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) 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.
CTO Realty Growth (NYSE: CTO) announced the sale of its Chase Bank ground lease in Jacksonville, Florida, for approximately $6.7 million, yielding an exit cap rate of around 4.15%. The estimated gain from this transaction is $1.9 million or $0.31 per share after tax. This sale is part of a future Section 1031 like-kind exchange, increasing the company's restricted cash to over $16 million. So far this year, CTO has completed sales of three properties, generating nearly $28 million in proceeds.
CTO Realty Growth (CTO) announced the sale of four commercial loan investments for approximately $20 million, incurring a loss of about $344,000 or $0.06 per share after tax. Additionally, the company repurchased $5 million of its 2025 convertible notes, achieving a discount of $950,000 and a gain on extinguishment of $362,000 or $0.06 per share after tax. Currently, CTO holds around $44 million in unrestricted cash and $10 million in restricted cash, strengthening its liquidity amidst the economic instability caused by COVID-19.
Consolidated-Tomoka Land Co. has officially changed its name to CTO Realty Growth, Inc. as approved by shareholders on April 29, 2020. This change is effective immediately as of May 11, 2020, and includes all relevant filings with the SEC and NYSE. CEO John P. Albright expressed gratitude for the name change, believing it aligns with the company's future while honoring its 110-year history. CTO Realty Growth, Inc. operates in the real estate sector, owning around 2.3 million square feet of income properties and holding a 22% interest in Alpine Income Property Trust, Inc. (NYSE: PINE).
Summary not available.
Summary not available.