$CTO

CONSOLIDATED TOMOKA LAND CO

CIK:0000023795|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues
Income Properties	$ 37,136	$ 33,375	$ 73,716	$ 65,047
Revenue from Contract with Customer, Including Assessed Tax	$ 1,466	$ 1,247	$ 2,815	$ 2,425
Revenue from Contract with Customer, Product and Service	Management Service	Management Service	Management Service	Management Service
Interest Income From Commercial Loans and Investments	$ 5,229	$ 3,016	$ 8,473	$ 5,977
Total Revenues	43,831	37,638	85,004	73,449
Direct Cost of Revenues
Total Direct Cost of Revenues	(11,126)	(10,178)	(21,294)	(19,069)
General and Administrative Expenses	(4,630)	(4,448)	(9,707)	(9,131)
Provision for Impairment and Adjustment to CECL Reserve	(1,084)		(763)
Depreciation and Amortization	(15,847)	(15,294)	(31,803)	(29,658)
Total Operating Expenses	(32,687)	(29,920)	(63,567)	(57,858)
Gain on Disposition of Assets	2,107		2,107
Loss on Extinguishment of Debt		(20,396)		(20,396)
Other Gain (Loss)	2,107	(20,396)	2,107	(20,396)
Total Operating Income (Loss)	13,251	(12,678)	23,544	(4,805)
Investment and Other Income (Loss)	10,765	(3,687)	14,008	(3,112)
Interest Expense	(7,783)	(6,859)	(15,054)	(12,995)
Income (Loss) Before Income Tax Expense	16,233	(23,224)	22,498	(20,912)
Income Tax Expense	(1,121)	(194)	(1,181)	(245)
Net Income (Loss) Attributable to the Company	15,112	(23,418)	21,317	(21,157)
Distributions to Preferred Stockholders	(1,878)	(1,878)	(3,756)	(3,756)
Net Income (Loss) Attributable to Common Stockholders	$ 13,234	$ (25,296)	$ 17,561	$ (24,913)
Per Share Information - See Note 12:
Basic Net Income (Loss) Attributable to Common Stockholders (in dollars per share)	$ 0.38	$ (0.77)	$ 0.52	$ (0.78)
Diluted Net Income (loss) Attributable to Common Stockholders (in dollars per share)	$ 0.38	$ (0.77)	$ 0.52	$ (0.78)
Weighted Average Number of Common Shares
Basic (in shares)	34,988,612	32,678,771	33,760,706	32,118,982
Diluted (in shares)	35,024,642	32,727,831	33,788,343	32,174,574
Income Properties
Direct Cost of Revenues
Total Direct Cost of Revenues	$ (11,126)	$ (10,178)	$ (21,294)	$ (19,069)

