CTO Realty Growth Provides Corporate and Transactional Update
CTO Realty Growth, Inc. (NYSE: CTO) announced several significant updates on September 12, 2022. The company has successfully relocated its headquarters to Winter Park, Florida while retaining an office in Daytona Beach. CTO is under contract to sell three properties and aims to acquire a grocery-anchored mixed-use asset for $93.9 million, expected to close in Q4 2022. Additionally, the company has sold $3 million in mitigation credits and subsurface rights. However, certain closing conditions for these transactions remain unmet, leading to uncertainties regarding completion.
- Successful relocation of the corporate headquarters to Winter Park, Florida.
- Under contract to sell three properties, optimizing their portfolio.
- Under contract to acquire a high-quality mixed-use asset for $93.9 million.
- Generated $3 million from the sale of mitigation credits and subsurface rights.
- Uncertainty regarding the completion of property transactions due to unmet closing conditions.
WINTER PARK, Fla., Sept. 12, 2022 (GLOBE NEWSWIRE) -- CTO Realty Growth, Inc. (NYSE: CTO) (the “Company” or “CTO”) today provided an update on recent corporate and transactional activities:
- Successfully completed the relocation of the Company’s corporate headquarters from Daytona Beach, Florida to downtown Winter Park, Florida. The Company will continue to maintain a meaningful office presence in Daytona Beach. The Company’s new headquarters are now located at 369 N. New York Ave., Suite 201, Winter Park, FL 32789.
- Under contract to sell three properties comprised of two single tenant retail properties and 245 Riverside in Jacksonville, Florida, the Company’s sole remaining multi-tenant office property.
- Under contract to acquire a class A, grocery-anchored mixed-use asset for
$93.9 million , which is anticipated to close in the fourth quarter of 2022. - Sold
$3.0 million of mitigation credits and subsurface oil, gas, and mineral rights to-date during the third quarter of 2022.
"We are very pleased with the relocation of our headquarters to Winter Park, Florida and the progress we’re making to further transform our already high-quality portfolio,” said John P. Albright, President and Chief Executive Officer of CTO Realty Growth. “The opportunity to recycle capital out of single tenant retail and office properties and invest into well-located, multi-tenanted retail and mixed-use properties in strong growth markets has been our core focus and we’re looking forward to completing these transactions.”
Certain closing conditions must be met before or at closing to complete the announced under contract dispositions and under contract acquisition. These conditions are not currently satisfied. Accordingly, as of the date of this press release and until the closing of these transactions, there can be no assurance that the Company will consummate the referenced transactions.
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.
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, global supply chain disruptions, and ongoing geopolitical war; 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, 2021 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: | Matthew M. Partridge Senior Vice President, Chief Financial Officer and Treasurer (407) 904-3324 mpartridge@ctoreit.com | |
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