Cto Realty Growth, Inc. · NYSE:CTO
Cto Realty Growth — Consolidated Tomoka Land — Investor Presentation (November 2013)
38 slides from Cto Realty Growth's investor presentation, Nov 7, 2013
Slide 1: Consolidated-Tomoka Investor Presentation 3rd Quarter 2013
Slide 2: Forward-looking statements
99 ce 99 ee 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 b
Slide 3: CTO: a Snapshot
CTO: a Snapshot $in millions (except share data) Ticker: CTO Current Trading Price $38.49 52-week Trading Range per Share $42.46 - $28.98 Equity Market Capitalization $225.2 Total Debt $66.7 Other Liabilities $44.8 Total Enterprise Value $291.9 Debt less Cash / Total Enterprise Value 22.6% TTM Divid
Slide 4: CTO: a Snapshot
CTO: a Snapshot as of September 30, 2013 10,000+ acres (within 9 miles of Ocean, I-95 & I-4) Land & Subsurface : 490,000+ acres Subsurface Rights (Hendry, Lee and other FL counties) 37 Single-Tenant Income Properties Income Properties 2 Self-Developed Properties (2 new properties under construction)
Slide 5: Progress: By the Numbers
Progress: By the Numbers as of September 30, 2013 Total Revenues —_($000's) sige Operating Income ($000’s) $20,000 » $17,330 $3,983 $5,000 $14,063 $1,663 $15,000 + $2,000 4 a $10,000 + ($1,000) 2012 TIM ($4,000) $5,000 + 7 ($7,000) + % f° ($8,124) a 2011 2012 TIM ($10,000) ° Earnings Per Share Book
Slide 6: CTO News: Recent Announcements
CTO News: Recent Announcements October 29, 2013 September 24, 2013 September 16, 2013 September 6, 2013 August 7, 2013 July 26, 2013 June 3, 2013 April 2, 2013 April 1, 2013 March 13, 2013 February 22, 2013 January 31, 2013 January 23, 2013 January 11, 2013 January 4, 2013 $3.8 Million Favorable Jud
Slide 7: CTO: Why Invest
CTO: Why Invest¢ ® Unlocking value ® Growing positive cash flow B® Continue income investment diversification in location, credit, and product ® Growth runway — modest debt / strong credit line ® Organic capital generation — converting land to income growth ® Florida real estate recovery and populat
Slide 8: Highlights: Moving the Needle
Highlights: Moving the Needle Bank of America H Income Properties — 2012 to September 30, 2013 yp — Acquisitions: BIG, * Acquired 17 single-tenant income properties - (Dy * $65.0mm aggregate purchase price CHASE © * 6 new states (AZ, CA, CO, IL, MD, and WA), 6 new credits Seon Grand Vacations Wrlgre
Slide 9: Income Properties: properties - states
Income Properties: 37 properties - 9 states of September 30, 2013 BankofAmerica oe ae cHaseo CVS 4:Ik 8: FL RITE Dt - poriarrin Tester ran Vacal ions AID | Walgrecns 1: GA A io 3 io 4:WA = 4:FL/1:C0O/1:GA CONSOLIDATED Ge TOMOKA
Slide 10: Income Properties: Recycling
Income Properties: Recycling Walgreens Kissimmee, FL Big Lots Term: 5+ years Glendale, AZ Credit: BBB Term: 10+ years Better Location @ Longer Lease Term CONSOLIDATED Ge TOMOKA 10
Slide 11: Recycling
Recycling Bank of America - 5 branches Orange County, CA Term: 15 years PNC Bank Credit: A Alpharetta, GA ; Term: 7 years Credit: A CVS Clermont, FL Term: 11.5 years Credit: BBB CONSOLIDATED WE TOMOKA 1
Slide 12: Income Properties: Recycling
Income Properties: Recycling Northern Tool JPMorgan Chase Bank Asheville, NC Chicago, IL Term: 7+ years Term: 28+ years Credit: N/A Credit: A+ Better Location @® LongerLeaseTerm e Better Credit CONSOLIDATED Ge ToMoKA 12
