UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): January 6, 2014
Consolidated-Tomoka Land Co.
(Exact name of registrant as specified in its charter)
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Florida
(State or other jurisdiction of incorporation)
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001-11350
(Commission File Number)
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59-0483700
(IRS Employer Identification No.)
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1530 Cornerstone Boulevard, Suite 100
Daytona Beach, Florida
(Address of principal executive offices)
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32117
(Zip Code)
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Registrant’s telephone number, including area code: (386) 274-2202
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Not Applicable
(Former name or former address, if changed since last report.)
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 8.01. Other Events
On January 7, 2014, Consolidated-Tomoka Land Co., a Florida Corporation, issued a press release relating to the payoff of the Company’s commercial mortgage loan investment prior to its scheduled maturity. The press release is filed herewith as Exhibit 99.1 and is incorporated by reference to this Item 8.01.
Item 9.01. Financial Statements and Exhibits(c) Exhibits
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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CONSOLIDATED-TOMOKA LAND CO.
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Date: January 8, 2014
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/s/ Mark E. Patten
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Mark E. Patten, Senior Vice President and Chief Financial Officer
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Press
Release
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Contact:
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Mark E. Patten
Sr. Vice President & Chief Financial Officer
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Phone:
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(386) 944-5643
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Facsimile:
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(386) 274-1223
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FOR
IMMEDIATE
RELEASE
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CONSOLIDATED TOMOKA REPORTS PAYOFF OF $19.56 MILLION COMMERCIAL MORTGAGE LOAN INVESTMENT
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January 7, 2014 - DAYTONA BEACH, FLORIDA - Consolidated-Tomoka Land Co. (NYSE MKT: CTO) (the “Company”) today announced that the outstanding principal balance on the Company’s commercial mortgage loan investment (the “Loan Investment”) has been paid off prior to its scheduled maturity. The Loan Investment had an original principal balance of $19.56 million and was secured by a hotel in Atlanta, Georgia. The Company acquired the Loan Investment in August 2013 for approximately $17.65 million. Including principal payments, interest payments, and fees the Company earned approximately $2.5 million in the 5 months of this Loan Investment.
John P. Albright, President and Chief Executive Officer of the Company, stated, “We are pleased with the result achieved from our first investment in a commercial mortgage loan, receiving a full payoff of the principal balance relative to the discount to par that we paid."
About Consolidated-Tomoka Land Co.
Consolidated-Tomoka Land Co. (NYSE MKT: CTO) is a Florida-based publicly traded real estate company, which owns a portfolio of income properties in diversified markets in the United States as well as over 10,000 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. 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.