CTO Realty Growth Announces New Leasing at Albuquerque, New Mexico Property, Maintaining Leased Occupancy at 100%
CTO Realty Growth (NYSE: CTO) announced its Albuquerque office building (212,000 sq ft) is now 100% leased to two investment‑grade tenants: Fidelity and the State of New Mexico.
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Rhea-AI Summary
CTO Realty Growth (NYSE: CTO) announced its Albuquerque office building (212,000 sq ft) is now 100% leased to two investment‑grade tenants: Fidelity and the State of New Mexico.
The State increased its lease from 44,000 sq ft to 98,000 sq ft with a 10‑year lease plus two 5‑year options. Fidelity amended its occupancy to 114,000 sq ft through November 2028 with two 5‑year options. CTO expects blended annualized base rent to grow ~9% when the State lease commences, currently expected in mid‑2026.
Positive
- 100% leased 212,000 sq ft Albuquerque building
- State of New Mexico increased to 98,000 sq ft
- 10‑year lease for State with two 5‑year options
- Blended annualized base rent to rise by ~9% on commencement
Negative
- State rent not expected to commence until mid‑2026, delaying cash flow
- Building occupied by only two tenants, creating tenant concentration risk
- Fidelity reduced space to 114,000 sq ft, lease expires Nov 2028
Details
News Market Reaction – CTO
On Dec 8, the day this news came out, CTO closed 0.33% below the previous close.
Data tracked by StockTitan Argus for the Dec 8 session.
Key Figures
- Building size
- 212,000 square feet
- Albuquerque non-core office property total area
- Occupancy
- 100% leased
- Albuquerque property leased to Fidelity and State of New Mexico
- Original NM lease
- 44,000 square feet
- Initial June lease signed by State of New Mexico
- Amended NM lease
- 98,000 square feet
- Expanded space for State of New Mexico after amendment
- Fidelity space
- 114,000 square feet
- Revised leased area for Fidelity after amendment
- NM lease term
- 10 years
- Primary term for State of New Mexico lease
- Lease options
- Two 5-year options
- Extension options for both tenants’ leases
- Rent growth
- 9%
- Blended annualized base rent growth upon rent commencement
Historical Context
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Announced Q4 2025 common and preferred dividends with high implied yield.
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New long-term leases at Shops at Legacy raised occupancy to about 85%.
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Grand opening of The Picklr and new leases lifted center to 91% leased.
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Q3 2025 showed higher revenue, Core FFO and AFFO plus revised guidance.
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Closed $150M term loans, extending maturities and improving liquidity.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Key Terms
investment grade financial
annualized base rent financial
forward-looking statements regulatory
AI-generated analysis. How Rhea-AI works. Not financial advice.
- Increases Lease Term and Achieves Positive Lease Spread -
WINTER PARK, Fla., Dec. 08, 2025 (GLOBE NEWSWIRE) -- CTO Realty Growth, Inc. (NYSE: CTO) (the “Company” or “CTO”), an owner and operator of high-quality open-air retail centers located primarily in higher-growth markets in the Southeast and Southwest regions, announced its last non-core office building, totaling 212,000 square feet, is
The State of New Mexico, which originally signed a lease in June for 44,000 square feet, has amended its lease to increase its total space to 98,000 square feet, making the property fully leased. The lease has a 10-year agreement with two five-year options. Fidelity, which previously occupied the entire building, recently finalized an amendment reducing its space to 114,000 square feet as of November 30, 2025. Fidelity’s lease now runs through November 2028 and includes two five-year options. Rent for the State of New Mexico’s lease is expected to commence in the middle of 2026.
“We are pleased that the Albuquerque building is now leased to two high-quality tenants at a longer weighted-average remaining lease term,” said John P. Albright, President and Chief Executive Officer of CTO Realty Growth. “Further, the property’s blended annualized base rent will grow upon rent commencement by approximately
About CTO Realty Growth, Inc.
CTO Realty Growth, Inc. owns and operates high-quality, open-air shopping centers located in the higher growth Southeast and Southwest markets of the United States. CTO also externally manages and owns a meaningful interest in Alpine Income Property Trust, Inc. (NYSE: PINE).
We encourage you to review our most recent investor presentation and supplemental financial information, which is available on our website at www.ctoreit.com.
Safe Harbor
Certain statements contained in this press release (other than statements of historical fact) are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements can typically be identified by words such as “believe,” “estimate,” “expect,” “intend,” “anticipate,” “will,” “could,” “may,” “should,” “plan,” “potential,” “predict,” “forecast,” “project,” and similar expressions, as well as variations or negatives of these words. Statements, among others, relating to the expected rent commencement date are forward-looking statements.
Although forward-looking statements are made based upon management’s present expectations and beliefs concerning future developments and their potential effect upon the Company, a number of factors could cause the Company’s actual results to differ materially from those set forth in the forward-looking statements. Such factors may include, but are not limited to: the Company’s ability to remain qualified as a REIT; the Company’s exposure to U.S. federal and state income tax law changes, including changes to the REIT requirements; general adverse economic and real estate conditions; macroeconomic and geopolitical factors, including but not limited to inflationary pressures, interest rate volatility, distress in the banking sector, global supply chain disruptions, and ongoing geopolitical war; credit risk associated with the Company investing in structured investments; the impact of epidemics or pandemics on the Company’s business and the businesses of its tenants or borrowers and the impact of such epidemics or pandemics on the U.S. economy and market conditions generally; the inability of major tenants or borrowers to continue paying their rent or obligations due to bankruptcy, insolvency or a general downturn in their businesses; the loss or failure, or decline in the business or assets of PINE; the completion of 1031 exchange transactions; the availability of investment properties that meet the Company’s investment goals and criteria; the uncertainties associated with obtaining required governmental permits and satisfying other closing conditions for planned acquisitions and sales; and the uncertainties and risk factors discussed in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024 and other risks and uncertainties discussed from time to time in the Company’s filings with the U.S. Securities and Exchange Commission.
There can be no assurance that future developments will be in accordance with management’s expectations or that the effect of future developments on the Company will be those anticipated by management. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company undertakes no obligation to update the information contained in this press release to reflect subsequently occurring events or circumstances.
Contact: Investor Relations ir@ctoreit.com
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