Author Topic: CTO - Consolidated Tomoka Land Company  (Read 33162 times)

Gregmal

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Re: CTO - Consolidated Tomoka Land Company
« Reply #70 on: November 28, 2017, 06:01:33 AM »
Round 2

https://www.sec.gov/Archives/edgar/data/23795/000155837017009066/f8-k.htm

At this point I think it is a win/win. These guys definitely deserve to be ridiculed for their inaction; especially after the way they conducted themselves during last years proxy. They've done nothing new to narrow the discount to NAV, all but stopped share repurchase activity despite clarity with the land sales and a $81-$91 NAV figure, and more or less been proven wrong regarding all of their fear mongering from the past few years. How long can they cry "it's all his fault, he's desperate"? They've been saying this now for three years. They've taken no responsibility for the poor performance, and made little effort to do anything other than convert this to a REIT while claiming that they haven't made a decision on the REIT conversion. If there is any sort of justice in the world, these guys should face repercussions for all the nonsense they've pulled since 2015.


BeerBBQ

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Re: CTO - Consolidated Tomoka Land Company
« Reply #71 on: November 28, 2017, 03:57:32 PM »
What has changed? Why would winters have a better chance of winning now? Has shareholder base turned over?

Gregmal

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Re: CTO - Consolidated Tomoka Land Company
« Reply #72 on: November 28, 2017, 04:21:30 PM »
To me it is the clarity in terms of value and a lot of shareholders realizing that they were hoodwinked. Right now, the valuation is much more certain than ever before. And at worst we're probably looking at a two year window for all of that cash to come in.

72% of remaining land under contract for ~150m. Basically there are only about 2,000 acres of largely prime land left whereas last year there were over 10,000 acres of wildly varying land parcels

The fact Wintergreen is only seeking 3 directors which would not constitute a change in control. There has to be a point where crying "he's desperate and wants to sell" becomes trite. They've been doing it for years and he's still here and has only added to his position.

The fact that the current Board has refused to buyback stock despite the continued underperformance and profound discount to NAV. This despite making all sorts of claims and insinuations during last year's proxy fight. They pretty clearly did what they had to do to win, and then immediately reverting back to the behavior that got them in trouble to begin with.

Much of the shareholder base last year just didn't think giving Winters complete control of the company was worth the risk. There was validity to that. But that certainly didn't mean they were thrilled with management or happy with the board. Quite the opposite. Now they can put a couple Wintergreen directors on the board without fear of a quick sale or the egregious change in control provisions kicking in. One of the biggest tells for me was that one of the first things the current board did following the proxy fight was change managements employment contracts so that in the event that what had just occurred happened again, big golden parachutes would kick in. And to make matters worse they substantially increased the amount of money management would get paid if they chose to quit for the newly revamped "cause".


zippy1

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Re: CTO - Consolidated Tomoka Land Company
« Reply #73 on: December 22, 2017, 07:13:04 AM »
Consolidated-Tomoka Completes Sale of Approximately 27 Acres for $6.2 Million to North American Development Group
Quote
Consolidated-Tomoka Land Co. (NYSE American: CTO) (the “Company”) today announced the closing of the sale of approximately 27.04 acres to an affiliate of North American Development Group (“NADG”) for approximately $6.2 million, or approximately $230,000 per acre (the “Fourth NADG Land Sale”), which includes a reimbursement payment of approximately $580,000 from NADG for the pro-rata portion of the infrastructure costs incurred by the Company relating to the Tomoka Town Center. The land is located on the east side of Interstate 95 and is in the Tomoka Town Center. The estimated gain on the Fourth NADG Land Sale, including the aforementioned reimbursement, is approximately $4.6 million, or approximately $0.52 per share, after tax. The Company intends to utilize the proceeds from this sale to fund a portion of the previously acquired income property located near Portland, Oregon leased to Wells Fargo, through a reverse 1031 like-kind exchange structure. The closing of the Fourth NADG Land Sale leaves NADG with approximately 35.0 acres of additional land remaining under contract with the Company for approximately $11.5 million, or approximately $329,000 per acre. NADG has until year-end 2018 to close on the remaining acreage under contract. NADG has begun vertical construction of its approximately 500,000 square foot retail power center in Tomoka Town Center.

Including the Fourth NADG Land Sale, year-to-date, the Company has sold approximately 1,700 acres of land for an aggregate sales price of approximately $45.5 million, or nearly $27,000 per acre. The Company’s guidance for 2017 regarding total land sales was approximately $30 million to $50 million.
https://finance.yahoo.com/news/consolidated-tomoka-completes-sale-approximately-141000581.html

Cardboard

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Re: CTO - Consolidated Tomoka Land Company
« Reply #74 on: October 17, 2019, 07:09:45 AM »
Looks like another victory or on the way to be for Gregmal! Congratulations!

Gregmal

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Re: CTO - Consolidated Tomoka Land Company
« Reply #75 on: October 23, 2019, 02:00:09 PM »
Buried in the just released 10Q

"On October 23, 2019, the Company announced its intention to sell or contribute 20 of its single-tenant net least income properties to a newly formed independent single-tenant net lease real estate investment trust (“REIT”), Alpine Income Property Trust, Inc. (“Alpine” or “PINE”). The Company has sponsored Alpine prior to its planned initial public offering (the “PINE IPO”). Alpine was formed by CTO as a single-tenant net lease REIT and its IPO is intended to raise the necessary capital to acquire 15 of the 20 assets for approximately $125.9 million in cash and as part of Alpine’s formation the Company will contribute 5 of the income properties in exchange for approximately 1.2 million units in Alpine’s operating partnership (“OP Units”), with an estimated value of approximately $24.5 million based on the current expected mid-point of the price range of the PINE IPO. CTO intends to invest $7.5 million in the common stock in PINE through a private placement concurrent with the PINE IPO. Following completion of the PINE IPO and related formation transactions, CTO expects to own approximately 17.5% of PINE based on the Company’s aggregate ownership of OP Units, approximately 13.4%, and the PINE shares, approximately 4.1%, purchased in the private placement. A wholly-owned subsidiary of the Company will serve as external manager of PINE subject to a management agreement that provides for an annual base management fee equal to 1.5% of the total equity of PINE and with the opportunity to earn an incentive fee that is based on exceeding a set total return for PINE’s shareholders."

http://archive.fast-edgar.com//20191023/ANZ2D22CZ222626Z2V2322Z28M3MTM2HZ2B2/