Toggle SGML Header (+)


Section 1: 8-K (8-K)

Earnings Release_20190205_8K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 5, 2019

 

Consolidated-Tomoka Land Co.

(Exact name of registrant as specified in its charter)

 

 

 

 

 

 

 

 

Florida

(State or other jurisdiction of incorporation)

001-11350

(Commission File Number)

59-0483700

(IRS Employer Identification No.)

 

1140 N. Williamson Boulevard,

Suite 140

Daytona Beach, Florida

(Address of principal executive offices)

32114

(Zip Code)

Registrant’s telephone number, including area code: (386) 274-2202

Not Applicable

(Former name or former address, if changed since last report.)

 

 

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

 

 


 

Item 2.02. Results of Operations and Financial Condition

On February 5, 2018 Consolidated-Tomoka Land Co., a Florida corporation (the "Company"), issued a press release relating to the Company’s earnings for the quarter and year ended December 31, 2018. A copy of the press release is furnished as an exhibit to this report.

Item 9.01. Financial Statements and Exhibits

The following exhibit is furnished herewith pursuant to Item 2.02 of this Report and shall not be deemed to be “filed” for any purpose, including for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section.

(d) Exhibits

99.1 Press Release dated February 5, 2019


 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

 

 

 

 

 

 

 

Company Name

 

 

 

 

 

Date: February 5, 2019

 

By:

 

/s/ Mark E. Patten

 

 

 

 

Mark E. Patten,

 

 

 

 

Senior Vice President and Chief Financial Officer

 

 


(Back To Top)

Section 2: EX-99.1 (EX-99.1)

cto_Ex99_1

Exhibit 99.1

 

Picture 1

Press

Release

 

 

 

Contact:

Mark E. Patten, Sr. Vice President and CFO

 

[email protected]

Phone:

(386) 944-5643

Facsimile:

(386) 274-1223

 

 

 

 

 

 

 

FOR

IMMEDIATE

RELEASE

CONSOLIDATED-TOMOKA LAND CO. REPORTS

EARNINGS OF $6.76 PER SHARE FOR 2018 AND $2.17 PER SHARE FOR THE FOURTH QUARTER OF 2018

 

DAYTONA BEACH, Fla. – February 5, 2019  –  Consolidated-Tomoka Land Co. (NYSE American: CTO) (the “Company”) today announced its operating results and earnings for the quarter and year ended December 31, 2018.

QUARTER HIGHLIGHTS

Land Holdings

Closed Transactions: six (6);  approximately 114 acres; aggregate proceeds approximately $21.1 million, average sales price of approximately $185,000 per acre.

Land Pipeline:  eleven (11)  contracts; nearly 1,700 acres, or approximately 31%;  potential proceeds of approximately $100.2 million, or average sales price of approximately $60,000 per acre.

Income Property Portfolio

Invested approximately $78.6 million in ten (10) single-tenant income properties; average investment cap rate of 6.98%.

Share Repurchase Program

From September 30, 2018 through February 1, 2019: Repurchased 148,535 shares for approximately $8.5 million; average purchase price of $57.37 per share;  completed buyback program that was refreshed to $10 million by the Company’s Board of Directors (the “Board”) in July 2018.

In January 2019 the Board authorized a  $10 million increase to stock buyback program.

Book Value Per Share

Book value per share totaled  $38.95 as of December 31, 2018;  increase of $5.97 per share, or 18%, compared to year-end 2017.

Other Activities

Commenced efforts to monetize:  certain of our multi-tenant income properties and possibly subsurface assets with plan to deploy potential proceeds to acquire single-tenant net lease assets utilizing the 1031 like-kind exchange structure where possible.


 

Hired broker to monetize our golf operations.

Income Property Update

In Q4 2018:

·

Acquired ten (10) single-tenant net lease properties for an aggregate purchase price of approximately $78.6 million; average investment cap rate of approximately 6.98% and average lease term of 11.9 years.

·

Wawa Florida, LLC (“Wawa”) completed construction on the Company’s out-parcel site at The Grove in Winter Park, Florida.  Rent commenced on the Company’s 20-year ground lease with Wawa.

The Company’s income property portfolio consisted of the following as of December 31, 2018:

 

 

 

 

 

 

 

 

 

Property Type

    

# of Properties

    

Square Feet

    

Average Years
Remaining on
Lease

 

Single-Tenant

 

40 

 

1,829,276 

 

9.6 

 

Multi-Tenant

 

 

531,915 

 

4.4 

 

Total / Wtd. Avg.

