moving the Needle
Highlights: Moving the Needle H Golf: Amended lease with the City of Daytona Beach — Reduced scheduled rent escalation — Agreed to renovate the clubhouse and pro shop, which was completed by year-end — Expanded F&B service - 259 seating increased to 341 (82 seats/32% increase) — Remodeled pro shop -
Slide 16: at LPGA International
at LPGA International ~~ — ~ Wy 4
Slide 17: Highlights: Moving the Needle
Highlights: Moving the Needle BH Debt: — Secured 10-year, 3.67% fixed rate mortgage loan on 14 properties — Secured 5-year, 3.66% fixed rate mortgage loan on two Orlando office properties — Amended credit facility March 29, 2013 * Expanded capacity to $125m * Reduced interest rate 25 bps * Extended
Slide 18: Revenue: the Growth
Revenue: the Growth $ in millions 2012 $17.33 2011 $14.06 2010 $12.27 CONSOLIDATED @U TOMOKA
Slide 19: Land Transactions: Recovering
Land Transactions: Recovering $ in millions (except per acre data} 2012° $0.87 2011 $0.00 2010 $0.00 * Includes transaction for 16.6 acres ($37,245 per acre) CONSOLIDATED @U TOMOKA
Slide 20: Segment Income: Improved Results
Segment Income’: Improved Results $ in millions FY 712 FY 11 Income Properties $8.88 $8.25 Real Estate Operations $2.39 ($0.25) Golf Operations ($0.88) ($1.33) Other ($0.03) ($0.53) Total Segment Income $10.36 $6.14 *revenues less direct cost of revenues CONSOLIDATED @U TOMOKA
Slide 21: Recurring G&A: Flat
Recurring G&A: Flat $ in millions Gross G&A Stock Compensation Personnel Changes Non-Cash Reserves” Recurring G&A Employee Count * Settlement of SIRWMD ** Current CONSOLIDATED @U TOMOKA FY 712 $6.62 ($1.05) ($0.17) ($0.72) $4.68 14 FY 711 $5.44 ($0.25) ($0.51) ($0.00) $4.68 18
Slide 22: EPS: Positioned for Growth
EPS: Positioned for Growth EPS Items Impacting EPS, net of Income Tax Stock Compensation Personnel Changes Non-Cash Reserves Impairments CONSOLIDATED TOMOKA FY 712 $0.10 ($0.11) ($0.02) ($0.08) $0.00 FY ’11 ($0.82) ($0.03) ($0.06) $0.00 ($0.71)
Slide 23: Shareholder Improvements: Highlights
Shareholder Improvements: Highlights ® Reduced board size from 11 to 8 Directors @ Bought back 14,634 shares through odd-lot program at $31 per share ® Additional disclosure and transparency @ Improved shareholder communications @ Shareholder friendly actions ¥ Say on Pay ¥ Annual Board of Director
Slide 24: Management: New Team
Management: New Team John P. Albright President and CEO Mark E. Patten Senior Vice President and CFO Steven R. Greathouse Vice President — Investments Jeff Robbins Director of Real Estate Linda Crisp Vice President - Corporate Secretary CONSOLIDATED @U TOMOKA Archon Capital, a Goldman Sachs Company
Slide 25: Board of Directors: 2013 Board
Board of Directors: 2013 Board Jeffry B. Fuqua John P. Albright John J. Allen William H. Davison William L. Olivari Howard C. Serkin A. Chester Skinner, IIT Thomas P. Warlow, III CONSOLIDATED @U TOMOKA Chairman of the Board of the Company and President of Amick Holdings, Inc. President and Chief Exe
Slide 26: Daytona Beach: Expanding
Daytona Beach: Expanding Daytona Proud Congratulations to these Daytona Beach businesses who expanded their operations in 2012! a) TELEDYNE OIL & GAS Ark Technologies 50,000 square-foot 50,000 square-foot auto parts new technology center manufacturer opened in feledyneoilandgas.com June of 2012 A PR
Slide 27: Daytona Beach: Other Highlights
Daytona Beach: Other Highlights ® Embry Riddle Aeronautical University: @ $39 million, 140,000 square-foot College of Arts and Sciences building @ 220,000 square-foot student center @ I-4: ® Widening is in full-throttle mode @ $134 million project will provide more capacity along I-4 through to the
Slide 28: Consolidated-Tomoka Land Co.
CONSOLIDATED TOMOKA Consolidated-Tomoka Land Co. 1530 Cornerstone Boulevard Daytona Beach, FL 32117 Main: 386.274.2202 Fax: 386.274.1223 Email: info@ctle.com NYSE MKT: CTO
Consolidated Tomoka Land — Shareholder Meeting (April 2013) on 6ix