EVOLVE Business and Professional Magazine August 2018 | Page 19

The hard work and progress in monetizing the CTO’s land
and reinvesting the proceeds into income-producing assets is
evident in CTO’s results for 2017. The company considered 2017
an exceptional year in its long history, noting record earnings, a
growth in book value per share by 27 percent; a total shareholder
return for the year of more than 19 percent; and a rise in their
dividend by 50 percent on an annualized basis. In his annual
letter to shareholders for 2017, Albright expressed his excitement
in the growth of Daytona Beach and CTO’s contribution to
that growth.
“We believe that Daytona Beach is witnessing a true
B. Braun Exterior
the beaches, speedway, golf options, and even the universities.
renaissance of a small beach town, and as ambassadors for this
community, we enjoy meeting people and telling this story, over
and over again, because it is truly a great story,” he wrote.
However, this growth does not come without concerns—
particularly about traffic congestion. Developers argue they are
paying their share of funds to enhance the current roadways
and that it is now up to the county to fulfill road construction
needs. Indeed, developers have been required to fund future road
construction work before starting their respective developments,
and CTO alone has constructed more than $15 million worth of
roads for the city and county over the years.
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Erika Redding is a writer and editor with more
than 20 years of published writing experience.
She began her career as a staff reporter for a small,
weekly newspaper and has spent the last 10 years
as a freelance writer and editor for newspapers,
magazines and not-for-profit organizations.