Annual Meeting 2015 The Landings Association, Inc. February 24, - PowerPoint PPT Presentation

Annual Meeting 2015 The Landings Association, Inc. February 24, 2015

2014 Association President John Fitzgibbon

Agenda  Call to Order  Approve Minutes of 2014 Annual Meeting  2014 and 2015 Boards of Directors  2014 Year in Review  Volunteers of the Year  2014 Financial Report  Marketing Update  Association Operations  2015 Key Initiatives and Priorities  Questions

Approval of the Minutes of the 2014 Annual Meeting

Retired Directors John Fishburne Milly Pitts-DiCicco

2015 Board of Directors  Randy Stolt, President  Rex Templeton, Jr, Vice President  Jim Rich, Treasurer  Nancy Pavey, Secretary  Neil Bader  Jerry Beets  Terry Breyman  Rita Butler  Brenda Day  John Fitzgibbon, Ex-Officio

2014 Accomplishments  Strategic Planning  Water  Renewal  Covenants

2014 Accomplishments  2014 Covenants Modernization Vote  Removed Developer Provisions and Identified Developer Rights and Duties Assumed by the Association  Modified Covenants to Include Property Owners’ Association Act (POAA) Provisions  Allowed Shallow Wells for Non-Potable Water  Enabled Emergency Entry Into Private Property  Defined Allowable Home Businesses

2015 Covenants Vote  Requires 2/3 “Yes” Vote of All Owners  1,847 Votes Received  1,691 “Yes” (92%)  156 “No” (8%)  Need 2,947 “Yes” Votes in Total  Please Vote!

2014 Volunteer of the Year  Developed and Implemented Chinese Tallow Tree Removal Project – “Tallow Terrors”  Prevented Destruction of the Native Maritime Forest in The Landings and Skidaway Island  Led Effort to Kill 60,000 Chinese Tallow Trees Over Past 7 Years

2014 Volunteer of the Year Ann Fenstermacher

2014 Volunteer Group of the Year  90 Members  Transportation  Caregiver Relief  Companionship  Simple Home Tasks  Crutch Closet

2014 Volunteer Group of the Year Neighbors Helping Neighbors (Don McCulloch and Caryl Warner – Co-Chairs)

Financial Report Nancy Pavey 2014 Treasurer

Association Operating Funds (in thousands) 2014 2013 % Change Revenues Assessment $5,257 $4,975 5.7% Vehicle Registration & Service Agreements 993 954 4.1% Other income 556 585 ‐ 5.0% $6,806 $6,514 4.5% Expenses Operations 6,438 6,296 2.3% Depreciation 420 464 ‐ 9.5% Income taxes 3 2 50.0% 6,861 6,762 1.5% Excess of revenues over (under) expenses ($55) ($248) 77.8%

Association Reserve Funds (in thousands) 2014 2013 % Change Expenditures Capital Repairs $843 $610 38.2% (roads, community paths, lagoons, storm Drains) All Other Capital Items 962 988 ‐ 2.6% 1,805 1,598 13.0% Current Reserve Balance: $6,440 $5,894 9.3%

Marinas (in thousands) 2014 2013 % Change Revenues Dues & Boat Storage $ 1,055 $ 1,060 ‐ 0.5% Fuel/Merchandise Sales 378 332 13.9% Other 21 47 ‐ 55.3% 1,454 1,439 1.0% Expenses * Operating Expense 1,278 1,200 6.5% Interest Expense ‐ 21 ‐ 100.0% Depreciation 168 156 7.7% 1,446 1,377 5.0% Excess of revenues over (under) expenses $ 8 $ 62 87.1% * Includes cost of goods sold

The Landings Company (in thousands) 2014 2013 % Change Total assets $ 1,591 $ 1,257 26.6% Revenues Brokerage commissions $ 4,774 $ 3,693 29.3% Other 1,781 1,863 ‐ 4.4% 6,555 5,556 18.0% Expenses Direct costs 4,534 3,912 15.9% Marketing expense 1,087 1,009 7.7% General and administrative expense 760 773 ‐ 1.7% Depreciation 39 34 14.7% Income tax benefit (35) (33) 6.1% 6,385 5,695 12.1% Net gain/loss $ 170 $ (139) 222.3%

Consolidated Statement of Revenues and Expenses (in thousands) 2014 2013 % Change Revenues Association Operating $ 6,788 $ 6,450 5.2% Association Reserves 1,926 1,893 1.7% Marinas 1,454 1,439 1.0% Landings Company 6,014 5,556 8.2% 16,182 15,338 5.5% Expenses Association Operating 6,842 6,698 2.1% Association Reserves 843 610 38.2% Marinas 1,447 1,379 4.9% Landings Company 5,843 5,693 2.6% 14,975 14,380 4.1% Excess of Revenue over Expenses $ 1,207 $ 958 26.0%

Consolidated Balance Sheets December 31, (in thousands) 2014 2013 % Change Assets Cash & investments $ 9,794 $ 8,725 12.3% Property, plant & equipment 6,090 5,922 2.8% Other Assets 387 313 23.6% Total $ 16,271 $ 14,960 8.8% Liabilities & Equity Other liabilities 1,173 1,068 9.8% Equity 15,098 13,892 8.7% Total $ 16,271 $ 14,960 8.8%

2014 Annual Report  www.landings.org

The Landings Company Annual Report 2014

TLCo Mission  T o suppo rt a nd enhanc e pr ty values a t oper T he L a nd ing s.  T o this e nd , the Co mpa ny use s fund s fro m its o pe ra tio ns to c onduc t appr oximately $1m in national, r egional, and loc al mar keting pro g ra ms o n b e ha lf o f the e ntire c o mmunity a nd maintains a Welc ome / Sales Offic e fo r pro spe c tive Center purc ha se rs.