Slide 13: 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 Sa p a ti ee | Non-Income to Income CONSOLIDATED Gb TOMOKA
Slide 14: Income Properties: Recycling
Income Properties: Recycling Walgreens Boulder, CO Term: 22+ years Vacant : Barnes & Noble pele BBB Lakeland, FL Term: N/A Credit: N/A Walgreens Powder Springs, GA Term: 9 years Credit: BBB Better Location @® Non-Income to Income e@ Longer Lease Term CONSOLIDATED Ge TOMOKA 14
Slide 15: Diversifying by Credit
Diversifying by Credit % based on rent as of September 30, 2013 JPM, 2% BWW, 1% BBY, 4% DKS, 5% RAD, 5% Harris Teeter, 6% — WAG, 18% CONSOLIDATED We TOMOKA
Slide 16: Income Properties: Diversifying by State
»me Properties: Diversifying by State % based on rent as of September 30, 2013 CONSOLIDATED We TOMOKA 16
Slide 17: Highlights: Improving & Growing
Highlights: Improving & Growing — Golf: @ Cap Ex Renovated clubhouse and pro shop in 2012 Expanded F&B service - seating increased 32% to 341 Remodeled pro shop - from 3,387 SF to 1,114 SF New club logo and rebranded golf courses New Fitness Facility opening November 2013 Operating Improvements Amen
Slide 18: LPGA International
LPGA International mE oat ai : ; : a « > — rap — . — -_ = ~ , ~~ - = | 4 ‘
Slide 19: Highlights: Moving the Needle
Highlights: Moving the Needle ®@ Debt: Unsecured line of credit capacity increased to $66mm in February 2013 Line of credit lending group includes Bank of Montreal, Wells Fargo Bank N.A., and BB&T Amended credit facility in March 2013 * Expanded capacity to $125mm * Reduced interest rate 25 bps to L
Slide 20: Highlights: Moving the Needle
Highlights: Moving the Needle @ Agriculture: — Approximately 3,400 acres in hay and hunting leases - Approximately 6,300 acres in timber production — $149k in revenue YTD Q3 2013 @ Subsurface: — Amended 8-year oil exploration lease with Kerogen Florida Energy Co. « Payment of $1.0mm for drilling req
Slide 21: Revenue Highlights: Growing
Revenue Highlights: Growing $in millions YTD Q3°13, YTD Q3’12 Income Properties $9.62 $6.39 Number of States 5) 5 Number of Properties") 37 25 Wid Avg Lease Term) 10.17 10.20 Commercial Mortgage Loan $0.64 $0.00 Es sol $2.42 Golf Operations $3.76 $3.44 Other (Agriculture and Other Income) $0.15 $0.1
Slide 22: Segment Income: Moving the Needle
Segment Income’: Moving the Needle $in millions YTD YTD Q3°13.—Q3’12 Income Properties $8.58 $5.87 Commercial Mortgage Loan $0.64 $0.00 Real Estate Operations $1.53 $1.89 Golf Operations ($0.40) ($0.77) Other (Agriculture and Other Income) $0.03 ($0.02) Total Segment Income $10.38 $6.97 *Revenues le
Slide 23: EPS: Positioned for Growth
EPS: Positioned for Growth EPS Items Impacting EPS Stock Compensation Impairments Personnel Change es CONSOLIDATED GR TOMOKA YTD Q3'13 $0.32 ($0.09) ($0.07) ($0.01) YTD Q3712 $0.09 ($0.09) $0.00 ($0.02)
Slide 24: Peer Group: CTO Advantage
Peer Group: CTO Advantage CTO Advantage sto nl af . Bs Jc YE Better Location of Land v Income Property Diversification Y Better Tenant Credit AGREE REALTY CORPORATION v Lower Leverage Y Internally Generated Capital — Land to Income . : v Better Markets for Income Properties A ¥ | NATIONAL RETAIL ey.
