Cto Realty Growth, Inc. · NYSE:CTO
Cto Realty Growth — Consolidated Tomoka Land — Investor Presentation (February 2019)
67 slides from Cto Realty Growth's investor presentation, Feb 6, 2019
Slide 1: Year End 2018 Investor Presentation
NYSE American: CTO YEAR END 2018 INVESTOR PRESENTATION 1969 50 YEARS on the NYSE 2019 BUILT TO LAST
Slide 2: Forward Looking Statements
FORWARD LOOKING STATEMENTS CONSOLIDATED TOMOKA If we refer to “we,” “us,” “our,” or “the Company,” we mean Consolidated-Tomoka Land Co. and its consolidated subsidiaries. Certain statements contained in this presentation (other than statements of historical fact) are forward-looking statements. Word
Slide 3: Why CTO
WHY CTO CONSOLIDATED TOMOKA As of February 1, 2019 (unless otherwise noted) Discount to NAV Organic Capital Source Portfolio Quality Trading at Meaningful Discount to NAV Land Sales Provide Organic Source of Capital Faster Income Growth (vs Peers) Focusing Portfolio Toward Net Lease Sector Strong Fr
Slide 4: Q4 2018 Highlights
Q4 2018 HIGHLIGHTS CONSOLIDATED TOMOKA Continuing to Execute Our Strategy 4 MONETIZING LAND CONVERT PROCEEDS TO INCOME (10 ACQUISITIONS) TOTAL SALES PROCEEDS: $21.1 million ACRES: ≈114 PRICE PER ACRE: $185,000 GAIN: $17.8mm ($2.45/share, net of tax) TOTAL PURCHASE PRICE: $78.6 million LOCATION: Albu
Slide 5: Track Record of Strong Operating Results
’13 – ’18 CAGR 33% ’13 – ’18 CAGR 56% ’13 – ’18 CAGR 60% ’13 – ’18 CAGR 14% ($000’s) TRACK RECORD OF STRONG OPERATING RESULTS CONSOLIDATED TOMOKA Annual Results for 2013 –2018 ($000’s) Consistent Growth in Key Metrics (1) Basic Earnings per Share including from discontinued operations (2) As of Dece
Slide 6: Strong Cash Flow Growth
STRONG CASH FLOW GROWTH(1)(I) CONSOLIDATED TOMOKA Significant Free Cash Flow Growth – Estimated >$3/Share in ‘19 For the Fiscal Years-Ended 6 Potential 70+% Growth in 2019 ASSUMING NO SIGNIFICANT CHANGE TO OTHER ELEMENTS ($000’s) Actual 2015 Actual 2016 Actual 2017 Actual 2018 Estimate 2019 Income P
Slide 7: CTO Snapshot
CTO SNAPSHOT CONSOLIDATED TOMOKA A Lot More Income than Land Percentages based on values derived on NAV worksheet on Slide #8 47 Properties ≈2.4 million Sq. Ft. Retail and Office NOI $33.5 million (C) Subsurface Interests >450,000 Acres 5,380 Total Acres 1,677 Acres (31%)(A) Under Contract for $
Slide 8: Transition to Single-Tenant Focus
TRANSITION TO SINGLE-TENANT FOCUS CONSOLIDATED TOMOKA Recycle Capital – Focus on Single-Tenant Net-Lease 8 YE 2019 Goal Single-Tenant Multi-Tenant Land Under Contract Remaining Land Other Assets Assets Targeting For Monetizing(A) Multi-Tenant 3600 Peterson Whole Foods Centre The Grove Westcliff 245
Slide 9: NAV Worksheet
NAV WORKSHEET (A)(F) CONSOLIDATED TOMOKA Indicative of Meaningful Discount in our Stock Price 9 Cap Rate on NOI (C) Contract amounts As of February 1, 2019 As of December 31, 2018 Excludes intangible lease liabilities As of February 1, 2019 (unless otherwise noted) Highlighted Components of NAV Basi
Slide 10: Momentum Monetizing Land
