CTO Realty Growth Announces Third Quarter 2024 Investment and Leasing Update
CTO Realty Growth (NYSE: CTO) has announced significant investment and leasing updates for Q3 2024. The company has entered into a $137.5 million agreement to acquire a three-property portfolio of open-air shopping centers in Charlotte, Orlando, and Tampa. These properties are 94.2% leased with a weighted average remaining lease term of 6.2 years. Additionally, CTO completed a $10 million preferred equity investment with a 14% annual dividend rate.
The company is also selling its Jordan Landing property in Utah for $18 million, focusing its portfolio on Southeast and Southwest markets. Leasing activity has been strong, with new leases and renewals totaling 69,000 square feet, increasing leased occupancy to 96.0%. The signed not open pipeline represents $5.7 million, or 7.2%, of annual in-place cash base rent.
CTO Realty Growth (NYSE: CTO) ha annunciato importanti aggiornamenti sugli investimenti e sulle locazioni per il terzo trimestre del 2024. L'azienda ha stipulato un accordo da 137,5 milioni di dollari per acquisire un portafoglio di tre centri commerciali all'aperto a Charlotte, Orlando e Tampa. Questi immobili sono affittati al 94,2% con una durata media ponderata del contratto di locazione residuo di 6,2 anni. Inoltre, CTO ha completato un investimento in equity preferenziale da 10 milioni di dollari con un tasso di dividendo annuale del 14%.
L'azienda sta inoltre vendendo la sua proprietà Jordan Landing in Utah per 18 milioni di dollari, concentrando il proprio portafoglio sui mercati del Sudest e del Sud-ovest. L'attività di locazione è stata forte, con nuovi contratti e rinnovi che ammontano a 69.000 piedi quadrati, aumentando l'occupazione affittata al 96,0%. Il pipeline firmato non aperto rappresenta 5,7 milioni di dollari, o il 7,2%, dell'affitto base annuale in essere.
CTO Realty Growth (NYSE: CTO) ha anunciado actualizaciones significativas sobre inversiones y arrendamientos para el tercer trimestre de 2024. La empresa ha firmado un acuerdo de 137,5 millones de dólares para adquirir un portafolio de tres centros comerciales al aire libre en Charlotte, Orlando y Tampa. Estas propiedades están alquiladas en un 94,2% con un plazo medio ponderado restante de arrendamiento de 6,2 años. Además, CTO completó una inversión en capital preferente de 10 millones de dólares con una tasa de dividendo anual del 14%.
La empresa también está vendiendo su propiedad Jordan Landing en Utah por 18 millones de dólares, enfocando su cartera en los mercados del sureste y suroeste. La actividad de arrendamiento ha sido fuerte, con nuevos contratos y renovaciones que suman 69,000 pies cuadrados, aumentando la ocupación arrendada al 96,0%. El pipeline firmado aún no abierto representa 5,7 millones de dólares, o el 7,2%, del alquiler base en efectivo anual.
CTO Realty Growth (NYSE: CTO)는 2024년 3분기에 대한 중요한 투자 및 임대 업데이트를 발표했습니다. 이 회사는 샬럿, 올랜도, 탬파에 있는 3개의 오픈 에어 쇼핑 센터 포트폴리오를 인수하기 위해 1억 3750만 달러의 계약을 체결했습니다. 이들 자산은 94.2% 임대 중이며, 가중 평균 잔여 임대 기간은 6.2년입니다. 추가로, CTO는 연간 배당률이 14%인 1000만 달러의 우선주 투자를 완료했습니다.
회사는 또한 유타주 조던 랜딩 매각 중이며 가격은 1800만 달러입니다. 이는 동남부 및 남서부 시장에 집중하는 포트폴리오에 초점을 맞추고 있습니다. 임대 활동이 활발하여, 새로운 임대 계약 및 갱신이 69,000 제곱피트에 달하며, 임대 점유율은 96.0%로 증가했습니다. 서명된 하지만 열리지 않은 파이프라인은 연간 현금 기본 임대료의 570만 달러 또는 7.2%를 나타냅니다.
CTO Realty Growth (NYSE: CTO) a annoncé d'importantes mises à jour en matière d'investissement et de location pour le troisième trimestre 2024. L'entreprise a conclu un accord de 137,5 millions de dollars pour acquérir un portefeuille de trois centres commerciaux en plein air à Charlotte, Orlando et Tampa. Ces propriétés sont louées à 94,2% avec une durée moyenne restante de bail pondérée de 6,2 ans. De plus, CTO a complété un investissement en actions privilégiées de 10 millions de dollars avec un taux de dividende annuel de 14 %.
L'entreprise vend également sa propriété Jordan Landing dans l'Utah pour 18 millions de dollars, concentrant son portefeuille sur les marchés du Sud-Est et du Sud-Ouest. L'activité locative a été soutenue, avec de nouveaux baux et renouvellements totalisant 69 000 pieds carrés, ce qui porte l'occupation locative à 96,0%. Le pipeline signé mais non ouvert représente 5,7 millions de dollars, soit 7,2 % du loyer de base en espèces annuel.
CTO Realty Growth (NYSE: CTO) hat bedeutende Investitions- und Mietupdates für das 3. Quartal 2024 bekannt gegeben. Das Unternehmen hat ein Vereinbarung über 137,5 Millionen US-Dollar getroffen, um ein Portfolio von drei Freiluft-Einkaufszentren in Charlotte, Orlando und Tampa zu erwerben. Diese Immobilien sind zu 94,2 % vermietet mit einer gewichteten durchschnittlichen verbleibenden Mietdauer von 6,2 Jahren. Darüber hinaus hat CTO eine Investition in bevorzugtes Eigenkapital über 10 Millionen US-Dollar mit einer jährlichen Dividendenquote von 14 % abgeschlossen.
