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 approximately $500,000.
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.
"SAFE HARBOR"
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.
Copyright Business Wire 2013