Consolidated Tomoka Announces Sale of Its Two Mezzanine Loan Investments
October 24 2017 - 9:10AM
Business Wire
Consolidated-Tomoka Land Co. (NYSE American: CTO) (the
“Company”) today announced that it sold its two mezzanine loan
investments, secured by equity interests in the Glenn Hotel in
Atlanta, GA (“Glenn Loan”) and the DFW Hyatt in Dallas, TX (“DFW
Loan”), with an aggregate principal balance of $15 million. The
loans were sold at a slight premium to par resulting in a combined
unleveraged IRR of approximately 9.75%. The Company purchased the
$5.0 million Glenn Loan in January 2014 and the $10.0 million DFW
Loan in September 2014. The approximately $15.0 million of
proceeds, net of transaction costs, will be used to pay down the
Company’s credit facility.
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 1.9
million square feet of income properties, as well as approximately
8,100 acres of land in the Daytona Beach area. Visit our website at
www.ctlc.com.
We encourage you to review our most recent investor presentation
for the quarter ended September 30, 2017, available on 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.
Words such as “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 the completion of 1031 exchange
transactions, the modification of terms of certain land sales
agreements, uncertainties associated with obtaining required
governmental permits and satisfying 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, 2016 as
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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version on businesswire.com: http://www.businesswire.com/news/home/20171024005652/en/
Consolidated-Tomoka Land Co.Mark E. Patten, 386-944-5643Sr. Vice
President & Chief Financial Officermpatten@ctlc.comFacsimile:
386-274-1223
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