Slide 25: 10,000+ Acres: Well-Positioned Land
10,000+ Acres: Well-Positioned Land Notto scale CONSOLIDATED GR TOMOKA [nw p40 Granada ridge Hand Ave. 1 i] z LPGA Blvd. & cI = Ba) Mason Ave. Bridge Intl’ Speedway Blvd. Bridge bs Beville Rd. Atlantic Ocean ® The Company owns 10,000+ acres: — 1,500 acres east of I-95 Over 300 acres along I-95 ~ Lan
Slide 26: Well-Positioned Land
Well-Positioned Land Atlantic Ocean corso Oat 4 é y \e t& 4 : | A : Ya TOMOKA Ponce| Inlet
Slide 27: Well-Positioned Land
Well-Positioned Land y 7 CORNERSTONE. / OFFICE PARK CONVENIENCE S SvORS UNDER \CONTRACE CONSOLIDATED TOMOKA
Slide 28: Highlights: Harvesting Value
Highlights: Harvesting Value yi - —_ 3.4 acres of the 25 acre Williamson Crossing parcel under contract at the corner of LPGA and Williamson Boulevards CONSOLIDATED @t TOMOKA 28
Slide 29: Daytona Beach: Well-Positioned Land
Daytona Beach: Well-Positioned Land igi oe 5 FLORIDA HOSPITAL MEMORIAL MEDICAL CENTER CONSOLIDATED OMOK
Slide 30: Daytona Beach: Well-Positioned Land
Daytona Beach: Well-Positioned Land ms ae = A er CONSOLIDATED MOK
Slide 31: Daytona Beach: Well-Positioned Land
Daytona Beach: Well-Positioned Land x 802, ACRES UPTO 80+ ACRES CONSOLIDATED IYMOK
Slide 32: CTO: Where does the Stock Market Value our Land?
CTO: Where does the Stock Market Value our Land? Trading Value of Land Shares 5,849,725 Share Price * $38.49 Market Capitalization * $225,155,915 Long-Term Debt * $66,727,032 Deferred Income Taxes (Net) * $31,646,987 Other Liabilities * $13,082,367 Less: Book Value of Income Properties, Golf, Mortga
Slide 33: Highlights: Harvesting Value
Highlights: Harvesting Value @ Land Transactions: a — 2.02 acres under contract with . retail bank (expected Q4 2013 close) — 3.4 acres of the 25 acre Williamson Crossing parcel under contract at corner of LPGA & Williamson Blvds (east of I-95) with convenience store (expected Q4 2013 close) — Sold
Slide 34: Daytona Beach: Other Highlights
Daytona Beach: Other Highlights ® Daytona Rising: — $400mm renovation of Daytona International Speedway creating * 1,200 direct jobs 101,000 seating capacity and 53 suites * Projected completion date: January 2016 @ Embry Riddle Aeronautical University: — $39mm, 140k SF College of Arts & Sciences bu
Slide 35: Top Institutional Shareholders
Top Institutional Shareholders as of September 30, 2013 a WINTERGREEN FUND BLACKROCK Brookfield Vanguard® CARLSON TheRoyceFunds a 3) STATE STREET. CONSOLIDATED GR TOMOKA SHAREHOLDER SHARES % Wintergreen Advisers LLC 1,543,075 26.31 Third Avenue Management LLC 543,230 9.26 BlackRock Institutional 371
Slide 36: Management: Experienced Team
Management: Experienced Team Started with Company « Archon Capital, a Goldman Sachs Company + Morgan Stanley 2011 * Crescent Real Estate Equities John P. Albright President and CEO + Simply Self Storage Mark E. Patten * CNL Hotels & Resorts 2012 Senior Vice President and CFO * Vistana Inc. * KPMG *
Slide 37: Management: Board of Directors
Management: Board of Directors John P. Albright John J. Allen William H. Davison Jeffry B. Fuqua William L. Olivari Howard C. Serkin A. Chester Skinner, IIT Thomas P. Warlow, III CONSOLIDATED GR TOMOKA President & Chief Executive Officer of the Company President of Allen Land Group, Inc. Retired Pre
Slide 38: 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, or our Quarterly Report on Fo
Consolidated Tomoka Land — Investor Presentation (November 2013) on 6ix