MOMENTUM MONETIZING LAND CONSOLIDATED TOMOKA Monetizing Land With Tax Deferred Strategy (Land Sales in $000’s) Dramatic Acceleration Monetizing Land Annual Land Sales: 2011 –2018 & Pipeline(A) as of 2/1/19 10 (2) (1) (1) ACRES 0 16.6 11.7 99.6 114.0 707.6 1,700.9 2,697.3 1,537 163 2011 – 2018 Total
Slide 11: Pipeline of Potential Land Sales
PIPELINE OF POTENTAL LAND SALES(A) As of February 1, 2019 SF –Single Family; AR –Age Restricted, MF – Multi-Family MOB – Medical Office Bldg. Substantial Pipeline of Organic Capital for Growth to Income CONSOLIDATED TOMOKA 11 Total Acreage East of I- 95 900 Acres Total Acreage West of I-95 4,500
Slide 12: Land Under Contract: Commercial/Retail/Other
CONSOLIDATED TOMOKA LAND UNDER CONTRACT(A) Total Acres 203 Sales Price $45.3mm Price Per Acre $223,000 Expected Closing ’19 – ‘20 Commercial/Retail/Other 12
Slide 13: Absorption of Land West of I-95
ABSORPTION OF LAND WEST OF I-95(A) Largest Area of Remaining Land Holdings Parcel Use Acres $ Amount of Contract Amount per Acre Est. Timing 1 ICI 1,016 $21.0mm $21k Q4 ’19 2 Residential 1,614 TBD TBD TBD 3 ICI 146 $1.7mm $11k ’19 4 Residential 200 TBD TBD TBD 5 Borrow Pit 149 $1.6mm $11k ‘19 – ‘20
Slide 14: 1,614 Acre Parcel
1,614 ACRE PARCEL CONSOLIDATED TOMOKA Largest Remaining Residential Parcel 14 Entitled for 3,200 Single-Family residential units 200,000 SF of commercial Draft site plan from prior contract buyer
Slide 15: Land Under Contract: Commercial/Medical Office
CONSOLIDATED TOMOKA LAND UNDER CONTRACT(A) Total Acres 32 Sales Price $8.1mm Price Per Acre $253,000 Expected Closing ’19 – ‘20 Commercial/Medical Office 15
Slide 16: CTO Land in Opportunity Zones
CONSOLIDATED TOMOKA CTO LAND IN OPPORTUNITY ZONES CTO Owns ≈170 Acres of Land In Opportunity Zones 16 Opportunity Zones Areas designated pursuant to the Tax Cut and Jobs Act of 2017 Provides tax incentives to investors for reinvesting capital gains into real estate located within the opportunity zon
Slide 17: Downtown Assemblage in Opportunity Zone
CONSOLIDATED TOMOKA DOWNTOWN ASSEMBLAGE in OPPORTUNITY ZONE Engaged Broker Redevelopment Opportunities 17 Located in an Opportunity Zone Located in an Community Reinvestment Act (CRA) Zone
Slide 18: Income Property Investments
INCOME PROPERTY INVESTMENTS (1) Converting into Income ($000’s) Total Acquisitions for 2011 – 2018 and Est. for 2019 (A) Diversified Markets Higher Quality Properties Net of master tenant purchase contribution of $1.5 million for acquisition of income property in Aspen, CO in Q1 2018 Includes the in
Slide 19: Single-Tenant Retail Investment
SINGLE-TENANT RETAIL INVESTMENT CONSOLIDATED TOMOKA Investment $26.5 Million (1) 20-Year Master Lease 19,596 Square Feet Increasing Yield Opportunity under Master Lease Structure 19 Net of master tenant contribution of $1.5 million of Purchase Price Acquired February 2018 Hyman Ave & Hunter St. Aspe
Slide 20: Single-Tenant Office Investment
SINGLE-TENANT OFFICE INVESTMENT CONSOLIDATED TOMOKA 10-Year Lease – Annual Rent Escalations 20 Single Tenant Office 25.34 Acres Annual Rent Escalations Build-to-Suit built in 2009 Investment basis $209/SF Netflix investing > $1 Billion in movie studio/production (less than 1 mile from property) – ad
