CTO Realty Growth, Inc. - CTO STOCK NEWS

CTO Realty Growth (NYSE: CTO) will release its financial and operating results for Q4 and full-year 2022 on February 23, 2023, after market close. A conference call to discuss these results is scheduled for February 24, 2023, at 9:00 AM ET. Interested parties can access the call via a live webcast on the company's Investor Relations page. CTO Realty Growth focuses on owning and managing high-quality retail properties in the U.S. and has a significant interest in Alpine Income Property Trust (NYSE: PINE).

CTO Realty Growth, Inc. (NYSE: CTO) reported record acquisition and disposition activities for 2022. The Company acquired five properties worth $314 million at a 7.5% cash cap rate and originated structured investments of $59.2 million with an 8.2% yield. Dispositions included six properties totaling $81.1 million and mineral rights for $1.7 million, yielding $4.7 million in gains. The Company raised approximately $78 million through stock offerings. As of December 31, 2022, there were 22.85 million shares outstanding, affirming a robust investment strategy in high-growth markets.

CTO Realty Growth (NYSE: CTO) has acquired The Collection at Forsyth, a 560,000 square foot mixed-use property in Atlanta, for $96 million. This purchase price reflects a cap rate above the company's guidance for initial cash yields. The acquisition aims to reposition the property by enhancing the tenant mix and leasing vacancies, capitalizing on demographic growth in Forsyth County. Currently, the property is over 80% leased, benefiting from high median incomes and an anticipated increase in surrounding developments.

CTO Realty Growth has successfully completed its public offering of 3,450,000 shares at $19.00 each, generating approximately $65.6 million in gross proceeds. The funds will primarily support a $96 million mixed-use acquisition under contract. If this deal falls through, proceeds will be allocated to other acquisitions or general corporate purposes, including debt repayment. The offering was managed by Wells Fargo Securities and Raymond James, with additional book-running managers involved.

CTO Realty Growth, Inc. (NYSE: CTO) announced a priced upsized underwritten public offering of 3,000,000 shares at $19.00 per share, with expected gross proceeds of approximately $57 million. An additional 450,000 shares option for underwriters may increase proceeds to $66 million. Proceeds will fund part of a $96 million mixed-use acquisition or other opportunities if the acquisition doesn't close. The offering is set to close on December 5, 2022.

CTO Realty Growth has launched a public offering of 2,500,000 shares of its common stock, with an option for underwriters to purchase an additional 375,000 shares. The proceeds will primarily fund a $96 million mixed-use acquisition under contract. If this acquisition does not close, funds may be used for other acquisitions, general corporate purposes, and debt repayment. Wells Fargo Securities and Raymond James are managing the offering, with shares available under an existing shelf registration.

CTO Realty Growth has declared a quarterly cash dividend of $0.38 per share for Q4 2022, representing a 14.0% increase from Q4 2021. The annualized yield is approximately 7.5% based on the stock's price on November 21, 2022. This dividend is payable on December 30, 2022 to shareholders of record by December 12, 2022, with an ex-dividend date of December 9, 2022. Additionally, a quarterly dividend of $0.39844 per share for Series A Cumulative Redeemable Preferred Stock has also been declared for the same date.

CTO Realty Growth (NYSE: CTO) reported its Q3 2022 operating results, highlighting a net income per diluted share of $0.19, down 85.3% year-over-year. Core FFO increased by 38.2% to $0.47 per share, and AFFO rose 36.1% to $0.49. The company acquired Madison Yards in Atlanta for $80.2 million and sold properties for a total of $57 million, yielding gains of $5 million. Same-Property NOI grew 12%. The revolving credit facility was expanded to $300 million with an extension to January 2027. A cash dividend of $0.38 per share was declared, reflecting a 14% increase.

CTO Realty Growth announced the acquisition of West Broad Village, a 392,000-square-foot grocery-anchored property in Richmond, Virginia, for $93.9 million. This purchase represents a cap rate above the company's current guidance for initial cash yields. The property, 83% occupied, features a mix of retail and office spaces, and is strategically located in a high-income area with strong demographics. The acquisition was financed using a 1031 exchange, leveraging restricted cash from previous property sales and draws from a credit facility.