CTO Realty Growth, Inc. (CTO) 2015年年度报告「NYSE」.pdf

1、Annual Report 2015the sun is shining Ondaytona beachFinancialHighlights 2015 2014 2013 3 YR AVGOPERATIONS Net Income$8,347,166$6,383,818$3,683,247$6,138,077 BASIC EARNINGS PER SHARENet Income$1.44$1.11$0.64$1.06 FINANCIAL POSITIONSCash(including restricted cash)$18,121,200$6,321,293$5,299,157 Land&D

2、evelopment Costs$53,406,020$38,071,264$38,609,744Income Properties(1)$261,548,077$204,929,601$164,240,967Total Debt(2)$168,459,722$103,940,011$63,227,032Shareholders Equity(3)$134,781,388$128,404,699$120,169,357 StockSymbolCTO(1)Total historical cost of land,building and improvements,and intangible

3、lease assets and liabilities,including improvementsmade subsequent to acquisition.(2)As of December 31,2015,face value total debt(includes the convertible note at face value)was approximately$173.7 million.(3)Shareholders equity excludes the noncontrolling interest in the consolidated variable inter

4、est entity.Fellow Shareholders:In 2015 our Company and Daytona Beach made major strides in a transformation that we believe positions us formany more good things to come.Last year we closed approximately$22.5 million of land sales on a total of114 acres,or$197,000 per acre,representing less than 1%o

5、f our land acreage in Daytona Beach.As accretiveand important as these sales were to our earnings per share and book value,the most valuable aspect of thetransactions is who the buyer was and what they are bringing to Daytona Beach.We believe their developmentswill lead to additional value-enhancing

6、 activity on our land.In the last two years,we have sold over$30 millionof land sales and converted the proceeds into income properties with a growing cash flow stream.Our businessplan is working nicely!One of the land buyers,Tanger Factory Outlets(NYSE:SKT),purchased 39 acres for the development of