January 29, 2010 (FinancialWire) — Consolidated-Tomoka Land Co.’s (AMEX: CTO) board has declared a dividend of $.01 per share payable on March 1, 2010, to shareholders of record on February 10, 2010. The company last paid a common share dividend, of five cents a share, on November 30, 2009.

William J. Voges, chairman of the board, stated, “Although the company remains profitable, the board felt it appropriate to reduce the dividend at this time to conserve capital due to the continuing weakness in the real estate industry.”

Florida-based Consolidated-Tomoka Land is primarily engaged in converting company owned agricultural lands into a portfolio of net lease income properties located in the Southeast, through the utilization of 1031 tax-deferred exchanges.

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