Consolidated Tomoka Announces Completion of $8 Million Share Repurchase Program and Approval of New $10 Million Share Repurchase Program

DAYTONA BEACH, Fla.--(BUSINESS WIRE)-- Consolidated-Tomoka Land Co. (NYSE MKT: CTO) (the “Company”) today announced that it has completed its $8 million share repurchase program as a result of repurchasing approximately $2.66 million of its common stock since September 30, 2015. The Company also announced that its Board of Directors, at its regularly scheduled meeting in October 2015, approved a new $10 million share repurchase program (the “New Repurchase Program”), and the Company amended its credit facility to allow for the New Repurchase Program.

John P. Albright, President and Chief Executive Officer of the Company stated, “As we continue our efforts to unlock the value of our asset rich company, we’re pleased to have completed the original $8 million share repurchase program, originated in 2008, and to announce a new $10 million share repurchase program.”

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 1.7 million square feet of income properties, as well as over 10,500 acres of land in the Daytona Beach area. Visit 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 uncertainties associated with closing land transactions, including the likelihood, timing, and final transaction terms thereof, the estimate of the cost of completing infrastructure work affiliated with certain land transactions and the impact on the total estimated gain as well as the timing of the recognition of that gain, our ability to obtain necessary governmental approvals for our land transactions or to satisfy 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, 2014 and in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2015, each 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.

View source version on businesswire.com: http://www.businesswire.com/news/home/20151222006003/en/

Consolidated-Tomoka Land Co.
Mark E. Patten, 386-944-5643
Sr. Vice President & Chief Financial Officer
Fax: 386-274-1223
[email protected]

Source: Consolidated-Tomoka Land Co.

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