Consolidated Tomoka Funds $3.8 Million Acquisition of Long-Term Ground Lease with JP Morgan Chase Bank, N.A. in Chicago, Illinois

DAYTONA BEACH, Fla.--(BUSINESS WIRE)--

Consolidated-Tomoka Land Co. (NYSE MKT:CTO) announced it has acquired a JPMorgan Chase Bank, N.A. ground lease in Chicago. The Company acquired this property, in part, with $3.7 million of proceeds received in the May 2012 sale of a property in Asheville, NC.

The ground lease with JPMorgan Chase Bank, N.A. has a remaining term of 28 years and rental rate escalations every 5 years.

John P. Albright, President and Chief Executive Officer of the Company stated, “We're pleased to have completed the acquisition of an additional income producing property in a new major market with a new high quality credit tenant, bringing our single tenant portfolio to twenty-six properties in six states.”

About Consolidated-Tomoka Land Co.

Consolidated-Tomoka Land Co. 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 11,000 acres in the Daytona Beach area. Visit our website at www.ctlc.com.

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