Cto Realty Growth, Inc. · NYSE:CTO
Cto Realty Growth — Consolidated Tomoka Land — Investor Presentation (March 2013)
29 slides from Cto Realty Growth's investor presentation, Mar 19, 2013
Slide 1: Consolidated-Tomoka
CONSOLIDATED Qi TOMOKA
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 iC] ticker wtd avg shares* share PriCe (os of 3/15/2013) annual dividend* 52-week trading range (as of 3/15/2013) equity market capitalization {es of 3/15/2013) cash* total debt* other liabilities* debt less cash* / total enterprise value book value per share* *as of 12/31/2012 CONSO
Slide 4: CTO: a snapshot
cto: a snapshot $in millions land more than 11,000 acres of land in daytona beach area income properties 38 income properties golf LPGA International — 39 holes of championship golf other 490,000 acres subsurface rights / 22 billboards CONSOLIDATED GE TOMOKA
Slide 5: Revenue: the growth
revenue: the growth $in millions CONSOLIDATED GH TOMOKA
Slide 6: Land transactions: recovering
land transactions: recovering $in millions CONSOLIDATED GR TOMOKA
Slide 7: Revenue highlights
revenue highlights: Oro Wiig $in millions income properties $3.56 $8.78 $8.69 number of states 7 <3) 3 number of properties!" 31 25 26 wtd avg lease term!!! 10.6 9.8 10.8 oe as $310 $050 ($0.93) golf operations $4.51 $4.66 $4.47 other (agricutture) $0.16 $0.12 $0.04 () excluding self-developed prope
Slide 8: Segment income: moving the needle
segment income’: moving the needle $in millions fy’12 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) Fy ‘I2 income $10.36 $6.14 “revenues less direct cost of revenue CONSOLIDATED TOMOKA
Slide 9: Income properties: accelerating
income properties: accelerating $ in millions 2013 acquired 7 properties $27.62 sold 2 properties ($7.60) net $20.02 20% acquired 8 properties $25.91 sold 2 properties ($8.02) net $17.89 2011 acquired 0 properties $0.00 sold 1 property ($2.90) net ($2.90) CONSOLIDATED QW TOMOKA
Slide 10: Golf operations: improving
golf operations: improving 2012 new management (clubcorp) increased membership (nearly doubled) clubhouse renovations — malcolm’s restaurant & pro shop reduced operating costs lease amendment with city of daytona beach CONSOLIDATED GW TOMOKA
Slide 11: At LPGA International
at LPGA International “= . =
Slide 12: Recurring G&A
recurring g&a $ in millions fy’12 fy'1] gross g&a $6.62 $5.44 stock compensation ($1.05) ($0.25) personnel change ($0.17) ($0.51) non-cash reserves ($0.72) ($0.00) recurring 9&2 $468 $468 employee count ibs: 18 CONSOLIDATED TOMOKA
Slide 13: EPS: positioned for growth
eps: positioned for growth fy'12 fy'11 eps $0.10 ($0.82) items impacting eps stock compensation ($0.07) ($0.02) personnel change ($0.01) ($0.03) non-cash reserves ($0.05) $0.00 impairments $0.00 ($0.45) CONSOLIDATED TOMOKA
Slide 14: Balance sheet: assets
balance sheet: assets $ in millions cash and cash equivalents restricted cash refundable income tax land and development costs intangible assets — net assets held for sale other assets pp&e - net total assets CONSOLIDATED TOMOKA $1.30 $0.00 $0.24 $27.85 $4.53 $3.43 $8.25 $139.10 $184.70 $0.01 $2.78
Slide 15: Balance sheet: liabilities & equity
balance sheet: liabilities & equity $in millions Fi accounts payable $0.44 $0.39 accrued liabilities $6.97 $7.32 accrued stock-based compensation $0.27 $0.48 pension liability $1.32 $1.59 deferred income taxes — net $32.35 $32.05 note payable and line of credit $29.13 $15.27 total liabilities $70.48
Slide 16: Book value: relative value
book value: relative value “The Scream” sold at Sotheby’s for a record $120 Million CTO’s Shareholder Book Equity is only $114 Million! = CONSOLIDATED @RTOMOKA
Slide 17: Debt: moving the needle
debt: moving the needle @ feb ‘12, replaced $25m secured line of credit and amortizing mortgage debt due in 2012 with $46m unsecured line of credit due in 2015 @ new unsecured debt at lower rate than previous secured debt @ in feb ‘13, unsecured line of credit capacity increased to $66m @ line of cr
Slide 18: Management: new team
management: new team john albright ceo mark patten cfo steven greathouse yp-investments jeff robbins director of real estate linda crisp yp-corporate secretary CONSOLIDATED GW TOMOKA + Archon Capital, a Goldman Sachs Company * Morgan Stanley + Crescent Real Estate Equities + Simply Self Storage + CN
Slide 19: CTO: why invest?
