Last $50.23 USD
Change Today +0.37 / 0.74%
Volume 7.4K
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As of 8:04 PM 10/24/14 All times are local (Market data is delayed by at least 15 minutes).
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Company Description

Contact Info

1530 Cornerstone Boulevard

Suite 100

Daytona Beach, FL 32117

United States

Phone: 386-274-2202

Fax: 386-274-1223

Consolidated-Tomoka Land Co. operates as a real estate operating company. The company owns and manages commercial real estate properties in nine states in the U.S., and two self-developed, flex-office properties, with multiple tenants, located in Florida. As of December 31, 2013, the company owned 35 single-tenant income-producing properties, with approximately 740,000 square feet of gross leasable space. It also owned and managed a land portfolio of approximately 10,000 acres in Florida, a majority of which is located within and forms a portion of, the western boundary of the city of Daytona Beach. The company’s land is well-located along both sides of Interstate 95 and near central Florida’s Interstate 4 corridor. In January 2014, the company foreclosed on approximately 600 acres of land west of I-95, bringing the company’s land portfolio to approximately 10,500 acres. As of December 31, 2013, the company also had an investment in a floating-rate commercial mortgage loan collateralized by a hotel property in Atlanta, Georgia. It has a golf course operation, which consists of the LPGA International golf club, which is managed by a third party. It also leases property for billboards; has agricultural operations that are managed by a third party and consists of leasing land for hay production, timber harvesting, and hunting leases; and owns and manages subsurface interests. Real Estate Operations As of December 31, 2013, the company owned approximately 10,000 acres of land in Daytona Beach, Florida, along 6 miles of the west and east side of Interstate 95. The majority of this land is used for agricultural purposes. Approximately 1,500 acres of its land holdings are located on the east side of Interstate 95 and are suited for commercial development. The company’s holdings in this area include two permitted office sites in the Cornerstone Office Park, located at the southeast quadrant of the Interstate 95 interchange at LPGA Boulevard, which are permitted for approximately 100,000 square feet of office space. Golf Operations Golf operations consist of the LPGA International golf club, a semi-private golf club consisting of two 18-hole championship golf courses, an 18-hole course designed by Rees Jones and an 18-hole course designed by Arthur Hills, with a 3-hole practice facility also designed by Rees Jones, a clubhouse facility, food and beverage operations, and a fitness facility located within the LPGA International mixed-use residential community on the west side of Interstate 95 in Daytona Beach, Florida. The company leases the land and certain improvements attributable to the golf courses under a long-term lease with the city of Daytona Beach, Florida. Commercial Mortgage Loan Investments The company’s investment in commercial mortgage loans or similar structured finance investments, such as mezzanine loans or other subordinated debt, have been and would continue to be secured by commercial real estate or a borrower’s pledge of its ownership interest in the entity that owns the real estate. Agriculture and Other Operations The company’s agricultural lands include approximately 9,700 acres on the west side of Daytona Beach, Florida. Its agricultural operations are managed by a third-party and consist of leasing land for hay production, timber harvesting, and hunting leases. History Consolidated-Tomoka Land Co. was founded in 1902.

 

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CTO

Industry Average

Valuation CTO Industry Range
Price/Earnings 41.0x
Price/Sales 7.8x
Price/Book 2.3x
Price/Cash Flow 27.2x
TEV/Sales 5.7x
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