CTO Realty Growth, Inc. - CTO STOCK NEWS

CTO Realty Growth (NYSE: CTO) reported significant 2021 real estate activities, with $249.1 million in acquisitions across eight properties, achieving a 7.2% cash cap rate. Key acquisitions include retail spaces in major growth markets like Las Vegas and Dallas. The company also sold 15 properties for $162.3 million at a 6.1% exit cap rate, generating gains of $28.2 million. CEO John P. Albright emphasized the progress made in building a high-quality retail portfolio, projecting solid earnings growth for 2022.

CTO Realty Growth, Inc. (NYSE: CTO) has acquired Phase I of The Exchange at Gwinnett, a grocery-anchored retail property in Atlanta, Georgia, for $34.0 million. The acquisition aligns with the company's strategy of expanding its portfolio, now totaling $245 million in assets acquired during 2021. This property is highly occupied (98%) and features tenants like Sprouts Farmers Market, Starbucks, and Chipotle. The company also sold a vacant land parcel in Daytona Beach for $6.3 million, enhancing liquidity for future investments.

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.