 

47 

 

2,361,191 

 

8.3 

 

 

Land Portfolio Update

In Q4 2018: Completed six land sales totaling approximately 114 acres with aggregate proceeds of approximately $21.1 million, or an average of approximately $185,000 per acre, resulting in an aggregate gain of approximately $17.8 million, or $2.45 per share, net of tax.

Land Pipeline Update

As of February 1, 2019, the Company’s pipeline of potential land sales transactions includes the following eleven (11) potential transactions with nine (9) different buyers, representing nearly 1,700 acres or approximately 31% of our remaining 5,400 acres of land holdings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

Transaction (Buyer)

    

Acres

    

Amount
($000’s)

    

Price Per
Acre
($ Rounded)

    

Estimated
Timing

 

1

 

Commercial/Retail – O’Connor - East of I-95 (1)(2)

 

203 

 

$

45.3mm

 

$

223,000 

 

’19 – ‘20

 

2

 

Residential (SF) – ICI Homes – West of I-95

 

1,016 

 

$

21.0mm

 

$

21,000 

 

‘19

 

3

 

Commercial/Medical Office – East of I-95

 

32 

 

$

8.1mm

 

$

253,000 

 

’19 - ‘20

 

4

 

Residential (MF) – East of I-95

 

38 

 

$

6.1mm

 

$

161,000 

 

Q4 ’19

 

5

 

Commercial/Residential – Unicorp Dev. – East of I-95

 

31 

 

$

4.6mm

 

$

148,000 

 

’19 - ‘20

 

6

 

Residential (MF) – East of I-95

 

20 

 

$

4.0mm

 

$

200,000 

 

’19 - ‘20

 

7

 

Commercial/Residential – Unicorp Dev. – East of I-95

 

10 

 

$

3.3mm

 

$

330,000 

 

’19

 

8

 

Residential (Sr. Housing) – East of I-95

 

13 

 

$

2.6mm

 

$

200,000 

 

’19 - ‘20

 

9

 

Residential (MF)/Retail – East of I-95

 

19 

 

$

2.0mm

 

$

105,000 

 

‘20

 

10

 

Residential (SF) – ICI Homes – West of I-95

 

146 

 

$

1.7mm

 

$

11,000 

 

’19

 

11

 

Borrow Pit – West of I-95

 

149 

 

$

1.6mm

 

$

11,000 

 

’19 - ‘20

 

 

 

Totals (Average)

 

1,677 

 

$

100.2mm

 

$

60,000 

 

 

 


(1)Land sales transaction which requires the Company to incur the cost to provide the requisite mitigation credits necessary for obtaining the applicable regulatory permits for the buyer, with such costs representing either our basis in credits that we own or potentially up to 5% - 10% of the contract amount noted.

(2)The Company expects that the buyer will complete the transaction in two separate closings, the first for approximately 123 acres with expected proceeds of approximately $29.3 million.

 

As noted above, these agreements contemplate closing dates ranging from early 2019 through fiscal year 2020, and although we anticipate that some of the transactions will likely close in 2019,  some of the buyers may not be contractually obligated to close until after 2019. Each of the transactions are in varying stages of due diligence by the various buyers including, in some instances, making submissions to the planning and development departments of the City of Daytona Beach, pursuing permitting activities with other


 

applicable governmental authorities including wetlands permits from the St. John’s River Water Management District and the U.S. Army Corps of Engineers,  conducting traffic analyses to determine potential road impact requirements with the Florida Department of Transportation, and negotiating other matters with Volusia County. In addition to other customary closing conditions, the majority of these transactions are conditioned upon the receipt of approvals or permits from those various governmental authorities, as well as other matters that are beyond our control. If such approvals are not obtained or costs to meet governmental requirements or obligations are too high, the prospective buyers may have the ability to terminate their respective agreements prior to closing. As a result, there can be no assurances regarding the likelihood or timing of any one of these potential land transactions being completed or the final terms thereof, including the sales price.

Balance Sheet Update

Share Repurchase Program:

·

In Q4 2018 repurchased 102,399 shares of our common stock for approximately $5.9 million, an average purchase price of $57.23 per share.

·

For 2018 repurchased 168,602 shares of our common stock for approximately $9.8 million, an average purchase price of $58.35 per share.

·

In January 2019 Company’s Board authorized $10 million increase to the buyback program.

Book Value Per Share: Our book value per share increased to $38.95 as of year-end, an increase of $5.97 per share, or approximately 18% compared to the end of 2017.

