Welcome to our dedicated page for Cto Realty Growth news (Ticker: CTO), a resource for investors and traders seeking the latest updates and insights on Cto Realty Growth stock.
CTO Realty Growth, Inc. (NYSE: CTO) is a real estate company that owns and operates high-quality, open-air retail centers and other income-producing properties, primarily in higher-growth markets in the Southeast and Southwest regions of the United States. This news page aggregates company press releases and third-party coverage related to CTO’s properties, leasing activity, capital allocation, and corporate actions.
Readers can follow updates on acquisitions and dispositions of shopping centers and lifestyle properties, such as the company’s purchase of Pompano Citi Centre in the Pompano Beach submarket of Fort Lauderdale, Florida, and the sale of the Shops at Legacy North in Dallas, Texas. News items also highlight leasing milestones, including new anchor tenants, national retailers opening at centers like Marketplace at Seminole Towne Center and Beaver Creek Crossings, and occupancy levels at premier destinations such as The Collection at Forsyth.
CTO Realty Growth’s announcements frequently cover leasing spreads, occupancy achievements, and tenant mix developments across its portfolio, as well as updates on non-core assets like its fully leased office building in Albuquerque, New Mexico. Corporate and financial news, including dividend declarations, share repurchase programs, credit agreement amendments, and earnings releases, are also reflected in the company’s communications and related SEC filings.
By reviewing this page, investors and observers can see how CTO Realty Growth manages its open-air retail centers, works with national and regional tenants, and deploys capital through acquisitions, dispositions, and structured investments. The news feed provides a centralized view of the company’s recent property-level and corporate developments.
CTO Realty Growth announced the acquisition of a 137,000 square foot mixed-use property in downtown Santa Fe, New Mexico, for $16.3 million, equating to $118 per square foot. The property, currently 66% occupied, presents repositioning opportunities for residential and restaurant ventures. The company's strategic move is poised to capitalize on Santa Fe's growing market. Additionally, CTO sold a Falls Church, Virginia property for $21.5 million. The acquisition was funded using available cash and credit facilities, enhancing its portfolio in high-growth markets.
CTO Realty Growth (NYSE: CTO) announced the acquisition of a 28,000-square foot property in Winter Park, Florida, for $13.2 million. This strategic purchase aims to expand its presence in the rapidly growing Orlando market, taking advantage of a favorable office market and long-term redevelopment potential. The property, anchored by Synovus Bank, is in a prime location near Park Avenue, with a strong local demographic. The company plans to occupy part of the space and may consider future redevelopment to enhance cash flow opportunities.
CTO Realty Growth, Inc. (NYSE: CTO) has finalized the sale of its remaining 1,600 acres of land in Daytona Beach for $66.3 million, yielding approximately $24.4 million for the company. This sale concludes CTO's 111-year history as a Florida landowner, during which it sold 11,000 acres for $287 million over the last decade. The proceeds will enhance corporate credit metrics and support future investments in high-quality retail and mixed-use properties, driving expected growth in Funds from Operations (FFO) and Adjusted Funds from Operations (AFFO).
CTO Realty Growth (NYSE: CTO) announced the acquisition of Beaver Creek Crossings, a 320,600 sq. ft. retail property in Raleigh, NC, for $70.5 million. This strategic move marks CTO's reentry into the Raleigh market, capitalizing on the area's rapid growth due to corporate investments and a strong demographic profile. The property is 97% occupied and features major tenants like TJ Maxx and Regal Cinemas. Funded through a 1031 exchange and revolving credit, this acquisition enhances CTO's portfolio of high-quality retail properties.
CTO Realty Growth has declared a quarterly cash dividend of $1.00 per share for Q4 2021, payable on December 30, 2021. This dividend reflects an annualized yield of approximately 7.3% based on the stock's closing price on November 26, 2021. For the full year 2021, total cash dividends declared amount to $4.00 per share. Additionally, a cash dividend of $0.39844 per share for the 6.375% Series A Cumulative Redeemable Preferred Stock will also be paid on December 30, 2021.
CTO Realty Growth, Inc. (NYSE: CTO) announced the successful amendment of its unsecured credit agreement, resulting in a new $100 million unsecured term loan. This loan will help repay outstanding balances on its revolving credit facility and matures in January 2027. Initially, the interest rate on the loan is set at 2.0825%, thanks to an existing interest rate swap. The company aims to leverage this financing to enhance liquidity for acquisitions, while also allowing for additional lender commitments up to $700 million.
CTO Realty Growth reported robust financial results for Q3 2021, with a net income of $23.9 million, translating to $3.87 per diluted share. The company experienced significant gains from property sales totaling $22.7 million and increased revenue of $16.6 million, a 13.8% year-over-year rise. Despite a slight decrease in FFO and AFFO per share, both metrics remain strong. The firm also enhanced its asset portfolio by purchasing a 70% stake in a Daytona Beach mitigation bank, boosting its growth trajectory for 2022.
CTO Realty Growth (NYSE: CTO) will report its third quarter 2021 financial results on October 28, 2021, after market close. The Earnings Call is set for October 29, 2021, at 9:00 AM ET, providing shareholders a chance to discuss the results. Interested parties can access the call via teleconference (US: 1-844-200-6205, International: 1-929-526-1599) or through a webcast available on their website. CTO Realty Growth operates a diversified portfolio of retail properties in high-growth US markets and holds a 16% stake in Alpine Income Property Trust (NYSE: PINE).
CTO Realty Growth has successfully sold four single-tenant properties for approximately $75.3 million, with a weighted average exit cap rate of 5.0% in Q3 2021. Notable transactions include the Wells Fargo Office Complex in Raleigh, NC, which sold for $63 million, generating a gain of $17.5 million. The company anticipates achieving a full-year dispositional guidance of $125 million to $150 million. Currently, CTO holds approximately $67.8 million in proceeds in restricted cash accounts and over $85 million in cash on its balance sheet.
CTO Realty Growth, Inc. (NYSE: CTO) has declared a quarterly cash dividend of $1.00 per share for Q3 2021, payable on September 30, 2021, to stockholders of record by September 9, 2021. This dividend yields approximately 7.4% based on the closing price on August 20, 2021. Additionally, a pro-rated dividend of $0.37630 per share for 6.375% Series A Cumulative Redeemable Preferred Stock will also be paid on the same date. CTO Realty Growth focuses on retail properties in higher growth markets across the U.S.
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