CTO Realty Growth Closes $1.0 Billion Unsecured Credit Agreement
The nearest debt maturity is now September 2029, while total credit commitments increased by $250 million.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Summary
CTO Realty Growth (NYSE: CTO) closed a $1.0 billion amended and restated unsecured credit facility that extends its debt maturities. Commitments increased by $250 million. The facility includes a $400 million revolver due September 2030 with two six-month extension options, plus four $150 million term loans due September 2029, September 2030, September 2031 and March 2032. The first two term loans increased from $125 million each; the latter two are new.
Weighted average maturity of outstanding debt rose to 4.3 years from 1.6 years, excluding extensions. Proceeds repaid borrowings under the previous revolver and term loans due January 2027 and January 2028. Borrowing spreads depend on leverage, with swaps initially fixing term-loan rates; some rates will adjust later.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Hollow bars mark forward-looking points. How the balance works
Positive
- Major pointCredit commitments increased by $250 million, adding borrowing capacity. 32% of market cap
- Moderate pointOutstanding debt’s weighted average maturity increased to 4.3 years from 1.6 years, excluding extension options.
- Minor pointRevolving credit capacity is $400 million, due September 2030, with two six-month extension options.
- Minor pointProceeds repaid borrowings under the previous $300 million revolver and two $100 million term loans.
Negative
- Minor pointUpsized $150 million 2029 term loan, previously $125 million, matures September 2029; initial fixed interest is 5.3%.
- Minor pointUpsized $150 million 2030 term loan, previously $125 million, matures September 2030; initial fixed interest is 4.9%.
- Minor pointNew $150 million 2031 term loan matures September 2031; initial fixed interest is 4.8%.
- Minor pointNew $150 million 2032 term loan matures March 2032; initial fixed interest is 3.4%.
- Minor point. Forward-looking: it has not happened yet and may not happen.The 2032 term loan’s fixed rate will rise to approximately 5.3% in February 2027.
- Minor point. Forward-looking: it has not happened yet and may not happen.Borrowing spreads depend on CTO’s leverage ratio; replacement swaps will cause periodic interest-rate adjustments.
News Explained
The disclosed swaps initially set the 2029, 2030, 2031 and 2032 term-loan rates at
AI-generated analysis. How Rhea-AI works. Not financial advice.
- Extends Debt Maturities with Nearest Maturity September 2029 -
- Enhances Financial Flexibility with
WINTER PARK, Fla., Sept. 30, 2026 (GLOBE NEWSWIRE) -- CTO Realty Growth, Inc. (NYSE: CTO) (the “Company” or “CTO”), an owner and operator of high-quality, open-air shopping centers located primarily in the higher growth Southeast and Southwest markets of the United States, today announced that it closed a
$1.0 billion Credit Facility comprised of:- A
$400 million revolving credit facility due September 2030, with two six-month extension options, - A
$150 million term loan due September 2029, upsized from$125 million (the “2029 Term Loan”), - A
$150 million term loan due September 2030, upsized from$125 million (the “2030 Term Loan”), - A new
$150 million term loan due September 2031 (the “2031 Term Loan”), and - A new
$150 million term loan due March 2032 (the “2032 Term Loan”)
- A
- Increases weighted average maturity of outstanding debt at closing to 4.3 years from 1.6 years, excluding extension options
- Borrowings bear interest at SOFR plus a spread determined by a pricing grid based on the Company’s leverage ratio
- Proceeds were used to repay outstanding borrowings under the Company’s previous
$300 million revolving credit facility, its$100 million term loan due January 2027, and its$100 million term loan due January 2028
“The new Credit Facility extends our debt maturity profile and increases total commitments by
At closing, the Company applied certain SOFR swaps to the term loans, resulting in initial fixed interest rates, based on the Company’s current leverage ratio, of
The Credit Facility was provided by a syndicate of banks led by KeyBank National Association, as administrative agent. Co-syndication agents included Bank of America, N.A., The Huntington National Bank, PNC Bank, National Association, Regions Bank, Truist Bank, and Wells Fargo Bank, N.A. Additional participating banks included Associated Bank, National Association, Pinnacle Bank, Raymond James Bank, and Santander.
About CTO Realty Growth, Inc.
CTO Realty Growth, Inc. owns and operates high-quality, open-air shopping centers located primarily 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), a publicly traded net lease REIT.
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 “opportunity,” “upside,” “outlook,” “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 Company’s borrowing capacity under the Credit Facility, the expected interest rates on the term loans, including the impact of forward-starting swaps, and the Company’s ability to fund future growth 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, ongoing geopolitical war, distress in the banking sector, and global supply chain disruptions; credit risk associated with the Company investing in commercial loans, preferred equity, and similarly structured investments; the ultimate geographic spread, severity and duration of pandemics such as the COVID-19 Pandemic and its variants, actions that may be taken by governmental authorities to contain or address the impact of such pandemics, and the potential negative impacts of such pandemics on the global economy and the Company’s financial condition and results of operations; the inability of major tenants or borrowers to continue paying their rent or obligations due to bankruptcy, insolvency or a general downturn in their business; 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, 2025 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
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How large is CTO Realty Growth’s new credit facility?
CTO closed a $1.0 billion unsecured credit facility, increasing total commitments by $250 million. It comprises a $400 million revolving credit facility and four $150 million term loans.
How did CTO Realty Growth’s credit agreement change its debt maturities?
The agreement increased the weighted average maturity of outstanding debt at closing to 4.3 years from 1.6 years, excluding extension options. The nearest maturity is September 2029, and the longest-dated term loan matures in March 2032.
What interest rates apply to CTO Realty Growth’s new term loans?
Swaps initially fixed rates at 5.3%, 4.9%, 4.8% and 3.4% for the 2029, 2030, 2031 and 2032 term loans, respectively, based on CTO’s current leverage ratio. The 2032 loan’s fixed rate will adjust to approximately 5.3% in February 2027. Forward-starting swaps will replace certain expiring swaps, producing periodic rate adjustments.
Which bank leads CTO Realty Growth’s new credit facility?
KeyBank National Association leads the bank syndicate as administrative agent. Co-syndication agents are Bank of America, Huntington National Bank, PNC Bank, Regions Bank, Truist Bank and Wells Fargo Bank.