Cto Realty Growth Inc Stock Price, News & Analysis

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.

CTO Realty Growth, Inc. announced a contract to sell its remaining Daytona Beach land portfolio of approximately 1,600 acres for $67.0 million. The anticipated proceeds for CTO after distributions are around $25.6 million. The sale aims to repay debt under its revolving credit facility and fund income property acquisitions. This move aligns with CTO's strategy to exit land transactions and focus on maximizing cash flow from income-producing properties, enhancing per-share earnings and dividend payout ratios.

CTO Realty Growth, Inc. (NYSE: CTO) announced a long-term lease signed with Tex-Mex restaurant Superica for over 6,000 square feet at Ashford Lane, a mixed-use property in Atlanta. This lease continues the company’s strong performance, with over 80,000 square feet of new leases, extensions, and renewals executed since early 2020. Additional developments include a 17,000 square foot food hall named The Hall, set to open this summer, and The Lawn, a new greenspace expected to complete by Q1 2022, enhancing community engagement and dining options.

CTO Realty Growth reported strong Q1 2021 results, with net income of $1.32 per diluted share, a significant recovery from a loss the previous year. The company collected 100% of contractual base rent and declared a $1.00 cash dividend, yielding 7.6%. Total revenues increased by 14.6% to $14.7 million, fueled by recent acquisitions. The company acquired two multi-tenant properties for $38.5 million and sold two for $4.9 million. Additionally, it recorded a $4.8 million unrealized gain from its investment in Alpine Income Property Trust.

CTO Realty Growth, Inc. (NYSE: CTO) has declared a quarterly cash dividend of $1.00 per share for Q2 2021, reflecting an annualized yield of approximately 7.6% based on the April 27 closing price. The dividend will be paid on June 30, 2021, to stockholders of record as of June 21, 2021. The company operates a diversified real estate portfolio of about 2.8 million square feet in the U.S. and holds a 22.3% interest in Alpine Income Property Trust, Inc. Investors should note the ongoing risks associated with REIT tax qualification and potential impacts from economic conditions.