Cto Realty Growth Inc - CTO STOCK NEWS

CTO Realty Growth, Inc. (CTO) has announced the approval of a merger with its wholly owned subsidiary, CTO NEWCO REIT, Inc., as part of its conversion to a real estate investment trust (REIT). The merger, set to take effect after receiving necessary consents, will convert existing CTO shares into NEWCO shares. A special cash and stock distribution totaling $55.8 million (approx. $11.83 per share) has also been declared, aimed at distributing all previous undistributed earnings. The payment date is set for December 21, 2020, for shareholders of record by November 19, 2020.

CTO Realty Growth (CTO) reported a net loss of ($0.33) per share for Q3 2020, influenced by a ($0.23) loss per share from its investment in Alpine Income Property Trust, Inc. (PINE). The company collected 91% of contractual base rent during Q3 and sold 3,300 acres of land for $46 million. It declared a fourth-quarter dividend of $1.00 per share, a 150% increase from the previous quarter. Total revenues rose by 28.6% year-over-year to $14.57 million, driven by new property acquisitions. The expected special distribution for shareholders ranges from $52 million to $56 million.

CTO Realty Growth has declared a quarterly cash dividend increase to $1.00 per share for Q4 2020, up from $0.40, reflecting a 150% increase. This dividend will be payable on November 30, 2020, for shareholders of record by November 16, 2020. The rise in dividend signifies the company's strength and growth, offering an annualized yield of approximately 9.5% based on its closing price on October 27, 2020. Additionally, CTO has introduced a Dividend Reinvestment and Direct Stock Purchase Plan to enhance shareholder engagement.

CTO Realty Growth, Inc. (NYSE American: CTO) will release its third-quarter 2020 operating results on October 28, 2020, after market close. A conference call to discuss these results is scheduled for October 29, 2020, at 9:00 AM ET. Interested parties can access the Earnings Call via teleconference at 1-888-317-6003 for the USA, or through a webcast available on the company’s website. CTO Realty Growth owns about 2.4 million square feet of income properties across the U.S. and a significant interest in Alpine Income Property Trust (NYSE: PINE).

CTO Realty Growth has completed the sale of a property in Jacksonville, Florida, leased to PDQ for approximately $2.5 million, with an exit cap rate of 6.1%. The company expects a gain of about $128,000, or $0.02 per share, after tax. This sale contributes to over $12 million held in Section 1031 like-kind exchange restricted cash. Year-to-date, CTO has sold seven single-tenant net lease properties and one multi-tenant retail property totaling more than $51 million in aggregate sales.

CTO Realty Growth, Inc. (NYSE American: CTO) has appointed Matthew M. Partridge as Senior Vice President and Chief Financial Officer. Partridge brings extensive experience from previous roles at Hutton and Agree Realty Corporation. He is expected to contribute significantly to the company's financial strategies. In addition, he will also hold the same position at Alpine Income Property Trust, Inc. (NYSE: PINE), which is managed by CTO. This strategic appointment aims to strengthen CTO's leadership team in the real estate investment sector.

CTO Realty Growth announced its Board of Directors' unanimous decision to elect REIT tax status starting December 31, 2020. This strategy aims to enhance its commercial real estate investments across multiple sectors. The company plans a one-time special distribution estimated between $46 million and $54 million to shareholders, payable in cash or stock. To maintain REIT qualification, CTO aims to distribute at least 90% of its taxable income. A proposed merger with CTO NEWCO REIT is anticipated, with shareholder approval sought in the fourth quarter of 2020.

CTO Realty Growth (CTO) has acquired a 120,000 square foot office property in Tampa, Florida, for approximately $26.9 million, leased 100% to Ford Motor Credit Company through March 2026. The acquisition yields around 8.4%, exceeding the company's 2020 guidance. In August 2020, CTO collected about 90% of expected base rents, but has deferred approximately 3% primarily related to 24 Hour Fitness. The company completed over $164 million in property acquisitions in 2020, maintaining a weighted average cap rate of 7.9%.

CTO Realty Growth (NYSE American: CTO) has completed the sale of approximately 98 acres for $2.8 million to JTD Land Company, marking a price of around $28,500 per acre. This transaction aligns with the distribution priority in the operating agreement of the Land Joint Venture (Land JV), in which CTO retains an interest. Since its inception in October 2019, the Land JV has achieved nearly $67 million in land sales, with seven additional agreements in the pipeline, potentially yielding $28.5 million. The sold property is poised for development as a 140-unit single-family project.