DAYTONA BEACH, Fla., July 23 /PRNewswire-FirstCall/ -- At its regular Board of Directors meeting on July 22, 2009, Consolidated-Tomoka Land Co. (NYSE Amex: CTO) declared a dividend of $.05 per share payable on August 26, 2009, to shareholders of record on August 6, 2009. This dividend is a reduction of $.05 per share from the previous quarter's dividend. William J. Voges, Chairman of the Board, stated, "We continue to recognize the importance of providing a quarterly dividend to our shareholders and are proud to have been able to maintain that commitment during the recent downturn in the real estate sector and the economy at large. We also recognize the importance of regularly evaluating the amount of the dividend and believe at this time the Company can better allocate a portion of the funds used to pay the dividends for capital investments that will deliver greater long-term shareholder value. The Board reviews its dividend policy and capital needs on a quarterly basis." Consolidated-Tomoka Land Co. is a Florida-based company primarily engaged in converting Company owned agricultural lands into a portfolio of net-lease income properties strategically located in the Southeast, maximizing shareholder value through the efficient utilization of 1031 tax-deferred exchanges. The Company has low long-term debt and generates over $9 million annually before tax cash flow from its real estate portfolio. The Company also engages in selective self-development of targeted income properties. The Company's adopted strategy is designed to provide the financial strength and cash flow to weather difficult real estate cycles. Visit our website at http://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. DATASOURCE: Consolidated-Tomoka Land Co. CONTACT: Bruce W. Teeters, Sr. Vice President of Consolidated-Tomoka Land Co., +1-386-274-2202, Fax: +1-386-274-1223 Web Site: http://www.ctlc.com/

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