CTO Realty Growth, Inc. - CTO STOCK NEWS

CTO Realty Growth reported strong Q1 2021 results, with net income of $1.32 per diluted share, a significant recovery from a loss the previous year. The company collected 100% of contractual base rent and declared a $1.00 cash dividend, yielding 7.6%. Total revenues increased by 14.6% to $14.7 million, fueled by recent acquisitions. The company acquired two multi-tenant properties for $38.5 million and sold two for $4.9 million. Additionally, it recorded a $4.8 million unrealized gain from its investment in Alpine Income Property Trust.

CTO Realty Growth, Inc. (NYSE: CTO) has declared a quarterly cash dividend of $1.00 per share for Q2 2021, reflecting an annualized yield of approximately 7.6% based on the April 27 closing price. The dividend will be paid on June 30, 2021, to stockholders of record as of June 21, 2021. The company operates a diversified real estate portfolio of about 2.8 million square feet in the U.S. and holds a 22.3% interest in Alpine Income Property Trust, Inc. Investors should note the ongoing risks associated with REIT tax qualification and potential impacts from economic conditions.

CTO Realty Growth (NYSE: CTO) will report its first quarter 2021 financial results after market close on April 29, 2021. The Earnings Call is scheduled for April 30, 2021, at 9:00 AM ET, where shareholders can join via teleconference or webcast. CTO Realty Growth owns a diversified portfolio of income properties totaling approximately 2.8 million square feet across the U.S. and has a 23.5% interest in Alpine Income Property Trust (NYSE: PINE). A replay of the call will be available on their investor relations website.

CTO Realty Growth (NYSE: CTO) announced the acquisition of Eastern Commons, a 147,000 square foot retail property in Las Vegas, for approximately $18.5 million, equating to $126 per square foot. This purchase marks CTO's entry into the growing Las Vegas market and is expected to enhance its portfolio. The property is 88% occupied with an average lease term of 7.1 years, anchored by notable tenants including At Home and Seafood City. The transaction was partly funded through a 1031 exchange using $13.3 million of restricted cash from prior sales.

CTO Realty Growth (NYSE: CTO) announced an amendment to its unsecured credit agreement, securing a new $50 million term loan and increasing its revolving credit facility from $200 million to $210 million. The term loan, maturing in March 2026, has a fixed interest rate of 1.72% based on current leverage. This financing arrangement provides the company with liquidity to refinance an expiring mortgage and improves its debt maturity profile. The company expresses gratitude for the support of its bank group and emphasizes enhanced flexibility from these credit facilities.

CTO Realty Growth, Inc. (NYSE: CTO) announced the acquisition of a 183,000 square foot retail property in West Jordan, Utah, for approximately $20 million. The property, 93% occupied with a weighted-average lease term of 7.9 years, is strategically located within a robust retail corridor and is anchored by major tenants like At Home and Burlington. This acquisition was part of a 1031 like-kind exchange, enhancing CTO's diversified portfolio within the growing Salt Lake City market.

CTO Realty Growth reported robust operating results for Q4 and FY 2020 following its successful REIT conversion. Highlights include a Q4 net income per diluted share of $16.60 and a 25.5% year-over-year revenue increase to $56.4 million. The company paid a record $13.88 in dividends per share, up 3,054.5% from the previous year. A total of $336 million in real estate transactions were completed in 2020, positioning the company strongly despite pandemic challenges, achieving 99% rent collection rates for Q4.

CTO Realty Growth has declared a quarterly cash dividend of $1.00 per share for Q1 2021, payable on March 31, 2021, to stockholders of record by March 22, 2021. This represents an annualized yield of approximately 8.2% based on the February 12, 2021 closing price. CTO Realty is a diversified real estate investment trust in the U.S. with a portfolio of 2.5 million square feet and a 23.5% interest in Alpine Income Property Trust.

CTO Realty Growth announced the completion of its merger with CTO NEWCO REIT, aiming for conversion to a real estate investment trust (REIT) for tax purposes. Existing CTO shares were converted to the surviving entity's common stock on a one-for-one basis. The newly formed company is named CTO Realty Growth, Inc. and is set to trade on the NYSE under the ticker 'CTO' from February 1, 2021. The firm operates a diverse portfolio of income properties, totaling approximately 2.4 million square feet across the U.S.