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Mar 31, 2020
CTO Q1 2020 Earnings Report
Reported increased revenue and a net loss per share due to unrealized losses on PINE shares.
Key Takeaways
Consolidated-Tomoka Land Co. reported increased revenue of $12.8 million for the first quarter of 2020. However, the company experienced a net loss of $2.60 per share, primarily due to an unrealized loss on its investment in Alpine Income Property Trust, Inc. (PINE).
Generated nearly $5.1 million of cash flow from operations exceeding share buybacks and dividends.
Acquired two multi-tenant commercial retail properties for approximately $137.2 million.
Recognized an unrealized loss of approximately $13.7 million on its investment in PINE.
Completed exchange or refinancing of convertible notes due in March 2020 with a new issuance of convertible notes.
Revenue by Segment
Forward Guidance
Consolidated-Tomoka Land Co. provided guidance for the fiscal year 2020 regarding acquisition of income-producing assets, target investment yields, disposition of income-producing assets, target disposition yields, and leverage target.
Positive Outlook
- Targeting acquisition of income-producing assets between $160 million and $210 million.
- Targeting investment yields between 6.25% and 7.25%.
- Planning disposition of income-producing assets with sales value between $40 million and $60 million.
- Targeting disposition yields between 6.50% and 7.50%.
- Aiming for a leverage target between 40% and 50% of total enterprise value.
Challenges Ahead
- COVID-19 Pandemic is expected to have a negative effect on financial results.
- Rent collections are expected to be below contractual rent obligations due to governmental orders.
- There is uncertainty regarding the depth, duration, and geographic impact of the COVID-19 Pandemic.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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