Cto Realty Growth Inc Stock Price, News & Analysis

CTO Realty Growth (NYSE American: CTO) has completed the sale of approximately 98 acres for $2.8 million to JTD Land Company, marking a price of around $28,500 per acre. This transaction aligns with the distribution priority in the operating agreement of the Land Joint Venture (Land JV), in which CTO retains an interest. Since its inception in October 2019, the Land JV has achieved nearly $67 million in land sales, with seven additional agreements in the pipeline, potentially yielding $28.5 million. The sold property is poised for development as a 140-unit single-family project.

CTO Realty Growth announced the sale of a property in Austin, Texas, leased to Carrabba’s Italian Grill, for approximately $2.5 million. This sale reflects an exit cap rate of 6.4% and leaves an estimated loss of $94,000 after tax, translating to $0.02 per share. The company now has over $36 million in Section 1031 restricted cash. Year-to-date, CTO has sold six single-tenant and one multi-tenant properties for over $49 million. The proceeds from this transaction are planned for a future 1031 exchange.

CTO Realty Growth (NYSE: CTO) announced a quarterly dividend of $0.40 per share, payable on August 31, 2020, to shareholders on record as of August 17, 2020. The Board highlighted a revenue growth that supports a long-standing dividend tradition, noting a 160% increase in dividend growth over the past year. This increase aligns with the potential for a REIT conversion in 2020, which may necessitate a higher dividend payout to meet REIT distribution requirements.

CTO Realty Growth reported Q2 2020 earnings, with a net income of $2.71 per share, boosted by a non-cash gain from its investment in Alpine Income Property Trust. The company collected 80% of rent during the quarter and 87% in July. It sold $39.3 million in properties, realizing a gain of $7.4 million, and disposed of loans generating $20 million. The firm plans to convert to a REIT by year-end, aiming to reduce tax expenses. Overall revenue increased 22% year-over-year to $13.01 million, but operating income decreased 26% to $10.77 million.

CTO Realty Growth (NYSE American: CTO) announced the sale of its Wawa ground lease in Jacksonville, Florida, for approximately $7.1 million, with an exit cap rate of about 4.9%. The sale is expected to yield an estimated gain of $246,000 or $0.04 per share after tax. Proceeds will contribute to a future Section 1031 like-kind exchange. Year-to-date, CTO has sold five single-tenant net lease properties and one multi-tenant retail property for over $46 million.

CTO Realty Growth, Inc. (NYSE American: CTO) has announced it will release its second quarter 2020 operating results on July 29, 2020, after market close. An Earnings Call is scheduled for July 30, 2020, at 9:00 a.m. ET, where the operating results will be presented. The company will also provide an investor presentation prior to the call. Shareholders can participate via teleconference and webcast, with detailed access information available on their website.

CTO Realty Growth (NYSE American: CTO) announced the completion of three land sales totaling approximately 3,110 acres, generating around $42 million. The largest transaction involved the sale of about 3,015 acres for $40.9 million to SITEX Properties USA. The company plans to distribute approximately $40.8 million to its joint venture partner, bringing total distributions to about $61.4 million within the first year. Currently, 282 acres remain under contract for potential future sales, with an estimated value of $30.9 million.

CTO Realty Growth (NYSE: CTO) announced that Mark E. Patten, the Chief Financial Officer, will leave the company to join another publicly traded REIT. He will assist with the transition until the completion of the second-quarter reporting for 2020. CEO John P. Albright praised Patten's contributions over the last eight years, particularly his role in a $97 million land joint venture and the launch of Alpine Income Property Trust. The company has started searching for a new CFO while relying on their strong accounting team led by Lisa Vorakoun.

CTO Realty Growth (NYSE: CTO) has successfully closed the sale of two properties yielding a combined estimated gain of $3.8 million, equating to $0.62 per share after tax. The properties sold include a $2.4 million 7-Eleven in Dallas, Texas, with a cap rate of 6.08%, and a $9.0 million Bank of America ground lease in Monterey, California, with a cap rate of 3.28%. Proceeds will contribute to over $27 million in 1031 restricted cash accounts, with the potential for reinvestment at accretive returns. Year-to-date, the company has generated approximately $39 million from five property sales.