Board Members Bo b Me ng , Chairman Do ug Ma rc ha nd , S e c re tary Do n Ro e hm, T re asure r Jo hn F ishb urne Na nc y Pa ve y Nic k So rvillo Dire c to rs Be th T a rja n, E x Offic io

Brand Study Highlights  Se ve ra l b uye r surve ys indic a te tha t mo st, so me 66% o f tho se lo o king a t a ne w d e stina tio n, wa nt the c oast .  No o ne kno ws the Ge o rg ia c o a st. Whe n a ske d, the y kno w NC, SC, & F L c o a sts. We c a n o wn it!  No o ne kno ws wha t a Skid a wa y is, b ut the y d o kno w Savannah  An island is ve ry d e sira b le if its no t re mo te .

Our Brand Evolution  Co a sta l Not Be a c h  E mpha size Sa va nna h & o ur Pro ximity to it  Utilize I sla nd & its Co nve nie nc e  K e e p it Cle a n, Cla ssy b ut Co nte mpo rize it

Sa va nna h: A So uthe rn Jo urne y Bo o k I d e a l L iving Ma g a zine Po rtfo lio o f Ho me s

Does National Marketing really produce more Potential Buyers? YES – National Marketing Works! BUYE RS F ROM T HE L ANDI NGS COMPANY’ S NAT I ONAL MARK E T I NG 90 71 54 40 35 28 2009 2010 2011 2012 2013 2014

2014 Closings by Listing Real Estate Firm 262 Ho me s Clo se d a t T he L a nd ing s in 2014 176 T he L a nding s Co mpa ny 32 Be rkshire Ha tha wa y (fo rme rly Prude ntia l) 16 K e lle r Willia ms Re a lty 5 Re / Ma x Sa va nna h 5 Se a b o lt Bro ke rs 3 Co ldwe ll Ba nke r Pla tinum 4 Ce lia Dunn So the b y's 2 Whitle y & Asso c ia te s 2 E RA 2 Re a lty So uth 1 Sa va nna h L ist fo r L e ss 1 K e n Po we rs Re a lty 1 Ra wls Re a lty 1 I nte rna tio na l Pro pe rtie s 1 Mia Ma diso n Pro pe rtie s 1 L a ndma rk 24 Re a lty 1 Co ra Be tt T ho ma s Austin Hill & Co 1 C.E . Ha ll Re a l E sta te 1 Co a sta l Re a lty E xe c utive s 1 Ce ntury 21 1 Be llwe the r Re a lty 1 Skid a wa y I sla nd Re a lty 1 Skida wa y I sla nd Pro pe rtie s No te : Data c o lle c te d fro m 1 Sa va nna h Re a lty S avannah Multilist Co rpo ratio n 1 E xc lusive Ge o rg ia Pro pe rtie s thro ugh 12-31-2014 0 Bo b Dia mo nd Re a lty

2015 Media Plan Wha t's I mpo rta nt: o Ge o g ra phy (to p 13 fe e d e r sta te s a nd Atla nta ) o Hig h F e ma le Re a d e rship – 50% o r mo re o Ag e Pro file 40-60 o Ho use ho ld E a rning s o Ne t Wo rth o Curre nt Ho me Va lue o Priva te Club Me mb e rship/ I nc lina tio n o Bo a te rs

Summary 2014 VE RY SUCCE SSF UL  L e a d s inc re a se d b y 51%  I nc re a se d o ut o f a re a b uye rs  F urthe r De ve lo pe d o ur T e a m  Ad d e d F o ur Ag e nts  Mo re Hig h Va lue Sa le s  L a unc he d Ne w Bra nd / We b site  Be a t a n Ag g re ssive Bud g e t o f +17.6% 2015 CHAL L E NGE T O I MPROVE UPON 2014  F urthe r I nc re a se o ut o f a re a Buye rs  Mo re Hig h Va lue Buye rs  E nha nc e Me d ia Pre se nc e a nd T a rg e ting  L a y Gro und wo rk fo r I mpro ve d I nve nto ry  I nc re a se Club Jo ins fro m Ne w Pro pe rty Buye rs  Me e t o r e xc e e d a n Ag g re ssive Bud g e t

2015 Early Indicators & Results  De c e mb e r ‘ 13 L e a ds re c e ive s we re 84 De c e mb e r ‘ 14 L e a ds re c e ive s we re 215  Ja nua ry sa le s sid e s (b uye r, se lle r o r b o th T L Co re pre se nte d) g o a l wa s 18, we so ld 45  Ja nua ry sa le s vo lume wa s o ve r $13m a nd just o ve r Ja nua ry ‘ 06 hig h ma rk  Ja nua ry’ s a ve ra g e ho me so ld wa s $520k vs. 2014’ s $489k (+6.3%)  On F e b rua ry 2, we ha d 106 tour r eser vations

The Landings Company is Your Company Our te a m o f 30 pro fe ssio na l re a l e sta te a g e nts a nd 10 e xc e ptio na l sta ff me mb e rs tha nk yo u fo r yo ur suppo rt! Aver age Agent E xper ienc e of over 15 year s o All Agents ar e L andings R esidents o We ar e your home field advantage!

Association Operations Shari Haldeman – General Manager/COO

Operational Trends Permit Activity 2014 2013 New Home Construction 34 25 Additions/Alterations 525 404 Dumpster/POD/lot clearing 94 174 Total Permits 653 603 I nspections 2,495 1,266 Staffing increase of one position in 2015 is offset by permit revenue

New Home Construction Permits by Year 34 2014 26 2013 9 2012 35 30 25 20 15 10 5 0