Consolidated-Tomoka Land (CTO) Reports Q1 EPS of $2.28
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EPS Growth %: +102.6%
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Total Real Estate Operations: 12.21M
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Consolidated-Tomoka Land (NYSE: CTO) reported Q1 EPS of $2.28, versus $0.25 reported last year.
Review of 2017 Guidance
The following summary provides a review of the Company’s guidance for the year ending December 31, 2017 compared to the operating results and leverage as of and for the quarter ended March 31, 2017 and the income property investment activity and land transactions as of April 13, 2017:
| FY 2017 Guidance | 2017 Actual | |||||||
| Reported Earnings Per Share (Basic) | $2.25-$2.45 | $2.28(1) | ||||||
| Acquisition of Income-Producing Assets | $50mm - $70mm | $25.4 | ||||||
| Target Investment Yields (Initial Yield – Unlevered) | 6% - 8% | 6.63% | ||||||
| Land Transactions (Sales Value) | $30mm - $50mm | $33.2mm | ||||||
| Leverage Target (as % of Total Enterprise Value) | <40% | 32.9% | ||||||
(1) Includes $0.24 in earnings for the elimination of the accrued liability associated with the straight-line accounting for the land lease which was terminated as part of the acquisition of the LPGA International golf course land. This earnings impact was not included in the Company’s 2017 guidance for earnings per share.
For earnings history and earnings-related data on Consolidated-Tomoka Land (CTO) click here.
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