Consolidated Tomoka Land (CTO) Q2 2016 Earnings Call

posted in: Earnings Call, Notes | 0

Consolidated Tomoka Land (CTO) CEO John Albright said their selling a bit less than half their land holdings for $100 million 

“We’re pleased to be at a point where the company has over 4,100 acres or approximately 39% of our land holdings under contract with the potential proceeds of more than $103 million or an average price per acre of approximately $25,000 per acre.”

Consolidated Tomoka Land (CTO) CFO David Patten on converting to a REIT

“We are a year-end taxpayer. So the only time you can convert is on a January 1, what we’ve targeted we said the earliest we would likely look to do that is January 1, 2018 and really part of that concept is as we have closings on some of the land sales that are under contract will if that would be the sort of the transition that would make it the most favorable timing.”