Consolidated-Tomoka Land Co. (NYSE MKT: CTO) (the “Company”) today
announced the disposition of two of its income properties, both leased
to a subsidiary of CVS, located in Clermont, Florida and Sanford,
Florida. Sold in separate transactions, the proceeds from both sales
totaled approximately $9.0 million. The Company intends to use the
proceeds from these sales as part of a Section 1031 like-kind exchange
for the recently-acquired 245 Riverside Avenue office property located
in Jacksonville, Florida. The Company’s estimated gain on the property
sales is approximately $2.3 million.
The Company has completed four dispositions of non-core income
properties in the nine months ended September 30, 2015 for total
proceeds of approximately $15.2 million and net aggregate gains of
approximately $2.0 million.
John P. Albright, President and Chief Executive Officer of the Company
stated, “We are pleased to complete these dispositions enabling us to
unlock value within our single-tenant portfolio at accretive cap rates
while at the same time improving the overall quality of our income
property portfolio through the acquisition of the 245 Riverside property
in July.” Mr. Albright also noted, “Both dispositions were sold at
prices well below the lower end of our cap rate guidance which we
believe reflects the continued strength in the single-tenant retail
market.”
About Consolidated-Tomoka Land Co.
Consolidated-Tomoka Land Co. is a Florida-based publicly traded real
estate company, which owns a portfolio of income investments in
diversified markets in the United States including more than 1.2 million
square feet of income properties, as well as over 10,500 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. Although forward-looking statements are
made based upon management’s expectations and beliefs concerning future
developments and their potential effect upon the Company, a number of
factors could cause the Company’s actual results to differ materially
from those set forth in the forward-looking statements. Such factors may
include our ability to obtain necessary governmental approvals for our
transactions or to satisfy other closing conditions, as well as the
uncertainties and risk factors discussed in our Annual Report on Form
10-K for the fiscal year ended December 31, 2015, filed with the
Securities and Exchange Commission. 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.
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