DAYTONA BEACH, Fla., Oct. 18 /PRNewswire/ -- Consolidated-Tomoka Land Co. (NYSEAmex: CTO), a publicly traded real estate company, announced today several new developments within its real estate investment portfolio:
The Company has agreed to terms with CVS Caremark Corp. to expand its Tallahassee, Florida site and amend the existing triple-net lease to a new 25-year term. The amended lease will reflect the added improvements, which are expected to be completed during the second half of 2011.
The Company and Barnes & Noble, Inc. has agreed to a four-year lease extension at its Daytona Beach, Florida store, strategically located across from Daytona International Speedway. The extension will commence upon the expiration of the existing lease in February 2011.
Also of note, the Company has signed a short-term lease with Spirit Halloween Superstores at the recently vacated Barnes & Noble store in Lakeland, Florida.
"We are pleased to extend the leases at two of our stores at what we believe to be competitive rents," said Bruce W. Teeters, Sr. Vice President. "It is because of the strategic locations of these properties that we are able to extend the leases in what is an unusually depressed real estate market."
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, through the efficient utilization of 1031 tax-deferred exchanges. The Company has low long-term debt and currently generates over $9 million annually before tax cash flow from its income property 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 www.ctlc.com.
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.
The Company wishes to caution readers that the assumptions which form the basis for forward-looking statements include many factors that are beyond the Company's ability to control or estimate precisely. Information concerning factors that could cause actual results to differ materially from those forward-looking statements is contained from time to time in the Company's Securities and Exchange Commission filings, including, but not limited to, the Company's Annual Report on Form 10-K. Copies of each filing may be obtained from the Company or the SEC.
While the Company periodically reassesses material trends and uncertainties affecting its results of operations and financial condition, the Company does not intend to review or revise any particular forward-looking statement referenced herein in light of future events.
SOURCE Consolidated-Tomoka Land Co.