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 American: CTO) has announced the sale of a property in Aspen, Colorado, leased to A.G. Hill Partners, for $28.5 million. The Master Tenant exercised a repurchase option, allowing CTO to redeploy the proceeds into higher-yielding multi-tenant properties as part of its investment strategy. The company currently holds approximately $23.5 million in 1031 restricted cash accounts. CTO aims to support its dividend through strategic asset recycling following its recent REIT conversion.
CTO Realty Growth has completed a special distribution totaling approximately $55.8 million, aimed at distributing undistributed earnings and profits from taxable periods ending on or before December 31, 2019. The distribution was allocated as $5.6 million in cash and 1,198,963 shares of common stock. Shareholders of record from November 19, 2020, could choose between cash or shares, with cash payments around $2.10 per share and approximately 0.29 shares issued for each share held. Following the distribution, about 5,915,756 shares remained outstanding.
CTO Realty Growth announced the successful sale of approximately 30 acres for $8.1 million, equating to $273,000 per acre, to Capstone Collegiate Communities. Capstone plans to develop around 280 multi-family units on the site in Daytona Beach, Florida. This transaction is part of the Land Joint Venture (Land JV), which has generated over $79 million in land sales since its inception. Following this sale, the Land JV's capital balance stands at approximately $32.7 million.
CTO Realty Growth, Inc. (NYSE American: CTO) announced significant transactions totaling approximately $6.5 million. On November 6, 2020, a land joint venture sold 29.7 acres for about $3.0 million. The repayment of a loan from its former golf operations generated $2.0 million on November 3, and the sale of eight billboard sites brought in $1.5 million. The company is also under contract to sell a downtown Daytona Beach parcel for $6.1 million, pending city approval. The Land JV's remaining pipeline includes potential sales worth $13.3 million.
CTO Realty Growth, Inc. (CTO) has announced the approval of a merger with its wholly owned subsidiary, CTO NEWCO REIT, Inc., as part of its conversion to a real estate investment trust (REIT). The merger, set to take effect after receiving necessary consents, will convert existing CTO shares into NEWCO shares. A special cash and stock distribution totaling $55.8 million (approx. $11.83 per share) has also been declared, aimed at distributing all previous undistributed earnings. The payment date is set for December 21, 2020, for shareholders of record by November 19, 2020.
CTO Realty Growth (CTO) reported a net loss of ($0.33) per share for Q3 2020, influenced by a ($0.23) loss per share from its investment in Alpine Income Property Trust, Inc. (PINE). The company collected 91% of contractual base rent during Q3 and sold 3,300 acres of land for $46 million. It declared a fourth-quarter dividend of $1.00 per share, a 150% increase from the previous quarter. Total revenues rose by 28.6% year-over-year to $14.57 million, driven by new property acquisitions. The expected special distribution for shareholders ranges from $52 million to $56 million.
CTO Realty Growth has declared a quarterly cash dividend increase to $1.00 per share for Q4 2020, up from $0.40, reflecting a 150% increase. This dividend will be payable on November 30, 2020, for shareholders of record by November 16, 2020. The rise in dividend signifies the company's strength and growth, offering an annualized yield of approximately 9.5% based on its closing price on October 27, 2020. Additionally, CTO has introduced a Dividend Reinvestment and Direct Stock Purchase Plan to enhance shareholder engagement.
CTO Realty Growth, Inc. (NYSE American: CTO) will release its third-quarter 2020 operating results on October 28, 2020, after market close. A conference call to discuss these results is scheduled for October 29, 2020, at 9:00 AM ET. Interested parties can access the Earnings Call via teleconference at 1-888-317-6003 for the USA, or through a webcast available on the company’s website. CTO Realty Growth owns about 2.4 million square feet of income properties across the U.S. and a significant interest in Alpine Income Property Trust (NYSE: PINE).
CTO Realty Growth has completed the sale of a property in Jacksonville, Florida, leased to PDQ for approximately $2.5 million, with an exit cap rate of 6.1%. The company expects a gain of about $128,000, or $0.02 per share, after tax. This sale contributes to over $12 million held in Section 1031 like-kind exchange restricted cash. Year-to-date, CTO has sold seven single-tenant net lease properties and one multi-tenant retail property totaling more than $51 million in aggregate sales.
CTO Realty Growth, Inc. (NYSE American: CTO) has appointed Matthew M. Partridge as Senior Vice President and Chief Financial Officer. Partridge brings extensive experience from previous roles at Hutton and Agree Realty Corporation. He is expected to contribute significantly to the company's financial strategies. In addition, he will also hold the same position at Alpine Income Property Trust, Inc. (NYSE: PINE), which is managed by CTO. This strategic appointment aims to strengthen CTO's leadership team in the real estate investment sector.