Consolidated-Tomoka Announces Payoff of Approximately $9.0 Million Loan Investment
June 18 2018 - 9:37AM
Consolidated-Tomoka Land Co. (NYSEAmerican:CTO) (the “Company”)
today announced the payoff of its loan investment in an
approximately $9.0 million B-Note (the “B-Note”) secured by a
retail shopping center in Sarasota, Florida, which was repaid at
maturity by the borrower. The Company purchased the B-Note in May
2014. The loan investment resulted in an unlevered IRR of
approximately 8.5% over the investment period.
The aggregate proceeds of approximately $9.0
million 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 approximately 2.1 million square feet of income
properties, as well as nearly 5,600 acres of land in the Daytona
Beach area. Visit our website at www.ctlc.com.
We encourage you to review our most recent
investor presentations which are 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 are intended to identify certain
of such forward-looking statements, which speak only as of the
dates on which they were made, although not all forward-looking
statements contain such words. 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 availability of investment
properties that meet the Company’s investment goals and criteria,
the modification of terms of certain land sales agreements,
uncertainties associated with obtaining required governmental
permits and satisfying other closing conditions for planned
acquisitions and sales, as well as the uncertainties and risk
factors discussed in our Annual Report on Form 10-K for the fiscal
year ended December 31, 2017 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. Readers are cautioned not to place
undue reliance on these forward-looking statements, which speak
only as of the date of this release.
Contact: |
Mark E. Patten, Sr. Vice
President & Chief Financial Officer mpatten@ctlc.com |
Phone: |
(386) 944-5643 |
Facsimile: |
(386) 274-1223 |
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