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Consolidated-Tomoka Announces Payoff of Approximately $9.0 Million Loan Investment

CONSOLIDATED-TOMOKA LAND (CTO)  More Company Research Source: GlobeNewswire
NASDAQ:AMEX Investor Relations: ir.ctlc.com
PDF DAYTONA BEACH, Fla., June 18, 2018 (GLOBE NEWSWIRE) -- 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 m [Read more]

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