Consolidated-Tomoka Land Co.'s board declared a quarterly dividend of 13 cents per share, an increase over its prior dividend of 11 cents.

The real estate company will pay the dividend Nov. 29 to shareholders of record Nov. 12.

The Florida-based company also sold a controlling stake in a 100%-owned entity that holds its remaining land portfolio of approximately 5,300 acres to certain funds managed by Magnetar Capital for approximately $97.0 million.

Consolidated-Tomoka kept a noncontrolling stake in the venture and will also act as its manager.