Business Context and Reporting Period
This Form 8-K Current Report was filed by Consolidated-Tomoka Land Co. (CTO Realty Growth, Inc.) on August 15, 2014. The registrant is a Florida corporation headquartered in Daytona Beach, Florida, primarily engaged in land development and sales.
Key Financial Metrics
The filing reports a specific transaction rather than comprehensive financial statements for a reporting period.
- Transaction Revenue: Approximately $7.8 million from the sale of land.
- Asset Sold: Approximately 76 acres of land located on the east side of Interstate 95.
- Other Metrics: The filing text does not provide clear values for overall revenue, profit, cash flow, margins, debt, or liquidity for the period.
Material Changes
The material change reported is the execution of a sale agreement for approximately 76 acres of land. This transaction represents a reduction in land inventory and a corresponding inflow of approximately $7.8 million in proceeds.
Guidance, Outlook, and Risks
The filing does not contain updated financial guidance, management commentary on future outlook, or specific risk factors beyond the standard disclosure of the asset sale. No unusual items or contingencies were disclosed in this report.
Investor Verification Checklist
- Verify the closing date and final purchase price of the 76-acre land sale.
- Confirm the impact of the $7.8 million proceeds on the company's current liquidity position.
- Review the press release (Exhibit 99.1) for details on the buyer and any remaining conditions to closing.
- Assess the remaining land inventory on the east side of Interstate 95 following this sale.