CTO - Earnings call transcript Q4 2019 | CTO Realty Growth, Inc.

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Operator

Good day, and welcome to the Consolidated-Tomoka fourth-quarter 2019 earnings call and webcast. [Operator instructions]. Please note that this event is being recorded. I would now like to turn the conference over to Mr. John Albright, President and CEO. sir. ahead, go Please

John Albright

name Good the welcome Land operating quarter XXXX. the operator. CEO President call the of Company today's to fourth company. My XXst, December review results ended John morning you, Albright, to and and conference for is Thank of Consolidated-Tomoka

Financial and call Corporate with Chief Mark Smith, Dan Patten, is the and our Secretary. On our me Officer; General Counsel

the over this customary Mark you disclosures call our it to to turn with I'll on regarding comments today. provide

Mark Patten

morning. Good

we today, considered statements federal actual the after call statements During in certain be may statements. securities made. significantly make were company's statements these our that may differ We forward-looking discussed to not may to reflect statements The the may be under matters release changes future forward-looking these from revisions forward-looking results law. to

could the which expectations from in Factors issued our available investor we filed actual and night, are greater presentation filings fourth-quarter to in on XXXX night. now risks Also, earnings company's detail and with time disclosed that differ results SEC website. our time last to materially our is in last cause from release the

refer provides Our and may may call. information to during find additional we this useful, you investor presentation

it to back that, With turn I'll John. over

John Albright

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

Operator

question [Operator Kucera of Instructions] go from come first And B. ahead. our Craig will Riley FBR. Please

Craig Kucera

out your land about to sales talking Hey, start good want guys. morning, I pipeline.

later X,XXX X,XXX in incremental JV? of I any that think are from total those will that that there contract in likely is from that sales the million. CTO release noted distributions Is for chance a Or the a event? you press your under acres XXXX $XXX see

John Albright

plan be, would definitely went according know, mean, that would more a we're in it But, factoring be everything possibility. you XXXX. if or really great, that know, you would likely XXXX I that be Yeah. to

delays everything know, it's from busy and of delays and or Craig, know, land the city, corp maybe whether it's and in this and to some off. delays, its our then plan even But changed, but army the closed three of entitlement there's in two half most county, always we you they're know, if to the to hasn't worse. likely, like Just been went as close, latter history things could year, see money supposed you you according that in everyone sales, are years

Craig Kucera

just to the want OK. acquisition to And particularly Great. cap guidance, pivot rates.

significantly Magnetar, Given you're considering of types closing assets range Can is the XXXX? you to of below outlined about here since press talk the that kind that you Alpine in buy the that purchased the release sales. what you throughout

John Albright

Yeah.

of market. about of you those north of Jacksonville our of are tenants only where that vacancy not an type And potential So might but there cap they that at Or have to and seven. cap-type in could are some lease-up. some they there's sorts to transactions Crossroads assume saw last to rates leases yield kind there outside Phoenix. rates are the of we're opportunity strand potential, that, you cap range, whether in beyond with two looking have that were seven take you growth the And below-market those the

you at something seven that but the upon from something can build there. around So range, starts

Craig Kucera

at at income-producing Or this loans opportunistic investments? of more just in guidance. And you I any from that properties. that looking just commercial regarding Great. commentary you make you those possibly also potential focus about stepping Are as the point time? loans OK thinking noticed that on back didn't are was types

John Albright

doing type We're more we out very Yeah. new don't but with loans pursuing to them. risk-reward duration, scenario, mind actively as of there not come us people short interesting

to accommodate high that loans actually on would very land of our do coupon, be can done. We sales. that loans we the have Now low-risk land JV type

be that next the we I XX But possibility. beyond months don't a see what So being have. net there could over growth don't I a

short loans, growth new that we burn a our that but maybe given lot such So they'll loan, duration have in it'll on not segment. replaced be of probably off by a and

Craig Kucera

it. XXXX far as as OK. are the to And going looking assets circled transactional Got the soft Have process sell? now? activity. potential remaining Or kind of you you're that you through

John Albright

the type at that You are definitely know, very would sub-X% assets trade low are and rate that there cap some queue, that assets. assets high be would rates, in cap

start remaining And cash we those really satisfied assets. the sale on that XXXX of working will have the after Alpine so last we we from

move higher cap accomplished, have cap have once low acquisitions. rate So we'll acquisition properties we we rate on the recycling to the that into

Craig Kucera

it. Got

there. So positive out

John Albright

Correct.

Craig Kucera

As you something that's make did at going April shareholder, Is some or far that that the still this brought as be TBD? meeting commentary. potential is to in recent the conversion,

John Albright

Yes.

the if shareholders. avenue, So that would in pursue we board if board -- to it go deciding the we be were the to decides year, where the probably later

start we're the that evaluation the we'll we've transactions that doing all settling on done, Now board. for

you go shareholders and if the vote. And move could be a to decides we to later forward for so in year that to board the assume the

Craig Kucera

Okay. allocation I in of a just part want year. last to repurchases were big XXXX. talk Share about capital

you you reup Just given are are in you full plan? at the Are much a assets, pretty this process? point? is of guys to stock buyback talk looking Or sort intrinsic about the where value and of that where trading can the you

John Albright

Yes.

You Board earnings we probably it's the the million saw a presentation, stock in release, know repurchase investor in a release new the but the that and long $XX -- program. mentioned approved in earnings I

opportunity there's the in with another so million we've program And the replenished we'll where a that one. stock, opportunistically so $XX look to back or great to buy deploy market

Craig Kucera

me. Got more And it. one for

the and longer-term of arrived number? the was flow, and small projected forward north looking a said board kind substantial us they give that to some is on this of increase where payout year, you as you a a how insight it's annually, about can ratio cash still guys think about it thinking Obviously, $X, I dollar at but dividend. you how fraction talking from Just operating relatively of a

John Albright

Yeah.

obviously, basically So doubled -- the doubled the we dividend.

and the jump lot that knew that we And be we have of company. So a in proceeds market versus base we to cash to remaining flow set that's a growth something year, that overpromising. dividend free would a a of flow of show think wants the throughout that can the as board off the I builds the deploy XXXX cash to we big build

there that dividend. we to you this the really growth and And want nice trajectory so can see have

to payout XX% below is on So for that projections it's probably safe year. ratio say the this much our

growth. of lot for a there's room So

obviously, shareholders through a -- be return hike and to show buyback So to kind know, as very capital market trying conservative, very the as dividend the you well of but program.

Operator

Mr. This like I remarks. John ahead. [Operator question-and-answer concludes back our Albright would conference for Please turn the closing any instructions] go over session. to to

John Albright

you joining the and Thank I for your call, appreciate attendance.

Operator

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

now may disconnect. You

CTO Realty Growth (CTO) 14 Feb 202019 Q4 Earnings call transcript