Consolidated Tomoka Land operates as a diversified real estate operating company in the United States. It owns and manages commercial real estate properties and self-developed properties. The company was founded in 1902 and is based in Daytona Beach, Florida.
CTO Realty Growth (NYSE American: CTO) (the “Company”) today announced the sale of four of its commercial loan investments in two separate transactions generating aggregate proceeds of approximately $20.0 million and resulting in a loss of approximately $344,000, or approximately $0.06 per share, after tax. The Company also repurchased $5 million of its convertible notes that mature in April 2025 and have a coupon rate of 3.875% (the “2025 Notes”). The Company repurchased the $5 million of 2025 Notes in two separate transactions at a discount totaling approximately $950,000, or 81% of the face value, resulting in a gain on the extinguishment of debt of approximately $362,000, or approximately $0.06 per share, after tax.
Consolidated-Tomoka Land Co. (NYSE American: CTO) (the “Company”) today announced that the shareholders of the Company, at its annual meeting on April 29, 2020, approved the change in the Company’s name to CTO Realty Growth, Inc. (“CTO”). The name change becomes effective today, May 11, 2020, including for all filings with the Securities & Exchange Commission and the Company’s listing on the New York Stock Exchange. Mr. John P. Albright, President and Chief Executive Officer of the Company, stated, “We are appreciative that our shareholders approved changing our Company’s name to CTO Realty Growth, Inc. a name that we believe aligns with the future of CTO while retaining an appropriate acknowledgment of the 110-year history of our great company.”