Quarterly Dividend: In January 2019: Company’s Board approved quarterly dividend of $0.10 per share for first quarter of 2019, an increase of 25% over Q4 2018 dividend and equating to annualized dividend level of $0.40 per share versus $0.27 per share paid in 2018.

Debt Summary

The following table provides a summary of the Company’s long-term debt as of December 31, 2018:

 

 

 

 

 

 

 

 

 

 

Component of Long-Term Debt (1)

    

Principal

    

Interest Rate

    

Maturity Date

 

Revolving Credit Facility (2)

    

$

120.74 million

    

30-day LIBOR + 1.50% – 2.20

%  

September 2021

 

Mortgage Note Payable (3)

 

$

24.56 million

 

3.17

%  

April 2021

 

Mortgage Note Payable

 

$

30.00 million

 

4.33

%  

October 2034

 

Convertible Senior Notes

 

$

75.00 million

 

4.50

%  

March 2020

 

Total Debt/Weighted-Average Rate

 

$

250.30 million

 

4.05

%  

 

 


(1)

At face value

(2)

In connection with the acquisitions in the fourth quarter of 2018,  the outstanding balance on the Revolving Credit Facility, as of December 31, 2018, was approximately $120.7 million and as a result our Total Debt as of that date was approximately $250.3 million and our weighted average interest rate was 4.05%. The Company intends to utilize proceeds from certain 1031 transactions completed in late 2018 and early 2019 to reduce the current outstanding balance on the Revolving Credit Facility.

(3)

Utilized interest rate swap to achieve fixed interest rate of 3.17%

 

OPERATING RESULTS

4th Quarter ended December 31, 2018 (compared to same period in 2017):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Increase (Decrease)

 

 

 

For the
Quarter 

 

vs Same Period in
2017 

 

vs Same
Period in 2017
(%)

 

Net Income Per Share (basic) (1)

    

$

2.17 

    

$

(2.25)

    

-51 

%

Operating Income ($ millions)

 

$

20.2 

 

$

14.1 

 

233 

%


(1)

The fourth quarter of 2017 includes non-cash impact to net income and basic earnings per share of approximately $22.2 million and $4.04 per share, respectively, for the adjustment of deferred tax liabilities and deferred tax assets to reflect the reduction in the federal income tax rate from 35% to of 21% based on the Tax Cut and Jobs Act of 2017.

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Increase (Decrease)

 

Operating Segment

 

Revenue for
the Quarter
($000’s)

 

vs Same Period in
2017
($000’s)

 

vs Same
Period in 2017
(%)

 

Income Properties

    

$

11,728 

    

$

2,887 

    

33 

%

Interest Income from Commercial Loan Investments

 

 

-

 

 

(325)

 

-100 

%

Real Estate Operations

 

 

21,499 

 

 

14,624 

 

213 

%

Total Revenues

 

$

33,227 

 

$

17,186 

 

107 

%

 

Year ended December 31, 2018 (compared to same period in 2017):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Increase (Decrease)

 

 

 

For the Year 

 

vs Same Period in
2017 

 

vs Same
Period in 2017
(%)

 

Net Income Per Share (basic) (1)

    

$

6.76 

    

$

(0.77)

    

-10 

%

Operating Income ($ millions)

 

$

63.5 

 

$

24.2 

 

62 

%


(1)

The fourth quarter of 2017 includes non-cash impact to net income and basic earnings per share of approximately $22.2 million and $4.04 per share, respectively, for the adjustment of deferred tax liabilities and deferred tax assets to reflect the reduction in the federal income tax rate from 35% to of 21% based on the Tax Cut and Jobs Act of 2017.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Increase (Decrease)

 

Operating Segment

    

Revenue for
the Year
($000’s)

    

vs Same Period in
2017
($000’s)

    

vs Same
Period in 2017
(%)

 

Income Properties

 

$

40,076 

 

$

8,669 

 

28 

%

Interest Income from Commercial Loan Investments

 

 

616 

 

 

(1,437)

 

-70 

%

Real Estate Operations

 

 

45,997 

 

 

(6,860)

 

-13 

%

Total Revenues

 

$

86,689 

 

$

372 

 

%

 

Golf Operations

The Company’s operating results were negatively impacted by the poor performance of the golf operations segment, including an operating loss of approximately $906,000 for the full year and the impairment charge taken in the third quarter of 2018 which wrote down the golf operations assets by approximately $1.1 million.

