Cto Realty Growth, Inc. · NYSE:CTO
Cto Realty Growth — Consolidated Tomoka Land — Q1 2020 Earnings Presentation
19 slides from Cto Realty Growth's earnings presentation, Apr 29, 2020
Slide 1: 2020 Vision Q1 2020 Investor Presentation
2020 VISION Q1 2020 INVESTOR PRESENTATION
Slide 2: Safe Harbor / Forward Looking Statements
Page: 2 SAFE HARBOR Certain statements contained in this press release (other than statements of historical fact) are forward-looking statements. Words such as “believe,” “estimate,” “expect,” “intend,” “anticipate,” “will,” “could,” “may,” “should,” “plan,” “potential,” “predict,” “forecast,” “proj
Slide 3: CTO By The Numbers
FIDELITY, ALBUQUERQUE NM 210,067 SF WELLS FARGO, RALEIGH NC 450,393 SF RESTON METRO CENTER II, RESTON, VA 64,319 SF THE STRAND, JACKSONVILLE FL 212,402 SF 12 INCOME PROPERTIES 2.3M AS OF APRIL 28, 2020 (UNLESS OTHERWISE NOTED) $37.5M $25mm 35 $198mm $323mm $521mm STATES SQUARE FEET ANNUALIZED NOI I
Slide 4: Strategic Focus
STRATEGIC FOCUS Page: 4 INCREASING LIQUIDITY RECYCLING CAPITAL $33 million of cash(1) Creating additional liquidity: Targeting dispositions of $25 - $35 million (low cap rate single-tenant) Evaluating monetization of $25 million loan portfolio Harvesting single-tenant assets into higher yielding mul
Slide 5: Impact of COVID-19
Page: 5 Open Modified(2) Deferred Closed Paid In Discussion Operational Status of Tenants(1) Status of April Rent Collection(1) IMPACT OF COVID-19 Deferral arrangements generally defer 2nd quarter rent with payment into late 2020 / early 2021 Current negotiations seeking similar deferral structure o
Slide 6: Historical Performance
Operating Income Book Value/Share Earnings Per Share 650Ksf Annual Results : 2015 – Q1 2020 HISTORICAL PERFORMANCE Page: 6 Total Revenues Delivering Results and Cash Flow $25,199 $31,415 $38,651 $43,658 $44,941 $12,838 $- $20,000 $40,000 $60,000 2015 2016 2017 2018 2019 Q1 2020 ($7.50) ($2.50) $2.50
Slide 7: Projected 2020 Cash Flow Increase
650Ksf 100%+ INCREASE in cash flow per share projected for FY 2020 ASSUMING NO SIGNIFICANT CHANGE TO OTHER ELEMENTS Actual 2018 Actual 2019 Projected 2020 Income Property NOI (B) $28,207 $30,903 $37,500 Interest Income from Loan Investments 616 1,829 2,800 Management Fee Income - 305 2,800 Alpine Di
Slide 8: Leverage Summary
Page: 8 LEVERAGE SUMMARY Debt Overview AS OF 3/31/2020 (UNLESS OTHERWISE NOTED) Amount outstanding, at face value. As of 4/28/2020. Attractive Rates – Significantly Unsecured Variable Rate , 31% Fixed Rate , 69% Unsecured 83% Secured 17% Amount Outstanding (1) Rate Maturity in Years Credit Facility
Slide 9: Income Property Portfolio
Total Square Feet(2) States ≈2.3 12 Total Properties Annualized NOI(1)(C) 35 $37.5 Stronger Markets – Stronger Tenants – Stronger Demographics Geographic Diversity Portfolio Mix (1) $ in millions (2) Square feet in millions INCOME PROPERTY PORTFOLIO Page: 9 AS OF 4/28/2020 (UNLESS OTHERWISE NOTED) F
Slide 10: Q1 2020 Acquisition: Perimeter Place, Atlanta
Page: 10 Illustrative MULTI-TENANT RETAIL ACQUIRED FEBRUARY 2020 PERIMETER PLACE – ATLANTA, GA Acquisition Price $75.4mm Q1 2020 ACQUISTION
Slide 11: Top NOI Property: Perimeter Place, Atlanta
Page: 11 Illustrative TOP 10 NOI PROPERTY PERIMETER PLACE – ATLANTA, GA Strengths Situated in an area of intensive and complementary development 1.4mm SF of new office space under construction; 700 new luxury apartments Strong demographics; educated and affluent customer base within a 3-mile radius:
Slide 12: Q1 2020 Acquisition: Crossroads Towne Center, Chandler
Page: 12 Illustrative CROSSROADS TOWNE CENTER – CHANDLER, AZ MULTI-TENANT RETAIL ACQUIRED JANUARY 2020 Acquisition Price $61.8mm Q1 2020 ACQUISTION
Slide 13: FY 2020 Guidance
650Ksf FY 2020 Guidance Year to Date Acquisition of Income-Producing Assets $160mm - $210mm $137mm Target Investment Yield (Initial Yield – Unlevered) 6.25% - 7.25% 7.8% Disposition of Income Properties $40mm - $60 mm $15mm Target Disposition Yield 6.50% - 7.50% 4.50% Leverage Target (as % of Total
Slide 14: Top 5 Assets by NOI
Page: 14 Illustrative Diverse Portfolio of Tenants – Strong Markets Property & Tenant/Anchor Location 1 Perimeter Place Atlanta, GA 2 The Strand Jacksonville, FL 3 Crossroads Town Center Phoenix, AZ 4 Fidelity Office Albuquerque, NM 5 Wells Fargo Office Raleigh, NC TOP 5 ASSETS BY NOI(B)
Slide 15: Income Property Portfolio
Page: 15 INCOME PROPERTY PORTFOLIO Anchor Tenancy Tenant/Building Location Property Type Asset Type Occupancy Rentable Square Feet % of NOI Perimeter Place Atlanta, GA Retail Multi-tenant 78.3% 268,572 13.9% Crossroads Town Center Phoenix, AZ Retail Multi-tenant 99.8% 254,109 13.2% The Strand Jackso
Slide 16: Income Property Portfolio
Page: 16 INCOME PROPERTY PORTFOLIO Anchor Tenancy Tenant/Building Location Property Type Asset Type Occupancy Rentable Square Feet % of NOI Burlington North Richland Hills, TX Retail STNL 100.0% 70,891 2.2% Harris Teeter Charlotte, NC Retail STNL 100.0% 45,089 2.0% Landshark Bar & Grill Daytona Beac
Slide 17: Income Property Portfolio
Page: 17 INCOME PROPERTY PORTFOLIO Anchor Tenancy Tenant/Building Location Property Type Asset Type Occupancy Rentable Square Feet % of NOI Bank of America Monterey, CA Retail STNL 100.0% 32,692 0.8% Staples Sarasota, FL Retail STNL 100.0% 18,120 0.8% Wawa Daytona Beach, FL Retail STNL 100.0% Under
Slide 18: End Notes
Page: 18 Illustrative End Notes references utilized in this presentation There can be no assurances regarding the likelihood or timing of future execution of the Company’s share repurchase program. Net operating income (“NOI”) relates to our Income Property Operations segment and is calculated based
Slide 19: Contact Us
2020 VISION Q1 2020 INVESTOR PRESENTATION 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 address noted, or at www.ctlc.com Contact Us Investor Relations: Mark E. Patten P: 386.944.5643 mpatt
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