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| NAV WORKSHEET (A)(F) CONSOLIDATED TOMOKA Indicative of Meaningful Discount in our Stock Price 7 Cap Rate on NOI (C) Contract amounts As of May 31, 2019 As of March 31, 2019 Excludes intangible lease liabilities As of May 31, 2019 (unless otherwise noted) Highlighted Components of NAV Basis for Value or Estimate Approx. Acres % of Total Income Properties @ 6.5% Cap Rate (F) Cap Rate on NOI (1) 505,200,000 $ Land Pipeline (Under Contract) Pipeline Amount (2)(A) 3,187 60% 90,000,000 $ Subsurface Interests Estimated Value (A) 15,000,000 $ Downtown Daytona Beach Land Book Value (3) 5,500,000 $ Golf + Mitigation /Impact Fee Credits & Other Assets Book Value (3) 4,300,000 $ Cash + 1031 Restricted Cash Pro Forma 17,900,000 $ Total Value of Assets included in NAV 637,900,000 $ Less: Debt and Other Liabilities Debt (E) Pro Forma (261,100,000) $ Other Liabilities (Excluding Def. Tax Liability) (4) Book Value (3) (15,100,000) $ Value of NAV Components - Excluding Available Land Holdings 361,700,000 $ 361,700,000 $ Plus: Estimated Value of Notable Available Land Parcels & Other Land Holdings Mixed Use Parcel Estimated Value 203 175,000 $ 225,000 $ 35,500,000 $ 45,700,000 $ Industrial Parcel Estimated Value 850 20,000 $ 40,000 $ 17,000,000 $ 34,000,000 $ E. of Williamson btwn LPGA & Strickland Estimated Value 155 70,000 $ 95,000 $ 10,900,000 $ 14,700,000 $ Clyde Morris & Rifle Range Road Estimated Value 58 40,000 $ 60,000 $ 2,300,000 $ 3,500,000 $ Range of Value Estimates - Notable Available Land Parcels 1,266 24% 65,700,000 $ 97,900,000 $ Subtotal of NAV Components 427,400,000 $ 459,600,000 $ Other Land Holdings 847 16% 8,000 $ 10,000 $ 6,800,000 $ 8,500,000 $ Total Land Holdings 5,300 Net Value of NAV Components 434,200,000 $ 468,100,000 $ Current Equity Market Cap @ May 31, 2019 296,043,787 $ 296,043,787 $ NAV Worksheet Value in Excess of Current Equity Market Cap 138,156,213 $ 172,056,213 $ Estimated Range of Values per Acre (A) Value Range |