In Consolidated- Tomoka Land Co.’s 117-year history, it’s safe to say the Daytona Beach company has never had a bigger month than it had this past October. After a relatively quiet first two weeks, the company on Oct. 16 announced the $97 million sale of a controlling stake in the remaining 5,300 acres of undeveloped land it owned in Daytona Beach.
The sale of land mostly in the area surrounding the Interstate 95/LPGA Boulevard, in one single transaction to Evanston, Illinois based Magnetar Capital, shattered the record Consolidated-Tomoka set last year for most revenue generated in a single year — $60 million — from sales of undeveloped real estate.
Two days later, the company announced the $3.45 million sale of its two golf courses as well as the clubhouse at LPGA International to Virginia-based Fore Golf Services Inc. Then on Oct. 23, Consolidated-Tomoka made another big announcement, or rather, two of them: plans for an upcoming an initial public offering of common stock shares in a new separate company it is forming called Alpine Income Property Trust Inc., as well as plans to change its own name at the beginning of 2020 to CTO Realty Growth. CTO also happens to be the symbol for Consolidated-Tomoka’s common stock, which trades on the NYSE American stock exchange.
Alpine, a real estate investment trust, is expected to have its common stock shares traded on the New York Stock Exchange under the symbol “PINE.” It will initially consist of 20 single-tenant income-producing properties that it will purchase from Consolidated-Tomoka as the company soon to be known as CTO shifts its primary focus to investing in multitenant commercial properties. But Albright will become CEO of both companies as Alpine will be managed by Consolidated-Tomoka. The two companies will also share the same headquarters offices in Daytona Beach at 1140 Williamson Blvd.
Consolidated- Tomoka on Oct. 16 also announced its third quarter earnings, which included an increase in net income per share to 31 cents, up from 26 cents for the same period a year ago. Turns out, October included another big milestone for the company. On Oct. 16, Consolidated-Tomoka for the first time in its history rang the closing bell of the New York Stock Exchange to mark the 50th anniversary of its becoming a public company. “We were thrilled to have represented the shareholders of Consolidated-Tomoka in celebrating 50 years of trading on the NYSE,” said Albright who wielded the wooden mallet used to ring the stock change’s closing bell. It as a “very cool experience,” Albright said. “Not many companies have that distinction (of ringing the bell at the New York Stock Exchange).”
Albright was accompanied by co-workers Mark Patten, senior vice president and chief financial officer at Consolidated-Tomoka, and Tammy MacIsaac, the company’s land information manager. MacIsaac also is the company’s longestserving current employee, having joined the staff at Consolidated-Tomoka 33 years ago, Albright said. Also taking part in the trip to the NYSE in New York City were the current members of Consolidated-Tomoka’s board of directors, led by chairwoman Laura Franklin, as well as past-board member William L. Olivari, former partner of Ormond Beach certified public accounting firm Olivari & Associates. Consolidated- Tomoka employs 15 workers.
Clayton Park is business editor of The Daytona Beach News- Journal. He can be reached at clayton.park@news-jrnl.com.