Consolidated Tomoka Acquires a Loan Secured by a Hotel in Atlanta, GA
DAYTONA BEACH, Fla. -- August 7, 2013
Consolidated-Tomoka Land Co. (NYSE MKT:CTO) (the “Company”) today announced
the acquisition of a loan secured by an upper upscale hotel in Atlanta,
Georgia. The Company purchased the $19.56 million performing loan at a
discount to par.
The loan has an interest rate of 1-month LIBOR plus 450 basis points and
matures in March 2014.
John P. Albright, President and Chief Executive Officer of the Company stated,
“Through this loan purchase, our first, we continue to execute on our business
plan by diversifying our investment platform with investments that produce
strong risk adjusted yields.” Mr. Albright further noted, “This short term
floating rate loan is below replacement cost and produces an attractive
About Consolidated-Tomoka Land Co.
Consolidated-Tomoka Land Co. is a Florida-based publicly traded real estate
company, which owns a portfolio of income properties in diversified markets in
the United States, as well as over 10,000 acres of land in the Daytona Beach,
FL area. Visit our website at www.ctlc.com.
Certain statements contained in this press release (other than statements of
historical fact) are forward-looking statements. The words “believe,”
“estimate,” “expect,” “intend,” “anticipate,” “will,” “could,” “may,”
“should,” “plan,” “potential,” “predict,” “forecast,” “project,” and similar
expressions and variations thereof identify certain of such forward-looking
statements, which speak only as of the dates on which they were made.
Forward-looking statements are made based upon management’s expectations and
beliefs concerning future developments and their potential effect upon the
Company. There can be no assurance that future developments will be in
accordance with management’s expectations or that the effect of future
developments on the Company will be those anticipated by management.
Consolidated-Tomoka Land Co.
Mark E. Patten, 386-944-5643
Sr. Vice President & Chief Financial Officer
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