Slide 21: Single-Tenant Ground Lease Portfolio
SINGLE-TENANT GROUND LEASE PORTFOLIO CONSOLIDATED TOMOKA Weighted Avg. 15-Year Leases – Rent Escalations 21 8 Ground Leases – Improved with Single Tenant Retail 14.8 yrs. Weighted Average remaining Lease Term 10.45 Acres Rent Escalations – generally Every 5 years Built in 2017 Acquisition Cap Rate 5
Slide 22: Single-Tenant Retail Investment
SINGLE-TENANT RETAIL INVESTMENT CONSOLIDATED TOMOKA 15-Year Lease – Rent Escalations 22 Single Tenant Retail New 15 yr. Lease Term $282/SF 1.7 Acres Rent Escalations –Every 5 years Built in 1993 Acquisition Cap Rate 6.25% Arlington, Texas Investment $2.3 Million Single-Tenant NNN Lease 8,123 Square
Slide 23: Self-Developed Single-Tenant Net Lease
SELF-DEVELOPED SINGLE-TENANT NET LEASE CONSOLIDATED TOMOKA Redevelopment Potential Entitled for >1 million sq. ft. vertical development 6.04 acres Daytona Beach The Beach Parcel 2 Single-Tenant Net Lease Properties (restaurants) Total Square Feet: 12,044 Total Investment at Completion: $18.5 million
Slide 24: Recycling Capital into Single-Tenant
RECYCLING CAPITAL INTO SINGLE-TENANT CONSOLIDATED TOMOKA Gain $3.7 million Daytona Beach, Florida Sq. Feet: 68,092 Sales Price/Sq. Ft.: $168 Harvesting Value Redeploying Capital 24 Redeployed into single-tenant office in target market with A+ credit tenant Portland (Metro), Oregon CAP RATE: 7.95% Mo
Slide 25: Update on The Grove
UPDATE ON THE GROVE CONSOLIDATED TOMOKA Unlocking Value – Creating Organic Returns 25 ≈112,000 sq. ft. situated on 14.35 acres 75% Leased (1) (1) As of February 1, 2019 (2) Excludes WaWa outparcel with basis of ≈$440k Improvements(J) Initial Investment $3.1M $10.5M WaWa opened and rent commenced in
Slide 26: Monetizing Multi-Tenant
MONETIZING MULTI-TENANT CONSOLIDATED TOMOKA Refining Focus to Single-Tenant Net Lease Santa Clara, CA 3600 Peterson Fort Worth, TX Westcliff Shopping Center Sarasota, FL Whole Foods Centre Winter Park, FL The Grove 245 Riverside Ave Jacksonville, FL Potential Capital to Redeploy into Single-Tenant N
Slide 27: Portfolio Highlights
PORTFOLIO HIGHLIGHTS CONSOLIDATED TOMOKA Stronger Markets – Stronger Credits 27 (% = as a % of Total NOI) As of February 1, 2019 Total Square Feet (2) Investment Grade Tenants (H) ≈2.4 33% States 14 Total Properties Annualized NOI (1) (C) 47 $33.5 Single Tenants >10% of NOI (C) 2 Geographic Diversit
Slide 28: Portfolio Highlights: Transitioning to Single-Tenant
PORTFOLIO HIGHLIGHTS As of February 1, 2019 CONSOLIDATED TOMOKA Transitioning to Single-Tenant Over Time 28 Portfolio Mix Annual NOI (C) ≈$33.5mm Wgtd. Avg. Lease Term 8.4 yrs. (1) 14 States Square Feet ≈2.4mm High Quality & Diversified Portfolio (% = as a % of Total NOI) (1) Weighted average for Si
Slide 29: Top Tenants Versus Peers
