CTO Realty Growth Completes Three Property Portfolio Acquisition and Disposition of Jordan Landing
CTO Realty Growth (NYSE: CTO) has completed a significant portfolio expansion, acquiring three open-air shopping centers for $137.5 million. The new properties include Carolina Pavilion in Charlotte, Millenia Crossing in Orlando, and Lake Brandon Village in Tampa. This acquisition increases CTO's property portfolio by approximately 19% in square footage and 14% in annual base rent compared to June 30, 2024.
Additionally, CTO sold Jordan Landing in West Jordan, Utah for $18 million. Year-to-date, the company has closed $230 million in acquisitions and $38 million in dispositions. This strategic move aligns with CTO's focus on Southeast and Southwest U.S. markets, expanding its geographic footprint and strengthening its presence in key retail areas.
CTO Realty Growth (NYSE: CTO) ha completato un'importante espansione del portafoglio, acquisendo tre centri commerciali all'aperto per 137,5 milioni di dollari. Le nuove proprietà includono Carolina Pavilion a Charlotte, Millenia Crossing a Orlando e Lake Brandon Village a Tampa. Questa acquisizione aumenta il portafoglio immobiliare di CTO di circa 19% in termini di superficie e 14% in affitto annuale base rispetto al 30 giugno 2024.
Inoltre, CTO ha venduto Jordan Landing a West Jordan, Utah, per 18 milioni di dollari. Da inizio anno, l'azienda ha chiuso 230 milioni di dollari in acquisizioni e 38 milioni di dollari in cessioni. Questa mossa strategica si allinea con l'attenzione di CTO sui mercati del sud-est e del sud-ovest degli Stati Uniti, ampliando la sua presenza geografica e rafforzando la sua posizione in aree commerciali chiave.
CTO Realty Growth (NYSE: CTO) ha completado una expansión significativa de su cartera, adquiriendo tres centros comerciales al aire libre por 137,5 millones de dólares. Las nuevas propiedades incluyen Carolina Pavilion en Charlotte, Millenia Crossing en Orlando y Lake Brandon Village en Tampa. Esta adquisición aumenta la cartera de propiedades de CTO en aproximadamente 19% en pies cuadrados y 14% en renta base anual en comparación con el 30 de junio de 2024.
Además, CTO vendió Jordan Landing en West Jordan, Utah, por 18 millones de dólares. Hasta la fecha, la empresa ha cerrado 230 millones de dólares en adquisiciones y 38 millones de dólares en disposiciones. Este movimiento estratégico se alinea con el enfoque de CTO en los mercados del sureste y suroeste de EE. UU., ampliando su huella geográfica y fortaleciendo su presencia en áreas comerciales clave.
CTO Realty Growth (NYSE: CTO)가 1억 3천7백50만 달러에 3개의 오픈 에어 쇼핑 센터를 인수하면서 상당한 포트폴리오 확장을 완료했습니다. 새로운 자산은 샬럿의 카롤리나 파빌리온, 올랜도의 밀레니아 크로싱, 탬파의 레이크 브랜든 빌리지를 포함합니다. 이 인수로 CTO의 자산 포트폴리오는 2024년 6월 30일 대비 약 19% 면적 및 14% 연간 기본 임대료가 증가하였습니다.
추가로 CTO는 유타주 웨스트 조던에 있는 조던 랜딩을 1천8백만 달러에 매각했습니다. 올해 들어 회사는 2억3천만 달러의 인수와 3천8백만 달러의 매각을 완료했습니다. 이 전략적 조치는 CTO의 미국 남동부 및 남서부 시장에 대한 집중과 일치하며, 지리적 발자취를 확장하고 주요 소매 지역에서의 입지를 강화하는 것입니다.
CTO Realty Growth (NYSE: CTO) a achevé une expansion significative de son portefeuille en acquérant trois centres commerciaux en plein air pour 137,5 millions de dollars. Les nouvelles propriétés incluent le Carolina Pavilion à Charlotte, le Millenia Crossing à Orlando et le Lake Brandon Village à Tampa. Cette acquisition augmente le portefeuille immobilier de CTO d'environ 19 % en superficie et 14 % en loyer de base annuel par rapport au 30 juin 2024.
De plus, CTO a vendu Jordan Landing à West Jordan, Utah, pour 18 millions de dollars. À ce jour, l'entreprise a clôturé 230 millions de dollars en acquisitions et 38 millions de dollars en cessions. Ce mouvement stratégique s'aligne sur l'accent mis par CTO sur les marchés du sud-est et du sud-ouest des États-Unis, élargissant son empreinte géographique et renforçant sa présence dans des zones de vente au détail clés.
CTO Realty Growth (NYSE: CTO) hat eine bedeutende Portfolioberweiterung abgeschlossen und drei Freiluft-Einkaufszentren für 137,5 Millionen Dollar erworben. Zu den neuen Immobilien gehören das Carolina Pavilion in Charlotte, das Millenia Crossing in Orlando und das Lake Brandon Village in Tampa. Diese Akquisition erhöht das Immobilienportfolio von CTO um etwa 19% in Quadratfuß und 14% in jährlicher Grundmiete im Vergleich zum 30. Juni 2024.
