DAYTONA BEACH, Fla. , Oct. 05, 2018 (GLOBE NEWSWIRE) — Consolidated-Tomoka Acreage Co. (NYSE American:CTO) (the “Company”) today appear the accretion of an about 210,000 aboveboard foot, Class A single-tenant appointment acreage in Albuquerque, New Mexico (the “Property”) for about $44.0 million, or about $209 per aboveboard foot. The Property, which is LEED Gold certified, is anchored on about 25 acreage and is 100% busy to an associate of Fidelity Investments (“Fidelity”), the 2nd better alternate armamentarium aggregation in the United States, beneath a triple-net charter that was afresh continued through 2028. The Acreage was congenital in 2009 as a build-to-suit for Fidelity which they are currently appliance for alarm centermost and back-office functions. The antecedent advance crop is aloft the aerial end of the Company’s 2018 guidance. The transaction is accepted to be allotment of a 1031 like-kind exchange.
As a aftereffect of the accretion of the Property, the abounding boilerplate charter continuance for the Company’s portfolio of single-tenant assets backdrop is about 9.3 years.
The Acreage at 5401 Watson Drive, is amid in the Mesa del Sol community, aloof 8 afar alfresco of Albuquerque. Mesa del Sol is a 12,900-acre mixed-use adept planned community, one of the better in the United States, which currently appearance 1.2 actor aboveboard anxiety of industrial, bartering and appointment development and 250 single-family residences, amusement accessories and the 15,000-seat Isleta Amphitheater. The Acreage is amid aloof 5 afar from Albuquerque International Airport (the better in New Mexico), about 10 afar from Kirtland Air Force Base, is in aing adjacency to several analysis campuses of the University of New Mexico and the Sandia National Laboratories and is beneath than 10 afar from Interstate 40 and Interstate 25 interchange.
The Aggregation has accomplished efforts to analyze the disposition of assertive of its multi-tenant assets backdrop whereby the accretion from any auction transaction would be redeployed in a 1031 like-kind barter anatomy to advance in one or added single-tenant net-lease assets properties. This monetization of assertive multi-tenant backdrop and reinvestment into single-tenant backdrop is allotment of the Company’s accomplishment to abridge its advance action into single-tenant net-lease product.
The Aggregation additionally appear the afterward amend to its activity of acreage affairs as of October 4, 2018 absorption changes back its aftermost absolution on August 30, 2018.
The Aggregation currently has sixteen (16) accomplished acquirement and auction agreements with fourteen (14) altered buyers, which in the accumulated represent the abeyant auction of about 3,500 acres, or about 64% of our absolute acreage holdings, with advancing sales accretion of added than $154 million, or about $44,000 per acre. Each of the affairs are in capricious stages of due activity by the assorted buyers including, in some instances, accepting fabricated submissions to the planning and development departments of the City of Daytona Beach and added approval and allowing activities with added applicative authoritative authorities. In accession to added accepted closing conditions, best of the affairs are conditioned aloft the cancellation of approvals or permits from assorted authoritative authorities, as able-bodied as added affairs that are above the Company’s control. If such approvals are not obtained, the -to-be buyers may accept the adeptness to aish their corresponding agreements above-mentioned to closing. As a result, there can be no assurances apropos the likelihood or timing of any of these abeyant acreage affairs actuality completed or the final agreement thereof, including the sales price.
The adapted activity of acreage affairs reflects, amidst added changes, the closing of a acreage sale, a new arrangement entered into, and concluded affairs as categorical in the afterward summary:
Finally, the Aggregation appear that in September 2018, that Kerogen renewed its oil analysis charter on about 15,152 acreage in Hendry County, Florida for an added year (through September 2019) and that Kerogen filed its appliance for a conduct permit. As allotment of the renewal, the Aggregation accustomed $400,000 as fractional acquittal of the absolute amounts due of about $957,000, which includes a $150,000 conduct penalty. The absolute $557,000 will be paid in account installments catastrophe in January of 2019.
About Consolidated-Tomoka Acreage Co.
Consolidated-Tomoka Acreage Co. is a Florida-based about traded absolute acreage company, which owns about 2.3 actor aboveboard anxiety of assets backdrop in adapted markets in the United States, as able-bodied as about 5,500 acreage of acreage in the Daytona Beach area. Visit our website at www.ctlc.com.
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Certain statements independent in this columnist absolution (other than statements of absolute fact) are advanced statements. Words such as “believe,” “estimate,” “expect,” “intend,” “anticipate,” “will,” “could,” “may,” “should,” “plan,” “potential,” “predict,” “forecast,” “project,” and agnate expressions and variations thereof are advised to analyze assertive of such advanced statements, which allege alone as of the dates on which they were made, although not all advanced statements accommodate such words. Although advanced statements are fabricated based aloft management’s expectations and behavior apropos approaching developments and their abeyant aftereffect aloft the Company, a cardinal of factors could account the Company’s absolute after-effects to alter materially from those set alternating in the advanced statements. Such factors may accommodate the achievement of 1031 barter transactions, the availability of advance backdrop that accommodated the Company’s advance goals and criteria, the modification of agreement of assertive acreage sales agreements, uncertainties associated with accepting appropriate authoritative permits and acceptable added closing altitude for planned acquisitions and sales, as able-bodied as the uncertainties and accident factors discussed in our Annual Report on Form 10-K for the budgetary year concluded December 31, 2017 and our Quarterly Report on Form 10-Q for the division concluded June 30, 2018, as filed with the Securities and Barter Commission. There can be no affirmation that approaching developments will be in accordance with management’s expectations or that the aftereffect of approaching developments on the Aggregation will be those advancing by management. Readers are cautioned not to abode disproportionate assurance on these advanced statements, which allege alone as of the date of this release.
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