- On August 24, 2017, the Company entered into a contract for the sale of approximately 21 acres of land (the "21-acre Land Contract") for a gross sales price of approximately $5.78 million, or approximately $275,000 per acre. The 21 acres surrounds the RaceTrac convenience store that is currently under construction at the southeast corner of LPGA Boulevard and Williamson Boulevard, in Daytona Beach, Florida. The 21-acre Land Contract contemplates the closing of the transaction in two components, with the substantial majority of the value and applicable acreage closing by year-end 2017.
- On August 25, 2017, the Company entered into a contract for the sale of approximately 71 acres of land (the "71-acre Land Contract") for a gross sales price of approximately $5.0 million, or $70,000 per acre. The 71 acres is located on the east side of Clyde Morris Boulevard south of the existing CVS store on LPGA Boulevard and adjacent to the approximately 28 acres sold earlier in 2017, in Daytona Beach, Florida. The 71-acre Land Contract contemplates the closing of the transaction by the second quarter of 2018.
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 June 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.