CTO Realty Growth, Inc. - CTO STOCK NEWS

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.

CTO Realty Growth, Inc. has declared a quarterly cash dividend of $1.00 per share for Q3 2021, payable on September 30, 2021, to stockholders of record as of September 9, 2021. This represents an annualized yield of approximately 7.4%.

The Board also authorized a pro-rated dividend of $0.39630 per share for its 6.375% Series A Cumulative Redeemable Preferred Stock, also payable on September 30, 2021.

CTO Realty Growth reported a net loss of $0.63 per diluted share for Q2 2021, along with FFO and AFFO per diluted share of $0.83 and $1.07, respectively. The company declared a cash dividend of $1.00 per share, marking a 300% increase from the prior year. Key transactions included a $72.5 million acquisition of a mixed-use property and $60.7 million in property disposals. The company recognized a non-cash impairment charge of $16.5 million related to its Land JV, impacting overall performance. Revenue for the quarter increased by 9.8% to $14.3 million, attributed to enhanced real estate operations.

CTO Realty Growth (NYSE: CTO) announced it will release its second quarter 2021 financial results on July 29, 2021, after market close. An earnings call is scheduled for July 30, 2021, at 9:00 AM ET. Participants can access the call via teleconference or webcast. The company's portfolio focuses on high-quality, retail-based properties in growth markets across the United States. CTO Realty also holds a 16% interest in Alpine Income Property Trust (NYSE: PINE). Additional details are available through the investor relations section of their website.

CTO Realty Growth has announced a public offering of 3,000,000 shares of its 6.375% Series A Cumulative Redeemable Preferred Stock at $25.00 per share, aiming to raise $75,000,000 gross. The offering is expected to close on July 6, 2021. Funds will be utilized for general corporate purposes, including property acquisitions and debt repayment. CTO plans to list the preferred stock on the NYSE under the ticker symbol 'CTO PrA'. Wells Fargo Securities, BMO Capital Markets, and BTIG are joint book-running managers for this offering.

CTO Realty Growth (NYSE: CTO) announced a public offering of 3,000,000 shares of its 6.375% Series A Cumulative Redeemable Preferred Stock at $25.00 per share, aiming to raise $75 million. The proceeds will be used for general corporate and working capital, including property acquisitions and debt repayment. The offering is set to close on July 6, 2021, and the Series A Preferred Stock will be listed on the NYSE under the ticker 'CTO PrA.' Joint book-running managers include Wells Fargo Securities, BMO Capital Markets, and BTIG.

CTO Realty Growth has announced a public offering of its Series A Cumulative Redeemable Preferred Stock at a liquidation preference of $25.00 per share. The proceeds are intended for general corporate purposes, including property acquisitions and debt repayment. CTO aims to list the shares on the NYSE under the ticker symbol 'CTO PrA.' The offering will be conducted under the existing shelf registration statement and managed by several financial institutions, including Wells Fargo Securities and BMO Capital Markets.

CTO Realty Growth (NYSE: CTO) has acquired The Shops at Legacy North, a 236,000-square-foot mixed-use property in Plano, Texas, for $12.2 million of restricted cash and $15 million from a new term loan. The property, which is 83% occupied, features a retail portion of 121,496 square feet with a diverse tenant mix, including well-known restaurants and an office component anchored by WeWork. This acquisition enhances CTO's portfolio in a rapidly growing submarket with a strong demographic profile, providing confidence in cash flow sustainability for investors.