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SPi World News 22:12:22 GMT Wednesday 23rd October 2019

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Consolidated-Tomoka Announces Formation and Planned IPO of New Single-Tenant Net Lease REIT and Investment Strategy Focused on Higher Return Assets

Consolidated-Tomoka Land Co. via Globe Newswire 22:09 GMT Wednesday 23rd October 2019

DAYTONA BEACH, Fla., Oct. 23, 2019 (GLOBE NEWSWIRE) -- Consolidated-Tomoka Land Co. (NYSE American: CTO) (the “Company” or “CTO”) today announced the creation and planned initial public offering of Alpine Income Property Trust, Inc. (“Alpine” or “PINE”), and CTO’s intention to sell or contribute to Alpine a portfolio of 20 of CTO’s single-tenant net lease income properties (the “IPO Portfolio”).  CTO also announced that its investment strategy will focus on higher return real estate assets, and that the Company will rebrand itself as CTO Realty Growth, Inc.CTO announced the formation of Alpine as an independent single-tenant net lease real estate investment trust (“REIT”), sponsored by CTO.  PINE plans to conduct an initial public offering (the “PINE IPO”) in which PINE intends to raise the necessary capital to acquire from CTO 15 of the IPO Portfolio assets for approximately $125.9 million in cash.  In addition, as part of PINE’s formation, C...

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