Exhibit 99.1

Picture 1

Press

Release

Contact:             Mark E. Patten, Sr. Vice President and CFO

mpatten@ctlc.com

Phone:               (386) 944‑5643

Facsimile:          (386) 274‑1223

 

 

 

SEPTEMBER 30, 2018

 

FOR

IMMEDIATE

RELEASE

CONSOLIDATED-TOMOKA LAND CO. REPORTS

REVENUE OF $18.4 MILLION AND EARNINGS OF $0.05 PER SHARE FOR THE QUARTER ENDED SEPTEMBER 30, 2018

 

DAYTONA BEACH, Fla. – October 17, 2018 – Consolidated-Tomoka Land Co. (NYSE American: CTO) (the “Company”) today announced its operating results and earnings for the quarter and nine months ended September 30, 2018.

QUARTER HIGHLIGHTS

Land Holdings

Completed Land Sales:  Two land parcels totaling approximately 24 acres with aggregate proceeds of approximately $7.0 million, or approximately $289,000 per acre.

Land Pipeline: Sixteen (16) potential land transactions totaling approximately 3,500 acres of the Company’s remaining land, or approximately 64%, with potential proceeds of approximately $154.1  million, or approximately $44,000 per acre.

Share Repurchase Program

Since June 30, 2018 and through October 16, 2018, the Company has repurchased 50,732 shares of its common stock for approximately $3.1 million, at an average purchase price of $60.94 per share with approximately $7.2 million remaining in the recently increased buyback program.

Golf Impairment

The Company wrote-down the value of its golf operation net assets to $3.1 million,  reflecting an impairment charge of approximately $1.1 million, which negatively impacted earnings for the quarter and year-to-date by $0.15 per share, after tax.

Book Value Per Share

Our book value per share totaled $37.20 as of September 30, 2018, an increase of $4.22 per share, or 13%, compared to year-end 2017.

Strategic Initiatives

During the quarter ended September 30, 2018 and subsequently, the Company has commenced efforts to pursue the monetization of certain of its multi-tenant income properties, its portfolio of subsurface interests and its interest in the golf operations, which in aggregate could potentially generate proceeds in excess of $125 million. The Company will seek to deploy the proceeds from any of the aforementioned dispositions to acquire single-tenant net lease assets utilizing the 1031 like-kind exchange structure where possible.


The following information was filed by Consolidated Tomoka Land Co (CTO) on Wednesday, October 17, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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