Last $45.64 USD
Change Today -0.01 / -0.02%
Volume 36.0K
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As of 8:04 PM 07/10/14 All times are local (Market data is delayed by at least 15 minutes).

cons tomoka land co-florida (CTO) Snapshot

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06/9/14 - $48.63
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cons tomoka land co-florida (CTO) Details

Consolidated-Tomoka Land Co., through its subsidiaries, operates as a diversified real estate operating company in the United States. It owns and manages commercial real estate properties and self-developed properties. As of December 31, 2013, the company's land holdings included approximately 10,000 acres in Daytona Beach area of Volusia County, Florida; approximately 1 acre in Highlands County; 35 retail buildings located on approximately 109 acres throughout Arizona, California, Colorado, Florida, Georgia, Illinois, North Carolina, and Washington; 2 self-developed flex-office properties located on 12 acres in Daytona Beach, Florida; and full or fractional subsurface oil, gas, and mineral interests of approximately 490,000 surface acres in 20 counties in Florida. It is also involved in the golf course operation, which consists of the operation of two 18-hole championship golf courses with an additional 3-hole practice facility, a clubhouse facility, and food and beverage activities; and leases property for billboards, agricultural, and hunting operations. Its agricultural lands encompass approximately 9,700 acres for hay production, timber harvesting, and hunting leases on the west side of Daytona Beach, Florida. Consolidated-Tomoka Land Co. was founded in 1902 and is based in Daytona Beach, Florida.

13 Employees
Last Reported Date: 03/10/14
Founded in 1902

cons tomoka land co-florida (CTO) Top Compensated Officers

Chief Executive Officer, President and Direct...
Total Annual Compensation: $720.0K
Chief Financial Officer, Principal Accounting...
Total Annual Compensation: $280.0K
Compensation as of Fiscal Year 2013.

cons tomoka land co-florida (CTO) Key Developments

Consolidated Tomoka Completes Two Loan Investments for Approximately $15.3 Million

Consolidated-Tomoka Land Co. announced the acquisition of an approximately $9.0 million B-Note secured by a retail shopping center located in Sarasota, FL. The loan matures in June 2015, includes 3 one-year extension options and bears a floating interest rate of 30-day Libor plus 725 basis points. The loan is pari-passu to an approximately $48.0 million A-Note secured by the same property, for a total debt balance of $57.0 million. Additionally, the company originated a $6.3 million first mortgage commitment for the redevelopment of an existing vacant retail property located in Glendale, AZ. At closing, the Company funded approximately $3.1 million with the balance to be drawn during construction. The property is subject to a new long term lease with a national retailer, which will commence upon completion of construction. The company has an option to purchase the property after completion. The interest only loan has an initial term of 18 months and bears a fixed interest rate of 6.00%.

Consolidated Tomoka Land Co. Announces Board Appointments; Declares Dividend Payable on May 28, 2014

Consolidated Tomoka Land Co. announced at the 2014 Annual Meeting that the shareholders of the company elected John P. Albright, John J. Allen, Jeffry B. Fuqua, William L. Olivari, Howard C. Serkin, A. Chester Skinner, III, and Thomas P. Warlow, III, to serve as directors of the company until the 2015 Annual Meeting of Shareholders. The company declared a dividend of $0.03 per share payable on May 28, 2014 to shareholders of record on May 9, 2014.

Consolidated Tomoka Land Co. Announces Unaudited Consolidated Financial Results for the First Quarter Ended March 31, 2014

Consolidated Tomoka Land Co. announced unaudited consolidated financial results for the first quarter ended March 31, 2014. For the quarter, the company reported total revenues of $7,099,985 against $4,855,226 a year ago. Operating income was $2,903,869 against $612,543 a year ago. Income from continuing operations before income tax expense was $2,450,165 against $275,177 a year ago. Income from continuing operations was $1,500,407 or $0.26 per diluted share against $174,088 or $0.03 per diluted share a year ago. Net income was $1,500,407 or $0.26 per diluted share against $337,045 or $0.06 per diluted share a year ago. This increase in revenue was primarily the result of an increase of approximately $450,000, or 15%, in revenue generated by income properties, an increase of approximately $938,000, or 277%, in revenue from real estate operations, and approximately $944,000 in revenue from investment in commercial mortgage loans (including interest earned and the accretion of a purchase discount), which it did not have in 2013.


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