Consolidated Tomoka Announces Receipt of Entitlements for Land Sale Contract With Minto Communities and 90-Day Extension of C...
November 08 2018 - 4:20PM
Consolidated-Tomoka Land Co. (NYSE American: CTO) (the “Company”)
today announced that the approximately 1,614 acres of land subject
to the sales contract (the “Minto II Contract”) between the Company
and Minto Communities (“Minto”) received the necessary development
entitlements from the City of Daytona Beach on Wednesday November
7, 2018. The entitlements allow for Minto to develop 3,250
single-family residential units and approximately 200,000 square
feet of commercial space. In addition, the Company and Minto agreed
to extend the $26.5 million Minto II Contract to allow for Minto to
complete additional due diligence with respect to its anticipated
infrastructure costs for the development. The extension allows for
the transaction to close during or before the early part of 2019.
With the extension of the Minto II Contract the
Company expects the total sales value of land transactions closed
during the year ended December 31, 2018 will be approximately $50
million and the estimate for earnings per share will be between
$5.00 and $5.75 per share, after tax.
About Consolidated-Tomoka Land
Co.Consolidated-Tomoka Land Co. is a Florida-based
publicly traded real estate company, which owns approximately 2.3
million square feet of income properties in diversified markets in
the United States, as well as nearly 5,500 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 and our Quarterly Report on Form 10-Q
for the quarter ended June 30, 2018, 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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