JACKSONVILLE, Fla., Dec. 21, 2010 /PRNewswire-FirstCall/ -- Patriot Transportation Holding, Inc. (Nasdaq: PATR) announced today that the sale of the Company's Caroline County, Virginia property closed on December 17, 2010, in accordance with the previously disclosed contract. The company is working to complete an appraisal of the value of mineral deposits donated in order that it may determine the after-tax effect of the transaction. This transaction completes the reverse 1031 transaction involving the purchase of the Hollander property in October.
Investors are cautioned that any statements in this press release which relate to the future are, by their nature, subject to risks and uncertainties that could cause actual results and events to differ materially from those indicated in such forward-looking statements. These include general economic conditions; competitive factors; political, economic, regulatory and climatic conditions; driver availability and cost; the impact of future regulations regarding the transportation industry; freight demand for petroleum product and levels of construction activity in the Company's markets; fuel costs; risk insurance markets; demand for flexible warehouse/office facilities; ability to obtain zoning and entitlements necessary for property development; interest rates; levels of mining activity; pricing; energy costs and technological changes. Additional information regarding these and other risk factors and uncertainties may be found in the Company's filings with the Securities and Exchange Commission.
Patriot Transportation Holding, Inc. is engaged in the transportation and real estate businesses. The Company's transportation business is conducted through Florida Rock & Tank Lines, Inc. which is a Southeastern transportation company concentrating in the hauling by motor carrier of liquid and dry bulk commodities. The Company's real estate group, comprised of FRP Development Corp. and Florida Rock Properties, Inc., acquires, constructs, leases, operates and manages land and buildings to generate both current cash flows and long-term capital appreciation. The real estate group also owns real estate which is leased under mining royalty agreements or held for investment.
SOURCE Patriot Transportation Holding, Inc.