TOP TENANTS VERSUS PEERS CONSOLIDATED TOMOKA Which Would You Rather Own? 29 BBB 3.6% BBB- 3.3% BBB 3.0% BBB 2.7% B- 5.9% 8.9 47% 64%/36%/0% Discount -6% Stock Price vs NAV(1)(4) Avg. Lease Term (1)(4) Leverage Level (1) (4) Retail/Office/Other (4) 14.0 28% 84%/16%/0% Premium 22% B+ 2.4% NR 1.8% NR 2
Slide 30: How CTO's Portfolio Stacks Up
HOW CTO’S PORTFOLIO STACKS UP CONSOLIDATED TOMOKA Stronger Demographics = Better Markets & Long-Term Real Estate 30 Three Mile Population(1)(3) Implied Cap Rate(2) 3-Mile Median Household Income(1)(3) 3-Mile Avg. Household Income(1)(3) CTO info as of Q4 2018 Peer implied cap rates info from Janney M
Slide 31: Income Properties in Top Markets
Income Properties in Top 25 Markets Source: ‘2019 Emerging Trends in Real Estate’ publication by Urban Land Institute and PWC TARGET MARKET MAP Seattle Portland San Francisco Silicon Valley Los Angeles San Diego Phoenix Reno Salt Lake City Denver Dallas Austin Houston Nashville Atlanta NOI (C) from
Slide 32: Subsurface Interests
SUBSURFACE INTERESTS CONSOLIDATED TOMOKA More than 455,000 Acres Book Basis ≈ $0 32 Approximately 95% of total subsurface acres Remaining 5% of total subsurface acres Counties with active or historic oil/gas production (1) Average success rate for wells drilled in Florida between 1995-2008 was 77% (
Slide 33: Golf Operations
GOLF OPERATIONS CONSOLIDATED TOMOKA Discontinued Operation 33 Membership Transition to Arcis Golf Book Value $3.1 million (1) Negative Cash Flow in ’18 ≈ -$900k Engaged Sales Broker Marcus & Milichap Targeted Disposition Timing 2019 $1.1 million impairment taken in Q3 2018 307 355 366 391 406 437 0
Slide 34: Liquidity & Leverage
LIQUIDITY & LEVERAGE CONSOLIDATED TOMOKA Net Debt to TEV ≈ 43% Fixed Rate Debt ≈ 52% Unsecured Debt ≈ 78% Weighted Average Rate = 4.05% Average Duration 3.8 years As of December 31, 2018 Debt Schedule (E) ($ in millions) Liquidity Position ($ in 000’s) Total Commitment of Credit Facility = $150 mill
Slide 35: Returning Capital to Shareholders: Buybacks
RETURNING CAPITAL to SHAREHOLDERS (B)(D) CONSOLIDATED TOMOKA Cumulative From 2012 Through 2/1/19 Consistent Approach Accretive to NAV 35 Cumulative Shares Purchased Cumulative $ Repurchased ($ in millions) Aggregate Avg. Price/Share $52.93 NEW $10.0 Million ADDED to BUYBACK PROGRAM in JAN 2019 Share
Slide 36: Returning Capital to Shareholders: Dividends
RETURNING CAPITAL to SHAREHOLDERS (B)(D) CONSOLIDATED TOMOKA 2012 Through Q1 2019 Disciplined Approach to Returning Capital 36 Annualized Dividend per Share INCREASING DIVIDEND + PAID QUARTERLY Dividends(G) Cumulative % increase in Dividend 50% 75% 100% 200% 350% 700% Note: 2019 based on annualizati
Slide 37: 2019 Guidance
2019 GUIDANCE CONSOLIDATED TOMOKA Monetizing Land Growing Free Cash Flow Recycling Capital 37 FY2019 Guidance Earnings Per Share (Basic) (1)(2) $6.75 - $7.50 Incremental EPS (Basic) From Dispositions (3) $2.25 - $2.75 Acquisition of Income-Producing Assets $80mm - $120mm Target Investment Yield (Ini
Slide 38: Update on REIT Evaluation
UPDATE ON REIT EVALUATION CONSOLIDATED TOMOKA Shareholder Approval Required 38 No Decision has been made by CTO to convert to REIT Structure Completed Steps in Evaluation Estimate accumulated historical Earnings and Profits (E&P) Prepared by “Big Four” firm Confirmed ability to distribute 80% of E&P