The company retained a broker in January 2019 to pursue  a sale of the golf operations. Based on the status of the Company’s activities to dispose of the golf operations segment the Company has classified the golf operations as a discontinued operation which includes classifying the assets and liabilities as held for sale as of December 31, 2018 and all prior periods presented and presenting all elements of the operating results of the golf operations in the Company’s statement of operations as a separate net amount below its operating results from continued operations for the years ended December 31, 2018 and all prior periods presented.

2018 Guidance

The following summary provides a review of the Company’s results for the year ended December 31, 2018 relative to the guidance for the full year ending December 31, 2018:

 

 

 

 

 

 

 

 

 

    

Guidance
FY 2018

    

Actual
FY 2018

 

Reported Earnings Per Share (Basic) (1) (2)

 

 

$5.00 - $5.75

 

 

$6.27 

 

Acquisition of Income-Producing Assets (3)

 

 

$80mm - $120mm

 

 

$109.8mm

 

Target Investment Yields (Initial Yield – Unlevered)

 

 

5.75% - 7.25

%  

 

6.36 

%

Disposition of Income-Producing Assets (Sales Value)

 

 

$6mm - $18mm

 

 

$11.4mm

 

Target Disposition Yields

 

 

7.50% - 8.50

%  

 

7.40 

%

Land Transactions (Sales Value) (1)(4)

 

 

$50mm

 

 

$59.0mm

 

Leverage Target (as % of Total Enterprise Value)

 

 

<40

%  

 

43 

%


(1)

Guidance was adjusted in the fourth quarter of 2018 to reflect the expectation of certain land sales not closing until early 2019, if at all, most particularly the $26.5 million contract with Minto Communities.


 

(2)

FY 2018 Guidance excludes earnings impact of income property dispositions. Actual results as of December 31, 2018 included earnings from income property dispositions of approximately $0.49 per share, net of tax, which have been excluded from the actual results noted in the above table.

(3)

Includes the investment of approximately $4.7 million for the acquisition of properties in downtown Daytona Beach in an opportunity zone.

(4)

Includes the $15.3 million of proceeds for the sale of the 70% interest in the mitigation bank joint venture.

2019 Guidance

The following summary provides the Company’s guidance for the full year ending December 31, 2019:

 

 

 

 

 

 

    

Guidance for
2019

 

Earnings Per Share (Basic) (1) (2)

 

 

$6.75 - $7.50

 

Earnings from Dispositions (3)

 

 

$2.25 - $2.75

 

Acquisition of Income-Producing Assets

 

 

$80mm - $120mm

 

Target Investment Yields (Initial Yield – Unlevered)

 

 

5.75% - 7.25%

 

Disposition of Income-Producing Assets (Sales Value)

 

 

$50mm - $100mm

 

Target Disposition Yields

 

 

7.50% - 8.50%

 

Land Transactions (Sales Value)

 

 

$50mm - $70mm

 

Leverage Target (as % of Total Enterprise Value)

 

 

40%

 


(1)

Reaching full year target heavily dependent upon closing of certain land transactions, including the transaction with O’Connor for 203 acres and with ICI Homes for 1,016 acres.

(2)

Closing on the 1,614-acre parcel west of I-95 in 2019 would produce an estimated increase to earnings of more than $2.50 per share, net of tax.

(3)

Incremental EPS from Dispositions not included in EPS Guidance.


 

4th Quarter Earnings Conference Call & Webcast

The Company will host a conference call to present its operating results for the quarter and year ended December 31, 2018 tomorrow, Wednesday,  February 6, 2019, at 9:00 a.m. eastern time. Shareholders and interested parties may access the earnings call via teleconference or webcast:

 

 

 

Teleconference: USA (Toll Free)

1-888-317-6003

International:

1-412-317-6061

Canada (Toll Free):

1-866-284-3684

 

Please dial in at least fifteen minutes prior to the scheduled start time and use the code 0909159 when prompted.

 

A webcast of the call can be accessed at: http://services.choruscall.com/links/cto190206.html.

 

To access the webcast, log on to the web address noted above or go to http://www.ctlc.com and log in at the investor relations section. Please log in to the webcast at least ten minutes prior to the scheduled time of the Earnings Call.

 

About Consolidated-Tomoka Land Co.

 

Consolidated-Tomoka Land Co. is a Florida-based publicly traded real estate company, which owns, as of February 1, 2019, a portfolio of income investments in diversified markets in the United States including approximately 2.4 million square feet of income properties, as well as approximately 5,400 acres of land in the Daytona Beach area. Visit our website at www.ctlc.com.