Zusätzlich hat CTO Jordan Landing in West Jordan, Utah, für 18 Millionen Dollar verkauft. Von Anfang des Jahres hat das Unternehmen 230 Millionen Dollar in Akquisitionen und 38 Millionen Dollar in Veräußern abgeschlossen. Dieser strategische Schritt steht im Einklang mit CTOs Fokus auf den Märkten im Südosten und Südwesten der USA, was die geografische Präsenz erweitert und die Position in wichtigen Einzelhandelsgebieten stärkt.
- Acquisition of three open-air shopping centers for $137.5 million, expanding portfolio by 19% in square footage and 14% in annual base rent
- Year-to-date acquisitions of $230 million, indicating strong growth strategy
- High occupancy rates in newly acquired properties: Carolina Pavilion (93%), Millenia Crossing (96%), Lake Brandon Village (100%)
- Strategic expansion into Charlotte and Tampa markets, strengthening presence in Orlando
- Alignment with investment strategy, focusing on Southeast and Southwest U.S. markets
- Significant capital outlay of $137.5 million for acquisitions may impact short-term financial liquidity
- Potential integration challenges and costs associated with managing newly acquired properties
- Sale of Jordan Landing for $18 million, potentially impacting short-term revenue
Insights
CTO Realty Growth's recent transactions signal a strategic portfolio reshaping, with a focus on high-growth Southeastern and Southwestern markets. The
The new properties offer diverse opportunities: Carolina Pavilion presents value-add potential, Millenia Crossing taps into Orlando's prime retail area and Lake Brandon Village adds a fully occupied, grocery-anchored asset. With
CTO's portfolio restructuring reflects a bullish stance on specific regional markets. By divesting from Utah and concentrating on the Southeast and Southwest, the company is aligning with demographic trends favoring these areas. The acquired properties' high occupancy rates (
The mix of anchors, including grocery, discount retailers and entertainment, positions CTO well against e-commerce headwinds. However, investors should monitor the concentration risk in these markets and the company's ability to execute value-add strategies, particularly at Carolina Pavilion. The
WINTER PARK, Fla., Aug. 21, 2024 (GLOBE NEWSWIRE) -- CTO Realty Growth, Inc. (NYSE: CTO) (the “Company” or “CTO”) today announced closing the acquisition of a portfolio of three open-air shopping centers (the “Three Property Portfolio”) for a purchase price of
The Company’s property portfolio, after closing of the above transactions, has increased approximately
"The Three Property Portfolio expands our geographic footprint into Charlotte and Tampa and further strengthens our presence in Orlando," said John P. Albright, President and Chief Executive Officer of CTO Realty Growth, Inc. "Consistent with our investment strategy, Carolina Pavilion provides near-term value-add opportunities including ability to add strong tenancy, bringing rents to market, and increasing occupancy. Millenia Crossing is situated in the dominant retail area of Orlando and Lake Brandon Village adds another grocery anchored property to our portfolio. Furthermore, with the sale of Jordan Landing, all of our properties are now located in the Southeast and Southwest markets of the United States.”
Carolina Pavilion is an approximately 691,000 square feet regional retail center located on 72 acres in Southern Charlotte on South Boulevard, is
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. CTO also externally manages and owns a meaningful interest in Alpine Income Property Trust, Inc. (NYSE: PINE), a publicly traded net lease REIT.
We encourage you to review our most recent investor presentation and supplemental financial information, which is available on our website at www.ctoreit.com.
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,” “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 near-term value -add opportunities including ability to add strong tenancy, bringing rents to market, and increasing occupancy.
Although forward-looking statements are made based upon management’s present expectations and reasonable beliefs concerning future developments and their potential effect upon 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. Such factors may include, but are not limited to: the Company’s ability to remain qualified as a REIT; the Company’s exposure to U.S. federal and state income tax law changes, including changes to the REIT requirements; general adverse economic and real estate conditions; macroeconomic and geopolitical factors, including but not limited to inflationary pressures, interest rate volatility, distress in the banking sector, global supply chain disruptions, and ongoing geopolitical war; credit risk associated with the Company investing in structured investments; the ultimate geographic spread, severity and duration of pandemics such as the COVID-19 pandemic and its variants, actions that may be taken by governmental authorities to contain or address the impact of such pandemics, and the potential negative impacts of such pandemics on the global economy and the Company’s financial condition and results of operations; the inability of major tenants to continue paying their rent or obligations due to bankruptcy, insolvency or a general downturn in their business; the loss or failure, or decline in the business or assets of PINE; the completion of 1031 exchange transactions; the availability of investment properties that meet the Company’s investment goals and criteria; the uncertainties associated with obtaining required governmental permits and satisfying other closing conditions for planned acquisitions and sales; and the uncertainties and risk factors discussed in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023 and other risks and uncertainties discussed from time to time in the Company’s filings with the U.S. Securities and Exchange Commission.
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 |
FAQ
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