Consolidated Tomoka Reports Completed Transaction in Its Income Property
DAYTONA BEACH, Fla. -- December 10, 2013
Consolidated-Tomoka Land Co. (NYSE MKT: CTO) (the “Company”) today announced a
transaction in its income property portfolio. The Company has sold its
property in Orlando, Florida, leased to Walgreens, for total proceeds of
approximately $3.7 million. The Orlando property has less than six years
remaining on its lease. The proceeds from the sale of this property will be
used to complete a Section 1031 exchange for the income property located in
Renton, Washington, leased to an affiliate of Rite Aid, which the Company
acquired in July 2013. The Renton property has approximately thirteen years
remaining on its lease. The Company’s estimated gain on the sale is
John P. Albright, President and Chief Executive Officer of the Company,
stated, “The disposition of this property continues our efforts to recycle
capital into assets with longer lease durations and diversified markets."
About Consolidated-Tomoka Land Co.
Consolidated-Tomoka Land Co. (NYSE MKT: CTO) 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 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, Facsimile: 386-274-1223
Sr. Vice President & Chief Financial Officer
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