- Consolidated-Tomoka Land (CTO +1.9%) reported Q1 revenue decrease of 31% Y/Y to $24.85M due to 53% Y/Y decline in real estate operations to $13.98M, offset by an increase in income property operations revenue.
- Q1 operating margin improved by 933 bps to 68.4%
- G&A expenses were -12%Y/Y to $2.82M
- Income property portfolio as of 17 April 2018 has 36 properties totaling ~21M sq. ft. and having an average of 8 years of lease remaining.
- Land pipeline as of 17 April 2018 has 17 potential buyers representing ~6000 acres at a price of $23k per acre, this compromises of almost 74% of the land holdings.
- Previously: Consolidated-Tomoka Land beats by $0.72, misses on revenue (April 17)