Welcome to our dedicated page for Cto Realty Growth news (Ticker: CTO), a resource for investors and traders seeking the latest updates and insights on Cto Realty Growth stock.
CTO Realty Growth, Inc. reports developments for a real estate investment trust that owns and operates open-air shopping centers located primarily in higher-growth U.S. markets, with emphasis on the Southeast and Southwest. Company updates commonly address retail leasing, leased occupancy, same-property net operating income, signed-not-open rent pipelines, property acquisitions and dispositions, and structured investment activity.
Recurring releases also cover quarterly and annual operating results, Core FFO guidance, capital recycling, preferred investments, and property-level tenant activity at centers such as The Collection at Forsyth and Marketplace at Seminole Towne Center. The company’s business includes income properties, management services, commercial loans and investments, and real estate operations.
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.
CTO Realty Growth (NYSE: CTO) will report its third quarter 2021 financial results on October 28, 2021, after market close. The Earnings Call is set for October 29, 2021, at 9:00 AM ET, providing shareholders a chance to discuss the results. Interested parties can access the call via teleconference (US: 1-844-200-6205, International: 1-929-526-1599) or through a webcast available on their website. CTO Realty Growth operates a diversified portfolio of retail properties in high-growth US markets and holds a 16% stake in Alpine Income Property Trust (NYSE: PINE).
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.