CTO - Earnings call transcript Q1 2019 | CTO Realty Growth, Inc.

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Operator

Good day. And welcome to the Consolidated-Tomoka First Quarter 2019 Earnings Call. All participants will be in listen-only mode [Operator Instructions]. After today's presentation, there will be an opportunity to ask questions [Operator Instructions]. Please note this event is being recorded. to conference like to now would turn over the Mr. I President and Albright, CEO. John Please go ahead.

John Albright

Good welcome of Land morning. call Operator. Albright, XX, you, Thank And is name the first ended John results XXXX. the My to and to operating of Company. for Consolidated-Tomoka CEO Company President quarter March the review conference today's

to and the provide this over Dan Smith, and call Financial Chief Officer it disclosures customary with On with call turn General you me Corporate Counsel regarding our to on I'll is Mark Mark Patten, comments Secretary. our our today.

Mark Patten

everyone. morning, Good John. Thanks,

actual During certain reflect future these changes release And made. we considered Federal be our to the may we revisions call statements now were law. from forward-looking statements. to in from that night. materially last results which Also, issued could differ Securities and today, from last may filings in results statements Company's our that we under our the discussed in Factors not forward-looking time-to-time statements be make and website. earnings with the release is after may our investor differ may forward-looking quarter cause presentation risks on actual XXXX statements these Company's the in to night, significantly first SEC to disclosed available matters greater filed are expectations detail

find With that we and reference call. you may useful to this turn that, I'll Our may investor it information provides presentation to during back additional John. refer over

John Albright

questions. time, At this for Mark. we'll Operator? open up it Thanks

Operator

Kucera Please And from question-and-answer begin first now Instructions]. of go question Riley Craig the will B. We FBR. our ahead. [Operator comes session

Craig Kucera

I I go had to Thanks, good through. wanted guys. few a questions morning

there from quarter. quarter? quarter rental from other the had down any the adjustments about know the were fourth changes Whole of your top you revenue Foods. occupancy in accounting was But First, or fourth line the disposition to I X% first

John Albright

No.

on up I the have wouldn't actually, be year-over-year. any check Whole think we'd XX% other But think we I'll on that. reason And we're I Foods, off.

Craig Kucera

provide parcel. to terminate O'Connor that I they wanted to you to color circle why on the Can some agreement? back elected

John Albright

time that and plan, We contract of other entitlements out put the and to a O'Connor their time under we gave action and execute to plenty that value they them, us. to timeframe is work tenants get go which -- we time time with that tenants get it to best for and a go talk ourselves. through just the site ago, do best would with time them -- line to and did able to on more course us. they the And ready, site there're is us property some under and we've of in amount rezoned, to the And decided they users. that we the given beneficial to site, acceptable we already was really didn't they wanted the But given see acceptable very and would weren't of confident willing

different moving we're are and along site, whether ahead. have interests would there way, -- because go weren't from be they us, inquiring. that O'Connor on the hadn't will project so ready, process for just O'Connor bought sure want tenants I'm the the sites there sure of the developers people in And But buy will to forward been that already they

So they're tentative. being very

very forward. tenant just say and the our put move move and be we'll beneficial here forward interest. master ground us and for So to is them portfolio And leases we'll do to the into developer step in

forward. step we and market saying with up So it's really that us move it great this developer, decided rather site for is right and risking the now to another

Craig Kucera

looking piece of to I you're sell are develop you So also going to effectively XXX path? of the as the or basically that, this parcel acre off that move think pieces you you entire kind saying are a down is land,

John Albright

the that looking would it's site to I other on that interest. parts with of use buy property office most the start retail multifamily along be come to filled We've of safe the will or the we already say think with it probably most sense that way will and types And accessible the and the industrial. for makes people interest. of those

other activate the way it. people come confident and highly going I'm to to pieces are it So section first that that want the along as other we buy in of of

will doubt XXX very develop acres. I seriously all -- that we we So would

Craig Kucera

be future that might you when expect piece be point the of to, which that the it some single-tenant dispose on in at or hang And looking assets, you're would you that completes? assets to might type going you they predominantly is developing but that

John Albright

lot monetize in I time would that think low-hanging sure would fruit that a going well lot would we at the our But portfolio. be will the very the assets of we on of have spaces to in develop small that. some single-tenant a once shop work of our some tenant will get it like that I'm But interest we we be portfolio.

Craig Kucera

transactions a But in closing anticipate NADG are second the the anything land perspective you know the timing from outside contract? quarter do I gauge. tough of to

John Albright

a a have been taken land that the be is but more in that forth is entitlement slipping. small so and But have But process things say probably would size. would of there it that tickets a I possibility longer good there type nothing transactions and given possibility. the of things

Craig Kucera

half things as year, in you to looking of your land match be as year? of quarter selling more you fund you credit, second would given may the levering availability on acquiring, we the are the move and or through the progress through And be here advance up of line and back

John Albright

active think on the being I acquisition see more us you will front. Yes,

some timing months. these of between a So in sale sale some it land multi-tenant only be or whether bit mechanism the might funding it'd the a levering be up advance of acquisition But transactions. would a couple and of be

Craig Kucera

give convertible about color contemplating issue considering matters what balance sheet? the matter debt now. a have you coming us due sheet, Can some than less you're as balance the refinancing as to going to in And far accountable you year