Das Unternehmen verkauft auch seine Jordan Landing-Immobilie in Utah für 18 Millionen US-Dollar und konzentriert sein Portfolio auf die Märkte im Südosten und Südwesten. Die Mietaktivitäten waren stark, mit neuen Verträgen und Verlängerungen, die insgesamt 69.000 Quadratfuß ausmachen und die vermietete Belegung auf 96,0% erhöhen. Die unterzeichnete, aber noch nicht eröffnete Pipeline repräsentiert 5,7 Millionen US-Dollar oder 7,2 % der jährlichen in-place Bargrundmiete.
- Acquisition of a three-property portfolio for $137.5 million with 94.2% occupancy
- $10 million preferred equity investment with 14% annual dividend rate
- Increase in leased occupancy from 94.6% to 96.0%
- $5.7 million signed not open pipeline, representing 7.2% of annual in-place cash base rent
- Strategic focus on Southeast and Southwest markets
- Sale of Jordan Landing property for $18 million, potentially reducing revenue stream
Insights
The announcement by CTO Realty Growth is impactful for investors, highlighting significant portfolio changes and leasing activity. The planned
The
CTO's strategic moves reflect broader trends in the retail real estate market. The focus on open-air shopping centers in high-growth Southeastern markets aligns with post-pandemic consumer preferences and demographic shifts. The
The decision to divest from Utah and concentrate on the Southeast and Southwest suggests a belief in the long-term economic prospects of these regions. The
WINTER PARK, Fla., Aug. 08, 2024 (GLOBE NEWSWIRE) -- CTO Realty Growth, Inc. (NYSE: CTO) (the “Company”) today announced that it has entered into a purchase and sale agreement for the acquisition of a three-property portfolio (the “Three Property Portfolio”) for a purchase price of
The Three Property Portfolio consists of three open-air shopping centers located in Charlotte, North Carolina; Orlando, Florida; and Tampa, Florida, with an aggregate gross leasable area of approximately 0.9 million square feet which are approximately
Additionally, on August 1, 2024, the Company completed a
Further, the Company has entered into a purchase and sale agreement for the sale of its Jordan Landing property located in West Jordan, Utah for
Since the beginning of the third quarter, the Company has executed new leases and renewals totaling approximately 69,000 square feet and, after adjusting for this leasing activity, the Company’s leased occupancy has increased to
“We’re pleased to announce the execution of the purchase and sale agreement for the acquisition of an attractive portfolio of power and grocery-anchored centers, along with the continued strong leasing and other transaction activity so far in the third quarter,” said John P. Albright, President and Chief Executive Officer of CTO Realty Growth, Inc. “The pending portfolio acquisition provides us with an opportunity to purchase complimentary assets in strong markets at an attractive yield and a basis significantly below replacement cost.”
The acquisition of the Three Property Portfolio and the disposition of the Company’s Jordan Landing property are each subject to certain closing conditions, which are not currently satisfied. Accordingly, there can be no assurances that either of these transactions will be completed on the terms described in this press release, or at all.
About CTO Realty Growth, Inc.
CTO Realty Growth, Inc. is a publicly traded real estate investment trust that owns and operates a portfolio of high-quality, retail-based properties located primarily in higher growth markets in the United States. The Company also externally manages and owns a meaningful interest in Alpine Income Property Trust, Inc. (NYSE: PINE), a publicly traded net lease REIT.
Safe Harbor
Certain statements contained in this press release (other than statements of historical fact) are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements can typically be identified by words such as “believe,” “pending,” “estimate,” “expect,” “intend,” “anticipate,” “will,” “could,” “may,” “should,” “plan,” “potential,” “predict,” “forecast,” “project,” and similar expressions, as well as variations or negatives of these words. Examples of forward-looking statements in this press release include, without limitation, statements regarding the pending acquisition of the Three Property Portfolio and the pending disposition of the Company’s Jordan Landing property.
Although forward-looking statements are made based upon management’s present expectations and beliefs concerning future developments and their potential effect on the Company, a number of factors could cause the Company’s actual results to differ materially from those set forth in the forward-looking statements. No assurance can be given that the acquisition of the Three Property Portfolio or the disposition of the Company’s Jordan Landing property will be completed on the terms described in this press release, or at all. The acquisition of the Three Property Portfolio and the disposition of the Company’s Jordan Landing property are each subject to the satisfaction of certain closing conditions, which are not currently satisfied, as well as numerous other possible events, factors and conditions, many of which are beyond the control of the Company and not all of which are known to it, including, without limitation, market conditions and those described under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, which can be accessed at the SEC’s website at www.sec.gov.
There can be no assurance that future developments will be in accordance with management’s expectations or that the effect of future developments on the Company will be those anticipated by management. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company undertakes no obligation to update the information contained in this press release to reflect subsequently occurring events or circumstances.
| Contact: | Philip R. Mays Senior Vice President, Chief Financial Officer, and Treasurer (407) 904-3324 pmays@ctoreit.com |
FAQ
What is the value of CTO Realty Growth's new property acquisition agreement?
How much has CTO's leased occupancy increased in Q3 2024?
What is the value of CTO Realty Growth's preferred equity investment announced in Q3 2024?
Which property is CTO Realty Growth selling, and for how much?
What is the current value of CTO Realty Growth's signed not open pipeline?