Slide 39: Appendix
CONSOLIDATED TOMOKA 39 APPENDIX
Slide 40: Single-Tenant Portfolio
CONSOLIDATED TOMOKA (1) Two properties Single-Tenant Portfolio (C) APPENDIX 40 As of February 1, 2019 (1) (C) Lease contains rent escalations Tenant/Building S&P Credit Rating Location Property Type Rentable Square Feet Remaining Lease Term % of NOI Fidelity N/A Albuquerque, NM Office 210,067 9.8 10
Slide 41: Single-Tenant Portfolio
CONSOLIDATED TOMOKA Single-Tenant Portfolio (C) APPENDIX 41 As of February 1, 2019 (C) Lease contains rent escalations Tenant/Building S&P Credit Rating Location Property Type Rentable Square Feet Remaining Lease Term % of NOI Walgreens BBB Alpharetta, GA Retail 15,120 6.8 1.1% Cocina214 NR Daytona
Slide 42: Multi-Tenant Portfolio
CONSOLIDATED TOMOKA Multi-Tenant Portfolio APPENDIX 42 (C) As of February 1, 2019 (C) Lease contains rent escalations Tenant/Building S&P Credit Rating Location Property Type Rentable Square Feet Remaining Lease Term % of NOI 3600 Peterson NR Santa Clara, CA Office 75,841 3.2 7.4% 245 Riverside Ave
Slide 43: Top Income Property: Albuquerque, New Mexico
CONSOLIDATED TOMOKA Top 15 Income Property APPENDIX 43 As of February 1, 2019 Albuquerque, New Mexico Asset Type Single-Tenant Office Tenant Fidelity Real Estate S&P Rating NR % of Portfolio NOI 10.2% Square Feet 210,067 Acres 25.34 Remaining Term 9.8 Year Built 2009 Purchase Date Oct 2018 Occupancy
Slide 44: Top Income Property: Hillsboro, Oregon
CONSOLIDATED TOMOKA Top 15 Income Property APPENDIX 44 As of February 1, 2019 Hillsboro, Oregon Asset Type Single-Tenant Office Tenant Wells Fargo Bank, N.A. S&P Rating A+ % of Portfolio NOI 9.5% Square Feet 211,863 Acres 18.92 Remaining Term 6.9 Year Built 1978/2009 Purchase Date Oct 2017 Occupancy
Slide 45: Top Income Property: Raleigh, North Carolina
CONSOLIDATED TOMOKA Top 15 Income Property APPENDIX 45 As of February 1, 2019 Raleigh, North Carolina Asset Type Single-Tenant Office Tenant Wells Fargo Bank, N.A. S&P Rating A+ % of Portfolio NOI 8.3% Square Feet 450,393 Acres 40.56 Remaining Term 5.7 Year Built 1996/1997 Purchase Date Nov 2015 Occ
Slide 46: Top Income Property: Santa Clara, California
CONSOLIDATED TOMOKA Top 15 Income Property APPENDIX 46 As of February 1, 2019 Santa Clara, California Asset Type Multi-Tenant Office Tenant Adesto Technologies Centrify Corp. S&P Rating NR % of Portfolio NOI 7.4% Square Feet 75,841 Acres 5.42 Remaining Term 3.2 Year Built 1978/2015 Purchase Date Oct
Slide 47: Top Income Property: Jacksonville, Florida
CONSOLIDATED TOMOKA Top 15 Income Property APPENDIX 47 As of February 1, 2019 Jacksonville, Florida Asset Type Multi-Tenant Office Tenant Raymond James Northwestern Mutual S&P Rating NR % of Portfolio NOI 6.3% Square Feet 136,856 Acres 3.40 Remaining Term 3.5 Year Built 2003 Purchase Date Jul 2015 O
Slide 48: Top Income Property: Orlando, Florida