 

We encourage you to review our most recent investor presentation for the quarter and year ended December 31, 2018, available on our website at www.ctlc.com.

 

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,” “project,” and similar expressions and variations thereof identify certain of such forward-looking statements, which speak only as of the dates on which they were made.  Although forward-looking statements are made based upon management’s expectations and beliefs concerning future developments and their potential effect upon the Company, a number of factors could cause the Company’s actual results to differ materially from those set forth in the forward-looking statements.  Such factors may include the completion of 1031 exchange transactions, the modification of terms of certain land sales agreements, uncertainties associated with obtaining required governmental permits and satisfying other closing conditions, as well as the uncertainties and risk factors discussed in our Annual Report on Form 10-K for the fiscal year ended December 31, 2017 and our Quarterly Report on Form 10-Q for the quarter ended June 30, 2018, as filed with the Securities and Exchange Commission.  There can be no assurance that future developments will be in accordance with management’s expectations or that the effect of future developments on the Company will be those anticipated by management.

 


 

CONSOLIDATED-TOMOKA LAND CO.

CONSOLIDATED BALANCE SHEETS

 

 

 

 

 

 

 

 

 

 

(Unaudited)

 

 

 

    

December 31,
2018

    

December 31, 2017

ASSETS

 

 

 

 

 

 

Property, Plant, and Equipment:

 

 

 

 

 

 

Income Properties, Land, Buildings, and Improvements

 

$

392,520,783 

 

$

358,130,350 

Other Furnishings and Equipment

 

 

728,817 

 

 

715,042 

Construction in Progress

 

 

19,384 

 

 

6,005,397 

Total Property, Plant, and Equipment

 

 

393,268,984 

 

 

364,850,789 

Less, Accumulated Depreciation and Amortization

 

 

(24,518,215)

 

 

(22,222,388)

Property, Plant, and Equipment—Net

 

 

368,750,769 

 

 

342,628,401 

Land and Development Costs

 

 

25,764,633 

 

 

39,477,697 

Intangible Lease Assets—Net

 

 

43,555,445 

 

 

38,758,059 

Assets Held for Sale

 

 

75,866,510 

 

 

6,262,633 

Investment in Joint Venture

 

 

6,788,034 

 

 

— 

Impact Fee and Mitigation Credits

 

 

462,040 

 

 

1,125,269 

Commercial Loan Investments

 

 

— 

 

 

11,925,699 

Cash and Cash Equivalents

 

 

2,310,489 

 

 

6,107,252 

Restricted Cash

 

 

19,721,475 

 

 

6,508,131 

Refundable Income Taxes

 

 

225,024 

 

 

1,116,580 

Other Assets

 

 

12,885,453 

 

 

12,220,657 

Total Assets

 

$

556,329,872 

 

$

466,130,378 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

Accounts Payable

 

$

1,036,547 

 

$

1,667,214 

Accrued and Other Liabilities

 

 

5,197,884 

 

 

9,068,461 

Deferred Revenue

 

 

7,201,604 

 

 

1,801,696 

Intangible Lease Liabilities—Net

 

 

27,390,350 

 

 

29,770,441 

Liabilities Held for Sale

 

 

1,347,296 

 

 

1,534,130 

Deferred Income Taxes—Net

 

 

54,769,907 

 

 

42,293,864 

Long-Term Debt

 

 

247,624,811 

 

 

195,816,364 

Total Liabilities

 

 

344,568,399 

 

 

281,952,170 

Commitments and Contingencies

 

 

 

 

 

 

Shareholders’ Equity:

 

 

 

 

 

 

Common Stock – 25,000,000 shares authorized; $1 par value, 6,052,209 shares          issued and 5,436,952 shares outstanding at December 31, 2018; 6,030,990 shares issued and 5,584,335 shares outstanding at December 31, 2017

 

 

5,995,257 

 

 

5,963,850 

Treasury Stock – 615,257 shares at December 31, 2018; 446,655 shares                            at December 31, 2017

 

 

(32,345,002)

 

 

(22,507,760)

Additional Paid-In Capital

 

 

24,326,778 

 

 

22,735,228 

Retained Earnings

 

 

213,297,897 

 

 

177,614,274 

Accumulated Other Comprehensive Income

 

 

486,543 

 

 

372,616 

Total Shareholders’ Equity

 

 

211,761,473 

 

 

184,178,208 

Total Liabilities and Shareholders’ Equity

 

$

556,329,872 

 

$

466,130,378 

 


 

CONSOLIDATED-TOMOKA LAND CO.

