7/10/2019 | By Nareit Staff
John Albright, president and CEO of Consolidated-Tomoka Land Co. (NYSE: CTO), joined Nareit in New York for a video interview at REITweek: 2019 Investor Conference.
Albright said that over the past decade, CTO has been monetizing its large land position in Florida and converting it into triple net properties around the country. He said the REIT is now in 14 states with 72% of its assets in income properties and 25% of its assets in land.
“As we’re making that switchover to single tenant properties around the country, we’re more and more looking like a traditional REIT, even though we’re still a C-corps,” Albright said.
Turning to CTO’s pipeline of remaining land sales, Albright said that 60% of the REIT’s land is under contract and that most of that portion will be monetized over the next two years.
He also discussed several of CTO’s recent sales of multi-tenant properties in which the capital was then transferred to the acquisition of new, single-tenant and net lease properties.
“We’re making good progress. We have a few more assets to go, but we’re going to be patient and really monetize at the right price,” he said.