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash Flow from Operating Activities:
Net Income (Loss) Attributable to the Company	$ 21,317	$ (21,157)
Adjustments to Reconcile Net Income (Loss) Attributable to the Company to Net Cash Provided by Operating Activities:
Depreciation and Amortization	31,803	29,658
Amortization of Intangible Assets and Liabilities to Income Property Revenue	(1,609)	(716)
Amortization of Deferred Financing Costs to Interest Expense	668	639
Amortization of Discount on Convertible Debt		45
Gain on Disposition of Real Estate and Intangible Lease Assets and Liabilities	(1,418)
Gain on Disposition of Assets Held for Sale	(689)
Loss on Extinguishment of Debt		20,396
Provision for Impairment and Adjustment to CECL Reserve	763
Accretion of Commercial Loans and Investments Origination Fees	(769)	(318)
Non-Cash Imputed Interest	(5)	(10)
Deferred Income Taxes	1,003	(5)
Unrealized Loss (Gain) on Investment Securities	(11,795)	4,798
Non-Cash Compensation	2,522	2,286
Decrease (Increase) in Assets:
Refundable Income Taxes		70
Other Assets	(5,138)	(1,708)
Increase (Decrease) in Liabilities:
Accounts Payable	534	(1,051)
Accrued and Other Liabilities	(619)	(2,918)
Deferred Revenue	(2,014)	(2,572)
Income Taxes Payable	22	14
Net Cash Provided By Operating Activities	34,576	27,451
Cash Flow from Investing Activities:
Acquisition of Real Estate and Intangible Lease Assets and Liabilities	(138,120)	(80,022)
Investments in and Improvements to Real Estate	(12,745)	(1,062)
Acquisition of Commercial Loans and Investments	(112,579)	(6,405)
Proceeds from Disposition of Property, Plant, and Equipment, and Assets Held for Sale	89,905
Principal Payments Received on Commercial Loans and Investments	30,000	5,638
Cash Paid from Commercial Loan Reserves	8,107	4,786
Acquisition of Investment Securities	(8,743)	(7,218)
Proceeds from the Sale of Investment Securities	3,554	620
Net Cash Used In Investing Activities	(140,621)	(83,663)
Cash Flow From Financing Activities:
Proceeds from Long-Term Debt	255,000	157,000
Payments on Long-Term Debt	(213,000)	(56,272)
Cash Paid for Loan Fees	(10)	(83)
Cash Proceeds from Common Stock Issuance	450	490
Cash Used to Purchase Common Stock		(37)
Cash Paid for Vesting of Restricted Stock	(1,249)	(1,034)
Proceeds from (Cash Paid for) Issuance of Common and Preferred Stock, Net	97,458	(75)
Cash Paid for Premium Related to Settlement of 2025 Notes		(14,110)
Dividends Paid - Preferred Stock	(3,756)	(3,756)
Dividends Paid - Common Stock	(26,464)	(24,430)
Net Cash Provided By Financing Activities	108,429	57,693
Net Increase in Cash, Cash Equivalents and Restricted Cash	2,384	1,481
Cash, Cash Equivalents and Restricted Cash, Beginning of Period	41,119	17,361
Cash, Cash Equivalents and Restricted Cash, End of Period	43,503	18,842
Supplemental Disclosure of Cash Flow Information:
Cash Paid for Taxes, Net of Refunds Received	257	167
Cash Paid for Interest	14,115	12,790
Capitalized interest	300	0
Supplemental Disclosure of Non-Cash Investing and Financing Activities:
Unrealized Gain (Loss) on Cash Flow Hedges	6,476	(11,196)
Common Stock Dividends Declared and Unpaid	$ 427	384
Principal Related to Settlement of 2025 Notes, Paid in Common Stock		14,762
Premium Related to Settlement of 2025 Notes, Paid in Common Stock		$ 6,286

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Real Estate:
Land, at Cost	$ 298,959	$ 289,012
Building and Improvements, at Cost	799,569	766,371
Other Furnishings and Equipment, at Cost	934	923
Construction in Process, at Cost	8,501	4,091
Total Real Estate, at Cost	1,107,963	1,060,397
Less, Accumulated Depreciation	(119,530)	(107,268)
Real Estate-Net	988,433	953,129
Land and Development Costs		300
Intangible Lease Assets - Net	83,791	84,710
Investment in Alpine Income Property Trust, Inc.	51,310	41,324
Commercial Loans and Investments	187,388	104,804
Cash and Cash Equivalents	8,056	6,467
Restricted Cash	35,447	34,652
Deferred Income Taxes-Net	1,307	2,309
Other Assets-See Note 10	49,997	36,207
Total Assets	1,405,729	1,263,902
Liabilities:
Accounts Payable	2,245	1,709
Accrued and Other Liabilities-See Note 16	24,322	28,185
Deferred Revenue-See Note 17	25,651	18,802
Intangible Lease Liabilities - Net	31,572	31,486
Income Taxes Payable	51	29
Long-Term Debt-Net	658,705	616,345
Total Liabilities	742,546	696,556
Commitments and Contingencies-See Note 20
Stockholders' Equity:
Preferred Stock - 100,000,000 shares authorized; $0.01 par value per share, 6.375% Series A Cumulative Redeemable Preferred Stock, $25.00 Per Share Liquidation Preference, 4,713,069 shares issued and outstanding at June 30, 2026 and December 31, 2025	47	47
Common Stock - 500,000,000 shares authorized; $0.01 par value per share, 37,482,158 shares issued and outstanding at June 30, 2026 and 32,372,291 shares issued and outstanding at December 31, 2025	375	324
Additional Paid-In Capital	481,134	382,494
Retained Earnings	175,556	184,886
Accumulated Other Comprehensive Income (Loss)	6,071	(405)
Total Stockholders' Equity	663,183	567,346
Total Liabilities and Stockholders' Equity	$ 1,405,729	$ 1,263,902