CONSOLIDATED TOMOKA Top 15 Income Property APPENDIX 48 As of February 1, 2019 Orlando, Florida Asset Type Single-Tenant Office Tenant Hilton Grand Vacations S&P Rating BB+ % of Portfolio NOI 4.8% Square Feet 133,914 Acres 14.84 Remaining Term 7.8 Year Built 1988/2000 Purchase Date Jan 2013 Occupancy
Slide 49: Top Income Property: Aspen, Colorado
CONSOLIDATED TOMOKA Top 15 Income Property APPENDIX 49 As of February 1, 2019 Aspen, Colorado Asset Type Single-Tenant Retail Tenant A.G. Hill S&P Rating NR % of Portfolio NOI 3.9% Square Feet 19,596 Acres n/a Remaining Term 19.0 Year Built 2015 Purchase Date Feb 2018 Occupancy 100% Demographics 3-m
Slide 50: Top Income Property: Sarasota, Florida
CONSOLIDATED TOMOKA Top 15 Income Property APPENDIX 50 As of February 1, 2019 Sarasota, Florida Asset Type Multi-Tenant Retail Tenant Whole Foods Market Starbucks S&P Rating AA- % of Portfolio NOI 3.8% Square Feet 59,341 Acres 3.94 Remaining Term 4.5 Year Built 2004 Purchase Date Oct 2014 Occupancy
Slide 51: Top Income Property: Katy, Texas
CONSOLIDATED TOMOKA Top 15 Income Property APPENDIX 51 As of February 1, 2019 Katy, Texas Asset Type Single-Tenant Retail Tenant Lowe’s S&P Rating BBB+ % of Portfolio NOI 2.7% Square Feet 131,644 Acres 15.48 Remaining Term 8.0 Year Built 1997 Purchase Date Apr 2014 Occupancy 100% Demographics 3-mile
Slide 52: Top Income Property: Brandon, Florida
CONSOLIDATED TOMOKA Top 15 Income Property APPENDIX 52 As of February 1, 2019 Brandon, Florida Asset Type Single-Tenant Retail Tenant LA Fitness S&P Rating B+ % of Portfolio NOI 2.6% Square Feet 45,000 Acres 5.28 Remaining Term 13.2 Year Built 2006 Purchase Date Apr 2017 Occupancy 100% Demographics
Slide 53: Top Income Property: Charlotte, North Carolina
CONSOLIDATED TOMOKA Top 15 Income Property APPENDIX 53 As of February 1, 2019 Charlotte, North Carolina Asset Type Single-Tenant Retail Tenant Harris Teeter S&P Rating NR % of Portfolio NOI 2.2% Square Feet 45,089 Acres 5.45 Remaining Term 9.2 Year Built 1993 Purchase Date Apr 2008 Occupancy 100% De
Slide 54: Top Income Property: Daytona Beach, Florida
CONSOLIDATED TOMOKA Top 15 Income Property APPENDIX 54 As of February 1, 2019 Daytona Beach, Florida Asset Type Single-Tenant Retail Tenant LandShark Bar & Grill S&P Rating NR % of Portfolio NOI 2.1% Square Feet 6,264 Acres 3.00 Remaining Term 14.07 Year Built 2017 Completion Date Jan 2018 Occupancy
Slide 55: Top Income Property: Raleigh, North Carolina
CONSOLIDATED TOMOKA Top 15 Income Property APPENDIX 55 As of February 1, 2019 Raleigh, North Carolina Asset Type Single-Tenant Retail Tenant At Home S&P Rating B+ % of Portfolio NOI 1.9% Square Feet 116,334 Acres 14.00 Remaining Term 10.6 Year Built 2003 Purchase Date Sept 2016 Occupancy 100% Demogr
Slide 56: Top Income Property: Fort Worth, Texas
CONSOLIDATED TOMOKA Top 15 Income Property APPENDIX 56 As of February 1, 2019 Fort Worth, Texas Asset Type Multi-Tenant Retail Tenant Albertsons S&P Rating B % of Portfolio NOI 1.8% Square Feet 136,185 Acres 10.30 Remaining Term 2.5 Year Built 1955 Purchase Date Mar 2017 Occupancy 64% Demographics 3
