Profile: Consolidated-Tomoka Land Co (CTO)
21 Mar 2018
Consolidated-Tomoka Land Co., incorporated on October 17, 1910, is a real estate operating company. As of December 31, 2016, the Company owned and managed 31 commercial real estate properties in 10 states in the United States. The Company's segments include Income Properties, Commercial Loan Investments, Real Estate Operations, Golf Operations, and Agriculture and Other. The Company also leases land for billboards; has agricultural operations that are managed by a third-party, which consists of leasing land for hay and sod production, timber harvesting and hunting leases, and owns and manages subsurface interests. As of December 31, 2016, the Company owned 21 single-tenant and 10 multi-tenant income-producing properties with approximately 1,700,000 square feet of gross leasable space. As of December 31, 2016, it also owned and managed a land portfolio of approximately 9,800 acres.
The Company's income property operations consist of income-producing properties and its business is focused on investing in additional income-producing properties. As of December 31, 2016, it had three commercial loan investments, including one fixed-rate and one variable-rate mezzanine commercial mortgage loan and a variable-rate B-Note representing a secondary tranche in a commercial mortgage loan. Its real estate operations primarily consist of revenues generated from land transactions and leasing and royalty income from its interests in subsurface oil, gas and mineral rights. Its golf operations consist of a single property located in the City of Daytona Beach, with two 18-hole championship golf courses, a practice facility, and clubhouse facilities, including a restaurant and bar operation and pro-shop with retail merchandise.
As of December 31, 2016, the Company had self-developed five of its multi-tenant properties in Daytona Beach, Florida. The first self-developed property is an approximately 22,000 square foot, two-story, building, known as the Concierge Office Building. The other two properties, known as the Mason Commerce Center, consist of two buildings totaling approximately 31,000 square-feet. Two other properties, known as the Williamson Business Park, which are adjacent to the Mason Commerce Center, consist of two buildings totaling approximately 31,000 square-feet.
Commercial Loan Investments
As of December 31, 2016, the Company had three commercial loan investments, including one fixed-rate and one variable-rate mezzanine commercial mortgage loan, and a variable-rate B-Note representing a secondary tranche in a commercial mortgage loan. The first mortgage loans in which the Company invests in or originates are for commercial real estate, located in the United States.
Real Estate Operations
The Company's real estate operations consist of revenues generated from land transactions, and leasing and royalty income from its interests in subsurface oil, gas and mineral rights. As of December 31, 2016, the Company owned approximately 9,800 acres of land in Daytona Beach, Florida, along six miles of the west and east side of Interstate 95. Approximately 1,100 acres of its land holdings are located on the east side of Interstate 95 and are generally suited for commercial development. Approximately 8,700 acres of its land holdings are located on the west side of Interstate 95 and the majority of this land is generally suited for residential development. Included in the western land is approximately 1,100 acres, which are located further west of Interstate 95 and a few miles north of Interstate 4 and this land is generally well suited for industrial purposes.
As of December 31, 2016, the Company owned full or fractional subsurface oil, gas, and mineral interests underlying approximately 500,000 surface acres of land owned by others in 20 counties in Florida (the Subsurface Interests). The Company leases its interests to mineral exploration firms for exploration. Its subsurface operations consist of revenue from the leasing of exploration rights and in some instances revenues from royalties applicable to production from the leased acreage.
The Company's golf operations segment consists of a single property located in the City of Daytona Beach, with over two 18-hole championship golf courses, a practice facility and clubhouse facilities, including a restaurant and bar operation and pro-shop with retail merchandise. The golf operations segment also includes a fitness facility located within the LPGA International mixed-use residential community on the west side of Interstate 95 in Daytona Beach, Florida. Its revenues generated by its golf operations are derived from members and public customers playing golf, club memberships, and food and beverage operations.
Agriculture and Other Income
The Company's agriculture and other income consists of revenues generated by its agricultural operations, which encompasses approximately 8,700 acres of land holdings primarily on the west side of Daytona Beach, Florida. The Company's agricultural operations are managed by a third-party and consist of leasing land for hay production and timber harvesting, as well as hunting leases.
Consolidated-Tomoka Land Co
1140 N Williamson Blvd Ste 140
DAYTONA BEACH FL 32114-8173
Company Web Links
- BRIEF-Consolidated-Tomoka Announces Acquisition Of A Net Lease Property In Downtown Aspen
- BRIEF-Consolidated-Tomoka Land Co Reports Q4 Earnings Per Share $4.42
- BRIEF-Consolidated-Tomoka Announces Opening Of Two Single-Tenant Net Lease Restaurants On The 6.0 Acre Beach Parcel
- BRIEF-Wintergreen Advisers Has Received Two Unsolicited Indications Of Interest In Consolidated-Tomoka Land Co
- BRIEF-Consolidated-Tomoka Issues Response To Director Nominations, Shareholder Proposal From Wintergreen Advisers