John Albright

cash take to going convert and So, to our with the out ourselves we're position maturity. definitely

So that's But almost or ourselves. year bit have time of that little left so. way a positioning the obviously, to we're consider we

we'll be shape great So care that take of in instrument. to

Craig Kucera

of you're any been Golf marketing subsurface indication year? there interest and the in as Has here rights this

John Albright

Yes, pleased we're the the side. with I would very say Golf pleasantly interest on

is even so that that of sort is surprised we're But optimistic pretty end be has and but I'm a quarter. of be year time survey, coming it survey to large thing. some take A third probably to pleasantly interest. the parcel So it's Golf year, transacting this will the the in debt may it not going on be new

we we're had inquiries So optimistic on recent there. have On some subsurface, that.

soon time, but pursued has nothing, would drilling I in a they've been permit expect it. anything wouldn't So taken moving successful say, the state, through diligently it’s Carriage their long anytime fairly even I though

some there. optimistic we’re see here that so perhaps they'll on exploring at that lease drilling, and And point what summer we'll for be oil happens this their for

Craig Kucera

for one queue. the more me in hop and back I'll And

that to in see through Given certainly maybe has your see that in in than time gotten just do last enough the sales to year. you material Or sheet need commentary sales it pickup at on a horizon Do in where and XXXX? potentially of entitlements taking smaller close land early back go on in you real a half the was expected, to perhaps reconversion than longer possibly pipeline for point the balance less more the land be XXXX? being or you'd

John Albright

cleaner getting more that company us would you're that optimize mixed much convert company. of to I the far assets having of land in the possible. that just as story to REIT makes a peer addressed a the we the and the given possible story for It that, versus say conversion early, trying more a as really and as story fully want just as same to

the to don't without think a more I do address rush there's land fully. So reconversion any having

federal given burden still payments de minimus, are our is making that shareholders. on a tax that probably our reflective of the tax decision more that, it So when are payments

flow, C-corp that so to we're we're a cash since and And retain like in optionality. we structure able

fully the be once And so addressed opportunity. take would then more we up is that land I that think when

Operator

Steve go [Operator Instructions] will Olson And a next Investor. come ahead. from Please [ph], our question Private

Unidentified Analyst

include expected presentation about Is cash million noticed expected had still $XX as operating I presentation, not amount flow. for Last the the calendar this investor The cash that flow. the did year?

John Albright

its in Yes, on we didn't standing but own include just didn’t it range. that that's first be in there we to quarter the -- our expectation still

Unidentified Analyst

downtown opportunity opportunity speaking the someone be land. or But may develop, lands to And else the areas regarding create our to sell by ventures, beneficial most the advantages could the about the those company lands CTO? land we develop joint is I'm owned and within zone or to tax likely to not

John Albright

that more investors been open were of both who structure, been for looking has it but opportunity We're have site. zone funded to there

putting really Unicorp acres back the contract to is Clyde by investor. being instance, driven for op-zone under Morris XX so and And LPGA

so open And at it to manners, on if will. we you both are in looking

creating somebody that So a for if is op-zone way. own good there we're and to ahead if and tenant advantage buy our property parcel, our notion we'll investment transact that. to the open op-zone, And wants at that it it's and price, here at go there is certainly of taking same in demand

Unidentified Analyst

and I Golf of your selling there the the subsurface. any multi-tenant the on appreciate updates update Is other on buildings?

John Albright

in just more year. just activity -- you something I want this don't be announce I will a position some to see think from before something us happen. to we And

I So more activity think there. will you see

Unidentified Analyst

the notice gain And that going of sales are much is in tight loss. the a dispositions, is yet on I that seem just either wide on I indicate additional some a range about to there range Am the there on to value result thinking that that correctly? did gains or sales not

John Albright

just trying going we're the transact be range or a value let of pin Mark it. to we're there, will to very what's address giving I because wide transact. not may to in But point trying conservative exactly

you, a to we we traded us be conservative to that's that pin that want don't that point where so, be something Mark? in in happens, something in less so price position trying our fair, just out a than gave Is a found expectations. And

Mark Patten

right. That's absolutely

Unidentified Analyst

on there of Dallas, is comment opportunities? CBS properties about even activities any thinking guess the regarding Reno, or redevelopment the you on? can income I'm in update I if the Monterey any that offer And any And or

John Albright

that for tenant don't those those really are one. which value that's Sure. But little but is something that three in opaque I comment won't us. might And well. talk actively would I can't want but And that on to three, that of at say mentioned, I there I in specifically. know opportunities creating on then you interest I a want stay as to there looking be locations comment to don't we're but one comment -- specifically

Unidentified Analyst

track, O'Connor that And additional And like to opportunity description with you. company good the thank development tracks. to a with of luck tremendous everything. seems the the value of Okay, the own retaining appreciate add I doing of or the for some O'Connor, its opportunities some the

John Albright

Thanks, Steve.

Operator

session. over This I to question-and-answer would Mr. John concludes like Albright to closing conference the remarks. back for turn any our

John Albright

of attending week. next you Meeting Annual Thank for And much Thank you. to the look you very at the forward seeing call. some

Operator

The presentation. conference for has now concluded. Thank today's you attending

You may disconnect. now

CTO Realty Growth (CTO) 17 Apr 192019 Q1 Earnings call transcript