Slide 57: Active Adult Community Development on Land Sold by CTO
APPENDIX CONSOLIDATED TOMOKA > 500 Homes Sold Active Adult Community – 1st Phase: 3,400 homes Development in Progress on Land Sold by CTO 57 Commercial/Retail Development LPGA Blvd New Phase Amenities Under Construction
Slide 58: Single-Family Residential Community
APPENDIX CONSOLIDATED TOMOKA Homes Deliveries Starting in 2018 Single-Family Residential Community – ≈1,200 homes Development in Progress on Land Sold by CTO 58
Slide 59: Tomoka Town Center Retail Power Center
APPENDIX CONSOLIDATED TOMOKA North American – Tomoka Town Center ≈400,000 Square Foot Retail Power Center 59 Development in Progress on Land Sold by CTO
Slide 60: Tomoka Pointe Luxury Rental Community
APPENDIX CONSOLIDATED TOMOKA At Tomoka Town Center 276-Unit Luxury Rental Community Development in Progress on Land Sold by CTO 60 Projected development costs $39 million Final Site Approval expected Feb ’18 Construction start date Spring ‘18 Opening expected Q2 2019 Tomoka Pointe
Slide 61: Sam's Club Development
APPENDIX CONSOLIDATED TOMOKA Membership Wholesaler Only New Development of Sam’s Club in U.S. Development in Progress on Land Sold by CTO 61
Slide 62: New Office Construction: Costa Del Mar
APPENDIX CONSOLIDATED TOMOKA New Office Construction Future Home of Costa Del Mar Development in Progress on Land Sold by CTO 62
Slide 63: Top Institutional Shareholders
APPENDIX CONSOLIDATED TOMOKA Top Institutional Shareholders ≈62% of Outstanding Shares 63 Wintergreen Advisers LLC (1) BlackRock Fund Advisors 28.6% 6.0% Dimensional Fund Advisors LP 5.5% The Vanguard Group, Inc. 4.9% Fidelity Management & Research Co. 2.0% Carlson Capital LP 3.0% Intrepid Capital M
Slide 64: Board of Directors
APPENDIX CONSOLIDATED TOMOKA Board of Directors 64 THOMAS P. WARLOW, III Chairman, Georgetown Enterprises, Inc. President & Chairman, The Martin Andersen-Gracia Foundation, Inc. HOWARD C. SERKIN (VICE CHAIRMAN) Chairman Heritage Capital, Inc. JOHN P. ALBRIGHT President & CEO Consolidated-Tomoka Land
Slide 65: Executive Management Team
APPENDIX CONSOLIDATED TOMOKA Executive Management Team 65 TERESA THORNTON-HILL Vice President & Corporate Counsel ICI Homes Cobb Cole Rogers Towers, P.A. E. SCOTT BULLOCK Vice President of Real Estate International Speedway Corporation Crescent Resources (Duke Energy) Pritzker Realty Group Disney De
Slide 66: End Notes
END NOTES CONSOLIDATED TOMOKA 66 End Notes references utilized in this presentation There can be no assurances regarding the value ultimately received for the Company’s assets, or in the case of the transactions under contract, the likelihood that such transactions will close or the timing or final
Slide 67: Contact Us
1969 50 YEARS on the NYSE 2019 1140 N. Williamson Boulevard, Suite 140 Daytona Beach, FL 32114 P: 386.274.2202 Info@ctlc.com www.ctlc.com For additional information, please see our most recent Annual Report on Form 10-K, copies of which may be obtained by writing the corporate secretary at the addre
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