cto: why invest? @ unlocking value @ growing cash flow @ continue investment diversification in location and credit @ growth runway — modest debt / strong credit line @ organic capital generation — converting land to income @ florida & national real estate recovery M experienced management team mg C
Slide 20: Daytona Beach: highlights
daytona beach: highlights DAYTONA BEACH & ORMOND BEACH 103,000 residents msa: 495,000 9 million visitors expected in 2013 mogjor traffic generators = “world's most famous beach" = 23 miles of beach = over 50 area hotels ® Daytona International Speedway B® 8mdjorracing weekends per year including rac
Slide 21: 11,000+ acres: well-positioned land
11,000+ acres: well-positioned land Bridge Hand Ave. 1 et 2 = = LPGA Bivd. & 2 Mason Ave. Bridge Intl’ Speedway Blvd. Bridge [hin Beville Rd. CTL Land eo Not to scale CONSOLIDATED GR TOMOKA Atlantic Ocean the company owns more than 11,000+ acres; = 1,500 acres of which are east of 1-95 = over 17 squ
Slide 22: Well-positioned land
well- positioned land J F : “A CONSOL Re \ ta ys TOMOKA
Slide 23: Daytona Beach: LPGA & I-95
da tona beach: lpga & I-95 UP TO 80+ ACRES
Slide 24: SSO rbaeen PATON A BEACH AUTOMA
SSO rbaeen PATON A BEACH AUTOMA <= s CONSOLIDATED TOMOKA
Slide 25: Area activity
area activity 3 7) CORNERSTONE OFFICE PARK GONVENIENES S sre WRONOER = \CONTRACE CONSOLIDATED TOMOKA
Slide 26: Income properties: locations
income properties: locations | \ , TAZ @PNC CHASE & 1:GA ¢ Harris Teeter sa Lor 4: NC ae 5: FL/1:€0/1:GA BARNES <-NOBLE apr Grand Vacations BOOKSELLERS 2: FL CONSOLIDATED 4: FL TOMOKA
Slide 27: Income properties
income properties: as of 3/15/2013 CONSOLIDATED TOMOKA Tenant State (sqvere Feet) Bank of America ‘Garden Grove CA 7.570 Bank of America Laguna Beach cA 1,029 Bank of America. Mission Viejo CA 9.034 Bank of America Mission Viejo cA 5,975 Bank of America Westminster cA 7,620 Bank of America Le Habra
Slide 28: Top shareholders
top shareholders as of 12/31/2012 ae SHAREHOLDER WINTERGREEN Wintergreen Advisers LLC FUND CARLSON Carlson Capital LP Vanguard” Vanguard Group, Inc. TheRoyceFunds Royce & Associates Inc. SHARES % 1,543,075 26.39 Third Avenue Management LLC 524,555 8.97 BlackRock Institutional 299,119 5.11 224,583 3.
Slide 29: Contact us
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 NYSE MKT: CTO for additional information, please see our annual report on form 10-k for the year ended december 31, 2012, a copy of which may be obtain
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