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Year Ended

 

 

 

December 31,

 

December 31,

 

December 31,

 

December 31,

 

 

 

2018

 

2017

 

2018

 

2017

 

Revenues

    

 

    

    

 

    

    

 

    

    

 

    

 

Income Properties

 

$

11,728,550 

 

$

8,840,425 

 

$

40,075,731 

 

$

31,406,930 

 

Interest Income from Commercial Loan Investments

 

 

— 

 

 

325,240 

 

 

615,728 

 

 

2,052,689 

 

Real Estate Operations

 

 

21,498,614 

 

 

6,875,521 

 

 

45,997,141 

 

 

52,857,359 

 

Total Revenues

 

 

33,227,164 

 

 

16,041,186 

 

 

86,688,600 

 

 

86,316,978 

 

Direct Cost of Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

Income Properties

 

 

(2,492,325)

 

 

(2,160,999)

 

 

(8,170,083)

 

 

(6,917,743)

 

Real Estate Operations

 

 

(3,520,151)

 

 

(2,077,952)

 

 

(11,513,918)

 

 

(17,576,346)

 

Total Direct Cost of Revenues

 

 

(6,012,476)

 

 

(4,238,951)

 

 

(19,684,001)

 

 

(24,494,089)

 

General and Administrative Expenses

 

 

(2,604,633)

 

 

(2,309,764)

 

 

(9,785,370)

 

 

(10,252,610)

 

Depreciation and Amortization

 

 

(4,452,647)

 

 

(3,433,913)

 

 

(15,761,523)

 

 

(12,314,700)

 

Total Operating Expenses

 

 

(13,069,756)

 

 

(9,982,628)

 

 

(45,230,894)

 

 

(47,061,399)

 

Gain on Disposition of Assets

 

 

— 

 

 

304 

 

 

22,035,666 

 

 

38 

 

Other Gains and Income

 

 

— 

 

 

304 

 

 

22,035,666 

 

 

38 

 

Operating Income

 

 

20,157,408 

 

 

6,058,862 

 

 

63,493,372 

 

 

39,255,617 

 

Investment Income

 

 

13,838 

 

 

10,554 

 

 

52,221 

 

 

37,985 

 

Interest Expense

 

 

(2,979,364)

 

 

(2,243,770)

 

 

(10,423,286)

 

 

(8,523,136)

 

Income from Continuing Operations Before Income Tax (Expense)/Benefit

 

 

17,191,882 

 

 

3,825,646 

 

 

53,122,307 

 

 

30,770,466 

 

Income Tax Expense (Expense)/Benefit from Continuing Operations

 

 

(5,146,410)

 

 

20,769,895 

 

 

(14,162,966)

 

 

10,326,298 

 

Net Income from Continuing Operations

 

$

12,045,472 

 

$

24,595,541 

 

$

38,959,341 

 

$

41,096,764 

 

Income (Loss) from Discontinued Operations (Net of Income Tax)

 

 

(249,061)

 

 

(268,317)

 

 

(1,791,551)

 

 

622,660 

 

Net Income

 

$

11,796,411 

 

$

24,327,224 

 

$

37,167,790 

 

$

41,719,424 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted Average Common Shares Outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

5,432,889 

 

 

5,509,822 

 

 

5,495,792 

 

 

5,538,859 

 

Diluted

 

 

5,432,889 

 

 

5,560,412 

 

 

5,529,321 

 

 

5,579,792 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Per Share Information:

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from Continuing Operations

 

$

2.22 

 

$

4.47 

 

$

7.09 

 

$

7.42 

 

Income (Loss) from Discontinued Operations

 

 

(0.05)

 

 

(0.05)

 

 

(0.33)

 

 

0.11 

 

Basic Net Income Per Share

 

$

2.17 

 

$

4.42 

 

$

6.76 

 

$

7.53 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from Continuing Operations

 

$

2.22 

 

$

4.43 

 

$

7.04 

 

$

7.37 

 

Income (Loss) from Discontinued Operations

 

 

(0.05)

 

 

(0.05)

 

 

(0.32)

 

 

0.11 

 

Diluted Net Income Per Share

 

$

2.17 

 

$

4.38 

 

$

6.72 

 

$

7.48 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends Declared and Paid

 

$

0.08 

 

$

0.05 

 

$

0.27 

 

$

0.18 

 

 

 

 


(Back To Top)